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Uber co-founder quits board; Denso rejigs leadership structure, names CFO


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Uber co-founder quits board; Denso rejigs leadership structure, names CFO


* Uber Technologies Inc. co-founder Travis Kalanick will resign from the ride-hailing company's board, effective Dec. 31. Kalanick is leaving to "focus on his new business and philanthropic endeavors," the company said. The former Uber CEO has sold more than 90% of his stake in the company since its IPO.

* Denso Corp. announced a number of organizational changes "to enhance competitiveness and achieve speedy transformation." The Japanese auto parts maker said it will set up a separate advanced mobility systems business development division. The company also introduced a CxO leadership structure, under which it appointed Yasushi Yamanaka as its CFO, Hiroyuki Wakabayashi as chief technology officer and Shoji Tsuzuki as its chief information security officer.


* Mitsubishi Motors Corp. will stop producing diesel engines for its key car models by the end of 2021 and downsize its existing diesel vehicle business, the Nikkei Asian Review reported, citing unnamed sources. The Japanese automaker reportedly expects to decrease the production of diesel-engine vehicles to less than 20% of its fleet in the next two to three years from 24% in 2018.

* Renault SA's Indian arm will phase out its K9K diesel engine range of vehicles, including multipurpose vehicle Lodgy, as the BS VI emissions rules are enforced across the country, The Economic Times (India) reported, citing Renault India CEO Venkatram Mamillapalle. Mamillapalle reportedly added that the automaker now will focus primarily on gasoline variants of existing models, along with introducing to the Indian market a new SUV in 2020.


* Japanese trader Marubeni is investing several million dollars in Chinese electric vehicle startup Byton Ltd., the Nikkei Asian Review reported, citing unnamed sources. Byton, founded by former Bayerische Motoren Werke AG engineers, also counts EV battery maker Contemporary Amperex Technology Co. Ltd. as an investor.


* The Chinese state council issued a notice asking the state governments to relax car purchase rules and regulations and encourage buying new cars, Gasgoo reported.

* GrabTaxi Holdings Pte Ltd.'s e-scooter service, GrabWheels, is facing stricter regulations in Indonesia after a fatal accident killed two riders, the Nikkei Asian Review reported. The Jakarta government reportedly imposed temporary restrictions, limiting the speed limit and a minimum age of 18 to use the service. Permanent regulations are expected to be finalized in January 2020, the report said. The move follows Singapore's decision in November to ban e-scooters from public roads and walkways following the death of an elderly woman.


* Japan's largest automakers posted year-over-year declines in local sales for the month of November. Toyota Motor Corp. reported that sales in Japan dropped 5.3% to 187,689 vehicles, its second consecutive month of decline. Honda Motor Co. Ltd. said its sales in the domestic market fell 30.8% in November to 44,441. Nissan Motor Co. Ltd. saw sales in Japan fall 16.7% to 37,992 vehicles.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Nikkei 225 was up 0.60% to 23,924.92.

On the macro front

The MBA mortgage applications report, the jobless claims report, the state street investor confidence index, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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