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Apple Inc. (NASDAQ:AAPL), Magna International, Inc. (NYSE:MGA) - LG Forms Electric Vehicle-Focused Joint Venture With Magna


Magna International Inc (NYSE: MGA), the two companies announced Monday.
What Happened: The joint venture will manufacture automobile components like e-motors, inverters, onboard chargers, etc, and focus exclusively on the EV segment. According to Reuters, the joint venture, under the tentative name LG Magna e-Powertrain, could reach a valuation of approximately $1 billion. LG will control a 51% majority, and Magna will own the remaining 49% of the JV.
Reportedly, the collaboration will house over 1000 employees across LG’s locations in the U.S., South Korea, and China. Although the deal is yet to be approved by LG’s shareholders, the company expects to close the agreement sometime in July next year. ....

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SPDR S&P 500 ETF (ETF:SPY), Magna International, Inc. (NYSE:MGA) - Asia, Europe Markets Rise As Investors Look Beyond COVID-19 Concerns


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All major indices across Asia and Europe are higher on Wednesday as the concerns of new COVID-19 strains take a backseat.
U.S. indices are pointing to a positive open today with the Dow futures up by 0.14% and the S&P 500 futures up 0.20%. WTI crude futures are down 0.87% to $46.61, while gold futures are higher by 0.13% to $1,872.70. Ten-year Treasury yield is unchanged at 0.918%, and the VIX is down 1.45% to 25.40.
Asia: Japan s Nikkei 225 closed higher by 0.33% after the nation s core CPI fell 0.1% year-over-year and November coincident indicator increased 1% month-over-month. The corporate services price index data is due later today.
China s Shanghai Composite gained 0.76% on Wednesday after China s central bank said it would avoid sudden policy tightening in 2021. Consumer, technology, and industrial stocks led the index higher. ....

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LG Electronics


The United States International Trade Commission voted today that large residential washer imports from South Korea and Mexico are hurting the domestic appliance industry in the United States. These imports include products by Samsung and LG Electronics. The U.S. based Whirlpool (NYSE: WHR) filed a. Read More.
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