China

Ford's debt rating downgraded by Moody's: a strong sign

Junked Ford
In the midst of the Frankfurt Motor Show, Moody's announced that it was downgrading its credit rating on Ford Motor Company's debt from Baa3 to Ba1.
 
It thus removed bonds issued by Ford from the "investment grade" category and placed them in the "speculative" a/k/a "junk bond" category.
As asset management specialists explain, the risk is that prices will fall as some investors are not allowed to hold such securities, displaced to "non-investment grade" category: they are then required to get rid of them.
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Dégradation de la note de la dette de Ford par Moody’s : un signe fort

Junked Ford
En plein Salon de Francfort, l’agence Moody’s a indiqué qu’elle dégradait la note de solvabilité qu’elle attribue à la dette de Ford Motor Company de Baa3 en Ba1
Elle retirait ainsi les obligations émises par Ford de la catégorie des "investissables" pour les placer dans celle des "spéculatives", celle des "obligations de pacotilles" ou "junk bonds".
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China in the automotive industry in Mexico: perspectives and challenges in the transition from NAFTA to USMCA

Joint-Ventures, Technology Assimilation and Emerging Multinationals: Comparing the Automotive Industry in China and India

Journée du Gerpisa n°: 
196
Date: 
5 October, 2012 - 14:00 - 17:00
Place: 

CCFA
2, rue de Presbourg
75008 PARIS

Speaker/s
Giovanni Balcet, Professor of International Economics and International Business, University of Turin, Department of Economics
Presentation/s

Multinational enterprises (MNEs) from emerging countries are new and dynamic actors
on the global scene. Among them, Chinese and Indian MNEs have actively contributed
to this scene. A growing number of firms have been able to acquire frontier technologies
from Western and Japanese MNEs, often through joint ventures (JVs) and alliances,
and, subsequently, to grow internationally. Therefore, a relationship between inward
and outward foreign direct investments emerges. These emerging multinationals, deeply
embedded in their home countries, are also affected by ownership patterns, institutional
and policy factors.
These processes are specially relevant in the case of the automotive industry in China
and India, where a geographically fragmented (in China) or concentrated (in India)
domestic market goes along with a growing export performance and an early multinational
production.
This presentation examines different trajectories of Chinese and Indian car companies,
their modes of technological catching-up, innovation processes and market strategies, to
question in conclusion the theories of emerging multinationals and of joint ventures.
Joint ventures and partnerships are seen as crucial instruments of learning and transition,
as well as peculiar institutions, where cooperative behaviour coexists with competition read more

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