Tag: November

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Most Asian automakers report U.S. sales surge in November

Most Asian automakers report U.S. sales surge in November

U.S. revenue surged by double-digit percentages for Toyota Motor Corp., Hyundai, Kia, Subaru, Mazda and Volvo previous month from a 12 months earlier, with the Hyundai and Kia models both setting November documents. But Ford Motor Co. and Honda described drops for the month.

Deliveries jumped 43 percent at Hyundai and 25 percent at Kia.

“This was a fantastic November for sales and specifically our lineup of eco-helpful autos,” Hyundai Motor The united states CEO Randy Parker stated in a statement Thursday. “Despite financial headwinds, we ended up still capable to report an all-time retail and whole product sales file in November.”

Ford income, in distinction, have been down 7.9 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in November,  the company’s 3rd consecutive month with a 12 months-over-12 months decline. Ford claimed customer orders have remained powerful, but it delivered 15 percent much less utility motor vehicles and 8.7 percent much less F-Collection pickups.

Nonetheless, for all of 2022, Ford’s income are down only 2.7 per cent, as opposed to, 3.5 percent for Hyundai-Kia and 35 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for American Honda, which posted a 6.1 percent decline in November.

Income fell 5.2 percent final month for the Honda manufacturer and 14 per cent for Acura. Honda’s four prime-marketing nameplates — the CR-V, HR-V, Accord and Civic — all noticed declines in November.

The final results come amid rising generation and inventory across the market following the microchip scarcity and other source chain snags constrained automakers from staying ready to meet demand for new automobiles for significantly of the past two decades.

Hyundai stated its stock has far more than doubled from a year back, to 39,898 automobiles at the finish of November. That is up from 31,529 a thirty day period previously and 17,096 in November 2021.

At Toyota, manufacturer sales rose 12 p.c, whilst Lexus fell 4.3 percent. Toyota motor vehicle revenue surged 42 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, like an 80 percent acquire for the Corolla, but the manufacturer bought 3.7 p.c much less SUVs.

Mazda Motor Corp. claimed November revenue surged 31 p.c to 26,906 motor vehicles.

Subaru deliveries rose 52 per cent. Product sales of the Subaru Crosstrek, Forester and Legacy far more than doubled from a year in the past.

But American Honda posted a 6.1 per cent decline from November 2021. Profits fell 5.2 per cent for the Honda model and 14 per cent for Acura.

Volvo posted a 20 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} obtain.

The rest of the business only studies U.S. sales on a quarterly foundation.

U.S. light-car or truck deliveries had been anticipated to increase from November 2021 as inventory shortages ongoing to ease. Increased curiosity prices are growing customers’ month to month payments, but dealerships are now promoting fewer automobiles higher than sticker cost — 41 percent in November vs. 50 p.c in July, in accordance to J.D. Power and LMC Automotive.

“November benefits reveal that motor vehicle generation is continuing to increase, with obtainable retail inventory exceeding 1 million units for a next consecutive thirty day period and a much larger share of manufacturers’ production currently being allocated to fleet consumers,” said Thomas King, president of the details and analytics division at J.D. Electric power.

“On the retail facet, demand carries on to exceed offer, as evidenced by continued toughness in transaction charges, retailer earnings, inventory turn prices and small manufacturer discounting. Having said that, as inventories and fascination rates increase, these metrics will present signals of both moderation or drop.”

TrueCar mentioned November retail income ended up on tempo to be about even with a calendar year before but that fleet sales were rebounding noticeably from the very low degrees prompted by creation disruptions in 2020 and 2021. It projected a 68 per cent jump in fleet sales from November 2021.

“Inventories are on tempo for a fourth consecutive thirty day period of double-digit will increase. Buyers, nevertheless, keep on to confront affordability problems and significant month to month payments, keeping quite a few on the sidelines,” claimed Zack Krelle, field analyst at TrueCar. “To keep gross sales momentum, brands appear to be shifting some of the new offer to non-retail revenue.”

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The New Car Shortage Started To Ease in November

The New Car Shortage Started To Ease in November
A crowded lot full of new cars awaiting shipment to dealershipsAmerica’s new car or truck dealers ended November with about 1.64 million autos in their stock. As not too long ago as July, they hardly had 1 million in stock.

That’s information because of very simple economics. Right before prices can tumble, provide requires to improve or need wants to lessen.

Price ranges stay at record highs. But they can not commence to tumble till stock and demand rebalance.

Times of Stock – How Sellers Imagine

Car or truck sellers evaluate their source of new vehicles to market in a metric they connect with “days of inventory” – how extensive it would get them to provide out at today’s profits fee if they could not acquire additional. That is long been an summary idea till a world wide microchip scarcity constrained the amount of new vehicles automakers could construct. Suddenly, dealers couldn’t acquire far more of some of their most well known versions.

An old market rule of thumb told sellers to keep about a 60-working day provide in stock and one more 15 days’ value on order or in transit. Sellers in some locations might raise or lower that quantity slightly based on neighborhood gross sales targeted visitors. But marketplace knowledge meant couple would fall considerably beneath it on goal.

All those figures, supposedly, meant that your regional dealership practically certainly experienced a design with the mixture of coloration and options that would attractiveness to you in quick attain.

In excess of the earlier 12 months, some automakers have viewed their regular fall as lower as seven times.

It has now recovered to anything approaching ordinary. Dealers finished November with an common of 53 days’ offer of new vehicles on the whole lot.

Production Choosing Up, Sales Slowing Down

“Timing is all the things,” said Charlie Chesbrough, Cox Automotive’s senior economist. “Production is at last ramping up right after staying stymied by the chip shortage just as demand from customers begun to waiver and car or truck product sales slowed down.”

Cox Automotive is the parent organization of Kelley Blue Guide.

Even though inventory is up substantially from recent degrees, it continues to be minimal by historic requirements. At the conclude of November 2020, offer stood at 2.77 million vehicles or 70 days’ supply. For pre-pandemic November 2019, provide hit 3.55 million motor vehicles, or 86 days’ supply.

Some Brand names Have a Ton of Stock Some Little

However the quantities are strengthening, the scenario is not the identical on just about every profits whole lot.

“A true dichotomy has emerged,” said Chesbrough. “Asian brand names have super tight inventories though not so much for domestic brand names. In 2023, we’ll be hunting for heftier incentives to kick in for some manufacturers and in some segments – specifically pickup vans.”

As measured by times of provide, non-luxurious brands with the cheapest inventories – all beneath the nationwide ordinary – were Toyota, Kia, Honda, Subaru, Volkswagen, and Hyundai. Toyota and Kia had 26 days’ provide. That is an improvement from earlier in the year, when days’ source dropped to 20 and decreased.

Luxurious manufacturers with the cheapest inventories, beneath the nationwide common, were Lexus, Land Rover, BMW, and Acura, in that order. Lexus has been the most affordable for months, but even its supply has edged greater lately to 26 days’ source.

At the opposite end of the spectrum had been largely domestic makes, some of which are reaching pre-pandemic stock concentrations.

Amongst all brand names, Buick experienced the greatest inventory as measured by days’ source at an astounding 121. It was followed by Jeep and Infiniti, also with triple-digit days’ source. Dodge, Ram, Jaguar, Volvo, and Lincoln experienced 90 to 100 days’ provide – a glut even by pre-pandemic requirements.

What Sort You’re Browsing for Issues

Style of vehicle matters, as properly.

Aside from low-volume higher-effectiveness vehicles, automobiles common with center-class Americans had the lowest source, like compact, subcompact, and midsize cars and trucks, as very well as minivans. All experienced much less than 36 days’ supply. Substantial rates and growing curiosity premiums are squeezing mainstream People, and automakers carry on to concentrate on high priced types that make larger income margins.

Both equally massive and pricey luxurious cars had the best inventory, together with domestic SUVs and pickup vehicles. Entire-dimensions vehicles, of which there are not several supplied any more, had a whopping 93 days’ source. Super luxury and luxury automobiles experienced a lot more than 80 days of offer. Pickup vans were being at 77 days’ provide, which is not outsized given that inventory commonly is higher for vehicles for the reason that they arrive in so quite a few unique configurations.

Some Prime-Promoting Types However Quick To Obtain

Of the 30 highest-selling designs in the 30 times that ended Nov. 28, 11 with the most affordable inventories were being Asian models, precisely Kia, Toyota, Honda and Subaru. At the base have been Kia Sportage, Toyota Corolla, Honda CR-V, and Toyota 4Runner, all with days’ provide under 22.

Of the 30 best-advertising styles, full-dimension domestic pickup vehicles and SUVs had the most inventory, with Ram 1500 possessing the most at an outsized 118 days’ provide, adopted by Ford Escape, with 105 days’ provide. The Chevrolet Silverado, Ford Explorer, and Ford F-150 fell in powering Ram 1500 and Ford Escape at 90 days’ provide or far more.

As has been the situation for months, the reduced the price tag class, the tighter the supply. Underneath $20,000, days’ offer was a scant 21, even significantly less than the thirty day period previously. In between $20,000 and $30,000, days’ source was up to 35. All other cost categories had 45 days’ source and larger.

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US economy added a robust 263,000 jobs in November

US economy added a robust 263,000 jobs in November


Minneapolis
CNN Small business
 — 

The US economic system extra 263,000 positions in November, defying aggressive action from the Federal Reserve to interesting the financial system and provide down decades-higher inflation.

The unemployment amount held steady at 3.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, according to the Labor Office, which released the most current month to month work opportunities snapshot on Friday morning.

Economists surveyed by Refinitiv had expected the speed of using the services of to sluggish to a achieve of only 200,000 careers in November and the unemployment rate to remain flat at 3.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Some of the largest every month career gains have been in the leisure and hospitality sector, as well as well being care. The scorching employment report also showed an sudden spike in average hourly earnings, one more knock towards the Fed’s endeavours to rein in inflation by cooling demand. Officials at the central financial institution have expressed issue about increasing wages preserving inflation elevated.

In November, typical hourly earnings enhanced .6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from the month ahead of and 5.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} calendar year in excess of calendar year. Economists were anticipating those premiums of increases to slow from Oct, where they increased by a revised .5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} month-about-month and 4.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-in excess of-calendar year.

“The November work report delivers a holiday year package of superior information for American personnel, which includes a potent raise in wages,” reported Mark Hamrick, Bankrate senior economist, in a assertion. “In retaining with the basic divide from time to time seen among Most important Road and Wall Avenue, the report tells the Federal Reserve it has far more operate to do in its fight versus inflation.”

The photo of the labor current market is turning out to be extra combined, reflecting a selection of forces at enjoy, reported Sophia Koropeckyj, managing director at Moody’s Analytics.

“First, the limited labor sector has certainly minimal holiday using the services of, but companies are also employing a lot more cautiously given the uncertainty about the strength of buyer spending,” she wrote in a notice Friday. “In addition, businesses may be a lot more careful in purchase to support margins amid mounting labor and materials expenditures. Some fascination-fee delicate industries have also been pulling again. It need to be noted that pulling back does not essentially signify laying off personnel. It can indicate much more cautious selecting. This clarifies in part the lower amount layoffs and reduced unemployment amount.”

In modern weeks, there has been a wave of mass layoff announcements from some of the major names in tech, with a total of 52,771 introduced cuts. Which is the highest month-to-month whole for the sector due to the fact 2000, according to outplacement firm Challenger, Grey & Christmas.

Regardless of the high numbers, most of people losses appear to be receiving reabsorbed into the labor current market, said Jim McCoy, vice president of methods for ManpowerGroup.

“Most providers are electronic at this issue,” he reported in an job interview. “And if not, they are investing in automation, they’re investing in their net existence, they’re financial commitment in company general performance applications, and so they need to have [information technology] employees.”

Friday’s report also contained major revisions: September was revised down by 46,000 to 269,000 work, and Oct was revised up by 23,000 work opportunities to 284,000.

Contemplating those updates, November’s month-to-month attain — which stays significantly previously mentioned pre-pandemic month to month averages — is now the most affordable full careers additional due to the fact April 2021.

Nonetheless, that may well not bring substantially solace to the Fed, which has raised its benchmark lending charge by 3.75 proportion details this calendar year in hopes of cooling off need and bringing down white-scorching inflation. Although some regions of the economic system show the consequences of the Fed’s actions — household gross sales have fallen and inflation charges are beginning to gradual — the labor marketplace has remained robust in its attempts to proceed to get well jobs lost through the pandemic and change to continued powerful customer spending, especially in companies.

“While other economic data factors over the earlier couple months have been favorable to the Fed’s progress on the inflation entrance, sturdy work data is clearly the largest headwind for the Fed,” stated Charlie Ripley, senior financial commitment strategist for Allianz Financial investment Administration, in a assertion Thursday. “Payrolls will need to drop down below the substitute amount in get to continue to keep slowing the economy and even with the aggressive amount tightening as a result far, the effects to the labor current market has been small.”

The hottest JOLTS report on position openings and quits showed that there had been still much more than 10 million task openings in Oct. Although that implies a gradual easing, it’s even now a around-file higher and perfectly previously mentioned the average of 4.5 million ahead of Covid hit the US economic climate.

But with labor pressure participation nonetheless very well beneath pre-pandemic degrees, it is likely to be tough to fill all individuals readily available positions: November’s careers report confirmed that the participation rate inched down for the 3rd straight thirty day period to 62.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Friday’s employment print marks the extremely past careers report in advance of the Fed’s subsequent conference on December 13-14, when officials are predicted to increase rates by half a share level, slightly lower than in the four past meetings.

And the very hot jobs report is unlikely to shift the Fed absent from that intention to average its rate of raises, stated Angelo Kourkafas, expense strategist at Edward Jones.

“But what it does is it possibly dashes some of the hopes that the Fed will be chopping costs any time shortly,” he explained to CNN Company. “We’re not there nevertheless.”

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Nutson’s Weekly Auto News Wrap-up November 20-26, 2022

Nutson’s Weekly Auto News Wrap-up November 20-26, 2022

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Every Sunday Larry Nutson, The Chicago Car Guy and Auto Channel Executive Producer, with able assistance from senior editor Thom Cannell from The Auto Channel Michigan Bureau, compile The Auto Channel’s “take” on this past week’s automotive news, condensed into easy to digest news Nuggets.

LEARN MORE: Complete versions of today’s news nuggets, along with thousands of pages of relevant news and opinions, information stored in a million-page library published and indexed on The Auto Channel during the past 25 years. Complete information can be found by copying a headline and inserting it into any Site Search Box.

Nutson’s Auto News Weekly-Wrap-up November 20-26, 2022

Here are Larry’s picks among the past week’s important, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as expertly crafted easy-to-understand automotive universe news nuggets.

* Consumer demand for new cars and trucks is cooling down in the United States, J.D. Power and LMC Automotive conclude in their forecast for November sales. Factoring out rising sales to fleets, Power-LMC forecast that U.S. retail car and truck sales will fall by 0.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for November compared to a year ago. Average vehicle transaction prices are rising, but at a slower pace. In November, Power-LMC estimated 41{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of vehicles will sell for more than the factory sticker price, down from 50{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} sold over sticker price in July. New-vehicle transaction prices continue to rise but at slower pace than earlier this year. The average price in November will set a record for the month of $45,872, an increase of 3.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from a year ago.

* For the second straight week, the nation’s average gas price has declined, falling 11.9 cents from a week ago to $3.64 per gallon early thsi week according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country. The national average is down 16.4 cents from a month ago and 24.5 cents per gallon higher than a year ago. The national average price of diesel has fallen 6.7 cents in the last week and stands at $5.28 per gallon.

* US DoE factoid of the week: In 2021, 73{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of all plug-in vehicles on the road were assembled in North America, with 65{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of them built in the United States. Japan was a distant second at 12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, followed by Germany at 6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Since 2011—the first full year of mass market plug-in vehicle sales in the U.S.— a greater share of plug-in vehicles has been assembled domestically than conventional internal combustion-powered vehicles.

* How’s your vehicle’s resale value? The J.D. Power 2023 ALG Residual Value Awards have increased importance in today’s market for both automakers and consumers, given the recent increases in the cost of new and used vehicles. For a third consecutive year, Lexus received the brand award for best premium brand. For a second consecutive year, Honda received the brand award for best mass market brand. Kia received the most model awards overall and is the most improved mass market brand year over year, moving up three places. Porsche is the most improved premium brand, moving up four places. Learn more right here. https://www.jdpower.com/business/press-releases/2023-us-alg-residual-value-awards

* Ann Arbor, Michigan-based Domino’s Pizza Inc. is moving to electrify its pizza delivery with the acquisition of more than 800 custom-branded 2023 Chevy Bolt EVs. More than 100 of the General Motors electric cars are arriving at select franchise and corporate stores throughout the United States this month. An additional 700 will arrive in coming months, the company said, giving Domino’s the largest electric pizza delivery fleet in the country.

* Joe White at Reuters informs: People who buy electric vehicles tend to drive them less and keep them longer than combustion vehicles, according to new research from the Chicago Federal Reserve Bank. The result is relatively fewer, affordable used EVs on the market, which in turn could mean the U.S. vehicle fleet takes longer to convert to battery power from fossil fuels. The average new electric vehicle costs $66,000 – out of reach for many families. “The used vehicle channel has not nearly been as relevant for popularizing BEVs as it could be,” the Fed researchers write. By the time the average combustion vehicle is five years old, 55{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} have changed hands and been registered as used vehicles. But only 14{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of five year old electric vehicles are registered as used, based on registration and vehicle powertrain data from model year 2010 through 2021. BEV owners drive their electric cars a lot less, too. The average ten-year old electric vehicle has 50,000 miles on it, less than half the miles on the average ten-year old combustion car or truck.

* We read in Autoweek the AM radio band in particular is subject to electromagnetic interference from electric motors, which generate frequencies comparable in wavelength to AM radio signals. Many EVs have abandoned the radio band, while others—like the Ford F-150 Lightning—did include it but will soon cease to. A global radio aggregator and streaming service called TuneIn offers a solution, by delivering feeds from some 100,000 stations over a vehicle’s 5G wireless network access.

* Ford is recalling over 634,000 utility vehicles worldwide because a cracked fuel injector can spill fuel or leak vapors onto a hot engine and cause fires. The recall covers Bronco Sport and Escape models from the 2020 through 2023 model years. All have 1.5-liter, three-cylinder engines.

* Bond, James Bond! Bond In Motion: The Official Collection of Original James Bond Vehicles exhibition is at the Saratoga Auto Museum. Featured are 25 official vehicles from the longest-running film franchise in movie history. Bond In Motion runs through November 2023 at the Saratoga Automobile Museum in Saratoga Springs, New York. https://saratogaautomuseum.squarespace.com

* Comedian Jay Leno was released from the hospital after suffering burns to his face, according to multiple reports. Leno stayed at the Grossman Burn Center for 10 days after he was injured when flames erupted while working on his 1907 White Steam Car on Nov. 12. While he suffered third-degree burns, he should recover. “I am pleased with Jay’s progress, and I am optimistic that he will make a full recovery,” Dr. Peter Grossman, Leno’s doctor, said in a statement released by the Burn Center.

* Starting in 2023, Formula 1 is set to launch an all-female driver category, the F1 Academy, to develop and prepare young female drivers to progress to higher levels of competition – including W Series, Formula 1, Formula 2, and Formula 3. The series will consist of five teams run by current F2 and F3 teams, each entering three cars to make up a 15-car grid. The first season will comprise of seven events with three races each – amounting to a total of 21 races – plus 15 days of official testing, with the 2023 calendar set to be released in due course. The drivers will be getting behind the wheel of Tatuus T421 chassis, with Autotecnica supplying turbocharged engines that will deliver 165 horsepower, while Formula 1’s Global Partner Pirelli will provide the tires.

* A total of 277 vehicles officially entered last weekend’s internationally televised BFGoodrich Tires 55th SCORE Baja 1000, presented by 4 Wheel Parts. The season-finale of the four-race 2022 SCORE World Desert Championship was held over a technical, rugged race course around Baja California Norte on Mexico’s magnificent and majestic Baja California peninsula. Race course distance is 828.25 miles. The Honda Off-Road Racing Team with its Honda Ridgeline Baja Race Truck took Class 7 honors for the second consecutive year in the 55th running of the iconic Baja 1000.

* A next-generation race-prepped, stock Ford Ranger Raptor finished the SCORE-International Baja 1000 atop the stock mid-size class, then drove on public roads back to its base in Riverside, California after the race. The nearly-flawless Ford Performance global effort was powered by a low-carbon biofuel (Ethanol and Bionaptha) from Shell, demonstrating that commitment to sustainability does not require compromising performance (or Rocket Science Electric) .

* We hope you all had a safe and happy Thanksgiving. AAA predicted 54.6 million people would travel 50 miles or more from home this Thanksgiving. That’s a 1.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase over 2021 and 98{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of pre-pandemic volumes. This year is projected to be the third busiest for Thanksgiving travel since AAA started tracking in 2000.

Stay safe. Be Well.

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Latest Stock Market News Today: Holiday shopping surge, Warren Buffett’s $750 million donation, Musk makes more Twitter changes, stock market closing early| November 25, 2022

Latest Stock Market News Today: Holiday shopping surge, Warren Buffett’s $750 million donation, Musk makes more Twitter changes, stock market closing early| November 25, 2022

Philip Morris announces new regional structure to support smoke-free growth

Philip Morris International Inc.

$

98.25

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
PM $98.25 0.14 0.14

Philip Morris is reorganizing its regional structure to support growth of its smoke-free business.

The owner of cigarette brands including Marlboro, L&M and Chesterfield is reducing its operating regions to four from six.

The new regional structure better aligns with the company’s business strategy in the approximately 180 markets where PMI’s products are sold.

It is designed to accelerate smoke-free product growth in markets where IQOS already holds double-digit market shares, while also driving the transition from cigarettes to smoke-free products in untapped markets—including as of April 2024, the U.S., the world’s largest smoke-free market

BMW raises investment in Hungary EV factory to over 2B euros

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
BMWYY $29.24 0.13 0.43

BMW raised its planned investment in an electric vehicle (EV) factory under construction in Hungary to over two billion euros ($2.08 billion) on Friday and said it will build a 500-million-euro high-voltage battery assembly plant on site.

The carmaker had previously said it would spend over one billion euros on the Debrecen factory, due to open in 2025 and ramp up to producing 150,000 cars a year.

Hungary’s government will provide 13.5 billion forints ($33.92 million) of non-refundable subsidy for the additional investment, Foreign Minister Peter Szijjarto said at a press conference.

Five hundred additional jobs will be created to staff the battery assembly plant.

Hungary will also be the site of Europe’s largest battery plant, under construction by CATL.

Shoppers hunt for Black Friday bargains

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
BBY $81.87 -0.52 -0.63
COST $534.41 -0.08 -0.01
M $23.70 0.28 1.22
TGT $163.76 0.35 0.22
WMT $152.66 0.24 0.16

Shoppers are hunting for deals this Black Friday in contrast to last year when when consumers were buying early out of fear of not getting what they needed amid supply-network clogs.

This year, shoppers are holding out for the best bargains, said Rob Garf, vice president and general manager of retail at Salesforce, which tracks online sales.

Macy’s CEO Jeff Gennette said traffic was “significantly larger” compared to the previous two years because shoppers feel more comfortable in crowds.

The Associated Press contributed to this report.

Elon Musk says Twitter’s verified service with colors to start next week

Twitter Inc is planning to roll out its verified service next Friday with different colored checks for individuals, companies and governments, after a botched initial launch led to a surge in users impersonating celebrities and brands on the platform.

Chief Executive Elon Musk on Friday allotted colors for the categories – gold for companies, grey for governments and a blue check for individuals including celebrities.

“Painful, but necessary,” he said, adding that verified accounts will be manually authenticated before a check is activated.

The revamped $8-per-month service will allow individuals to have a smaller, secondary logo of their organizations if verified by them, he said in another tweet on Friday. “Longer explanation next week.”

Adidas launches probe into misconduct allegations against Kanye West

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
ADDYY $64.13 -0.56 -0.87

Adidas AG on Thursday said it has launched an investigation into allegations of inappropriate behavior by Kanye West, after the German sporting goods maker last month ended its partnership with the rapper and fashion designer.

Adidas said it initiated the probe after receiving an anonymous letter making several allegations against the musician, who now goes by Ye.

“It is currently not clear whether the accusations made in an anonymous letter are true,” an Adidas spokesperson said in a statement to Reuters.

“However, we take these allegations very seriously and have taken the decision to launch an independent investigation of the matter immediately to address the allegations.

“Ye could not be immediately be reached for comment. News of the probe was first reported by the Financial Times on Thursday.

Spectrum Pharmaceuticals de-prioritizes poziotinib following FDA letter

Spectrum Pharmaceuticals Inc.

$

0.42

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
SPPI $0.44 0.01 1.70

Spectrum Pharmaceuticals is de-prioritizing development of poziotinib, its lung cancer treatment.

The decision comes after the biopharmaceutical company received a Complete Response Letter (CRL) from the Food and Drug Administration says the poziotinib application cannot be approved in its present form.

“Based on the CRL, the Company would have to generate additional data including a randomized controlled study prior to approval,” the company said.

Spectrum Pharmaceuticals will de-prioritize poziotinib program activities, effective immediately, and is in the process of reducing its R&D workforce by approximately 75{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Based on the anticipated cost savings from the restructuring, Spectrum believes it will be able to generate the working capital required to support its strategic refocusing through 2024.

Foxconn’s woes to take bigger toll on giant China iPhone plant as more workers leave — source

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
AAPL $148.26 -2.81 -1.86

Foxconn’s flagship iPhone plant in China is set to see its November shipments further reduced by the latest bout of worker unrest this week, a source with direct knowledge of the matter said on Friday, as thousands of employees left the site.

The company could now see more than 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of the site’s November production affected, up from an internal estimate of up to 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} when the factory’s worker troubles started in late October, the source said.

The site, which is the only factory where Foxconn makes premium iPhone models, including the iPhone 14 Pro, is unlikely to resume full production by the end of this month, the source added.

The world’s largest Apple iPhone factory has been grappling with strict COVID-19 restrictions that have fueled discontent among workers and disrupted production ahead of Christmas and January’s Lunar New Year holiday, as many workers were either put into isolation or fled the plant.

It has fueled concerns over Apple’s ability to deliver products for the busy holiday period.

Binance.US confirms plans to bid on bankrupt crypto lender Voyager Digital

Binance has confirmed plans to make a fresh bid for bankrupt crypto lender Voyager Digital, CoinDesk reported, citing an interview by Bloomberg with Binance CEO Changpeng “CZ” Zhao.

Sam Bankman Fried’s crypto exchange FTX was set to acquire Voyager’s assets after signing a deal in September, but then filed for bankruptcy itself following a liquidity crunch.

FTX scooped up Voyager’s assets in a $1.42-billion bid at a bankruptcy auction in September. Binance was also a major bidder, the Wall Street Journal had reported previously.

Voyager filed for bankruptcy in July, months after the crash of major crypto tokens TerraUSD and Luna that sent shockwaves across the digital asset industry and led to the collapse of hedge fund Three Arrows Capital, to which Voyager was exposed.

Reuters contributed to this report.

Developing Story

More Twitter changes

Twitter CEO Elon Musk is planning more changes as he continues to shake-up the social media giant.

Amazon workers demonstrate at some German, French sites on Black Friday

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
AMZN $94.13 0.93 1.00

Some workers at Amazon sites in Germany and France downed tools on Black Friday, as part of a move across the world to target the online retailer on one of the busiest shopping days of the year with calls for better pay.

The Make Amazon Pay initiative, which made the call for strikes, said industrial action was planned in more than 30 countries, including the United States.

In Germany, there were demonstrations at nine out of Amazon’s 20 warehouses in the country, although on Friday morning, the company said the vast majority of its employees in Germany were working as normal.

France’s SUD and CGT unions called for strike action in the country’s eight warehouses.

Amazon France said there had been no sign of disruption to operations so far. Two French union officials said they were not expecting a big turnout because the rising cost-of-living was driving employees to seek overtime.

Breaking News

Stocks mixed in the shortened holiday session

U.S. stocks opened mixed in the abbreviated trading session with the stock market closing at 1pm ET. For the week, all three of the major averages are looking at gains. In commodities, oil was firmer at the $78 level.  

Black Friday shopping underway; payment transactions up 0.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in Britain

Investors will be watching for signs of how consumers are spending this Black Friday.

The National Retail Federation estimates almost eight million more people plan to shop in the U.S. this year Thanksgiving Day through Cyber Monday than last year.

“While there is much speculation about inflation’s impact on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see robust store traffic with a record number of shoppers taking advantage of value pricing,” NRF President and CEO Matthew Shay said last week.

However, Russ Mould, investment director at AJ Bell cautioned:

“Black Friday deals are now in full swing, and retailers will be hoping they can shift some of their excess stock. While this should clear some space in their warehouses, it won’t necessarily be good for their profit margins as consumers are under significant financial pressure and the only way to get them to keep spending is to slash prices to the bone.”

The volume of Black Friday payment transactions in Britain as of 1300 GMT was up 0.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} versus 2021, data from Barclaycard Payments showed on Friday.

Reuters contributed to this report.

Gasoline price continues slide

The nationwide price for a gallon of gasoline slipped Friday to $3.578, according to AAA.

The average price of a gallon of gasoline on Thursday was $3.586.  

One week ago, a gallon of gasoline cost $3.707. A month ago, that same gallon of gasoline cost $3.778.

Gas hit an all-time high of $5.016 on June 14.

Diesel declined to $5.248.

Ford recalls SUVs in US over possible fuel leak, fire risk

The Ford Motor Company is recalling more than 500,000 sport utility vehicles across the United States over fire risks resulting from a possibly cracked fuel injector. 

Ford, the second-largest car manufacturer in the U.S., said that while the likelihood of fires was rare, it was compelled to offer the recall after being informed of at least 20 such incidents. The recall covers the company’s Bronco Sport and Escape SUVs manufactured between the 2020 and 2023 model years. 

Continue reading

Oil’s losing week

Oil gained on Friday, cutting some of the week’s losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil.

U.S. West Texas Intermediate (WTI) crude futures traded around $79.00 a barrel. 

Brent crude futures traded around $86.00 a barrel.

Both contracts were headed for their third consecutive weekly decline, on track to fall about 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} with worries about tight supply easing.

G7 and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow’s military offensive in Ukraine without disrupting global oil markets, according to Reuters.

Cryptocurrency prices for Bitcoin, Ethereum rise and Dogecoin slides on Friday

Bitcoin was trading around $16,000, after a three-day winning streak.

For the week, Bitcoin has lost less than 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

For the month, the cryptocurrency is down more than 18{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and down more than 64{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-to-date.

Ethereum was trading around $1,100, after trading little changed for the week.

Dogecoin was trading at 8 cents, after losing nearly 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the past week.

Microsoft’s bid to acquire the video game publisher could face a major roadblock

Microsoft’s bid to acquire the video game publisher Activision Blizzard reportedly could face a major roadblock as early as next month.

The U.S. Federal Trade Commission (FTC) is likely to file an antitrust lawsuit to block the $69 billion takeover, according to Politico, citing people familiar with the matter.

A lawsuit challenging the deal is not guaranteed, and the FTC’s four commissioners have yet to vote out a complaint or meet with lawyers for the companies.

The FTC staff reviewing the deal are skeptical of the companies’ arguments, those people said.

At the center of the FTC’s concerns is whether acquiring Activision would give Microsoft an unfair boost in the video game market. 

Microsoft’s Xbox is number three to the industry-leading Sony Interactive Entertainment and its PlayStation console. 

Sony is concerned that if Microsoft made hit games like Call of Duty exclusive to its platforms Sony would be significantly disadvantaged.

For more on the story, click here: Microsoft bid for Activision likely to be blocked by FTC lawsuit: report

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Tuesday, November 22, 2022 | Kaiser Health News

Tuesday, November 22, 2022 | Kaiser Health News

Wellbeing Devices, Affected individual Care Impacted By Growing Claim Denial Prices

Modern Healthcare attracts attention to a “important” rise in denied coverage promises in excess of the previous year, which has enhanced administrative operate, lessened hospital money move, and delayed individual treatment. Independently, Axios stories on how health-related inflation is impacting huge businesses.

Extra on the value of coverage —


Stat:
The Scenario For Common Oral Wellbeing Coverage, In accordance To The WHO

On Friday, oral well being advocates across the globe acquired an early getaway present from their longtime wish lists. They had been waiting around their complete careers — for some STAT spoke with, up to approximately 50 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} a century — for oral well being to be folded into conversations calling for well being treatment accessibility for all. The Earth Health Organization’s new World Oral Health Status report took that 1st phase. (Castillo, 11/21)

In other wellness care business information —


Contemporary Health care:
Providence Closes 27 Southern California Retail Clinics

Renton, Washington-based Providence closed all 27 of its Providence ExpressCare services on Nov. 17 after the Southern California retail clinics posted “unprecedented operating losses” amid labor shortages, inflation, source chain disruption, reduce-than-predicted volumes and a extra aggressive retail clinic sector, the spokesperson mentioned. (Kacik, 11/21)


Stat:
Can Telehealth Enable Hospitals Mitigate The Local weather Crisis? 

As the globe stares down the barrel of weather alter, the health care technique — which is liable for about 9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of all U.S. greenhouse fuel emissions — is eventually beginning to consider action. Hospitals, in specific, are functioning to stem their impression, and have held up telehealth as a primary approach to lower down on carbon, by getting rid of thousands and thousands of miles of vacation to and from health care facilities. (Palmer, 11/22)


Fashionable Healthcare:
Atrium Overall health Hosts Yearly Expertise Exhibit For Workers

Atrium Health and fitness employees search for to place their skills on exhibit at function and on the stage. Each yr, the Charlotte, North Carolina-primarily based nonprofit health procedure invites its 70,000 personnel associates to take part in a expertise display, “Atrium Wellness Has Talent.” Clinicians, administrative staff members, leadership and other workforce members occur together from throughout the 40-hospital technique to showcase their competencies. (Berryman, 11/22)

In authorized news —


The New York Times:
A Botched Most cancers Exam, a Countrywide Scandal, and an Irish Hero

A subsequent formal inquiry revealed that at minimum 220 other Irish girls experienced also developed cervical cancer following getting unfavorable outcomes for point out-operate Pap smears that, a later evaluate showed, must have been flagged as most likely favourable. According to 221+, an advocacy group established by Vicky Phelan and other influenced women and their survivors, all around 30 of these women have since died. (O’Loughlin, 11/17)