Global stocks mixed, Nissan profit report, Japan chip pant
BEIJING (AP) – Global stock markets are mixed after Wall Street hit a record for an eighth day. London opened little-changed while Frankfurt, Shanghai and Hong Kong advanced. Tokyo and Sydney declined. The future for Wall Street’s benchmark S&P 500 index was up less than 0.1%. U.S. stocks were boosted by gains for construction-related stocks after Congress last week approved a $1 trillion infrastructure bill. The deputy chairman of the Federal Reserve said conditions to raise interest rates might not be met until late next year. Traders worry a spike in inflation might prompt central banks to withdraw stimulus that helped to boost stock prices.
TOKYO (AP) – Nissan has reported a $479 million profit for the last quarter, a reversal from the loss it racked up a year earlier. The improvement came despite shortages of computer chips that are plaguing the auto industry. Chief Operating Officer Ashwani Gupta said Tuesday that Nissan’s performance was better than expected, considering various challenges including rising material costs. The Japanese automaker had reported two straight years of red ink. It raised its fiscal year profit forecast to 180 billion yen from an earlier outlook for 60 billion yen.
TOKYO (AP) – Japanese electronics maker Sony and TSMC of Taiwan say they are jointly building a computer chip plant in Japan with an initial investment of $7 billion. The plant in Kumamoto, southwestern Japan, will be the first foundry in Japan for TSMC, one of the world’s leading chipmakers. Construction will start next year and the plant is expected to begin operating by 2024, employing 1,500 high-tech professionals. The move comes as a supply crunch in chips has hurt various industries. Sony Semiconductor Solutions Corp. will be a minority stakeholder, at less than 20% equity, investing $500 million.
WASHINGTON (AP) – Congress has created a new requirement for automakers: Find a high-tech way to keep drunken people from driving cars. It’s one of the mandates along with a burst of new spending aimed at improving auto safety in the $1 trillion infrastructure package that President Joe Biden is expected to sign soon. Under the legislation, monitoring systems to stop intoxicated drivers would roll out in all new vehicles as early as 2026, after the Transportation Department assesses the best form of technology to install in millions of vehicles.
GLASGOW, Scotland (AP) – Britain is investing roughly $285 million in small nuclear reactor research as the government seeks alternatives to fossil fuels amid fears over rising gas prices. The investment, which will be matched with some $340 million from the private sector, comes amid hope the small modular reactors could be in use by the 2030s. Supporters say such reactors would have the potential to be less expensive and more easily moved. The recipient of the government funds, Rolls-Royce SMR, estimates that each small modular reactor it hopes to build could be capable of powering 1 million homes.