1.DYSON– Dyson’s Malaysian supplier ATA IMS Bhd will work with the national human rights institution to improve its environmental, labour and social and governance (ESG) practices, the parts maker said on Monday.
The electronics manufacturing services company said it will work with the Human Rights Commission of Malaysia, known locally as Suhakam, after Dyson, the company’s largest customer, cut ties with ATA after an audit of its labour practices and allegations by a whistleblower.
The British home appliance maker’s contract with ATA ends on June 1.
ATA said on Dec. 7 it had found instances of staff working excessive overtime and had taken action against a manager who coached employees for a labour audit.
ATA said Suhakam had visited its facilities on Sept. 27 to verify allegations of forced labour reported by media outlets, and provided feedback for improvement for the company’s consideration.
It did not say what the feedback was but said it has implemented additional grievance channels for workers, terminated an agent that charged workers recruitment fees and improved communication issues at the company clinic treating workers.
Suhakam confirmed that it will be working with ATA to improve their practices.
2.TESLA: Tesla stock stock jumped 6.8% in Monday’s pre-market trading after beating Q4 delivery estimates, while stocks and ADRs of Chinese rivals gained as well as their latest sales numbers reflected strong demand for EVs (electric vehicles).
Tesla delivered 308,600 vehicles in the fourth quarter, much higher than analysts’ forecasts of 263,026 vehicles.
October-December deliveries were up about 70% from a year earlier and nearly 30% higher from record deliveries of the prior quarter.
For the full year, the company produced 930,422 units while delivering 936,172 vehicles.
The volumes are noteworthy as they come at a time when the automobile industry has been beset with severe supply issues, particularly those of semiconductors. Tesla’s ability to overcome the shortages and service the demand has also received praise from investors, boosting the share price.
Rivals from China were gainers in the pre-market too. Xpeng stock was up 2.9% while Nio ADRs rose 2.3%. Li Auto gained 2.6%.
XPeng’s total deliveries for the fourth quarter reached 41,751 units, a 222% increase year-over-year. The company said its P5 smart family sedans have a “solid order backlog”.
Smaller rival Nio delivered a record 25,034 vehicles in the three months ended December, an increase of over 44% year-over-year. It said it expects to begin the delivery of the ET7, a flagship premium smart electric sedan, in March.
Li Auto delivered 35,221 vehicles in the December quarter, up over 143% year over year.
3.EVERGRANDE:- China Evergrande Group shares have been suspended from trading on Monday pending the release of “inside information”, the embattled property developer said without elaborating.
Evergrande, the world’s most indebted developer, is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of international market bonds that were deemed to be in cross-default by ratings firms last month after it missed payments.
The property developer missed new coupon payments worth $255 million due last Tuesday< VG162759965=>, though both have a 30-day grace period.
The firm has set up a risk management committee with many members from state companies, and said it would actively engage with its creditors.
Local media reported over the weekend a city government in the Chinese resort island of Hainan had ordered Evergrande on Dec. 30 to demolish its 39 residential buildings within 10 days, due to illegal construction.
The buildings stretched over 435,000 square meters, the reports added, citing an official notice to Evergrande’s unit in Hainan.
Evergrande did not respond to request for comment on the Hainan development.
On Friday, Evergrande dialled back plans to repay investors in its wealth management products, saying each investor in its wealth management product could expect to receive 8,000 yuan ($1,257) per month as principal payment for three months irrespective of when the investment matures.
The move highlights the deepening liquidity squeeze at the property developer.
“The market is watching the asset disposal progress from Evergrande to repay its debt, but the process will take time,” said Conita Hung, investment strategy director at Tiger Faith Asset Management.
4.MORGAN STANLEY:Morgan Stanley agreed to pay $60 million to settle a lawsuit by customers who said the Wall Street bank exposed their personal data when it twice failed to properly retire some of its older information technology.
A preliminary settlement of the proposed class action on behalf of about 15 million customers was filed on Friday night in Manhattan federal court, and requires approval by U.S. District Judge Analisa Torres.
Customers would receive at least two years of fraud insurance coverage, and each can apply for reimbursement of up to $10,000 in out-of-pocket losses.
Morgan Stanley denied wrongdoing in agreeing to settle, and has made “substantial” upgrades to its data security practices, according to settlement papers.
Customers accused Morgan Stanley of having in 2016 failed to decommission two wealth management data centers before the unencrypted equipment, which still contained customer data, was resold to unauthorized third parties.
5.GOLDMAN SACHS:- Goldman Sachs Group Inc is encouraging its eligible U.S. staff to work from home until Jan. 18, a company spokesperson said, as it followed a number of its rivals in altering return-to-office plans as the Omicron variant spreads.
Goldman’s offices will continue to remain open with previously announced COVID-19 safety protocols, the spokesperson added. Those measures are: a vaccine requirement, booster requirement for all eligible populations effective Feb. 1, bi-weekly testing effective Jan. 10, and mandatory masks.
Financial firms have been grappling with when they can realistically get back to business-as-usual, and how to communicate to staff and retain workers amid the uncertainty. A number of other banks had asked staff to work remotely due to the latest surge in cases.
Goldman was among the Wall Street banks that had pushed hardest to bring staff back into offices, and had been the last holdout trying to keep most staff working in the offices through the Omicron variant’s surge.
