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Once green plug-in hybrid cars suddenly look like dinosaurs in Europe SECTIONS Last Updated: Apr 12, 2021, 10:58 AM IST Share Synopsis EU policy plans for plug-in hybrid vehicles (PHEVs), which contain an electric battery and a combustion engine, could mean the transition technology has a shorter lifespan than envisaged by some leading automakers. Agencies Carmakers say hybrids, used properly with electric as the primary power source and combustion as a back-up, emit far less than conventional cars. They add that PHEVs are a popular transitional choice for consumers who want greener travel. Remember when plug-in hybrid cars were the go-to technology for the climate-conscious driver? Turns out, they re not good for the environment, according to some experts, and they could be phased out by carmakers in the face of tougher European rules. ....
(Bloomberg) Renault SA has sold its stake in Daimler AG for 1.14 billion euros ($1.4 billion) to secure funds for its turnaround efforts after a record annual loss.The French carmaker exited its entire 1.5% holding in Daimler, according to a statement Friday. Renault divested its shares via a placement at 69.50 euros a piece.Proceeds from the sale will allow Renault to “accelerate the financial de-leveraging of its automotive activity,” the company said. Renault and Daimler have said their industrial partnership that dates back more than a decade will continue.Renault warned investors last month of another challenging year following a worse-than-expected 8 billion-euro annual net loss. Chief Executive Officer Luca de Meo’s daily battles to secure enough semiconductors to keep plants open are complicating his attempt to steer the company out of the rut it’s been in since long-time leader Carlos Ghosn’s arrest in late 2018.Timely ExitDaimler shares ha ....
CAC 40 was down 0.3% and Frankfurt’s DAX was down 0.2%. The former Federal Reserve Chair’s testimony, which concluded midafternoon, gave Yellen the opportunity to sell President-elect Joe Biden’s $1.9 trillion fiscal stimulus plan. Yellen emphasized the need to “defeat the pandemic” first before tackling the deficit, and bolster global confidence in the U.S. economy. She also warned that the nation faces “difficult months ahead” before it achieves widespread vaccination. Yellen confirmed that no tax hikes or repeals of 2017’s legislation are on the table near-term, nor while the country struggles with the pandemic. Yet there was some surprise in the testimony, according to Max Gokhman, Head of Asset Allocation at Pacific Life Fund Advisors, regarding potential future changes. “Yellen said that the details of tax changes may be featured in this year’s infrastructure bill, which she is going to help draft. This could be settin ....
Nasdaq Composite gained 0.3%. The small-cap Under the surface, the S&P 500 energy sector closed up 3.6%, financials gained 1.1%, and consumer discretionary stocks added 1.5%. Defensive utilities and health care fell 0.6% and 1.1%, respectively, while technology stocks lost 0.5%. That dynamic has more or less prevailed since the fall. Fourth-quarter earnings season begins later this week, with several large banks kicking things off as usual. Wall Street expects S&P 500 earnings to be 12% lower in the final three months of 2020 versus the same period in 2019, according to data from Bloomberg. Sales are expected to decline 6%. The scrutiny will be much higher for defensive and relatively pandemic-proof sectors like consumer staples or technology. Those companies’ fundamentals have held up or improved during the pandemic, and investors will want to see that continuing in the fourth quarter. For the cyclical and economically sensitive companies that have led t ....