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Toyota shows off electric vehicle concept Rhombus

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Toyota brought a crop of hybrid and fully electric vehicles to the Shanghai Auto Show this year.

The Rhombus, pictured above, is a concept car for a battery-powered electric vehicle targeted at consumers born after 1990, according to a release. The vehicle was developed by TMEC, the company’s research and development base in China.

A single swivel seat at the front replaces the typical two-seat driver’s row, while two seats in the back make up a lounge-like area.

Toyota said it plans to roll out more than 10 battery electric vehicle models globally in the next five or six years, with a sales target of more than 5.5 million electrified vehicles worldwide by 2030.

The C-HR and IZOA battery electric models that premiered in Shanghai will be the first such vehicles to launch in China under the Japanese automaker’s brand. Sales are expected to begin next year.

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Michael Moritz of Sequoia compares IPO bankers to ticket scalpers

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Michael Moritz

Scott Mlyn | CNBC

Michael Moritz, the Sequoia Capital venture capitalist who made fortunes from early bets on Google and Yahoo, says investment bankers in tech IPOs are like ticket scalpers, and more companies are realizing that they no longer need them.

The direct listings pulled off by Spotify last year and Slack in June enabled those companies to go public without handing over big fees to bankers or giving them the ability to determine which financial firms get big allocations of their stock. In a column in the Financial Times on Sunday, Moritz wrote that “the shrewd and the brave” companies have learned how to take control of the process.

“No actor, theatre owner, producer or audience member enjoys knowing that a ticket tout has run off with money that should belong to them,” Moritz wrote. “The same goes for the people involved with private companies.”

Moritz published the piece to commemorate the 15th anniversary of Google’s IPO, which was an auction that led to price discovery instead of a traditional offering in which banks determine the price. Moritz said he expected the Google offering to “break the hammerlock” held by investment banks.

“That attempt failed,” he wrote. “But now, due to mounting frustrations, advances in technology and changes in the capital markets, investment banks are about permanently to lose the gatekeeping position they have jealously protected.”

Read Mortiz’s full column here.

WATCH: Here are the benefits of Slack going public as a direct listing

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Nearly 200 CEOs say shareholder value is no longer a main objective

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Jamie Dimon, CEO, JP Morgan Chase, speaking at the Business Roundtable CEO Innovation Summit, December 6, 2018.

Janhvi Bhojwani | CNBC

Shareholder value is no longer the main focus of some of America’s top business leaders.

The Business Roundtable, a group of chief executive officers from major U.S. corporations, issued a statement Monday with a new definition of the “purpose of a corporation.”

The reimagined idea of a corporation drops the age-old notion that corporations function first and foremost to serve their shareholders and maximize profits. Rather, investing in employees, delivering value to customers, dealing ethically with suppliers and supporting outside communities are now at the forefront of American business goals, according to the statement.

“While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders,” said the statement signed by 181 CEOs. “We commit to deliver value to all of them, for the future success of our companies, our communities and our country.”

The conscience of Wall Street has been at the forefront of American business and politics recently as issues about economic equality and fair business practices dominate the 2020 election stage and the overall news cycle.

The Business Roundtable,  founded in 1972, has put out many statements on the principles of corporate governance since the late 1970s. It said this new definition “supersedes” past statements and outlines a “modern standard for corporate responsibility.”

“The American dream is alive, but fraying,” Jamie Dimon, chairman and CEO of J.P. Morgan Chase and chairman of Business Roundtable, said in a press release.

Along with Dimon, the statement received signatures from chiefs including Amazon’s Jeff Bezos, Apple’s Tim Cook, Bank of America’s Brian Moynihan, Dennis A. Muilenburg of Boeing and GM’s Mary Barra.

“Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans,” said Dimon.

Another one of the signatures is from BlackRock chief Larry Fink, who has previously called on CEOs to reevaluate the purpose of a corporation, specifically the “inextricable link” between purpose and profit.

“Purpose is not the sole pursuit of profits but the animating force for achieving them,” Fink wrote in his 2019 annual letter to shareholders. “As divisions continue to deepen, companies must demonstrate their commitment to the countries, regions, and communities where they operate, particularly on issues central to the world’s future prosperity.”

Fink said that fundamental economic changes and the failure of the U.S. government to provide lasting solutions has forced society to look to companies for guidance on social and economic issues, such as environmental safety and gender and racial equality.

Here is the full Business Roundtable statement.

Statement on the Purpose of a Corporation

Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all.

Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support the national defense; grow and produce food; provide health care; generate and deliver energy; and offer financial, communications and other services that underpin economic growth.

While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders. We commit to:

  • Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.
  • Investing in our employees. This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity and respect.
  • Dealing fairly and ethically with our suppliers. We are dedicated to serving as good partners to the other companies, large and small, that help us meet our missions.
  • Supporting the communities in which we work. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses.
  • Generating long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate. We are committed to transparency and effective engagement with shareholders.

Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.

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US grants Huawei another 90 days to buy from American suppliers: Ross

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Commerce Secretary Wilbur Ross (R) and other Trump Administration officials sit down with Chinese vice ministers and senior officials for trade negotiations in the Diplomatic Room at the Eisenhower Executive Office Building January 30, 2019 in Washington, DC.

Chip Somodevilla | Getty Images

U.S. Commerce Secretary Wilbur Ross said Monday the U.S. government will extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from U.S. companies so that it can service existing customers, even as nearly 50 of its units were being added to a U.S. economic blacklist.

The “temporary general license,” due to expire on Monday, will be extended for Huawei for 90 days, he told Fox Business Network Monday, confirming an expected decision first reported Friday by Reuters. He also said he was adding 46 Huawei affiliates to the Entity List, raising the total number to more than 100 Huawei entities that are covered by the restrictions.

Ross said the extension was to aid U.S. customers, many of which operate networks in rural America.

“We’re giving them a little more time to wean themselves off,” Ross said.

Shortly after blacklisting the company in May, the Commerce Department initially allowed Huawei to purchase some American-made goods in a move aimed at minimizing disruption for its customers.

Huawei did not immediately comment Monday.

The extension, through Nov. 19, renews an agreement continuing the Chinese company’s ability to maintain existing telecommunications networks and provide software updates to Huawei handsets.

Asked what will happen in November to U.S. companies, Ross said: “Everybody has had plenty of notice of it, there have been plenty of discussions with the president.”

When the Commerce Department blocked Huawei from buying U.S. goods earlier this year, it was seen as a major escalation in the Sino-U.S.trade war.

The U.S. government blacklisted Huawei, alleging the Chinese company is involved in activities contrary to national security or foreign policy interests.

As an example, the blacklisting order cited a pending federal criminal case concerning allegations Huawei violated U.S. sanctions against Iran. Huawei has pleaded not guilty in the case.

The order noted that the indictment also accused Huawei of deceptive and obstructive acts.

At the same time the United States says Huawei’s smartphones and network equipment could be used by China to spy on Americans, allegations the company has repeatedly denied.

Huawei, the world’s largest telecommunications equipment maker, is still prohibited from buying American parts and components to manufacture new products without additional special licenses.

Many Huawei suppliers have requested the special licenses to sell to the firm. Ross told reporters late last month he had received more than 50 applications, and that he expected to receive more. He said on Monday that there were no “specific licenses being granted for anything.”

Out of $70 billion that Huawei spent buying components in 2018, some $11 billion went to U.S. companies including Qualcomm, Intel, and Micron Technology. Intel declined to comment on Monday.

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