Global shares mixed…50-50 merge for Fiat Chrysler and PSA Peugeot…Shipping industry proposes fund to tackle carbon emissions
TOKYO (AP) – Global shares were mixed today after Wall Street logged fresh record highs but investor optimism faded about an interim U.S.-China trade deal announced last week. In early trading, France’s CAC 40 was slightly higher, while Germany’s DAX slipped 0.2%. Britain’s FTSE 100 edged up 0.1%. In Asia, Japan’s Nikkei finished 0.6% lower. South Korea’s Kospi inched down slightly. Hong Kong’s Hang Seng recouped earlier losses and edged up 0.2%, while the Shanghai Composite fell 0.1%. Wall street is expected to open higher, with Dow and S&P futures inching up slightly.
MILAN (AP) – Fiat Chrysler and PSA Peugeot have signed a deal for a 50-50 merger, creating the 4th largest automaker with annual sales of 8.7 million cars. In a joint statement today, the companies announced the binding terms for the merger, that they say would position the new company to “successfully capitalize on the opportunities presented in the new era of sustainable mobility.” No name for the new company has yet been decided.
BERLIN (AP) – A global shipping industry organization is proposing a research and development program to help cut carbon dioxide emissions. It would be funded by about $5 billion from shipping companies over a decade. The International Chamber of Shipping says it’s proposing creating a non-governmental organization known as the International Maritime Research and Development Board. It would be overseen by member countries of the U.N. maritime agency and financed by shipping companies through a mandatory levy of $2 per metric ton of marine fuel. Environmental activists say that while shipping contributes only about 2% of global greenhouse gases, the industry’s efforts are essential to combating climate change.
RENO, Nev. (AP) – Nevada says the U.S. Energy Department is engaged in a “secret plutonium smuggling operation” that threatens Nevada’s health, safety and environment. It’s again asking a federal judge to order the removal of weapons-grade material that the government shipped to a security site near Las Vegas over the state’s objections. The state’s latest filing this week in Reno is part of a yearlong legal battle. It urges a judge to reject the government’s motion to dismiss Nevada’s lawsuit challenging the shipments. The Energy Department says the issue is moot because it’s already promised no more plutonium will come to Nevada.
LONDON(AP) – Inflation in Britain held steady at 1.5% in the year to November, way below the Bank of England’s target of 2%. The Office for National Statistics says the largest downward push on the consumer price index came from accommodation services and tobacco. The largest upward push came from price increases in food, and recreation and culture. Though inflation remains below target, Bank of England policymakers are not expected to cut the bank’s main interest rate on Thursday from 0.75%. That is partly because Prime Minister Boris Johnson’s Conservatives won a majority in last week’s election, reducing some uncertainty over Brexit in the near-term.