Nissan Motor announced it is selling its Russian business to a state-owned entity for €1 ($0.97), taking a $687M loss. The Japanese automaker transferred its shares in Nissan Manufacturing Russia LLC to NAMI, exiting its Russia business. More: - According to Russia’s industry and trade ministry, the deal comes with a provision that gives Nissan the right to repurchase the shares within six years.
- Nissan sold its research and production facilities in St. Petersburg and its sales and marketing facility in Moscow.
- The move mirrors those of Nissan’s top investor and partner, French automaker Renault.
- Renault sold its majority stake in Russian automaker Avtovaz to a Russian investor in May.
- Renault owns a 43% stake in Nissan and estimates the business sale to NAMI would result in a €331M (~$321M) hit to its net income for H2 2022.
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The Labor Department released a new proposal on Tuesday that would change how labor laws define independent contractors. The proposal aims to provide a way for regulators to reclassify gig workers as employees. The new rule, if adopted, would raise costs for companies like Lyft and Uber, which primarily rely on contract workers. More: - According to the proposal, classifying a worker as a contractor or employee would rely on a more holistic assessment.
- One of the focus areas would include if the work performed is an integral part of the employer’s business.
- The proposal would need to go through the formal regulatory process, which included a time for public comments.
- Following news of the new proposal, shares of Uber fell 8%, Lyft declined nearly 10%, and DoorDash dropped 6%.
- Uber closed at $24.66, down ~10.4% for the day.
- Lyft closed at $11.27, down ~12% for the day.
- DoorDash closed at $44.85, down ~6% for the day.
NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Uber.
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The International Monetary Fund warns that the global economy will slide into a recession next year. According to the fund’s latest Global Financial Stability Report, the pace of rising interest rates across the globe would impact market liquidity and make it harder to buy or sell an asset. More: - The IMF warns that the pace at which interest rates are rising, which it noted is the fastest in more than four decades, could cause disruptions in lending.
- In a separate economic forecast report, the IMF showed global growth would slow down next year, more than previously estimated.
- The fund estimates the global economy to expand by 2.7% in 2023.
- The IMF estimates the U.S. economy to grow by 1.6% this year and 1% next year.
- The fund warns that developing economies would be more impacted by any downturn in the global economy due to high inflation, high borrowing costs, and volatile commodity markets.
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Lego parent company Kirkbi is buying FWD Media, the parent company of U.S. video-learning platform Brainpop, for $875M. Brainpop offers short animation videos used in schools to help children learn. Kirkbi aims to build a new business division focused on education. More: - The deal is expected to close on Tuesday.
- Kirkbi owns ~75% of Lego A/S, the world’s largest toymaker, and operates Lego Education, which makes Lego brick sets used in classrooms.
- Last month, Lego reported a 17% revenue growth for H1 2022.
- Kirkbi has been working on expanding its offerings beyond Lego bricks in recent years.
- Earlier this year, the firm acquired a minority stake in Epic Games, the maker of the popular Fortnite video game.
- In 2019, Kirkbi bought the operator of Madame Tussauds wax museums and Legoland theme parks.
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Tesla and Chinese EV maker BYD broke their respective monthly records for EV deliveries in China. Tesla delivered more than 83,000 Model 3s and Model Ys in September from its Shanghai plant, while BYD delivered almost 95,000 EVs in September. More: - BYD’s total sales, including its hybrid models, totaled 201,000 vehicles in September, also a record.
- BYD, which Warren Buffett backs, moved away from producing traditional gasoline-powered vehicles to focus entirely on its hybrid and fully electric models.
- BYD’s YoY sales rose more than 300% this year, seemly unaffected by supply-chain disruptions, COVID-19 shutdowns, and chip shortages.
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Demand for personal computers fell 19.5% in Q3 compared to last year, its fastest pace in decades. PC manufacturers shipped 68 million computers in Q3, down from 84.5 million units reported in the previous year. More: - According to data from research firm Gartner, the slowdown was in both the consumer and business markets.
- Back-to-school sales were also weaker than expected, which is usually a period of increased demand for PCs.
- According to Gartner, the U.S. PC market fell 17.3% in Q3.
- Global PC shipment fell 15% in Q3 to 73 million units.
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- Meta Platforms unveiled its new Quest Pro VR headset priced at $1,500. The new headset includes some mixed reality technologies, among other features.
- Nike said it would cancel orders on its website or apps using automated ordering software or technology. The retailer aims to crack down on resellers.
- Saudi Arabia is paying senior executives as much as $1.1M as a way to lure global talent for the Neom megadevelopment national transformation project.
- VC funding for crypto startups fell 37% to $4.44B in Q3, its lowest level in more than a year. In Q1, VCs invested a record $8.83B in crypto and blockchain startups.
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 |  | Vanessa Omeokachie is a Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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