Stocks mostly higher…Hyundai recall
BEIJING (AP) – Global stock markets are mostly higher as investors watch for signs of whether central banks will try to cool inflation by speeding up the withdrawal of economic stimulus that is boosting share prices. London and Frankfurt opened higher. Shanghai and Tokyo advanced. Hong Kong declined. Wall Street futures are higher after the benchmark S&P 500 index sank Monday on losses for tech and communications companies.
DETROIT (AP) – Hyundai and Kia are telling the owners of nearly 485,000 vehicles in the U.S. to park them outdoors because they can catch fire. The problem is contamination in the antilock brake control module that can cause an electrical short. Affected are certain Kia Sportage SUVs from 2014 through 2016, and the 2016 through 2018 K900 sedan. Recalled Hyundais include certain 2016 through 2018 Santa Fe SUVs, 2017 and 2018 Santa Fe Sports, the 2019 Santa Fe XL and 2014 and 2015 Tucson SUVs. Dealers will replace a fuse. In addition, Hyundai dealers will inspect the control modules and replace them if needed.
TOKYO (AP) – Japanese technology investor SoftBank says its planned sale of the British semiconductor and software design company Arm to U.S. chip maker Nvidia has fallen through. SoftBank plans an initial public offering of Arm after the intended sale to Nvidia failed due to regulatory problems. SoftBank says the IPO would come sometime in the fiscal year ending in March 2023.
TOKYO (AP) – Japanese automaker Nissan has swung back into the black for the quarter through December, despite shortages of computer chips that have hit the entire industry. Nissan which is allied with Renault of France, had a 32.7 billion yen, or $284 million profit in the fiscal third quarter, a reversal from the losses racked up a year ago. Nissan kept its global sales forecast for the fiscal year unchanged at 3.8 million vehicles. It raised its fiscal year profit forecast to 205 billion yen, or $1.8 billion.
BRUSSELS (AP) – The European Union is announcing a $48 billion plan to become a major microchip producer to try to curb its dependency on Asian markets for the component that powers everything from cars to game consoles. As reliance on Russia for energy shows the political risks of economic dependency, the 27-nation bloc is moving to boost its economic self-sufficiency in the critical semiconductor sector.