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Gold Futures Settle Modestly Higher

Fiat kills 124 Spider and 500L, leaving it with just one model to sell in the US

Return of the Fiat 124 Spider

Fox Car Report: Fiat’s new 124 Spider convertible has Japanese roots and an Italian heart.

Fiat is now the smallest car brand in the U.S.

Not because all of its models are tiny, but because it only sells one car.

The Italian automaker has announced it will be discontinuing the 124 Spider convertible and 500L.

The Fiat 500X is the brand’s only 2021 model year offering.
(Fiat)

With the recent departure of the iconic 500 microcompact, dealers will be left with just the 500X utility vehicle.

ELECTRIC FIAT 500 IS FORBIDDEN FRUIT FOR U.S.

Pricing for the 2021 500X starts at $24,840 with standard all-wheel-drive and a 177 hp turbocharged four-cylinder engine.

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Fiat, which offers an extensive lineup of vehicles in other markets, has not announced any future plans for the U.S., which could be affected by Fiat Chrysler's upcoming merger with PSA Group, the owner of Peugeot, Citroen and Opel.

Finland’s Salcomp buys iPhone supplier Jabil

‘Deal may be worth ₹42.50 crore’

Finland’s Salcomp, a major supplier of chargers to Apple for iPhones has acquired Jabil Circuit, a U.S.-based electronics maker which had been defunct for over a decade, within the Nokia Telecom SEZ in Sriperumbudur, near Chennai.

“Yes, we have acquired the Jabil plant,” Sasikumar Gendham, MD, Salcomp India told The Hindu.

“This was the first company that went defunct in the Nokia SEZ in 2009. This plant will commence production by mid-2021.”

“Since the plant was closed for over a decade, a lot of renovation work needs to be done. We will manufacture electronic and electro-mechanical parts that go into phones,” he added, refusing to divulge the deal value. Sources, however, said the final transaction was worth ₹42.50 crore.

Salcomp recently acquired Nokia’s defunct plant at Sriperumbudur. When Microsoft acquired Nokia’s handset business, the Chennai plant was excluded from the deal.

Mr. Gendham also said very soon the Nokia SEZ would be renamed Salcomp Park. “Work is in progress and we are working with government officials on this.” With all our acquisitions, Salcomp’s revenue will grow multifold in 2021.”

The Finland headquartered charger manufacturer inked an MoU worth ₹1,300 crore with the Tamil Nadu government and in 2019 during the second edition of the Global Investors Meet (GIM), it had given an investment commitment of ₹500 crore.

Coca-Cola To Cut 2,200 Jobs Worldwide : Reports

The Atlanta-based beverage giant Coca-Cola Co will cut 2,200 jobs globally, including 1,200 in the United States, as part of a major reorganization aiming at growing the business, but the COVID-19 pandemic accelerated its moves, media reports quoted the company’s spokesman as saying in email.

In Atlanta, about 500 jobs will reportedly be eliminate.

The company had about 86,200 employees at the end of last year, of which 10,400 were located in the United States.

The company said in August that it would offer voluntary separation packages to about 4,000 employees in the United States, Canada and Puerto Rico. A similar program would be offered in many countries internationally.

The company then stated that it would reduce its business units to nine from seventeen in four regions. The severance programs would cost the company between $350 million to $550 million.

Coca-Cola said in October that it would offer a portfolio of about 200 master brands, an approximate 50 percent reduction from the current number, and phase out some products, such as ZICO and TaB.

Coca-Cola’s third quarter net revenues declined 9 percent to $8.7 billion. Organic revenues declined 6 percent.

Suspected Russian hackers tried to access CrowdStrike's email

SAN FRANCSICO (Reuters) – The suspected Russian agents behind the biggest breach of U.S. government agencies in years leveraged access to a Microsoft cloud services reseller in a failed attempt to hack CrowdStrike, the cybersecurity firm said on Thursday.

Treasury Reveals Details Of 2-Year, 5-Year And 7-Year Note Auctions

The Treasury Department on Thursday announced the details of this month’s auctions of two-year, five-year and seven-year notes.

The Treasury revealed it plans to sell $58 billion worth of two-year notes and $59 billion worth of both five-year notes and seven-year notes.

The results of the two-year and five-year note auctions will be announced next Monday, while the results of the seven-year note auction will be announced next Tuesday.

Last month, the Treasury sold $56 billion worth of two-year notes, $57 billion worth of five-year notes and $56 billion worth of seven-year notes.

The two-year note auction attracted above average demand, but the five-year and seven-year note auctions attracted below average demand.

Gold Futures Settle Modestly Higher

Gold prices edged higher on Thursday as the dollar stayed weak on positive developments on the Brexit front.

Hopes of additional stimulus in the U.S. boosted demand for the safe-have asset. Gold also found support from reports showing a rapid spread of a new coronavirus variant, which is said to be 70% more transmissible

The dollar index, which eased to 90.15, subsequently recovered and was last seen at 90.31. It had settled at 90.41 on Wednesday.

Gold futures for February ended up $5.10 or about 0.3% at $1,883.20 an ounce. Gold futures shed 0.3% in the week.

Silver futures for March ended lower by $0.013 at $25.908 an ounce, while Copper futures for March settled at $3.5625 per pound, up $0.0065 from the previous close.

The U.K. and the European Union have finally reached a post-Brexit trade agreement. The news of the agreement comes just a week before a December 31st deadline, offsetting recent concerns about a potential no-deal Brexit.

“It has been a long and winding road but we have got a good deal to show for it,” said EU Commission President Ursula von der Leyen. “It is fair, it is a balanced deal and it is the right and responsible thing to do for both sides.”