Auto parts maker Delphi plans split into 2 companies
The auto parts maker Delphi plans to split itself into two companies early next year.
The Delphi spinoff, targeted to take place before April, may become more common in the industry as companies separate older businesses from their more advanced technology wings. Sweden's Autoliv also plans a split, with one company making passive devices like air bags, and the other focusing on electronics that prevent crashes.
One Delphi company, called Aptiv, will focus on electronic safety systems, autonomous cars and the electrical backbone of vehicles. The other will be named Delphi Technologies and will focus on combustion engine parts, software controls and electric vehicle components.
Delphi Automotive PLC announced the names of the companies at its investor day Wednesday in Boston. Shareholders will vote on the split Nov. 7.
Democrats use hacking cases to keep consumer rules
Democrats determined to stop Republicans from overturning a consumer-oriented rule are using the scandals roiling Equifax and Wells Fargo to hammer the GOP's efforts.
In July, the Consumer Financial Protection Bureau decided to ban most types of mandatory arbitration clauses. The clauses require credit card or bank customers to use an arbitrator when they have a dispute rather than sue in court, and the clauses were commonly used by both companies.
The House has since voted to block the consumer bureau's rule. Now the clock is ticking on action by Senate Republicans.
Senate Minority Leader Chuck Schumer said Wells Fargo and Equifax did "terrible wrong" and now Republicans "want to prevent consumers from having rights to sue them."
Siemens, Alstom merger aimed at fighting China
Once, the merger of two iconic European companies might well have been derailed by regional political rivalries. But in the case of a deal between Siemens and Alstom, those concerns have receded in the face of a larger threat: China.
The proposed merger of Europe's two largest train makers, one German and one French, demonstrated on Wednesday that economic imperatives are pushing the Continent together even as populist politicians try to pull it apart.
Siemens, a German electronics and engineering giant, and France's Alstom, a maker of the high-speed TGV, will merge their units that make trains, streetcars and signaling systems. The deal, backed by the French government, comes in response to intensifying competition from China Railway Rolling Stock Corp., the state-backed train maker.
"The message of this merger is that the European spirit is alive," said Joe Kaeser, the chief executive of Siemens.