Japanese automakers Honda and Nissan have announced plans to work toward a merger that would form the world’s third-largest automaker by sales, as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors has also had agreed to join the talks on integrating their businesses. Automakers in Japan have lagged their big rivals in electric vehicles and are trying to cut costs and make up for lost time as newcomers like China’s BYD and EV market leader Tesla devour market share. Nissan has been fighting to survive. Credit: Bloomberg Honda’s president, Toshihiro Mibe, said Honda and Nissan will attempt to unify their operations under a joint holding company. Honda will lead the new management, retaining the principles and brands of each company. They aim to have a formal merger agreement by June and to complete the deal and list the holding company on the Tokyo Stock Exchange by August 2026, he said. No dollar value was given, and the formal talks are just starting, Mibe said. There are “points that need to be studied and discussed,” he said. “Frankly speaking, the possibility of this not being implemented is not zero.” A merger could result in a behemoth worth more than $US50 billion ($80 billion) based on the market capitalisation of all three automakers. Together, Honda, Nissan and Mitsubishi would gain scale to compete with Toyota Motor and with Germany’s Volkswagen AG. Toyota has technology partnerships with Japan’s Mazda Motor and Subaru. News of a possible merger surfaced earlier this month, with unconfirmed reports saying Taiwan iPhone maker Foxconn was seeking to tie up with Nissan by buying shares from the Japan’s company’s other alliance partner, Renault SA of France. Nissan’s CEO Makoto Uchida said Foxconn had not directly approached his company. He also acknowledged that Nissan’s situation was “severe.”
A landmark $600 million deal for a Papua New Guinea team to enter the National Rugby League comes with an escape clause allowing the Australian government to immediately terminate the agreement if PNG strikes a security or policing pact with China or other rival nations over the next decade. Prime Minister Anthony Albanese and PNG Prime Minister James Marape announced at a joint press conference in Sydney that a Port Moresby-based team will enter the NRL from 2028. The PNG team is likely to want Xavier Coates to be its inaugural marquee signing. Credit: Getty “Australia and PNG are the nearest of neighbours and we are the truest of friends,” Albanese said. “We are bound by a history of shared sacrifice and a common commitment to a peaceful, stable and prosperous Pacific. And we are united of course by a love of rugby league. That’s why I’m delighted to announce the Australian government is supporting a PNG team to join the NRL competition from 2028.” “Rugby league is PNG’s national sport and PNG deserves a national team. The new team will belong to the people of PNG and it will call Port Moresby home. It will have millions of people barracking for it from day one.” The leaders hailed the deal as a historic milestone for the PNG-Australia relationship that will bond the nations together and provide a major economic boost to the Pacific’s most populous nation as it seeks to lift much of its population out of poverty. There’s no questioning Papua New Guinea’s passion for rugby league. Credit: Getty “What this is about, isn’t just the elite level,” Albanese said. “This is about the grassroots level. It’s about economic development. It’s about the relationship between our peoples. It provides, as sport often does, an opportunity for people to succeed, not just in sport but in life. “That is why this partnership isn’t just about Papua New Guinea, it’s also about our relationship with the Pacific.” Australian taxpayers will provide $600 million over the next 10 years to help establish the team, with $120 million coming from existing Department of Foreign Affairs and Trade funding. The PNG government has committed to building compound-style accommodation for players and offering tax-free salary benefits to lure star players to its capital, Port Moresby. The Australian and PNG governments have signed a separate agreement on “shared strategic trust” that sits beside the franchise agreement between the NRL, Australia and PNG. The exact terms of the strategic trust agreement are confidential and will not be released to the public. “Today also confirms ... our bilateral security agreement, which was signed just over a year ago in Canberra,” Albanese said. “Since signing that agreement, we’ve made real progress with Australia providing tangible support to PNG’s internal security priorities ... I think that today is a day where people will look back in five years, 10 years, 20 years and see that this was a day where the relationship between our nations was cemented even further into a new level.” While there is no explicit clause granting Australia veto rights over security deals between PNG and other countries, government sources said the NRL agreement was “contingent” on PNG continuing to support the principle that security and policing arrangements are handled by Pacific nations including Australia. The sources, who were not authorised to speak publicly, said the agreement allows the Australian government to withdraw financial support for PNG’s NRL team without supplying a reason until 2035. The NRL would be required to terminate the PNG team’s franchise if the Australian government removes its support under the terms of the agreement. “This is about diplomacy, this is about making Australia safer, this is about securing our status as the security partner of choice in the Pacific,” a senior government source said. The government announced a new treaty earlier this week with Nauru that allows it to block China and other countries from striking any security or telecommunications deals with the tiny Pacific nation in exchange for $140 million in financial support from Australian taxpayers. PNG’s Foreign Minister Justin Tkatchenko told this masthead last week that the agreement has “nothing to do with China” but Australian government officials have insisted there was a security element to the agreement. A separate clause prohibits the NRL from asking the Australian government for more money within or after the 10-year funding period. The logo, colours and name of the PNG team are yet to be determined. One option is for the club to be called the PNG Hunters, the name given to the team that has been playing in the Queensland Cup competition since 2014. Prime Minister Anthony Albanese and PNG counterpart James Marape discussed PNG’s NRL bid while walking the Kokoda Track in April. Credit: Dominic Lorrimer “I want to indicate to everyone here in Australia and back home, we’re not just filling the numbers for Anthony [Albanese] and James [Marape] to feel good,” Marape said. “Far from it. We want to win the competition. Just like the Dolphins did in their first year of entry [in 2023], we will field a very strong team in the first game in 2028. “As South Sydney lives on 100 years on from its birth, this one will live on way after you [Albanese] and me are gone. Our people forever bound in not only a shared love for rugby league, but a shared love for each other.” It remains unclear whether PNG will be the NRL’s 18th or 19th team, given there is a desire to add another side as early as 2027. The NRL remains in negotiations for a Perth-based franchise, which are continuing directly with the WA government after a consortium bid was rejected. Sources said negotiations over the PNG team were up in the air until the May NRL “magic round” in May, when Pacific Minister Pat Conroy and Australian Rugby League chairman Peter V’landys struck an in-principle agreement for a team to enter the competition. One of the likely signing targets for the franchise is Xavier Coates. The Melbourne, Queensland and Australian star was born in Port Moresby, has previously represented Fiji and, given he is only 23 years old, will likely be in his prime when the team enters the NRL. His younger brother, Phillip, is also a rising star who represented the PNG Junior Kumuls in their recent draw with the Australian Schoolboys team. As a sweetener to sign with PNG, players and staff will be granted tax-free status. That will allow a marquee signing on a $1.2 million deal to save up to $550,000 a year. The expansion of the NRL competition is expected to bring more money into the game and the existing clubs have argued for a share. They have been placated by the division of a $60 million license fee, which will come out of the $600 million Australian government payment. Cut through the noise of federal politics with news, views and expert analysis. Subscribers can sign up to our weekly Inside Politics newsletter .
Novavax Inc. stock rises Wednesday, still underperforms marketWest Bengal Governor C. V. Ananda Bose found himself embroiled in a new controversy after photographs of him unveiling his statue emerged on social media. The Governor has launched elaborate celebrations to mark two years in office. As the photograph went viral, the Raj Bhawan Media Cell issued a statement saying that the statue was presented to the Governor and he did not unveil it. “In some media reports it has come out that HG (Honourable Governor) has ‘unveiled his own statue’ at Raj Bhavan on 23.11.2024. The fact is as follows: Many artists submit their artistic creations to HG. Many painters made HG’s portraits and presented to him. Similarly, a creative sculptor had created a sculpture of HG and presented to HG. This has unfortunately been described as ‘unveiling his own statue’,” the Raj Bhawan posted on social media. The development, however, sparked criticism in political circles with the ruling Trinamool Congress and Left parties criticising the Governor. Trinamool spokesperson Jayprakash Majumder described the act as “megalomania”. “Governor C.V. Anand Bose has inaugurated his own statue, which is something unheard of. He did it because he wanted some kind of publicity. But the point is, what is the next step? Will he garland his own statue? It’s a sign of a megalomania,” Mr. Majumdar said. CPI(M) central committee member Sujan Chakraborty said that the act of the Governor was “disgraceful and unfortunate”. Congress spokesperson Soumya Aich Roy said it was a “matter of shame”. This is not the first time that the Governor has found himself at the centre of a controversy. During the Lok Sabha election, Mr. Bose was accused by the Trinamool of running a “parallel electioneering system”. Earlier this year, a female employee of Raj Bhawan had accused the Governor of “sexual harassment” and had lodged a complaint with the Kolkata Police. Since the Governor enjoys constitutional protection with respect to criminal charges, the matter could not be taken up by the police. The Governor and the Chief Minister have also been at loggerheads with the former approaching the Calcutta High Court alleging defamation by the Chief Minister. Published - November 24, 2024 09:22 pm IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit West BengalMINNEAPOLIS (AP) — With Penn State's strong push for a spot in the College Football Playoff still a couple of wins from completion, the biggest roadblock to a bid for the Nittany Lions in this favorable final third of their schedule has appeared with a trip to Minnesota . That's why this week, naturally, is too early for them to talk about making the inaugural 12-team tournament — as enticing as their prospects might be.MICHAEL OWEN has named “the sad thing about Manchester United these days” while slamming “stupid” new signing Noussair Mazraoui. The Red Devils are on a dire run under new boss Ruben Amorim that has seen them lose four of the last six games. United have conceded 14 goals in that time too. And their latest loss came on Sunday as Bournemouth ran riot at Old Trafford in a 3-0 win. The Cherries took advantage of United’s typically slack defending to claim back-to-back victories at the Theatre of Dreams. Amorim’s men were once again caught lacking at set pieces as they conceded an easy opener. But it was a penalty for Bournemouth’s second which really frustrated pundit Owen. The former United man was left fuming when defender Mazraoui hacked down Justin Kluivert to give away a spot-kick. And afterwards, he branded the new signing’s decision to lunge as “stupid”, while also lamenting United’s inability to fight back when going a goal down. Owen told Premier League Productions: “A little rash? A little stupid, more like. What on earth are you doing? FOOTBALL FREE BETS AND SIGN UP DEALS “Two players are waiting for him, he’s not going to score from there and he dives in. “Just stay on your feet and usher him away. It’s just a poor, poor decision. The sad thing about Manchester United these days is they go 1-0 down and you never really think they’re going to come back. “They’re not a good team. Ruben Amorim needs to be watching that game and ensure these players that are not performing do not put on the shirt again. “He needs to be that brutal and that ruthless.” Mazraoui, 27, joined United in the summer from Bayern Munich for just over £12million. He has already played 25 times in all competitions for his new side. But it remains unclear where he fits in to Amorim’s system. Mazraoui, a right-back in a four-man defence by trade, has been utilised as both a wing-back and a centre-half in United’s 3-4-3 formation. Yet it was Erik ten Hag who really tried to prove Mazraoui’s versatility by using his former Ajax star as an attacking No10 playmaker in United’s 1-1 Europa League draw at Fenerbahce in October. RUBEN AMORIM suffered his worst defeat of his short reign as Man Utd boss with a shocking 3-0 loss to Bournemouth at Old Trafford. And his flops were easily second best all over the park to Andoni Iraola's Cherries. SunSport's Ian Whittell has provided his ratings of the Man United squad... Andre Onana - 5 Shaky on ball and his nervousness in holding it too long was transmitted to United supporters. Bad conditions for a keeper but there were also some uncertain moments when he needed two attempts to grasp on to long shots. Noussair Mazraoui - 4 Complained bitterly about the penalty he gave away but it was hard to make a case in his defence. Caught out, then panicked and tripped Justin Kluivert from behind to cap what was already an uninspiring display. Harry Maguire - 4 All too often was second to the ball or simply failed to get hold of his man, with Evanilson too elusive for the United defender to shackle. Ruben Amorim believes Maguire is perfect for his three-at-the-back formation but the jury is still out on that one. Lisandro Martinez - 5 Stood watching as Semenyo swept in Bournemouth’s third goal, the latest in a long line of defensive embarrassments from United. Seems to be struggling, like most of his defensive team mates, with the new system and incapable of doing even the basics. Diogo Dalot - 6 Made a couple of good blocks and tried to become involved in attacking moments from wing-back, without having a huge impact. On a day when United’s defence was again found wanting, however, he was not the worst culprit. Manuel Ugarte Booked for a cynical foul on Kluivert and too often struggled to cope with Bournemouth runners. Too much of the game passed him by and did not last even the hour as United chased the game. Kobbie Mainoo 6 Like most of his team, guilty of some unforced errors but there was no faulting his work rate or drive. Created a great chance when he hounded Dean Huijsen off the ball and set up Bruno Fernandes but gave up the ball for Bournemouth’s third. Tyrell Malacia 3 Terrible touch early on drew groans from the home fans, the first of a number of sloppy moments from the fit-again full-back. Predictable that he should give away the free-kick from which the visitors opened the scoring and hooked at half-time. Amad Diallo 7 The big winner from the Rashford controversy and could have lit up Old Trafford early on but placed a good chance straight at the keeper. Not a performance on a par with his derby exploits but still looked United’s best hope of carving out a goal. Bruno Fernandes 8 Playing higher, and wider, up the field these days and maybe there is a debate over whether that is the best use of his undoubted talents. But in the last five minutes of the first half alone, he had three good chances which might have brought an equaliser. Joshua Zirkzee 5 Given the nod ahead of Rasmus Hojlund, a reward for some decent recent performances under his new manager but this was not one of them. Was the closest Red to Dean Huijsen as he headed Bournemouth in front though United’s defending was such a mess, it was not clear whether he was Zirkzee’s responsibility. Substitutes Leny Yoro (for Malacia, 46) 4 Came on as part of a much-needed half-time defensive reshuffle by Amorim but failed to add stability. Alejandro Garnacho (for Ugarte, 54) 5 Had a chance when clean through just after Bournemouth’s third but hit it straight at Kepa. Rasmus Hojlund (for Zirkzee, 54) 6 Looked like he might have a goal in him and at least forced Kepa into one good stop. Substitutes (not used): Altay Bayindir, Casemiro, Toby Collyer, Christian Eriksen, Jonny Evans, Antony.