Fiat Chrysler starts the week with one of the biggest news stories in the market. The U.S. will see $1 billion investment from the company that will expectedly create 2,000 new jobs. The move seems strategically as the carmaker wants to focus on the home market, but Sentifi financial crowd begs to differ, pointing out that President-elect Donald Trump might have been the reason. Stick with Sentifi and share insights with more than 3,000 voices that are currently discussing the story.
Fiat Chrysler: Invests in the U.S.
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The carmaker will invest $1 billion in U.S. manufacturing, including modernizing plants in Michigan and Ohio. This move also represents a shift of production from Mexico to the U.S., as the company will make its plant in Warren, Michigan capable of producing the same pickup truck currently made in Mexico. The crowd believes Trump was the motive for the move, as he had tweeted about a big border tax that he would impose on companies that build cars in Mexico and sell them in the U.S. Ford and GM have already been making plans to shift production to the U.S. from Mexico.
Anbang Insurance Group: Reportedly had a discussion with Trump’s son-in-law
The New York Times reported that the chairman of the Chinese company, WU Xiaohui, had a business dinner with President-elect Trump’s son-in-law Jared Kushner to discuss a joint venture agreement at the Waldorf Astoria Hotel in Manhattan on Nov. 16. The joint venture entailed a redevelopment of 666 Fifth Avenue, dubbed the “fading crown jewel of the Kushner family real estate empire.” During the talk, Wu also suggested a meeting with Trump would be beneficial as he would benefit the global business when he takes office. Anbang later declined to comment on the report.
Foreign Reserve: Plummets in China
China’s foreign reserves have been falling for the 6th month. As the yuan saw its steepest annual drop in more than 20 years, China’s foreign reserves fell to $320 billion.
Merrimack Pharma: Divests assets
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The Massachusetts-based pharmacy company announced an asset purchase and sale agreement with French pharmaceutical company Ipsen, where Merrimack will sell its pancreatic cancer treatment Onivyde for Ipsen for $1.025 billion. Merrimack now has the needed fund to complete its restructuring and refocus for a three-year plan. Ipsen sees this deal as an opportunity to increase its presence in Cambridge, Mass., and the U.S. market.
SpaceX: Delays rocket launch due to storm
The weather of California proved to be unfavorable for rocket launches, as bad weather and predictions of continuing storms around a central California launch complex has halted SpaceX’s scheduled Falcon 9 launch after a five-month hiatus. The rocket was meant to deliver 10 satellites for Iridium Communications Inc. It was also meant to reassure the confidence from U.S. government as well as customers in the future of commercial space flight and the reliability of the company’s rocket fleet.
Co-operative Bank: Prepares to offload balance sheet ahead of crunch year
Co-op bank is inquiring help from professional services PricewaterhouseCoopers to find buyers for its portfolio of commercial real estate, private finance initiative and wind-farm loan to offload its balance sheet as a crunch year is coming while the regulators intensify their scrutiny of its assets. Its “disastrous” merger with the Britannia Building Society has caused its balance sheet to balloon, and now analysts believe the regulators will force the bank into a larger financial services company to ease concerns about its strength.
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