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☆ The automakers and suppliers pushing to cut rare earths from EVs
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +4 min

1 U.S. automaker says it is "exploring options to limit or potentially eliminate rare earth materials in EV motors." BORGWARNER (BWA.N)The U.S. supplier already has an EV motor in production that has reduced heavy rare earth content. ZF (ZFF.UL)German supplier ZF has developed an EESM EV motor that could be in production in two years. The German premium automaker says it aims to remove heavy rare earth content entirely. EuroGroup Laminations (EGLA.MI) Electric motor component maker EuroGroup Laminations is working on both rare earth free permanent magnet motors and motors with limited rare earth content for automaker customers.

Persons: Darrin Zammit Lupi, Tesla, Stellantis, Zoe, Mercedes, Nick Carey, Sharon Singleton Organizations: REUTERS, BMW, GENERAL MOTORS, Volvo, ROVER, Tata Motors, Renault, RENAULT Renault, NISSAN, Nissan, MERCEDES, BENZ, TOYOTA, Toyota, Volkswagen, U.S, KKR, Thomson Locations: Malta, China, U.S, Niron Magnetics, Niron

Politicians from across the spectrum have visited the garrison of workers permanently stationed outside the Crevalcore plant, less than 40 kilometres from Ferrari's headquarters. Marelli has put the plan on hold but confirmed it wants to abandon the plant, leaving workers in a limbo. Samira Chouri, 50, has worked at the Crevalcore plant for 18 years. Some 37% of the EU's 800 billion euros ($845 billion) post-pandemic recovery fund is earmarked for climate friendly investment. Climate change think tank ECCO said Italy needed to spend between 7-13 billion euros more per year to meet Europe's decarbonisation goals.

Persons: Marelli, Grazia Vitiello, Samira Chouri, Calsonic, I'm, Sergio Manni, Francesco Simeri, Chouri's, Giovanni Sanfelice, ANFIA, Francesco Zirpoli, Zirpoli, Giorgia Meloni's, Europe's, Vittorio Sarti, Giulio Piovaccari, Vagnoni, Toby Chopra Organizations: U.S, KKR, Volkswagen, BMW, Fiat Chrysler, FCA, Venice University, Center, Automotive, Mobility, Thomson Locations: Italy, Italy's, Emilia Romagna, Marelli, Stellantis, France, Crevalcore, Europe, Rome, Italian

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The top two deals this year, Toshiba Corp (6502.T) and JSR Corp (4185.T), had activists on their rosters. The strong M&A market comes as two long-standing obstacles to Japanese dealmaking - reluctance towards unsolicited takeovers and difficulties in cutting overlapping jobs in post merger integrations - may be fading. "Previously, excess employment issues held back M&A, because cutting overlapping headcount is the primary way M&A cuts costs and raises returns," Smith said. "As the labour shortage bites, expect M&A to surge as companies start being targeted as labour reservoirs."

Persons: Androniki, LSEG, David Gross, Loh, Jim Verbeeten, Shinsuke Tsunoda, " Bain Capital's Gross, Nicholas Smith, Smith, Makiko Yamazaki, Kane Wu, Sumeet Chatterjee, Stephen Coates Organizations: Toshiba Corporation, REUTERS, Toshiba, Bain Capital Asia, Bankers, Tokyo bourse, Toshiba Corp, JSR, Bain & Company, Nomura Securities, Marelli Holdings, KKR, Nidec Corp, Thomson Locations: Kawasaki, Japan, TOKYO, HONG KONG, Tokyo

At Kokusai's indicative price of 1,890 yen per share, the company will offer 111.2 billion yen ($749.88 million) worth of shares and have a market value of 435.5 billion yen. A successful listing would follow the blockbuster New York IPO of SoftBank-owned chip designer Arm , which investors hoped would lead to a wave of stock market launches. IPO activity has remained strong in Japan, where the stock market is at 33-year highs and interest rates ultra low. Kokusai reported operating profit fell by a fifth to 56 billion yen in the year ended March compared to the same period a year earlier. Sales were roughly flat at 245.7 billion yen.

Persons: Miho Uranaka, Kokusai, chipmaker TSMC, TW, Sam Nussey, Makiko Yamazaki, Christopher Cushing Organizations: REUTERS, KKR, Materials, Kokusai, Tokyo Stock Exchange, Industry, Reuters, Marelli Holdings, Thomson Locations: Tokyo, Japan, TOKYO, China, York

☆ Julianne Moore’s Montauk Sanctuary
▼ + stars: | 2023-09-21 | by ( Nick Haramis | ) www.nytimes.com time to read: +34 min

— HANYA YANAGIHARASpeak Softly In a wild meadow by the sea, Julianne Moore and Bart Freundlich’s Montauk house uses just a few materials to say many things. In Moore’s office, a Pierre Jeanneret desk and chair, an Alvar Aalto stool and a Willy Van Der Meeren cabinet. In the oak-paneled living room of Justinian Kfoury’s apartment in a townhouse on Washington Square Park, an Audubon-style print and a Hans Wegner Papa Bear chair. A view of the double-height living room from the curved balcony on the third floor. A sculpture by Huma Bhabha and a configuration of five Isamu Noguchi L7 pendants in the landing that separates the primary suite from the living room.

Persons: it’s, Mishan, there’s, —, Julianne Moore, Bart Freundlich’s Montauk, Bart Freundlich’s, Moore, Tom Volk, Oliver Freundlich, Anne’s, Pierre Jeanneret, Alvar Aalto, Willy Van Der, Ori Gersht, she’s, ” It’s, ”, “, Bart Freundlich, Tomas Maier, Bottega, Andrew Geller, Norman Jaffe, Freundlich, ” Moore, Moore’s, Liv, Caleb, Robert Gurr, Isamu Noguchi, Pierre, Noguchi, Alma Allen, Joseph Dirand, Oliver, “ I’m, ” Oliver, grins, MOORE, Anne Love Smith, Massimiliano Locatelli, Daniel Romualdez, Vincent Van Duysen, Charlotte Perriand, Pierre Chapo, Willy Van Der Meeren, Friedrich Kunath, Mark Wilson, Donald Judd, Wilson, Mario Bellini, Karl Springer, Rogan Gregory, Nancy Pearce, Oscar, Alice ”, Alexander Calder, Andrea Zittel, JB Blunk, AFTRA, Hope, It’s, ‘ You’re, ’ ”, Justinian, Hans Wegner Papa Bear, Paavo, Marc Hundley, that’s, Adriana Lara, Nicholas Krushenick, Justinian Kfoury, downtowners, He’d, Trish Goff, Kfoury, Leonid Berman, Jelto ”, Tomma Abts, Paul Cadmus, Edith Wharton, Henry James, Paul van der, ” Kfoury, Joe Roberts, Mary Cameron Goodyear, Kfoury’s, He’s, Wolfgang Tillmans, they’d, Lorna Simpson, Misha Kahn, Michael Anastassiades, Glenn Ligon’s, Frank Bowling, Piet Hein Eek, Miriam Cahn, Paul Pfeiffer’s, Leah Panlilio, Tal Schori, Rustam Mehta, Adam Pogue, Constantino Buccolieri, Michael Kirkland, Cy Twombly’s, Ho, Huma Bhabha, Nairy Baghramian, Coco Fusco, Robert Vinas Jr, Duro Olowu, Mark Ellison, Adam Marelli, Bob Chan, Isamu Noguchi Akari, Danh Vo, Nairy, ‘, Laura Mac Donald, Theaster Gates, Frank Lloyd, Kirkland, Ettore, Parsons, Jasper Johns, Merce Cunningham Organizations: Manhattan’s, Yorkers, that’s, Hamptons, WHO, Writers Guild of America, SAG, “, Audubon, Washington, East Village, brac, AS, Fifth, Fort Standard, GRT Architects, Architects, Walt Disney Concert Hall, Soane Britain Locations: New York, Paris, London, Rome , New York, It’s, Washington, Manhattan, Harlem, Montauk, American, Chinatown, York, N.Y, Summerhill, Long, Fort Pond, New York City, Pond, North Carolina, Morentz, Scottish, Japanese American, Belgian, East Hampton, Japan, “, California, Swiss, New York’s Washington, Kennebunkport, England, East, Boston, Lebanon, Maine, Vermont, Venice, Moroccan, North, Kfoury’s, New York’s Harlem, Westchester County, Brooklyn, Italian, Finnish, Rome, Los Angeles, Korean, Berlin, Iranian, Chicago

☆ Inside the Elaborate, Enviable Design of Three New York Homes
▼ + stars: | 2023-09-21 | by ( ) www.nytimes.com time to read: +34 min

If You Can Make It Here Great design for a great city (New York, of course — where else?) In the oak-paneled living room of Justinian Kfoury’s apartment in a townhouse on Washington Square Park, an Audubon-style print and a Hans Wegner Papa Bear chair. “She was eccentric, grand, but not afraid of making weird decisions about design.” In the living room, a 1975 Leonid Berman painting of the Venice Lagoon hangs between the French doors. A view of the double-height living room from the curved balcony on the third floor. A sculpture by Huma Bhabha and a configuration of five Isamu Noguchi L7 pendants in the landing that separates the primary suite from the living room.

Persons: it’s, Mishan, there’s, —, Justinian, Hans Wegner Papa Bear, Paavo, Marc Hundley, that’s, Adriana Lara, Nicholas Krushenick, ”, Justinian Kfoury, downtowners, He’d, Trish Goff, Kfoury, “, Leonid Berman, Jelto ”, Tomma Abts, Paul Cadmus, Edith Wharton, Henry James, Paul van der, ” Kfoury, Joe Roberts, Mary Cameron Goodyear, Kfoury’s, He’s, Wolfgang Tillmans, they’d, It’s, Lorna Simpson, Mario Bellini, Misha Kahn, Michael Anastassiades, Glenn Ligon’s, Frank Bowling, Piet Hein Eek, Miriam Cahn, Paul Pfeiffer’s, Leah Panlilio, Tal Schori, Rustam Mehta, Adam Pogue, Constantino Buccolieri, Michael Kirkland, Alvar Aalto, Cy Twombly’s, Ho, Huma Bhabha, Isamu Noguchi, Nairy Baghramian, Coco Fusco, Robert Vinas Jr, Duro Olowu, Mark Ellison, Adam Marelli, Bob Chan, Isamu Noguchi Akari, Danh Vo, Nairy, ‘, Laura Mac Donald, Theaster Gates, Frank Lloyd, Kirkland, Ettore, Parsons, Jasper Johns, Merce Cunningham, Julianne Moore, Bart Freundlich’s Montauk, Bart Freundlich’s, Moore, Tom Volk, Oliver Freundlich, Anne’s, Pierre Jeanneret, Willy Van Der, Ori Gersht, she’s, ” It’s, Bart Freundlich, Tomas Maier, Bottega, Andrew Geller, Norman Jaffe, Freundlich, ” Moore, Moore’s, Liv, Caleb, Robert Gurr, Pierre, Noguchi, Alma Allen, Joseph Dirand, Oliver, “ I’m, ” Oliver, grins, MOORE, Anne Love Smith, Massimiliano Locatelli, Daniel Romualdez, Vincent Van Duysen, Charlotte Perriand, Pierre Chapo, Willy Van Der Meeren, Friedrich Kunath, Mark Wilson, Donald Judd, Wilson, Karl Springer, Rogan Gregory, Nancy Pearce, Oscar, Alice ”, Alexander Calder, Andrea Zittel, JB Blunk, AFTRA, Hope, ‘ You’re, ’ ” Organizations: Manhattan’s, Yorkers, that’s, Audubon, Washington, East Village, brac, AS, Fifth, Fort Standard, GRT Architects, Architects, Walt Disney Concert Hall, Soane Britain, Hamptons, WHO, Writers Guild of America, SAG, “ Locations: New York, Paris, London, Rome , New York, It’s, Washington, Manhattan, Harlem, Montauk, American, Chinatown, York, New York’s Washington, Kennebunkport, England, East, Boston, Lebanon, Maine, Vermont, Venice, Moroccan, North, Kfoury’s, New York’s Harlem, Westchester County, N.Y, Brooklyn, Italian, Finnish, Rome, Los Angeles, Korean, Berlin, Iranian, Chicago, North Carolina, California, Summerhill, Long, Fort Pond, New York City, Pond, Morentz, Scottish, Japanese American, Belgian, East Hampton, Japan, “, Swiss

☆ Mitsubishi UFJ, Mizuho report strong Q3 results on solid loan demand
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 2 (Reuters) - Mitsubishi UFJ Financial Group Inc (8306.T) and Mizuho Financial Group (8411.T) on Thursday reported strong third-quarter profits in their core businesses thanks to an economic rebound in Japan and solid loan demand abroad. Including the expected accounting gain, Mitsubishi UFJ's nine-month net profit totalled 1.14 trillion yen ($8.86 billion), already ahead of its full-year profit forecast of 1 trillion yen. Mizuho's third-quarter net profit more than doubled to 209.3 billion yen compared to the same period last year, when results at the country's No. 3 lender were weighed down by loan loss provisions for KKR & Co's (KKR.N) auto parts supplier Marelli Holdings Co.Japan's second-largest bank, Sumitomo Mitsui Financial Group Inc (8316.T), on Monday reported a 42.6% jump in third-quarter net profit. ($1 = 128.6100 yen)Reporting by Makiko Yamazaki; Editing by Christian Schmollinger and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Toshiba buyout heralds a big step back for Japan
▼ + stars: | 2023-01-20 | by ( Una Galani | ) www.reuters.com time to read: +7 min

MUMBAI, Jan 20 (Reuters Breakingviews) - The end of a long battle to wring some value from Toshiba (6502.T) is finally within reach. Such an outcome won’t encourage private equity firms, and big policy shifts underway may stifle the industry just as it hits a new high. Instead, after an accounting scandal in 2015, Toshiba came to epitomise Japan Inc’s pervasive value destruction. Japan typically outperforms private equity deals in other developed markets, partly because existing incentive structures for company bosses are so poor. The country’s private equity industry is only just finding its feet.

The logo of Toshiba Corp is displayed atop of the company's facility building in Kawasaki, Japan, June 24, 2022. JIP's initial offer was below 6,000 yen per share, the two sources told Reuters, putting the value of a potential tender offer at less than 2.6 trillion yen ($17.5 billion). Investors have considered 6,000 yen to be a key threshold. During a strategic review last year, at least one global private equity firm told Toshiba's review committee that a deal to take the conglomerate private could be done at 6,000 yen a share or more. In Japan, the court-led rehabilitation of auto parts supplier Marelli Holdings Co Ltd - owned by U.S. private equity firm KKR & Co Inc (KKR.N) - has turned banks cautious about terms for financing leveraged buyouts, private equity sources said.

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