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Former Takata plant shipped 9 million seat belts in Japan with inaccurate data: Nikkei By Reuters

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© Reuters.

TOKYO (Reuters) – A former unit of bankrupt airbag maker Takata Corp shipped 9 million seat belts to car companies in Japan with inaccurate test data that could result in around 2 million safety recalls, the newspaper reported on Friday.

This week, U.S. automotive component maker Joyson Safety Systems (JSS) said it was investigating inaccuracies in the reporting of belt webbing test data over a 20-year period at the Japanese factory in Hikone it acquired from Takata in 2018. It said the inaccuracies arose before its acquisition.

“We are still investigating the matter and can’t say yet how many seat belts were involved,” an official in charge of recalls at Japan’s transport ministry told Reuters.

The result of the investigation will be shared with transport authorities in other countries, the official added on condition of anonymity as the probe is still ongoing.

A Joyson representative in Japan did not immediately respond to a Reuters request from comment. The Michigan-based firm took over what was left of Takata after it went out of business.

Takata was embroiled in one Japan’s worst corporate scandals in recent years after admitting it fabricated faulty airbag inflators that could explode and send metal shrapnel into vehicle compartments.

The faulty product was linked to numerous deaths and triggered one of the industry’s biggest safety recalls.

Takata in 2017 pleaded guilty to criminal wrongdoing, saying it submitted false inflator test results to automaker clients.

JSS Japan is the top seat belt maker in the country with a market share of about 40%, as well as just under 30% globally, according to Nikkei.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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More U.S. companies offer earnings guidance despite pandemic By Reuters

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© Reuters. FILE PHOTO: A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York

By David Randall

NEW YORK (Reuters) – With earnings season in full swing, more companies are again offering earnings guidance, signaling to investors that some corporations are adapting to uncertainty about a global pandemic that may extend deep into next year.

Overall, 73 companies in the S&P 500 index have offered guidance this quarter so far, up from last quarter’s 65 pre-announcements but well below the 170 companies that typically offer guidance, according to Refinitiv data. The companies offering guidance are giving the most bullish expectations in Refinitiv data going back to 1997.

“If a company is able to offer guidance it shows that they’re able to have a better idea of what’s coming down the road,” said Charlie Ripley, senior investment strategist at Allianz (DE:) Investment Management.

The market has been buffeted by cross-currents related to the looming Nov. 3 U.S. presidential election, drawn out fiscal stimulus talks in Washington and a resurgent pandemic. Still, investors appear more hopeful in recent months.

Fifty percent of high net worth U.S. investors surveyed by UBS Global Wealth Management voiced optimism on the economy, up from 41% three months prior, with 55% optimistic on stocks, up from 44%. The S&P 500 index is up nearly 7% year to date, including a 2.2% gain since the start of October.

So far this quarter, shares of AT&T Inc (N:), Verizon Communications Inc (N:) and Quest Diagnostics Inc (N:) have rallied after each company gave investors updated guidance on how they expect to fare over the next fiscal year.

“It’s not surprising we’ve had so many beats this quarter because we entered the season with very little guidance,” causing analysts to slash their estimates, said Katie Nixon, chief investment officer at Northern Trust (NASDAQ:) Wealth Management.

“Now we’re seeing how companies expect to be able to navigate through the challenges of the year ahead,” she said.

Investors next week will wade through the busiest period of earnings season so far, with companies ranging from Beyond Meat Inc (O:) and Microsoft Corp (O:) to Pinterest Inc (N:) scheduled to report results.

Microsoft, in particular, should outperform its conservative guidance thanks to strong PC shipments and growth of its Azure cloud computing platform, said J. Derrick Wood, an analyst at Cowen.

“The set-up feels more compelling as the bar was reset last quarter and as macroconditions are improving,” he said.

Nearly 86% of companies that have reported earnings so far have beat analyst expectations, a rate 20 percentage points higher than the average beat rate since 1994, according to Refinitiv data.

Still, investors like Nixon say they are looking past beat rates and focusing on companies that can improve or maintain measures such as refinancing debt, raising cash, and controlling costs regardless of the pandemic’s trajectory or a breakthrough in stimulus talks.

The White House and congressional Democrats remain in negotiations for another coronavirus relief bill, though Senate Majority Leader Mitch McConnell has signaled he may not bring the bill to the floor until after the election.

Companies in the S&P 500 index are likely to post average earnings growth rates of up to 25% next year as they bounce off of prior-year comparisons during the worst of the economic lockdowns, said Steve Chiavarone, a portfolio manager at Federated Hermes (NYSE:).

Companies that can offer positive guidance despite the unknowns are also more likely to weather higher corporate taxes expected if Democratic challenger Joe Biden beats President Donald Trump and Democrats take the U.S. Senate, he said.

“We’re seeing a lot of positive metrics that show that these companies may be able to easily absorb any cut to earnings,” he said.





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Ant IPO pricing was determined on Friday, Alibaba founder Jack Ma says By Reuters

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© Reuters. FILE PHOTO: Ant Group logo is pictured at the Shanghai office of Alipay, owned by Ant Group which is an affiliate of Chinese e-commerce giant Alibaba, in Shanghai

By Samuel Shen and Brenda Goh

SHANGHAI (Reuters) – Pricing for Chinese fintech giant Ant Group’s giant dual-listing was determined on Friday night, Alibaba (NYSE:) founder Jack Ma said on Saturday.

It is the first time pricing of the initial public offering, which sources have said could be a world record $35 billion, has been determined outside New York, he told the Bund Summit in the eastern financial hub of Shanghai.

Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai’s STAR Market in the coming weeks.

The listing could be the world’s largest initial public offering, surpassing the record set by Saudi Aramco (SE:)’s $29.4 billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the year-old STAR Market in Shanghai.

Ant was set to conduct price consultations for the Shanghai offering on Oct. 23 and will set the price on Oct. 26, according to its updated prospectus filed with the local exchange.

For the Hong Kong leg, Ant plans to open order books next week. Its shares are likely to start trading a few days after the Nov. 3 U.S. presidential election, sources have said.

Ma said the global financial system is outdated, adding that current regulations were slowing down innovation. He called for setting up a new, inclusive and universal financial system that benefits small companies and individuals and drive future growth.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Brookfield Asset Management reduced stake in GrafTech International Ltd. By Investing.com

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© Reuters. Brookfield Asset Management reduced stake in GrafTech International Ltd.

On the 21st of October, Brookfield Asset Management sold 322 thousand GrafTech International Ltd. (NYSE:) shares for $2.3 million at an average price of $7.14 per share.
Shares of GrafTech International Ltd. are up 6.48% since the transaction.

Brookfield Asset Management’s holding in GrafTech International Ltd. decreased to about 171 million shares with the transaction.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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