Fiat Chrysler set to separate its components business
As any potential big deal remains on hold, Fiat Chrysler Automobiles NV will push ahead with its plan to separate from its components business, CEO Sergio Marchionne announced. Cooling speculations of a pending deal to partner with a competitor, Marchionne told reporters that the company didn’t receive any approach or offer for a tie up.
Marchionne also announced that the upscale Alfa Romeo and Maserati brands were not ready to be independent, which h put the near-term spotlight on smaller portfolio adjustments.
Speaking on the topic, he added, “There are some activities at the component businesses which don’t belong. The group must be purified from those assets.”
Fiat Chrysler has been struggling to eliminate 4.2 billion euros (US$5 billion) in debt by 2018’s end as part of its bigger plan to make more than 4.7 billion euros of adjusted net income.
Stock in the Italian-American auto giant dropped nearly 3.6 per cent to 13.17 euros, marking the steepest intraday fall since 29th of June.
European Commission President Jean-Claude Juncker’s proposal to expand Eurozone by bringing more countries into it has triggered controversy, mainly in Germany, where Chancellor Angela Merkel is seeking re-election.
Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines.
The European Union’s effort to increase tax on turnover of technology multinationals like Google and Amazon gained momentum as nearly one third of EU states are now in support of the plan, French Finance Minister Bruno Le Maire said on Friday.
Stock price of electric vehicle maker Tesla gained more than 3 per cent on Thursday, after the company’s founder and CEO Elon Musk confirmed plans to introduce an electric semi-truck.
Bitcoin suffered its steepest decline since January 2015 on Friday after a senior executive of China’s state-backed internet finance body said the controversial digital currency could pose risks because Bitcoins and other cryptocurrencies could be
Cupertino, California-based Apple Incorporated has quietly increased prices for the 256GB and 512GB models of its iPad Pro by $50, MacRumors reported.