Daimler fines for slow recalls could reach $30m

Failing to recall vehicles $5 million the automaker The consent order, which requires Daimler to develop quickly enough could cost must spend on safety en- lasts from two to three written procedures and train- In this file photo, Ola Käl- Daimler Trucks up to $30 hancements, and a deferred years, requires Daimler to ing for employees who work lenius, Chairman of the Board million in fines and other $15 million penalty, which improve its ability to detect on recalls and reporting re- of Management of Daimler costs. may or may not have to be and investigate potential quirements. AG and Mercedes-Benz AG In penalties announced paid. safety defects in its vehi- “We appreciate the oppor- at the Capital Market Day Thursday, the National High- The order stems from sev- cles. tunity to summarily resolve 2019 in London. (AP) way Traffic Safety Admin- eral recalls between 2017 The company must also this matter and continue istration said Daimler also and 2018. Daimler said there improve its collection of building safe, efficient and failed to comply with other have been no known acci- safety information from its reliable commercial vehi- reporting requirements. dents or injuries related to businesses and report the cles,” Daimler Trucks said in They include an upfront what it called “voluntary re- information accurately to a prepared statement Thurs- fine of $10 million, another calls.” regulators at NHTSA. It also day. (AP)

Market Movements 04-01-2021 Change Closing pts Change Closing pts AUSTRALIA - All Ordinaries +103.05 6,953.67 JAPAN - Nikkei -185.79 27,258.38 GERMANY - DAX +7.96 13,726.74 FRANCE - CAC 40 +37.55 5,588.96 EUROPE - Euro Stoxx 50 +11.75 3,564.39 S. KOREA - KRX 100 +156.81 6,381.18 PHILIPPINES - PSEi +57.79 7,197.50 INDIA - Sensex +307.82 48,170.90 Business Tie-up to create world’s 4th-largest auto company Fiat Chrysler and Peugeot shareholders approve merger MILAN, Jan 4, (AP): Shareholders of Fiat Chrysler and PSA Peugeot deci- sively voted Monday to merge the U.S.-Italian and French carmakers to Huge oil discoveries to be create world’s 4th-largest auto com- pany. Addressing separate meetings, both ‘announced’ by oil sector PSA Peugeot CEO Carlos Tavares and KUWAIT CITY, Jan 4: The oil International Petroleum Company Fiat Chrysler Chairman John Elkann sector is preparing to soon an- in Europe. spoke of the “historic” importance of nounce huge oil discoveries, re- The board approved the recom- the vote, which combines legacy car ports Al-Rai daily quoting high- mendations of the KPC’s execu- companies that helped write the in- ranking sources. tive committee to reduce operating dustrial histories of the United States, They explained that the board budgets by about KD 470 million France and Italy. of directors of the Kuwait Petro- for the 2021/2022 fi scal year. Before the merger is fi nalized, leum Corporation (KPC) held its The oil companies will amend shares in the new company, to be fi rst meeting, which was presided their operational budgets before called Stellantis, must the launched. over by the Minister of Oil and the the Board of Directors takes its It will be traded in Milan, New York Minister of Electricity and Water decision to reduce . The most and Paris. Dr. Muhammad Al-Fares. During prominent items, contracts and “We are living through a profound the meeting, preparations were ap- operational terms will be affected, era of change in our industry,’’ Elkann proved for the decommissioning but while maintaining the highest told the virtual shareholders’ meeting. of several oil projects and for the levels of safety, security and envi- “We believe that the coming decade sale of some foreign assets of the ronment. will redefi ne mobility as we know it. We and our merger partners at Groupe PSA are intent on playing a leading sudden death in July 2018. bank said he expected “immediate ac- role in building this future. It is this Tavares comes into the new role tion to be taken right after closing, for intention that has brought us together.” with a reputation as a cost-cutter and example by bringing FCA’s European The new company, to be called Stel- skilled manager, qualities he put to use product on the PSA architectures.” lantis, will have the capacity to pro- as head of Nissan’s North American Still, analysts point out that gaining duce 8.7 million cars a year, behind operations from 2009 to 2011 and in cost-savings is only the fi rst of many Volkswagen, Toyota and Renault- integrating Opel and Vauxhall into that the new company will face. Both Nissan, and create 5 billion euros in In this file photo, CEO of PSA Groupe Carlos Ta- vote on a merger that will create the world’s fourth- the PSA Peugeot family after buying PSA and Fiat Chrysler enter the new annual synergies. vares arrives for the presentation of the company’s largest automaker. The new company called Stel- them in 2017. Experts say he is likely union with poor records and infrastruc- The marriage of carmakers PSA 2019 full year results in Rueil-Malmaison, west of lantis will be run by PSA CEO Carlos Tavares, who to follow a blueprint that showed little ture in China, and both are lagging in Peugeot and Fiat Chrysler Automo- Paris. Fiat Chrysler Shareholders of Fiat Chrysler is known for cutting vehicles or ventures that don’t tolerance for vehicles or ventures that electrifi ed powertrains, requiring in- biles is built on the promise of cost and France’s PSA Group are meeting on Jan 4, to make money. (AP) didn’t make money. vestments that will off-set some of the savings in the capital-hungry industry, That could put into the crosshairs savings. but what remains to be seen is if it will “We are fully aware of the fact meo - pooling companies that have holder, will be the Stellantis chairman. any of the 14 car brands that Stellan- PSA has set a goal of having all- be able to preserve jobs and heritage that together we will be stronger helped defi ne the industry in the Unit- Fiat Chrysler CEO Mike Manley will tis will house, fi ve from PSA and nine electric or hybrid powertrains on its brands in a global market still suffer- than individually,’’ PSA CEO Car- ed States, France and Italy. head North American operations, from Fiat Chrysler. entire model range by 2025, while Fiat ing from the pandemic. los Tavares told a virtual gathering While the tie-up is billed as a merger which is key to Tavares’ long-time The two companies also have signif- Chrysler has committed to electrifying PSA Peugeot shareholders on Mon- of eligible shareholders. “The two of equals, the power advantage goes to goal of getting a U.S. foothold for icant overlaps in their manufacturing 30 of its models by 2022. day overwhelmingly approved the deal companies are in good health. These PSA, with Tavares running Stellantis the French carmaker he has run since and engineering operations in Europe. Meeting those challenges will take to create the world’s fourth-largest car- two companies have strong positions and holding the tie-breaking vote on 2014, and the clear money-maker for PSA said in a statement to the AP more than restructuring prowess, said maker, to be called Stellantis, with the in their markets.” the 11-seat board. Tavares is set to take Fiat Chrysler. last week that decisions on brands Ferdinand Dudenhoeffer of the Center capacity to produce 8.7 million cars a The new company will put together full control of the company early this Such a deal was long wanted by Fiat would be communicated after the deal for Automotive Research in Germany. year, behind Volkswagen, Toyota and under one roof French mass-market year, possibly by the end of January. Chrysler’s long-time CEO Sergio Mar- is closed. Fiat Chrysler said in a state- “Carlos Tavares is a restructuring Renault-Nissan, and create 5 billion carmakers Peugeot and Citroen, top- Fiat Chrysler chairman John Elkann, chionne, who had predicted the neces- ment that there are no plans to close guy. He knows how to restructure, but euros in annual synergies. Fiat Chrys- selling Jeep and Italian luxury and heir to the Fiat-founding Agnelli fam- sity of consolidation in the industry. any plants. he has no ideas for a new tack,” he ler shareholders vote later in the day. sports brands Maserati and Alfa Ro- ily and Fiat Chrysler’s biggest share- He was unable to fi nd a deal before his Analyst Patrick Hummel from UBS said. File your tax return ASAP Start this year off strong China’s ‘manufacturing’ with these money moves By Liz Weston tions, reviewing just a few months can show you some patterns and help NerdWallet you identify spending you want to fter the train wreck that was change. activity improves in Dec A2020, you may well question Preparing for irregular but predict- whether it’s worth trying to plan any- able expenses can help you feel less thing. But knocking off a few finan- panicked when those bills arrive. cial tasks early in the year can better These expenses can include insur- Economy recovers from the coronavirus pandemic prepare you for whatever 2021 has in ance premiums, property taxes, car store. and home repairs, vacations, back-to- Filing your tax return early typical- school shopping and holidays. Check BEIJING, Jan 4, (AP): ly means getting your refund sooner. your spending in each of these areas China’s manufacturing Not only that, it could thwart refund- for the past few years to ballpark how activity improved in De- stealing identity thieves. Also, If you much to save this year. were owed a stimulus check in 2020 Once you have your savings goals cember but at its weakest but didn’t get one, or should have for each category, consider setting up rate in three months as the gotten more, you can claim the miss- separate savings accounts at an on- economy recovered from ing money on your return. line bank that doesn’t charge monthly the coronavirus pandemic If you owe the IRS, it’s better to fees. You can divide the amounts know sooner rather than later. You’ll by the number of paychecks you’ll while its trading partners have more time to find the money or get before the money is needed, and struggled with rising infec- arrange a payment plan. set up automatic transfers from your tions, according to two sur- Also, unemployment checks are checking account to the appropriate generally taxable. Many people who savings account after each payday. veys. received last year’s extended jobless Most charities prefer getting regu- A monthly purchasing man- benefits may face a larger-than-ex- lar contributions throughout the year, agers’ index issued Monday by pected tax bill this year, tax experts since the steady income helps them a business magazine, Caixin, say. plan. You may discover you can give Once your 2020 tax return is pre- more if you’re not trying to squeeze slipped to 53 from November’s pared, you can use that and your first your contributions in with other 54.9 on a 100-point scale on pay stub from 2021 to see if you’re year-end spending. You can use your which numbers above 50 show on track with tax withholding. A bank’s bill pay system to send month- activity expanding. A separate good tax withholding calculator can ly checks or arrange with the charity help you determine how to adjust the PMI by an official industry to charge a credit card. group, the China Federation amounts taken from each paycheck. Flexible spending accounts are Then, contact your employer if you employer-provided benefits that al- of Logistics & Purchasing, de- need to make changes. low you to put aside tax-free money clined to 51.9 from the previous If you’re self-employed, you may for medical or child care expenses. month’s 52.1. need to make estimated quarterly If you signed up for your employ- China is the only major econ- payments. You could consult a tax er’s medical FSA, try to spend that omy on track to record positive professional to find out how much money as early in the year as pos- The logo for Chinese telecommunications firm China Telecom is seen on a booth at the China International Fair for economic growth in 2020 while those should be. sible. You don’t have to wait until the Trade in Services (CIFTIS) in Beijing on Sept 5, 2020. (AP) the United States and Europe Consider increasing and diversi- money is taken from your paycheck fying your retirement contributions. struggle with rising case num- to use it for eligible health care ex- bers that have prompted govern- After you take full advantage of any penses. (That’s different from child available company match in a 401(k) care FSAs, which don’t allow you to China warns of ‘retaliation’ for ments to re-impose travel and or 403(b), look into funding a Roth spend money before you contribute business controls. IRA. Financial planners often recom- it.) Sub-indexes of exports and em- mend having at least some money Spending early has a few advan- ployment in both surveys rose but in a Roth so you can better control tages. You don’t risk leaving money NYSE’s delisting of companies at a slower rate than December. your tax bill in retirement. If your “We expect the economic re- in the account and potentially losing BEIJING, Jan 4, (AP): China said Saturday that it would countermeasures to resolutely safeguard the legitimate rights income is too high to make a direct it. (Many employers extend the dead- covery in the post-epidemic era Roth contribution - the ability to con- take necessary countermeasures in response to the New and interests of Chinese companies,” a spokesperson for the line for using the money past Dec. 31, York Stock Exchange’s announcement that it would delist Chinese Commerce Ministry said in a statement. to continue for several months,” tribute starts to phase out at modified but at some point unspent money is three major Chinese telecoms, in the latest fl are-up of ten- The actions will also “greatly weaken all parties’ confi - economist Wang Zhe of the adjusted gross income of $140,000 forfeited.) sions between Beijing and Washington. dence in the U.S. capital market,” the statement said. The Caixin Insight Group said in a for singles and $208,000 for married Incurring medical expenses early The stock exchange said Thursday that it would delist ministry did not offer details on what the measures might be. statement. filing jointly - you could consider in the year can help you meet insur- China Telecom Corp. Ltd., China Mobile Ltd. and China Under Trump, the U.S. has stepped up economic sanc- Caixin said a sub-indicator of converting a portion of an existing ance deductibles, too, so the rest of Unicom Hong Kong Ltd., with trading of the companies to tions and travel bans against Chinese companies, govern- business confidence in its survey traditional IRA. your health care can cost less. Also, be suspended sometime between Jan. 7 and Jan. 11. ment offi cials and Communist Party members, especially Budgeting apps and personal fi- if you leave your job during the year, dipped to a three-month low. The move stems from an executive order President Don- recently in Trump’s last few weeks in offi ce. “We need to pay attention to the nance websites can help you see you don’t have to finish making FSA ald Trump issued on Nov. 12 barring investment in publicly In December, the U.S. announced plans to limit visas for where your money went in 2020 and contributions. In other words, you traded companies that the U.S. government says are owned members of the Chinese Communist Party and their family mounting pressure on costs” due to help you make a plan for 2021. You can spend the full amount you had or controlled by the Chinese military. members to one month, instead of 10 years. higher raw material prices, Wang can also look back over bank or credit planned to contribute, up to $2,750, “China opposes the Americans from abusing national secu- Chinese tech giant Huawei has been shut out of the U.S. said. That is “particularly impor- card statements. But even if you can’t without actually having to contribute rity by listing Chinese companies into the so-called ‘Commu- market and the U.S. has lobbied other countries to follow tant” as regulators decide how to get the full year’s worth of transac- the full amount. (AP) nist China Military Companies’ list and will take the necessary suit, albeit with mixed results. withdraw economic stimulus.