Top 5 Stocks to Watch Out Today
General Motors Co (NYSE:GM):The union representing workers for General Motors Co (NYSE:GM) in South Korea have voted against a preliminary labour deal with the automaker, a union official told on Tuesday.
The result came after union negotiators reached a tentative agreement with GM last Wednesday.
The two sides have had 24 rounds of negotiations since July.
GM’s union in South Korea votes against tentative labour deal: official
Samsung Electronics (OTC:SSNLF) Co Ltd: May discontinue its premium Galaxy Note phone next year, sources with knowledge of the matter said, a move that would reflect the sharp drop in demand for high-end smartphones due to the coronavirus pandemic.
The Galaxy Note, known for its large screen and a stylus for note-taking, is one of two Samsung (KS:005930) premium phone series – the other being the more compact Galaxy S which draws in consumers with its state-of-the-art parts.
At present, the South Korean tech giant does not have plans to develop a new version of the Galaxy Note for 2021, three sources said, declining to be identified as the plans were not public.
Tesla (NASDAQ:TSLA) Inc:South Korea’s LG Chem Ltd plans to more than double production capacity of battery cells it makes in China for Tesla (NASDAQ:TSLA) Inc electric vehicles (EV) next year, sources said, to keep up with its U.S. client’s growth in the biggest car market.
The firm, a supplier for Tesla’s Shanghai-built Model 3, will also ship its increased output from China as well as Korea to Tesla’s factories in Germany and the United States, said two people with knowledge of the matter, signalling an increased role in the supply chain of the world’s leading EV manufacturer.
The plan comes as Tesla, LG Chem’s primary customer, scrambles to secure cells as part of an aggressive global production expansion plan, as it targets soaring demand fanned by governments promoting EVs to curb air pollution.
Exxon Mobil Corp (NYSE:XOM):On Monday said it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment, and slash project spending next year to its lowest level in 15 years.
The oil major is reeling from the sharp decline in oil demand and prices from the COVID-19 pandemic and a series of bad bets on projects when prices were much higher. New cost cuts aim to protect a $15 billion a year shareholder pay-out that many analysts believe is unsustainable without higher prices.
The write-down lays bare the size of the miscalculation that the company made in 2010 when it paid $30 billion for U.S. shale producer XTO Energy as natural gas prices went into a decade-long decline. The write-down also includes properties in Argentina and western Canada.
Credit Suisse (SIX:CSGN):Has named outgoing Lloyds Banking Group (LON:LLOY) Chief Executive Officer António Horta-Osório as its next chairman, it said on Tuesday, bringing the nearly decade-long tenure of outgoing Chairman Urs Rohner to a close.
“António Horta-Osório shall succeed Urs Rohner who will step down in 2021 as previously announced upon reaching the statutory term of 12 years,” Switzerland’s second-biggest bank said in a statement, referring to Rohner’s 12-year boardroom stint, first as vice-chairmen and since 2011 as chairman.
News of Osario’s appointment came a day after a replacement was announced for the 56-year-old Portuguese native at Lloyds, with HSBC banker Charlie Nunn due to take over from him next year.