TOP 5 STOCKS TO WATCHOUT:-
1.HYUNDAI : South Korea’s Hyundai Motor Co plans to invest about 95.5 trillion won ($79.21 billion) through 2030, the company said on Wednesday, including about 19.4 trillion won towards electric vehicles (EV).
In late 2020, Hyundai Motor, which together with affiliate Kia Corp is among the world’s top 10 biggest automakers by sales, said it would target a share of 8% to 10% of the global EV market by 2040.
In January, Hyundai and Kia forecast a 12.1% jump in their combined global sales for 2022, after their sales fell almost 4% short of a target of 6.92 million vehicles last year due to the chip shortages.
2.ERICSSON: Ericsson has been informed that disclosures it made to the U.S. Department of Justice (DoJ) about an internal investigation into conduct in Iraq were insufficient, the company said on Wednesday.
At this stage it is premature to predict the outcome of this matter, Ericsson said in a statement.
In 2019, Ericsson signed a Deferred Prosecution Agreement (DPA) with the DoJ, paid more than $1 billion to resolve a different series of probes into corruption, and agreed to cooperate with the department for ongoing investigations.
Last month the company disclosed that an internal investigation in 2019 had found serious breaches of its compliance rules in Iraq, including evidence of corruption-related misconduct and improper use of sales agents and consultants.
While the company did not comment on whether the DoJ was informed about the investigation, people familiar with the matter told Reuters that the DoJ was aware of the investigation.
The DoJ has now determined that Ericsson breached the DPA by failing to make disclosures related to the investigation subsequent to signing the DPA on Dec. 6, 2019.
3. EXXON MOBIL:-Exxon Mobil on Tuesday said it would exit Russia’s oil and gas operations that it has valued at more than $4 billion and halt new investment as a result of Moscow’s invasion of Ukraine.
“We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people,” the company said in a statement critical of the intensifying military attacks.
Exxon, which is scheduled to meet with Wall Street analysts on Wednesday, did not provide a timetable for its exit, nor comment on potential asset writedowns. Its Russia assets were valued at $4.055 billion in its latest annual report, filed in February.
Earlier, Exxon began removing U.S. employees from Russia, two people familiar with the matter said. The number of staff being evacuated was unclear. The company sent a plane to Sakhalin Island to retrieve staff, one of the people said.
Exxon operates three large offshore oil and gas fields with operations based on Sakhalin Island on behalf of a consortium of Japanese, Indian and Russian companies that included Russia’s Rosneft. The group had been advancing plans to add a LNG export terminal at the site.
“Exxon’s Russian business is relatively small in the context of its wider enterprise, so it does not have the same significance as it has to BP or TotalEnergies if it were to abandon its Russian assets,” said Anish Kapadia, a director at energy and mining researcher Pallissy Advisors.
4.APPLE:-American big brands including Apple, Google, Ford and Harley-Davidson on Tuesday stopped sales and distanced themselves from Russia because of the invasion of Ukraine, joining a growing list of companies from shippers to carmakers to energy companies shunning the country.
Apple Inc said it had stopped sales of iPhones and other products in Russia, Alphabet Inc’s Google dropped Russian state publishers from its news, Ford Motor told its Russian manufacturing partner it was suspending operations in the country, and Harley-Davidson Inc suspended its business and shipments of its bikes.
Early in the day, the world’s biggest shipping lines, MSC and Maersk, suspended container shipping to and from Russia, deepening the country’s isolation.
The West has imposed heavy restrictions on Russia to close off its economy from the global financial system, pushing companies to halt sales, cut ties and dump tens of billions of dollars worth of investments.
“We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence,” Apple said in a statement announcing a pause in sales in Russia and other measures including limiting Apple Pay and dropping the ability to download RT News outside of Russia.
The steady drumbeat of companies taking a stance increased later in the day as rockets struck major cities in Ukraine.
“Ford is deeply concerned about the invasion of Ukraine and the resultant threats to peace and stability. The situation has compelled us to reassess our operations in Russia,” Ford said, adding to several days of announcements by global car companies.
Nike Inc has made merchandise purchases on its website and app unavailable in Russia as it cannot guarantee delivery of goods to customers in the country, an update on the sportswear maker’s website showed on Tuesday.
The MSC and Maersk moves mean that Russia – the world’s eleventh-largest economy and supplier of one-sixth of all commodities – is now effectively cut off from a large chunk of the globe’s shipping capacity.
To stem the stampede, Moscow said on Tuesday it would temporarily curb foreign investors from selling Russian assets but energy firms BP (NYSE: BP) Plc and Royal Dutch Shell Plc have already decided to abandon their Russian businesses while leading banks, airlines, automakers and more have cut shipments and ended partnerships.
Austria’s Raiffeisen Bank International (RBI) is looking in to leaving Russia, two people with knowledge of the matter told Reuters, a move that would make it the first European bank to do so since the invasion.
Mining and commodities group Glencore Plc said it is reviewing all business activities in Russia, including equity stakes in EN+ and Rosneft.
“The corporate world is building up a fortress to isolate Russia from the international community,” Hargreaves Lansdown senior investment and markets analyst Susannah Streeter said.
5.BOEING:-–U.S. airplane manufacturer Boeing Co said on Tuesday it was suspending parts, maintenance and technical support for Russian airlines as well as major operations in Moscow after Russia’s invasion of Ukraine.
“As the conflict continues, our teams are focused on ensuring the safety of our teammates in the region,” a Boeing spokesperson said.
The announcement came a day after Boeing said it had paused operations at its Moscow Training Campus and temporarily closed its office in Kyiv.