Beijing Spotlight on Foxconn
Chinese authorities are investigating Taiwan’s Hon Hai Precision Industry Co. [2317.TW], known internationally as Foxconn [2354.TW]. According to state-backed Global Times, tax authorities inspected Foxconn sites in the Guangdong and Jiangsu provinces, while natural resources officials inspected sites in Henan and Hubei. Foxconn manufactures the majority of Apple’s [AAPL] iPhones, and is one of China’s biggest employers. Its shares slid some 3.4% in early trading Monday following the news.
Toyota Announces Solid State EV Batteries
Ahead of the Japan Mobility Show, which opens on Thursday after a three-year hiatus, Toyota [7203.T] announced it hopes to be producing next-generation solid-state batteries for electric vehicles (EVs) by 2028. These will double the range of its current batteries to 1,200km and reduce charging time to under 10 minutes. South Korea’s Samsung SDI [006400.KS], meanwhile, has said it is to supply Hyundai Motor [005380.KS] with EV batteries for seven years, starting 2026.
Chevron To Pay $53bn for Hess
Oil giant Chevron [CVX] is to acquire producer Hess Corporation [HES] in a $53bn all-stock deal. The deal comes at a time when US energy companies are using energy crisis profits to drive consolidation, in a sector facing up to the headwind represented by the shift to sustainable fuels. ExxonMobil [XOM] bought Pioneer Natural Resources [PXD] earlier in October for an enterprise value of $64bn. Chevron’s shares fell 3.4% in premarket trading on the news.
Philips Doubles Profits; Roche Buys Telavant
Dutch health-tech firm Philips [PHIA.AS] beat expectations for third quarter core profit, which more than doubled to €457m, as demand for its medical devices increased; the company has duly raised its full-year outlook. However, new orders were down 9% year-over-year. Swiss healthcare giant Roche [ROG.SW] is to buy Telavant Holdings for $7.1bn. The immunology company is currently owned by biotech Roivant [ROIV] and Pfizer [PFE].
SpaceX to Launch EU Satellites
Elon Musk’s SpaceX and the European Space Agency have signed a deal whereby SpaceX will launch two of the EU’s Galileo communications satellites next year, the Wall Street Journal reported, although the deal still needs to be cleared by the European Commission. Elsewhere, Airbus [AIR.PA] has brought US defence group Northrop Grumman [NOC] into its bid to build communications satellites for the British army.