Markets gain…United Technologies breaks into 3 companies…GM to cut jobs
SINGAPORE (AP) – World markets were mostly higher on Tuesday despite U.S. President Donald Trump saying it’s “highly unlikely” he’ll hold off on raising tariffs ahead of a closely-watched meeting with his Chinese counterpart. Futures point to a moderate start on Wall Street. Oil futures fell on concerns over rising stockpiles and slowing economic growth. Benchmark U.S. crude oil fell to just above $51 per barrel. The dollar rose against the yen and the euro.
NEW YORK (AP) – United Technologies is breaking itself into three independent companies now that it has sealed its $23 billion acquisition of aviation electronics maker Rockwell Collins. The company’s announcement Monday was the latest by a sprawling industrial conglomerate deciding it will be more efficient and focused as smaller, separate entities. The three companies will be United Technologies, which will house its aerospace and defense industry supplier businesses; Otis, the maker of elevators, escalators and moving walkways; and the Carrier air conditioning and building systems business.
DETROIT (AP) – Even though unemployment is low, the economy is growing and U.S. auto sales are near historic highs, General Motors is cutting thousands of jobs in a major restructuring aimed at generating cash to spend on innovation. It’s the new reality for automakers that are faced with the present cost of designing gas-powered cars and trucks that appeal to buyers now while at the same time preparing for a future world of electric and autonomous vehicles.
BRUSSELS (AP) – The European Union’s highest on Tuesday began considering whether Britain could unilaterally revoke its decision to leave the EU before the planned exit date of March 29. The European Court of Justice on Tuesday opened the session, which will assess the issue under an accelerated procedure due to the urgency of Brexit. Article 50 of the EU treaty of Lisbon dealing with the issue is scant on details – because it was expected that no member state would want to leave. A group of Scottish legislators want to know what the options are.
TOKYO (AP) – The arrest of Nissan’s former chief executive Carlos Ghosn has raised doubts over the future of the alliance among automakers Nissan, Renault and Mitsubishi Motors that he helped to forge. Such partnerships wax and wane over time, but have grown in importance as companies develop electric vehicles, net connectivity and artificial intelligence for autos. Ghosn was arrested Nov. 19 in Tokyo on suspicion of under-reporting his income and other financial misconduct.