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Today β€” 23 December 2024Main stream

Biden commutes sentences of 37 federal death row inmates in final month of presidency

23 December 2024 at 02:03

President Biden is commuting the sentences of nearly all the inmates on federal death row, a move that comes not even two weeks after he went through with the "largest single-day grant of clemency" in American history, the White House announced Monday.

Of the 40 inmates on federal death row, according to DeathPenaltyInfo.org, Biden is commuting 37 men sentenced to death, reclassifying their sentences to life without the possibility of parole.

The three inmates not included are: Robert Bowers, who is responsible for the mass shooting at the Tree of Life Synagogue in 2018, which left 11 people dead; Dylann Roof, a White supremacist who killed nine Black parishioners at Emanuel AME Church in Charleston, South Carolina, in 2015; and Dzhokhar Tsarnaev, who worked with his now-dead brother to perpetuate the 2013 Boston Marathon bombing that killed three people and injured hundreds.

BIDEN SETS RECORD WITH FIRST-TERM CLEMENCY GRANTS, HERE'S HOW OTHER PRESIDENTS RANK

The men being resentenced to life in prison without the possibility of parole are convicted of various murderous acts against one person or multiple. Among the victims of the 37 men are law enforcement officers, children and other inmates.

A handful of the men on death row were also set to be executed with their co-defendants.

Biden, who only supports the death penalty at the federal level for "terrorism and hate-motivated mass murder," said this move will prevent President-elect Donald Trump's administration from "carrying out the execution sentences that would not be handed down under current policy and practice," according to the White House statement.

The president declared a moratorium on federal executions after taking office in 2021.

TRUMP EXECUTION RESTART TO PUT BOSTON MARATHON BOMBER, CHARLESTON CHURCH SHOOTER, MORE KILLERS IN HOT SEAT

The convicted murderers who will now escape execution include: Marcivicci Barnette, who killed a man in a carjacking and his ex-girlfriend; co-defendants Brandon Basham and Chadrick Fulks, who kidnapped and killed a woman after escaping prison; Anthony Battle, who killed a prison guard; Jason Brown, who stabbed a postal worker to death; Thomas Hager, who committed a drug-related killing; David Runyon, who participated in the murder-for-hire plot of a Naval officer; Thomas Sanders, who kidnapped and killed a 12-year-old girl; Rejon Taylor, who carjacked, kidnapped and killed a restaurant owner; and Alejandro Umana, who killed two brothers inside a restaurant.

Two men were on death row for the murders of witnesses: police officer Len Davis, who ordered the murder of a witness who was part of an investigation into a misconduct complaint against him, and Ronald Mikos, who killed a federal grand jury witness in a Medicare fraud investigation.

Ex-Marine Jorge Torrez was set to be executed for killing another servicemember.

The list also includes men who committed deadly bank robberies, such as co-defendants Billie Allen and Norris Holder, who killed a bank guard during their crime; Brandon Council, who killed two bank employees; and Daryl Lawrence, who killed a special-duty police officer during an attempted bank robbery.

BIDEN COMMUTES 1,500 JAIL SENTENCES, GRANTS PARDONS FOR 39 OTHERS: 'LARGEST SINGLE-DAY GRANT OF CLEMENCY'

Co-defendants James Roane, Jr., and Richard Tipton committed a series of drug-related murders as gang members with Corey Johnson, who was executed in 2021.Β 

Julius Robinson killed two people over drugs, and so did co-defendants Ricardo Sanchez, Jr., and Daniel Troya, who killed a family, including two children.

Drug lord Kaboni Savage murdered or directed someone else to murder 12 people during a 16-year period – including an arson that killed six members of a federal informant's family.

Edward Fields was on death row for murdering two campers on federal land, while Marvin Gabrion and Richard Jackson were both there for killing a woman on federal land in separate cases.

Co-defendants Jurijus Kadamovas and Iouri Mikhel were convicted of kidnapping and killing five Russian and Georgian immigrants for ransom.

Lastly, the following men were sentenced to death in various cases for killing a prisoner in federal prison: Shannon Agofsky, Carlos Caro, co-defendants Wesley Coonce and Charles Hall, co-defendants Christopher Cramer and Ricky Fackrell, Joseph Ebron and co-defendants Edgar Garcia and Mark Snarr.

Monday's commutations join Biden's list of similar moves during his presidency, which have sparked mixed reactions from lawmakers on both sides of the aisle and have outpaced any president in modern history when compared to length of service.

Biden faced criticism earlier this month when he commuted the sentences of nearly 1,500 prisoners placed in home confinement during the COVID-19 pandemic and pardoned 40 others, including his son, Hunter.

As of Dec. 13, Biden has pardoned a total of 65 individuals and commuted sentences for 1,634 inmates during his time as president, according to the Department of Justice.

"The President has issued more sentence commutations at this point in his presidency than any of his recent predecessors at the same point in their first terms," White House officials said in a previous statement.

PRO-TRUMP PRISON WARDEN ASKS BIDEN TO COMMUTE ALL DEATH SENTENCES BEFORE LEAVING

Various groups and people, including former corrections officials, praised Biden's decision ahead of the public announcement, calling him "courageous" and thanking him for sending a "strong message."

Biden was urged by 28 former corrections officials in a letter to commute sentences on federal death row for the safety of federal correctional professionals who participate in executions.

"President Biden has made a courageous decision that will benefit many within the federal Bureau of Prisons. Resources can be allocated more rationally, and staff will not face the harm of participating in executions any time soon. I hope state leaders follow suit, for the benefit of their own correctional staff," said Justin Jones, the former Director of the Oklahoma Department of Corrections.

Bryan Stevenson, founder and executive director of the Equal Justice Initiative, was also among those who issued a statement, saying, in part, that this decision "marks an important turning point" and sends a "strong message to Americans that the death penalty is not the answer to our country's concerns about public safety."

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Biden said he does condemn the murderers and their "despicable acts," and he grieves for the victims and families who have suffered "unimaginable and irreparable loss," but he "cannot stand back and let a new administration resume executions that I halted," according to the White House statement.

It also said Biden will use the last few weeks of his presidency to "provide meaningful second chances" and "review additional pardons and commutations."

Bayer's CEO said budgets represent the worst of corporate bureaucracy. He decided to turn the process on its head.

23 December 2024 at 01:43
Bill Anderson sitting in front of Bayer logo
Bayer CEO Bill Anderson talked to Business Insider about how he manages the company in 90-day cycles.

picture alliance/dpa/Getty Images

  • Bayer's CEO overhauled his corporate budget system with 90-day cycles in an effort to reduce bureaucracy.
  • Bill Anderson said the inspiration came from a "radical experiment" at Genentech to kill budgets.
  • Bayer also reorganizes teams every 90 days and has cut 5,500 positions, many of which were managers.

The annual budget process can be a parade of lengthy meetings and red tape β€” so one CEO decided to try something different.

Since becoming CEO at Bayer, Bill Anderson has introduced a set of striking changes to the company, including an overhaul of its budget system, which he sees as the driving source of corporate bureaucracy.

"We all know that the belly of the beast of bureaucracy is the budget process, right," Anderson said in an interview with Business Insider. "Everybody knows that. Everyone hates it."

Every 90 days, Anderson reallocates budgets for the next cycle.

The executive said the decision to take the company "90 days at a time" was inspired by a "radical experiment" he helped implement at Genentech in 2016 before becoming CEO of the biotech company in 2017. After what he described as an unsuccessful attempt to de-bureaucratize the budgeting process at Genentech, Anderson said Genentech decided to "kill all budgets."

However, the plan didn't lead to lower spending, he told BI.

While company spending at Genentech went down in the first year, it shot right back up a year later, Anderson said. While the CEO didn't want to bring back the old process, he concluded he had to find something to replace it with.

Genentech declined to comment.

Anderson brought the lesson to German life science company Bayer, where, a month after becoming CEO in June 2023, he replaced annual budget discussions with 90-day cycles. Instead of managers spending five months setting targets and forecasting, Anderson said squads come together every 90 days to discuss whether the company achieved its goals, how it used resources, and what it needs to focus on next.

In a conventional budget process, Anderson said the team would be discussing what they're going to do in the third quarter a year ahead. The problem with that, he said, is "nobody knows" what they'll be doing that far in advance.

"That's a waste of time," Anderson said. "They're negotiating over budgets for Q4 next year. They don't even know what they're going to be doing."

The budget overhaul is part of a larger restructuring which the company refers to as "Dynamic Shared Ownership." In addition to flipping the budget system, the model also reorganizes staff every 90 days into "mini networks" made up of who is best suited to lead that specific project.

"So every 90 days, people can flow between teams, money can flow between teams," Anderson said. "And you're working on the most important things for the next 90 days."

In a press release announcing the new operating model in January 2024, the company said the structure would "reduce hierarchies, eliminate bureaucracy, streamline structures," and speed up the decision-making process.

A company spokesperson told BI that select groups called "frontrunner teams" transitioned to the new model in the summer of 2023. Now, most of the company has moved to the new structure. Along the way, managerial positions have changed, with some transitioning to individual contributors and others being laid off.

Since the beginning of the year, the company has cut about 5,500 roles, most of which were managers, shrinking its overall headcount from around 100,000 down to around 94,500. A spokesperson said layoffs are ongoing.

Anderson said some teams, like those that started the transition a year ago, "are racing ahead and doing great," while other groups are "still stuck in the starting blocks." He added that the company's voluntary attrition rate has gone down since transitioning to the new operating structure.

The company has embarked on a plan to cut costs by about 2 billion euros by 2026. Bayer's stock price is down 46% since the beginning of the year. In its third-quarter earnings, the company reported over $4 billion in net losses and shared expectations for a "muted outlook" and "declining earnings" over the next year.

The company has faced several recent headwinds, including the expected loss of exclusivity on the blood-thinning drug Xarelto. Anderson said the drug was once responsible for a significant amount of Bayer's profits.

The company has also grappled with legal battles over Roundup, a herbicide produced by Monsanto, which Bayer purchased for $63 billion in 2018. The product has been the subject of thousands of lawsuits alleging it causes cancer, and Bayer agreed to pay billions of dollars to resolve some of the litigation while it also appeals some of the court decisions.

"The litigation topic is a big overhang for our company," Anderson said, adding that "there's a lot of great things happening" but investors want the company to deal with the lawsuits, which it is.

When Bayer announced the new operating model, the company said its goal was to become "more agile and significantly improve its operational performance," and Anderson has already reported some positive results.

In Bayer's third-quarter earnings report, Anderson said Bayer's Pharma division outside Milan cut release time by almost 50%, resulting in less waste, improved cash flow, and lower inventory. Anderson said in the report that when he first asked about success stories, he would get the same two or three examples.

"Now, I'm hearing stories like these basically on a daily basis," Anderson told investors. "I'm confident that will translate into results for our investors, and a bright future for us and our customers."

Read the original article on Business Insider

The best and worst superhero movies of 2024, according to critics

23 December 2024 at 01:26
A composite of stills showing Dakota Johnson in "Madame Web," Hugh Jackman in "Deadpool & Wolverine," and Joaquin Phoenix in "Joker 2."
"Madame Web," "Deadpool & Wolverine," and "Joker 2" were the most talked-about superhero movies of 2024.

Beth Dubber / Jay Maidment / Warner Bros.

  • Seven superhero movies came out in 2024.
  • "Deadpool & Wolverine" was the only superhero film to get a Rotten Tomatoes critic score above 50% this year.
  • Sony released three new movies in their Spider-Man universe, including the universally panned "Madame Web."

"Deadpool & Wolverine" may have made a whopping $1.3 billion at the box office but, overall, 2024 has been a bad year for superhero movies.

Disney's Marvel Studios and Warner Bros' DC Studios released a film each in 2024 in response to superhero fatigue criticism over the last couple of years and as they prepared to enter a new phase in their respective franchises.

This left space for Sony and other studios to enter the market. But critics panned most of this year's superhero movies, with only Marvel's "Deadpool & Wolverine" receiving a Rotten Tomatoes score above 50%.

Here are all seven superhero movies ranked from lowest to highest, according to their Rotten Tomatoes critic scores.

"Madame Web"
Dakota Johnson as Cassandra Webb in "Madame Web."
Dakota Johnson as Cassandra Webb in "Madame Web."

Jessica Kourkounis/Sony Pictures

Rotten Tomatoes score: 11%

Sony has made several blunders in its attempt to build its own Marvel Spider-Man universe (without any Spider-Man appearances), but "Madame Web" is possibly the biggest misfire.

Critics said the film was a mess.Β Dakota Johnson and Sydney Sweeney, the two biggest stars in the film, distanced themselves from it after it received bad reviews and did not do well at the box office.

Fans mocked it, too, and generally didn't turn up to see the film in theaters. It is the lowest grossing film in the Spider-Man franchise, making $100 million.

"Kraven the Hunter"
A still from "Kraven the Hunter" showing Aaron Taylor Johnson wearing a sleeveless brown leather vest and leather wristcuffs.
Aaron Taylor-Johnson stars as Sergei Kravinoff in "Kraven the Hunter."

Jay Maidment / Sony Pictures

Rotten Tomatoes score: 15%

Sony's Spider-Man universe ended on a low this year with "Kraven the Hunter" debuting with the lowest domestic opening weekend for a Sony Spider-Man movie ever.

It earned $11,000 in North America, which is roughly $4,000 less than "Madame Web" and roughly $70,000 less than "Venom," the first spin-off Spider-Man movie that Sony released.

Critics were not as hard on "Kraven the Hunter" as they were on "Madame Web," but still thought the film had a dull story and poor special effects. While some critics thought the film was so bad that it was entertaining, others thought it was a waste of time.

"The Crow"
A man with black hair with dark eye makeup in a black leather jacket is covered in blood.
Bill SkarsgΓ₯rd as Eric Draven in "The Crow."

Lionsgate

Rotten Tomatoes score: 22%

1994's "The Crow" is widely regarded as a cult classic. However, its reputation was marred after Brandon Lee, the lead actor, was shot and mortally wounded by a prop gun that wasn't supposed to contain bullets, eight days before shooting wrapped.

Lionsgate's attempt to revive the superhero franchise failed critically and commercially. This time, Bill SkarsgΓ₯rd starred as Eric Draven, a recovering drug addict who gains supernatural abilities after being resurrected from the dead and seeks revenge on the people who killed him and his lover.

Some critics defended "The Crow" reboot, saying it wasn't unwatchable, but most reviews were more negative, saying the film was incoherent and not better than the original film.

2024's "The Crow" made $23 million in ticket sales on a reported $50 million budget. The 1994 version made $50 million.

"Joker: Folie a Deux"
Joaquin Phoenix dressed as Joker in a white suit
Joaquin Phoenix as Joker in "Joker: Folie a Deux."

Warner Bros.

Rotten Tomatoes score: 32%

There were big hopes for "Joker: Folie a Deux." Its predecessor made over a billion dollars, and Oscar and Grammy winner Lady Gaga took on the part of the hugely popular villain, Harley Quinn.

It was also a musical, following Joaquin Phoenix's Arthur Fleck as he stands trial for the multiple murders her committed in the first film, and begins a relationship with Lee Quinzel (Gaga).

But somehow, "Joker: Folie a Deux" disappointed both fans and critics and only made $206 million in ticket sales. Variety reported that Warner Bros. spent $200 million on the film and roughly $100 to market it, meaning the film likely did not turn a profit.

"Hellboy: The Crooked Man"
A red man with shaved horns is wearing a long coat in a poorly-lit church pointing a pistol at something off-camera.
Jack Kesy as Hellboy in "Hellboy: The Crooked Man."

Yana Blajeva/Millennium Media/Ketchup Entertainment

Rotten Tomatoes score: 37%

If you missed the latest "Hellboy" movie, you're not alone. Millennium Media, the production company that owns the rights to the Hellboy character, did not heavily promote "Hellboy: The Crooked Man," releasing the first teaser three months before it premiered in the US.

"Hellboy: The Crooked Man" takes Hellboy (Jack Kesy) back to his horror roots as he tries to take down a group of witches and their sinister demon leader, the Crooked Man.

Critics were divided on this film. Some said it was dull and had a messy script, while others praised it for actually being scary.

"Venom: The Last Dance"
A still from "Venom" showing Tom Hardy in an informal outfit in a desert with a black gooey monster coming out of his shoulder.
Tom Hardy plays Eddie Brock and Venom in "Venom: The Last Dance."

Sony Pictures

Rotten Tomatoes score: 41%

"Venom: The Last Dance," the final film in the "Venom" trilogy, follows Eddie Brock and his alien symbiote Venom, who fleeing the world's military and a group of aliens working for Knull, Venom's creator

The "Venom" films are the only commercially successful movies from Sony's Spider-Man spin-off universe. Critics panned the series, and "Venom: The Last Dance" has the lowest-grossing of the three films.

But audiences still loved the film, which had the eighth-highest ticket sales of the year with a total of $475 million.

"Deadpool & Wolverine"
Hugh Jackman as Logan/Wolverine and Ryan Reynolds as Wade Wilson/Deadpool in "Deadpool & Wolverine."
Hugh Jackman as Wolverine and Ryan Reynolds as Deadpool in "Deadpool & Wolverine."

Jay Maidment/Marvel Studios

Rotten Tomatoes score: 78%

Since 2009, Ryan Reynolds and Hugh Jackman have been engaged in a playful rivalry over who plays Canada's greatest Marvel superhero. Now they bring this feud to the big screen with "Deadpool & Wolverine."

In the multiversal movie, Deadpool (Reynolds) and Wolverine (Jackman) work together to save Deadpool's universe, find redemption for Wolverine, and lead a team of misfits to take down Professor X's powerful sister, Cassandra Nova (Emma Corrin).

The final film was not only a finale to the R-rated hit "Deadpool" movie trilogy, but it was also a heartfelt goodbye to Fox's Marvel franchise, which ended when Disney bought Fox.

"Deadpool & Wolverine" also dispelled the myth that audiences were bored with superhero movies. It received mostly positive reviews from critics and became the highest-grossing movie in the trilogy.

Read the original article on Business Insider

I spent a week buying every meal from an app that saves food from being wasted. Despite some letdowns, I was impressed.

23 December 2024 at 01:21
Too Good To Go lets users buy unsold food for a third of the original price.
Too Good To Go lets users buy unsold food for a third of the original price.

Too Good To Go

  • The Too Good To Go app aims to help consumers save money and reduce food waste.
  • I tried it for a week to see how much I could save.
  • I found it was most useful for fresh produce, but the pastries weren't always great.

Everything is expensive right now. It's rare that I ever leave the grocery store having spent less than I wanted to.

I've heard of apps like Too Good To Go, which sell surplus food at a discount, but never gone much further than signing up.

To test it out, I spent a week in early December only buying food from the app. I wanted to see if it was a viable way of saving money, sticking to a budget, and learning to be a bit more flexible with my cooking.

I also want to be more mindful about the groceries I buy and, unfortunately, sometimes waste.

Too Good To Go's CEO, Mette Lykke, told me in a recent interview that the app now operates in 19 countries across North America, Europe, and Australia, and covers 170,000 stores.

Lykke said the company hopes to inspire people "to make that the first step in a journey toward having a more responsible relationship with food."

"If we look at the state of the planet and the climate crisis, then it's pretty clear that something needs to change," Lykke said.

It was fun trying out new places in my city, London. While the pastries I received were hit-and-miss, the fresh produce from local stores was a real highlight.

Monday

Monday was largely spent figuring out the platform. I found that its map feature was the best way to find local cafΓ©s and stores.

I saw that an expensive cafΓ© on my local high street offered pastries, so I opted for that β€” Β£3.90 ($4.95) for a blueberry muffin, chocolate chip cookie, and slice of banana bread.

Three pastries bought with Too Good To Go
Pastries from my first Too Good To Go parcel.

Lindsay Dodgson/Business Insider

After the sugar rush I was still hungry, so I chose a bag of sandwiches and pastries from my local Costa Coffee for Β£3.50 ($4.44).

I got a slightly stale pan au raisin and two sandwiches β€” one seasonal turkey feast, and a BLT which my boyfriend took for lunch the next day.

Too Good To Go sandwiches and pastries
Sandwiches and a pan au raisin.

Lindsay Dodgson/Business Insider

In total, I spent Β£7.40 ($9.39) on items worth at least Β£22.90 ($29.08), so the week was off to a good start.

Tuesday

On Tuesday, I switched things up by trying out fresh produce from a couple of local stores. They offered "surprise bags" of groceries for Β£4 ($5.08) each.

While I was slightly overwhelmed with what to do with it all, it was an absolute hit with my boyfriend, who is always thrilled to be met with a culinary challenge.

One of the bags had Padron peppers, garlic, tomatoes, mushrooms, radishes, and beets. I also received three packets of pita bread, a sourdough baguette, a fruit bar, some buttermilk, and fresh herbs.

The multivitamin patches were a curveball, which I have to admit I didn't try.

Too Good To Go grocery bag
A load of fresh produce from a local grocery store.

Lindsay Dodgson/Business Insider

In the other bag, I got a melon, some Greek yogurt, lettuce, butter, rainbow chard, and sausages.

Too Good To Go grocery bag
More groceries.

Lindsay Dodgson/Business Insider

The sausages went in the freezer, but almost everything else was used to make a pasta sauce, roasted peppers, sauteed mushrooms, buttermilk pancakes, and basil oil. The beets got pickled.

The only thing we ended up having to waste was the watercress, which was already looking past its best.

In total, I spent Β£8 ($10.16) on items worth at least Β£24 ($30.48).

Wednesday

Tuesday's groceries went further than expected, so I bought another pastry bag to satisfy my snackiness during the day.

I'm not convinced the sourdough loaf and pastel de nata (which I squashed) I got for Β£4.09 ($5.19) truly had a full sale value of Β£12 ($15.24), but they were both pretty good.

The server recommended putting the loaf in the freezer and toasting the slices, which was a great tip that lasted me the rest of the week.

Too Good To Go bread and
Bread and (squashed) pastel del nata from a local bakery.

Lindsay Dodgson/Business Insider

Thursday

I knew I was out for dinner with friends on Thursday so I picked up some Starbucks pastries on the way. This was the biggest letdown of the experiment.

Throughout the week, I realized that several cafΓ©s don't offer anything until quite late in the day, by which time the food has been sitting out for hours. This makes sense from their perspective, but it does mean that some of the food isn't at its best.

But for Β£2.50 ($3.18), a muffin, cookie, cinnamon bun, and cheese stick is certainly better than nothing.

Too Good To Go Starbucks
Even more pastries.

Lindsay Dodgson/Business Insider

In total, I spent Β£2.50 ($3.18) on items worth at least Β£7.50 ($9.52).

Friday

I'd been eyeing up a nearby Bangladeshi restaurant all week, so knowing I had a night in alone on Friday, I went for the Β£4.09 ($5.19) curry bag they were offering.

I got a few bhajis, some chicken and rice, two veggie curries, more rice, some okra, and what I thought was probably cabbage.

It was all good and spicy, though the bhajis were slightly stale.

Too Good To Go curry bag
A curry bag from a local restaurant.

Lindsay Dodgson/Business Insider

In total, I spent Β£4.09 ($5.19) on items worth at least Β£12 ($15.24).

The results

For the whole week, I spent Β£26.08 ($33.11) on Β£78.40 ($99.54) worth of food.

Not every bag felt like amazing value. But some, especially the grocery bags, were genuinely impressive.

The experience taught me a lot about how to be flexible. I'm now committed to focusing less on "use by" dates on food and sticking to the safety assessment Lykke taught me β€” "look, smell, taste, don't waste" β€” before throwing things out.

My advice for anyone downloading Too Good To Go is to use it with foresight. The app is great for saving money for those on a strict budget who are OK with some compromises.

Too Good To Go is available in huge stores in the UK (such as Asda) and the US (including Whole Foods), so there are plenty of places to try.

Lykke told me the nice thing about Too Good To Go is you don't have to give anything up, and she's right. From a quick scan of my area, there is bubble tea, ice cream, Turkish food, burgers, doughnuts, and more. You don't get to choose exactly what you want, but as long as you don't mind a bit of a surprise, it's worth a try,

"You actually get good food, it's a good deal, and you do something good," Lykke said. "It's win-win for businesses, for consumers, and for the planet."

Read the original article on Business Insider

Nissan and Honda officially enter merger talks to take on Tesla and create the world's 3rd largest car company

23 December 2024 at 01:12
Nissan and Honda
Nissan and Honda are aiming to finalize merger talks by the end of January 2025.

RICHARD A. BROOKS/AFP via Getty Images

  • Nissan and Honda have announced they are beginning merger talks.
  • A third Japanese automaker, Mitsubishi, will also participate in the discussions.
  • The companies hope a merger could help them take on Tesla and Chinese EV makers, Nikkei previously reported.

Nissan and Honda, two of Japan's largest car companies, have announced that they are beginning merger talks.

The two automakers have agreed to proceed with discussions to build a "strategic partnership focused on intelligence and electrification," according to a statement issued on Monday.

Nissan and Honda are looking to reach a conclusion in talks by the end of January 2025.

A memorandum of understanding (MOU) has also been signed with a third company, Mitsubishi, signaling its involvement in the merger talks.

It would be the largest domestic merger in Japanese automotive history, and if finalized, it would create the world's third-largest automaker by sales.

The companies hope that a merger could help them better compete against Tesla and Chinese EV makers.

Profits were down in the latest earnings reports for all three of Japan's top auto companies β€”Β Toyota, Nissan, and Honda β€” with slumping sales in China a constant theme.

"At this time of change in the automobile industry, which is said to occur once every 100 years, we hope that Mitsubishi Motors' participation in the business integration discussions of Nissan and Honda will lead to further social change," said Toshihiro Mibe, Honda's Director and Representative Executive Officer.

Japan's stock market had closed for trading on Monday when the announcement was made. However, Honda's New York-listed stock was up 13% in premarket trade Monday on the back of the news.

After news of the merger was reported last week, Nissan's stock had surged by nearly 24%.

Read the original article on Business Insider

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