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On May 16th, Berkshire Hathaway made a significant purchase of Delta Air Lines (DAL.N) in its first quarter under Greg Abel, who succeeded Warren Buffett as CEO, returning to the airline the group had invested in years ago. Abel, who became CEO in January, stated in his first letter to shareholders in February that Apple, American Express, Coca-Cola, and Moodys were among his "core" holdings, and that Berkshire would continue its "concentrated holdings" strategy. As of the end of March, Berkshires newly acquired Delta holding was valued at approximately $2.6 billion, still relatively small compared to its largest holding. Despite rising fuel costs due to the Iran-Iraq conflict putting pressure on airline stocks this year, Deltas share price has still risen 1.2%. During Buffetts tenure, Berkshire invested in several major airlines, including Delta, and was once its largest shareholder. In 2020, Berkshire liquidated all its airline holdings. At that time, the COVID-19 pandemic brought air travel to a near standstill, and Buffett said, "The world of the aviation industry has changed."On May 16, it was reported that law enforcement agencies from China and the Philippines recently cooperated to arrest and repatriate Chen, suspected of organizing cross-border gambling. Chen, along with others, established an illegal gambling website overseas, recruiting thousands of mainland Chinese gamblers and maliciously setting withdrawal thresholds to reap huge profits. The amount involved exceeded 200 million yuan. Chinese law prohibits all forms of gambling, forbids Chinese capital investment in local casinos, prohibits Chinese citizens from participating in the operation of local casinos, and prohibits local casinos from recruiting Chinese citizens to gamble. The Chinese Embassy in the Philippines will continue to strengthen law enforcement cooperation with the Philippine side to jointly combat cross-border gambling activities.Market news: Explosions were heard in Baghdad, Iraq.According to Iranian media reports, Iran stated that shipping will return to normal once the instability in the Strait of Hormuz ends.On May 16th, Yonhap News Agency reported that Samsung Electronics Chairman Lee Jae-yong called for unity within the company on Saturday. Currently, Samsungs labor union is deadlocked over wage negotiations and plans a large-scale strike next week. "Now is the wise time to unite our strength and move in the same direction," Lee said. "Union members, members of the Samsung family, we are one, we are one family." He also apologized to the companys customers and the public for concerns raised by "internal" issues. Samsungs largest labor union stated on Friday that despite the companys offer to resume negotiations without preconditions, the union will proceed with its planned strike next week. The strike is scheduled to begin next Thursday and last for 18 days, potentially disrupting production at the worlds largest memory chip manufacturer.

Suzuki strengthens its foothold in India by establishing a global R&D center

Aria Thomas

Aug 29, 2022 10:54

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The president of Suzuki Motor Corp. announced on Sunday that the firm will establish a global research and development unit in India, boosting its presence in a country that is poised to become the Japanese automaker's electric vehicle (EV) center.


During a ceremony in Gandhinagar, western Gujarat state, Toshihiro Suzuki stated that the new firm, a wholly-owned subsidiary of Suzuki Japan, will enhance the automaker's R&D competitiveness and capabilities in India and other international markets.


"India has become one of Suzuki Group's most important markets," he said, adding that the company would continue to make substantial investments in the country.


Suzuki, which now manufactures internal combustion engine vehicles in India for its local affiliate Maruti Suzuki and for export, will start building electric vehicles at its Gujarat factory in 2025. In addition, it is establishing a separate facility in the state to manufacture batteries for electric vehicles beginning in 2026.


It is one of Suzuki's major investments in batteries and electric vehicles. 650 billion rupees have already been invested in the nation.


"India plays a crucial role as the global production hub for the Suzuki Group," Suzuki noted.


In addition, Suzuki has a joint venture with Japan's Denso Corp and Toshiba (OTC:TOSYY) Corp to produce lithium-ion batteries for hybrid vehicles for export and local use.


Suzuki owns the majority of Maruti, whose small, affordable vehicles dominate the Indian automobile market. However, the company faces increased competition as buyers shift to larger vehicles such as sport-utility vehicles (SUVs) and regulators need safer and more environmentally friendly automobiles, resulting in higher expenses.


India is also providing automakers with billions of dollars in incentives to produce more electric automobiles.


Prime Minister Narendra Modi of India remarked that EVs are launching "a stealth revolution in the country" and that his government is trying to enhance the demand and supply of these eco-friendly vehicles.


Sunday's ceremony highlighted Suzuki's 40-year partnership with Maruti. During his speech, he stated, "This silent revolution will result in massive transformations."


Modi laid the cornerstones for two major projects: an electric car battery production facility for Suzuki in Gujarat and an automobile manufacturing facility for Maruti in the northern Indian state of Haryana.


Maruti regards electrification as a challenge since it wants New Delhi to reward all cleaner technologies, including as hybrid and ethanol, and not only EVs, which it does not expect to launch until 2025.

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