Category: American Business News

Mitsubishi Motors Announces Momentum 2030, North American Five-Year Business Plan

  • Momentum 2030 North America plan defined by four key points:
    • Electrification will advance with a blend of powertrains – hybrid, plug-in hybrid, battery electric
    • One new or completely refreshed vehicle to debut each year between fiscal 2026 and fiscal 2030; new vehicles to be introduced across more segments
    • Dealer-count to increase to cover more sales markets across the U.S.; new-design dealerships to be introduced
    • Technology and innovation will be the hallmark of MMNA’s sales, marketing, and customer satisfaction processes
  • MMNA reconfirms commitment to its dealer partners and the dealership sales model

FRANKLIN, Tenn., May 16, 2024 /PRNewswire/ — Mitsubishi Motors North America, Inc. (MMNA) today announced details of its forward-looking North American business plan, dubbed “Mitsubishi Motors Momentum 2030”, outlining business and product plans that start immediately and run through fiscal-year 2030.  The plan was first revealed to the company’s dealer partners in a national dealer meeting in Nashville, Tenn., on May 14, and was met with considerable enthusiasm and excitement.

“Mitsubishi Motors is at a pivotal point in North America, charting a bold, clear and attainable plan for our future success in the United States,” said Mark Chaffin, MMNA president and CEO, of the plan. “Back in 2018, we started to consider our path forward, and that plan brought us a new headquarters location in Tennessee; new vehicle launches that led to record Internet search results, sales records and brand successes; and outstanding dealer partners winning customer satisfaction awards. Momentum 2030 will build on that, setting the stage for new powertrains and vehicles being introduced, new dealerships being opened, and new technologies being developed to make the shopping and ownership experience faster, easier and more enjoyable.”

The path to

Business and Bollywood vote in India’s election

A parade of India’s business and entertainment elite –- many of them supporters of Prime Minister Narendra Modi — went to the polls Monday as the financial capital Mumbai voted in the latest round of the country’s election.

But turnout in the fifth round of the mammoth democratic exercise fell to its lowest so far, election commission figures showed, as parts of the country sweltered under a heatwave that saw temperatures soar to 44 degrees Celsius (111 degrees Fahrenheit). 

Modi, 73, is widely expected to win a third term when the election concludes early next month, thanks in large part to his aggressive championing of India’s majority Hindu faith.

“My vote is for the BJP and Modi,” said Deepak Mahajan, 42, who works in banking. “There is no other choice if you care about the future of the economy and business.”

Big conglomerates have provided Modi’s ruling Bharatiya Janata Party (BJP) a campaign war chest that dwarfs its rivals, while Bollywood stars have backed its ideological commitment to more closely align the country’s majority religion and its politics.

The BJP received $730 million in five years from leading companies and wealthy businesspeople through electoral bonds, a contentious political donation tool since ruled illegal by India’s top court, making it by far the biggest single beneficiary.

Conglomerate owners support Modi’s government because it caters to the needs of India’s “existing oligarchic business elite”, Deepanshu Mohan of OP Jindal Global University told AFP. 

Lower corporate taxes, less red tape and cutting “municipal regulatory corruption” have also helped Modi win corporate titans’ affection, he said.

N. Chandrasekaran, the chairman of Tata Sons, a sprawling Indian conglomerate with interests ranging from cars and software to salt and tea, cast his ballot at a polling station in an upper-class Mumbai neighbourhood.

“It’s a great privilege

ACV Partners opposes TikTok ban due to perceived impact on American businesses

A black orange and white logo with the words ACV

A logo showing the letters ACV

ACV Partners, an online commerce growth agency takes a stance against proposed TikTok Bill

DALLAS, TEXAS, UNITED STATES, May 17, 2024 /EINPresswire.com/ — ACV Partners, a leading e-commerce growth firm, announced today its opposition to the proposed ban on TikTok, the popular short-form video platform.

As a company that helps clients build thriving online businesses on emerging platforms like TikTok Shop, ACV Partners believes that banning the app would stifle innovation and limit opportunities for entrepreneurs.

“We strongly oppose any move to ban TikTok,” said ACV Partners said Chief Compliance Officer Jonathan H. Sr. “Our clients have seen tremendous success on the platform, and we believe that it represents the future of social commerce.

Shutting down TikTok would hurt our clients and the countless small businesses and creators who rely on the app for their livelihoods.”

TikTok has been scrutinized recently due to concerns over data privacy and security. However, ACV Partners argues that these issues can be addressed through regulation and collaboration, rather than an outright ban.

As the team at ACV partners reviews arguments for the TikTok ban, they continue to find no reason to support it, as they believe it would hurt millions of American businesses.

“We understand the concerns around data privacy, but we believe that there are ways to mitigate those risks without resorting to a ban,” said Jonathan H. Sr. “We urge policymakers to work with TikTok and other stakeholders to find a solution that protects user data while also preserving the platform’s innovative features and economic benefits.”

ACV Partners has helped numerous clients launch successful businesses on TikTok Shop, which allows creators to sell products directly to their followers through the app. The company’s team of experts handles all aspects of the business, from

Canadian B-girl finds balance between business life and sport of breaking

Canadian B-girl Tiffany Leung is among the 80 breaking athletes who will compete in the Olympic Qualifier Series in Shanghai.

Changing her hoodie for formal business attire, Leung immediately transforms into a professional and confident employee of Deloitte, one of the world’s biggest accounting firms.

“Breaking by night and breaking ground with clients by day” is Leung’s life motto. The 28-year-old is seeking the opportunity to qualify for and compete in the Paris Olympic Games in August.

Canadian B-girl finds balance between business life and sport of breaking

Ti Gong

Canadian B-girl Tiffany Leung works hard to find a balance between her sport and her professional employment.

Having spent her childhood in Hong Kong before moving to Canada, Leung joined Deloitte Canada in 2017 as a consultant for AI strategy projects. She helps clients identify how to apply AI to their business to improve operations.

Her interest in breaking started a decade ago in university when she was 18.

“Breaking represents a large part of who I am,” Leung told Shanghai Daily. “I feel the freedom and connection to my mind, body, and soul when I break.”

Leung admitted that after becoming an consultant in a top accounting firm, the balance between work and breaking was not easy to achieve.

Canadian B-girl finds balance between business life and sport of breaking

Ti Gong

Leung works for Deloitte Canada as a consultant for AI strategy projects.

“I previously found managing my two careers quite tricky,” she said. “When focusing on work, it was challenging to dedicate sufficient time to my training. But both breaking and work are very important to me, and I wanted to find the balance between the two.”

Leung was thankful that when her colleagues and company leaders learned that she was aiming to participate in the Olympics, they showed her support.

“We agreed that I could work on a part time basis – working Monday to Wednesday. This means

Anglo American mulls sale of De Beers diamond business

Anglo American has announced its intention to either sell or spin off its diamond business, De Beers, as part of a strategic restructuring aimed at simplifying its portfolio.

This move comes on the heels of the company’s decision to dismiss a takeover bid from BHP Group.

The announcement comes a day after Anglo American rejected BHP’s £34bn ($42.7bn) revised buyout proposal, stating that the offer significantly undervalues the company and its future prospects and poses execution risks.

As part of the restructuring, Anglo American is also exploring options for the divestment of its steelmaking coal and nickel assets, while Anglo American Platinum will be demerged in a responsible and orderly manner to optimise value for shareholders of both entities.

Upon completion of the asset review, which commenced in 2023, Anglo American plans to implement various major structural changes to focus on operational excellence, portfolio simplification and growth.

Anglo American said the restructuring will help it focus on key areas such as copper, premium iron ore and crop nutrients.

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By GlobalData

London insurance market rebounds with record-breaking staff numbers



London insurance market rebounds with record-breaking staff numbers | Insurance Business UK















“Brokers tell us they are seeing more business coming to London”

London insurance market rebounds with record-breaking staff numbers

Business Resilience

By
Terry Gangcuangco

The London insurance market, staffing-wise, has seen a significant rebound from its pandemic lows, achieving the sector’s highest employment numbers in a decade.

Citing data from the London Market Group (LMG), the Financial Times reported that the workforce at commercial insurance and reinsurance firms in London reached 59,000 in 2023.

The abovementioned total marks a substantial increase from the 41,000 recorded in 2021 (when we were still in the thick of the COVID-19 pandemic) and is the highest level since 2013.

LMG chief executive Caroline Wagstaff (pictured) emphasized London’s status as a hub for complex policy negotiations. “The brokers tell us they are seeing more business coming to London,” the publication quoted her as saying. “They are busier. It’s where people bring the difficult stuff.”

According to LMG estimates, the London market achieved approximately US$180 billion in gross written premium last year, a figure that has doubled over the past decade due to heightened concerns about climate change and other risks driving demand for coverage.

In 2022, London increased its share of the commercial insurance and reinsurance market to 8.3%, the highest in no less than 12 years, despite Brexit and pandemic-related disruptions.

Meanwhile Wagstaff reiterated the call for reforms to foster innovation in London, stating: “People have choices [about where to buy insurance], and everyone needs to be alive to that, and think about how we can make [London] a positive choice.”

The CEO

U.S. raises tariffs significantly on EVs, other goods from China

The U.S. plans to slap new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment — an election-year move that’s likely to increase friction between the world’s two largest economies.

The tariffs are unlikely to have much of an inflationary impact because of how they’re structured. Administration officials said they think the tariffs won’t escalate tensions with China, yet they expect that China will explore ways to respond to the new taxes on their products. But the tariffs could contribute to a wider trade dispute, potentially leading to higher prices for consumers.

The tariffs are to be phased in over the next three years, with those that take effect in 2024 covering EVs, solar cells, syringes, needles, steel and aluminum and more. There are currently very few EVs from China in the U.S., but American officials worry that low-priced models made possible by Chinese government subsidies could soon start flooding the U.S. market.

Under the findings of a four-year review on trade with China, the tax rate on imported Chinese EVs is to rise to 102.5 per cent this year, up from total levels of 27.5 per cent. The review was undertaken under Section 301 of the Trade Act of 1974, which allows the government to retaliate against trade practices deemed in violation of global standards.

The Biden administration views China, with subsidies of its own manufacturing, as trying to globally control the EV and clean energy sectors, whereas it says its own industrial support is geared toward ensuring domestic supplies to help meet U.S. demand.

“We do not seek to have global domination of manufacturing in these sectors, but we believe because these are strategic industries and for the sake of resilience of our supply chains, that we want to make sure that we

Money blog: Gary Neville’s hotel named among best places for hospitality jobs | UK News

By Ollie Cooper, Money team

Estate agent fees are one of the big expenses in selling a house – but rule changes and the rise of private sale websites has made it more common for people to go it alone.

But how easy is it – and what do you need to know? We spoke to industry experts to find out.

Firstly, what do estate agents do for their money?

An estate agent will typically charge in the range of 1%-3.5% of the sale price. 

That means for the average house price (£284,691, from December) you could pay anywhere from £2,846 to as much as £8,540.73 in commission fees.

“When you use an estate agent, their fee includes taking professional photographs, advertising your home, conducting property viewings, and negotiating a price on your behalf,” says Jack Smithson, from the home ownership site Better.co.uk.

In addition, an estate agent will compile comprehensive details of your house, including room sizes and descriptions of fixtures and fittings. 

“They will also provide a concise write-up about the local area, highlighting amenities, schools, and transportation links,” Jack adds. 

And they’ll conduct checks on buyers for you (more on this later).

It sounds like a lot, but…

“Selling your home yourself can be a manageable process with a few key steps,” Jack says.

Preparation 

You should begin by thoroughly researching house prices in your area, using websites like Rightmove and Zoopla – but seek free valuations from local estate agents to ensure you have a realistic asking price in mind.

Next, you want to take high-quality photos of your house.

Jack advises using tutorials on YouTube to learn new shooting and editing techniques that can take you to the next level.

You then want to write down what makes your home unique.

“While browsing

How will new tariffs affect American consumers?

Biden announced new tariffs today on Chinese electric vehicles, EV batteries and critical minerals, solar cells, semiconductor chips and more. What does it all mean for consumers?

One of the first things that happens when tariffs increase is that costs go up for business owners.

“They either have to pay the tariff on that input, or they have to source it elsewhere. And it’s going to likely be higher priced elsewhere,” said Erica York, senior economist at the Tax Foundation.

That’s true whether they get it from a manufacturer here in the U.S. or from another country. 

“Then what we see happen down the line is that as businesses grapple with those higher costs, a good chunk of it gets passed on to the consumer,” she said.

With these new tariffs, said Adam Hersh, senior economist at the Economic Policy Institute, the impact for consumers is likely to be minor.

“These tariffs that have been announced are only going to cover roughly 4% of imports from China,” he said.

Still, Dana M. Peterson, chief economist at The Conference Board, said these tariffs are affecting products that go into making lots of different things.

“Batteries and computer chips go into just about everything that consumers are purchasing from cars, to cell phones. So you could see some upward pressure on prices in the margin,” she said.

And right now, when the Fed is still trying to bring inflation down, Peterson said tenths of a percentage point matter. 

“So it’s just another thing that’s going to put upward pressure on inflation,” she said.

In addition to that, a 100% tariff on Chinese-made electric cars could effectively keep them out of the U.S. market.

And while that won’t necessarily raise prices, Urban-Brookings Tax Policy Center senior fellow Howard Gleckman said it will prevent

Businesses decry capital gains tax hike in letter to Freeland


Forging ahead with increasing Canada’s capital gains inclusion rate “sows division,” and is a “shortsighted” way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.


In a new letter sent to Canada’s chief financial steward and deputy prime minister, six of the country’s largest industry organizations are sounding off about the concerns they have that the policy change will stifle economic growth and come at the expense of future generations’ prosperity.


“Put simply, this measure will limit opportunities for all generations and make Canada a less competitive, and less innovative nation,” reads the letter.


“Whether through the diminishing (of) the creation of new companies and jobs, reducing the availability of medical practitioners, eroding hard-earned pension returns … or threatening the retirement plans of millions of Canadians who pinned their plans on the proceeds of selling a family cottage or a small business … the effects will ripple from coast to coast to coast.”


The Canadian Chamber of Commerce, the Canadian Federation for Independent Business, Canadian Manufacturers and Exporters, the Canadian Venture Capital and Private Equity Association, the Canadian Franchise Association and the Canadian Canola Growers Association are signatories.


The 2024 federal budget included a proposal to increase the inclusion rate on capital gains from 50 per cent to 67 per cent for individuals earning more than $250,000 in capital gains in a year, and for all corporations and trusts.


Since releasing the budget, Freeland and Prime Minister Justin Trudeau have faced pushback about the policy from doctors worried about their savings, and start-up-minded entrepreneurs.


The Liberals have repeatedly defended their plan to target Canada’s highest earners, and in the process rake in billions in additional revenue, as a fair way to help offset other major investments in housing and