Boeing takes on Honeywell, UTX with new joint venture

June 4, 2018 | CNBC

Boeing is taking on aerospace giants United Technologies and Honeywell with a new joint venture that will build and service a critical component for all commercial airplanes.

The joint venture between Boeing and French engine manufacturer Safran will build auxiliary power units. APU engines are used primarily to start the main engines and power aircraft systems when planes are on the ground.

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France's PSA suspends joint ventures in Iran to avoid U.S. sanctions

June 4, 2018 | KFGO

PARIS (Reuters) - French carmaker PSA Group has begun to suspend its joint venture activities in Iran to avoid U.S. sanctions after Washington's withdrawal from the international nuclear deal.

Large French companies active in Iran, including oil major Total , are struggling to obtain exemptions from the sanctions imposed by U.S. President Donald Trump's administration.

"The group has begun to suspend its joint venture activities, to comply with U.S. law by Aug. 6," PSA said in a statement on Monday.

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Rio Tinto’s Joint Venture with China Minmetals

June 12, 2018 | Markets & Money

The partnerships been in discussion since early last year, when both parties signed a Technical Collaboration Contract in November 2017, committing to look for potential areas of future co-operation.

Friday last week, Rio confirmed in a trading update that they have entered a ‘Joint Venture Contract to establish a 50:50 joint venture to explore for world-class mineral deposits in China.’

The registered capital of the collaboration will be US$31.3 million, with initial contributions of US$5.5 million within approximately six months by each party. All further contributions will be subject to unanimous approval.

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Daimler, Ford to close fuel-cell joint venture

June 14, 2018 | Market Watch

Daimler AG (DAI.XE) and Ford Motor Co. F, +0.54% plan to close a joint venture formed to develop fuel-cell technology, Daimler said Thursday.

"The two companies will continue their development activities independently from each other at their own sites from summer 2018, and will therefore close the Automotive Fuel Cell Cooperation in Burnaby, Canada," Daimler said.

The maker of Mercedes-Benz cars said the two partners have reached their goals in the joint development of fuel-cell stacks.

The technology was once regarded as a way to lower automotive emissions but fuel-cell vehicles have remained a niche market, with most car makers now focusing on the development of electric vehicles.

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Mitsubishi ups stake in Anglo’s Quellaveco copper project in $600-million deal

June 14, 2018 |

Anglo American (LON:AAL) has agreed to a $600-million transaction with Mitsubishi Corp. that will increase the Japanese company’s stake in the vast Quellaveco copper project in Peru to 40%.

Chief executive Mark Cutifani, who has long expressed his preference for joint ventures or partnerships to develop big projects and so spread the risk and cost, said the sale of a further 21.9% of Quellaveco was aligned with "a disciplined approach" to capital allocation.

The deal, which leaves Anglo with a 60% percent stake in the project, values the copper asset at $2.74 billion.

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Glencore settles legal dispute with former Congo business partner

June 15, 2018 | Financial Times

Glencore has settled a potentially damaging legal dispute in the Democratic Republic of Congo by agreeing to pay Dan Gertler, its former business partner in the country, money he is owed from copper and cobalt mines.

London-listed Glencore said it would make royalty payments to Mr Gertler in euros so that is did not fall foul of US sanctions, which were placed on the Israeli billionaire last year.

It comes after Mr Gertler, a close friend of DRC president Joseph Kabila, lauched a legal action against Glencore in April, seeking almost $3bn in damages for unpaid loyalties.

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Amazon, Berkshire Hathaway and JPMorgan Chase appoint Dr. Atul Gawande as Chief Executive Officer of their newly-formed company to address U.S. employee healthcare

June 20, 2018 | Business Wire

SEATTLE & OMAHA, Neb. & NEW YORK--(BUSINESS WIRE)--Amazon (NASDAQ:AMZN), Berkshire Hathaway (NYSE:BRK.A, BRK.B) and JPMorgan Chase (NYSE: JPM) announced today the next step in their partnership on U.S. employee healthcare with the appointment of Dr. Atul Gawande as its Chief Executive Officer, effective July 9. The new company will be headquartered in Boston and will operate as an independent entity that is free from profit-making incentives and constraints.

Atul is a globally-renowned surgeon, writer and public health innovator. He practices general and endocrine surgery at Brigham and Women’s Hospital and is Professor at the Harvard T.H. Chan School of Public Health and Harvard Medical School. He is founding executive director of the health systems innovation center, Ariadne Labs. He also is a staff writer for The New Yorker magazine, has written four New York Times bestsellers: Complications, Better, The Checklist Manifesto, and Being Mortal, and has received numerous awards for his contributions to science and healthcare.

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Adnoc and Aramco to partner on $44bn Indian refinery

June 25, 2018 | The National

State-owned Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco signed an agreement to jointly invest in a $44 billion refinery on the west coast of India, the companies said on Monday.

Aramco, which in April signed an agreement to jointly develop the 1.2 million barrel per day Ratnagiri refining and chemicals complex in the western Indian state of Maharashtra with a group of Indian refiners, will share its stake with Adnoc, making it the first such agreement between the two energy companies.

"By investing in this project, we will both secure off-take of our crude to a key market for Adnoc, as well as strengthen access in one of the world’s largest and fastest growing refining and petrochemical markets," said Sultan Ahmed Al Jaber, UAE State Minister and Adnoc Group chief executive.

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New Xerox CEO Calls Fujifilm Moves to Renew Talks ‘Delusional’

| Bloomberg

Xerox Corp.’s Chief Executive Officer John Visentin blasted his Fujifilm Holdings Corp. counterpart’s efforts to revive merger talks and warned he doesn’t plan to renew the companies’ Asia joint venture in 2021.

Visentin, elevated to CEO after shareholders Carl Icahn and Darwin Deason won a court order blocking the companies’ $6.1 billion merger deal, said in a letter to Fujifilm chairman Shigetaka Komori on Monday that a lawsuit by Fujifilm was “nothing more than a desperate, misguided negotiating ploy to save a takeover” that has already been blocked by a judge because of the “surreptitious actions of your team.” Visentin said Fujifilm’s own accounting problems had made its deal with Xerox impossible to complete.

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Calico and AbbVie Add $1 Billion to Anti-Aging Joint Venture

June 26, 2018 | Bloomberg

AbbVie Inc. and Google-backed Calico Life Sciences LLC will each add another $500 million into a research collaboration looking for new treatments for age-related diseases such as neurodegeneration and cancer.

The new money builds on the $1.5 billion the companies put into the effort in 2014. Under the collaboration, Calico heads up discovery-stage research and proof-of-concept work, with AbbVie taking the reins to bring new drugs through major clinical trials and commercialization. Calico was founded in 2013 with backing from Google, now known as Alphabet Inc.

“We all age,” said AbbVie Vice President of Global Discovery Jim Sullivan. “Understanding the biology of aging is going to provide incredibly important insights into diseases associated with aging.”

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