The value of the cost savings announced in the planned merger between Peugeot owner PSA and Fiat Chrysler is nominal and management will target improvements over time, PSA's chief executive told French BFM Business radio on Friday. CEO Carlos Tavares also said he does not see the need to scrap any brands within the new PSA-Fiat Chrysler entity. The two carmaker groups are targeting annual cost savings of 3.7 billion euros ($4.09 billion) as part of a planned merger unveiled at the end of October, which will create the world's fourth-largest automaker with 8.7 million in annual vehicle sales....
The U.S.-listed Chinese e-commerce giant is due to seek approval from Hong Kong's listing committee on Thursday, the people said, for a deal that Dealogic data showed will be the world's biggest-ever cross-border secondary listing. Alibaba did not immediately respond to a request for comment....
Alibaba Group will kick off its annual 24-hour shopping extravaganza on Monday with deals and deep discounts galore, and a performance by American popstar Taylor Swift to top it all, as it pushes to rake in another record Singles' Day sales. This year's Nov. 11 bash comes as the $486 billion Chinese retail juggernaut navigates through a major turning point, the resignation in September of its flamboyant co-founder Jack Ma as chairman, and looks to raise up to $15 billion via a share sale in Hong Kong as early as this month. Akin to Black Friday and Cyber Monday in the United States, Singles' Day, a shopping fest originally promoted by Alibaba Chairman and CEO Daniel Zhang in 2009, has since grown rapidly to become the world's biggest online sales event....
