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On May 10, local time on May 9, German Chancellor Merz visited Brussels, Belgium, and held talks with European Commission President von der Leyen, European Council President Costa, and NATO Secretary General Rutte. This is also the first time that Merz has visited Brussels as the German Chancellor. On the same day, von der Leyen held talks with Merz and issued a joint statement. The statement said that the EU is seeking a balanced, fair and mutually beneficial solution through negotiations with the United States on the tariff issue. Merz said that the EU and the United States should reach a mutually beneficial "zero tariff" agreement.Ideal Auto (02015.HK) announced that the cumulative delivery volume of Ideal L7 has exceeded 300,000 units.Apple sent a price adjustment notice to channel dealers on May 10. This was the first time that Apple announced a price adjustment on a Saturday, catching a considerable number of wholesalers off guard. Apple iPhone 16 Pro Max all capacity versions were reduced by $160, corresponding to RMB 1,313.06; while the 128GB version of iPhone 16 Pro was reduced by $176 (corresponding to RMB 1,445.27), and other versions were also reduced by $160. This years 618 event will start on May 13, so some channel dealers believe that Apples price adjustment is in preparation for the upcoming 618 promotion.According to AFP: Germany warned Russia that it would face tougher sanctions if it refused to cease fire in Ukraine.On May 10, EU High Representative for Foreign Affairs and Security Policy Kallas issued a statement saying that the EU will work with Ukraine and international partners including the United States to call for a complete and unconditional ceasefire between Russia and Ukraine for at least 30 days.

Nissan Shares Increase Following A Restructuring of The Renault Alliance

Charlie Brooks

Jan 31, 2023 11:15

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Tuesday morning in Tokyo, shares of Nissan (OTC:NSANY) Motor Corp soared as the Japanese automaker and its French partner Renault SA (OTC:RNLSY) announced a comprehensive revamp of their two-decade-old partnership placing them on equal footing.


In early trading, Nissan's stock rose as high as 3.1% before giving back gains. At 02:08 GMT, they were up 2%, surpassing the Nikkei 225 average, which was in the red.


In accordance with the agreement announced on Monday, Nissan and Renault (EPA:RENA) will now hold 15% shares in each other, and Nissan's holding will include voting rights. Previously, Renault owned approximately 43 percent of the Japanese automaker, while Nissan had no voting rights.


Nissan executives had long been dissatisfied with the unbalanced character of the cooperation.


Following Monday's announcement, Masayuki Kubota, chief strategist at Rakuten Securities, told Reuters, "The normalization of the capital relationship will increase Nissan's management freedom, making it easier for the company to adopt a strategy that focuses on the United States, China, and emerging markets."


Renault placed approximately 28% of the Japanese manufacturer in a French trust as part of the transaction, which includes a lock-up that prohibits share sales for a specified time period and a standstill obligation that imposes additional restrictions on stock transactions.


The restructure addresses past issues with shareholder governance, as Nissan was unable to use its voting rights, according to a note by Nomura analyst Masataka Kunugimoto.


"A connection in which both firms have equal voting rights of 15% in the other company should significantly decrease governance difficulties," stated Kunugimoto. Overall, we anticipate that this statement will result in a reevaluation of Nissan's stock price.


Nomura has a "buy" rating and a price target of 750 JPY on the stock, significantly above Tuesday's high of 468.1 yen.


Nissan's stock has declined by around 23% over the previous three years, trailing industry leader Toyota Motor (NYSE:TM) Corp by 24% and Renault by 4%.


Monday's closing price for Renault shares was 4% lower after the agreement was announced.

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