As the crowd continues to discuss the $50 billion investment into the U.S. from SoftBank, Apple Supplier Foxconn is planning an expansion in the U.S. following President-elect Donald Trump’s push to bring back manufacturing to the States. 2,201 voices in Sentifi financial market are currently talking about this topic, so join them on Sentifi.
Hon Hai Precision/Foxconn: Heads west for expansion
Its plan is in the earliest stage at the moment with the company being in talks with parties for the expansion. Thus, the size and scope hasn’t been determined. That said, it’s still unclear whether Foxconn’s expansion would be to make Apple products. The company lately has shown an interest in diverse high-tech sectors, including robotics, e-commerce, consumer-tech startups and healthcare.
Credit Agricole SA: Pays fine for alleged cartel participation
The European Commission has imposed a fine of $520 million on Credit Agricole, HSBC and JPMorgan for their alleged participation in a cartel in order to manipulate the price of Euribor financial benchmark. The Euribor interest rate was set using quotes submitted by a panel of banks. It is widely used in international money markets. The three aforementioned banks were part of a seven-bank cartel that colluded between September 2005 and May 2008 to distort the Euribor interest rate.
Tata Steel Ltd.: Sets up a deal with the unions to save 9,500 jobs
The deal is being praised as a “massive shot in the arm” for the U.K. steel industry. The deal is also committed to keep open the threatened vast Port Talbot steel works in Wales on top of £1 billion investment over 10 years.
Pfizer: Takes a record fine of £84.2 million for overcharging the National Health Service for an anti-epilepsy drug
The company rejected the fine and announced it would appeal against the decision. Distributor Flynn Pharma also received a fine of £5.2 million for the 2,600 percent overnight price increase for the drug in 2012. The two companies supposedly schemed a price hike to secure ongoing supply of the drug. This news came as the U.K. government is tightening up regulation of generic drugs price hikes.
Beepi Inc.: Shuts down operations outside California
The U.S. used car marketplace has shut down its operation outside the state of California, laid off 180 staff and prepared to merger with pre-launch Fair.com, which is a new venture co-founded by several industry veterans. The combined business will feature a flexible leasing model and a car selector based on the customers’ finances.
IKEA Group: Plans new strategies to adapt to growing urban populations
The company plans to locate its stores more centrally and to incorporate the stores into hotels, homes, offices and more. The purpose is to improve the pace of deliveries as deliveries can be cheaper and quicker if the company stores its products closer to customers. The company also plans to further invest €1 billion toward the purchase of more wind turbines and solar panels, which increases its total investment in sustainability to more than €3 billion.
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