The Ford Motor Company has been dealt a blow by credit rating agency Moody’s Investors Service, which has cut the carmaker’s credit rating to junk on doubts that a turnaround plan by chief executive Jim Hackett will generate earnings and cash quickly enough.
It’s one of the biggest bets going in the world of cars: Since May, General Motors (GM) and its Cruise self-driving car unit have landed €4.35bn in investment commitments from Japan’s SoftBank and Honda Motor to develop a robot taxi service that could safely navigate the city streets of San Francisco by the end of next year - putting it ahead Alphabet’s Waymo self-driving car unit, Uber and Lyft.
Elon Musk has built the Tesla Gigafactory in the midst of the Nevada desert. But even the deep pockets of the greenminded billionaire could be challenged by the investment needed to create mass-market cars that are electric and driverless,
Europe’s air-safety regulator has recommended that companies using material from Kobe Steel review their supply chains and — if alternative suppliers are available — and suspend purchases from the Japanese company that admitted to faking data about product strength.
WHAT have the Chinese ever done for us? Well, aside from being a cradle of civilisation, having the largest population in the world as well as being the world’s fastest growing economy, it has given us paper and printing, noodles, gunpowder, the compass, the coffin, the rowing oar, Beijing Duck, acupuncture, the banknote, the bristle toothbrush, alcohol, toilet paper, the hand grenade, tea, and the restaurant menu, among other things.