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The Morning Ledger: Why Ford’s Bet on China Has Yet to Pay Off

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The new Ford Focus is displayed during the Auto China 2018 motor show in Beijing, China, April 25, 2018.
Reuters
Good morning. Executives weighing a decision to expand overseas could learn many lessons from Ford Motor Co.’s experience in China. The Detroit auto maker’s $5 billion bet on the Middle Kingdom, the world’s biggest auto market, has yet to pay off, write the WSJ’s Christina Rogers and Trefor Moss.
As Ford added more models and expanded the number of dealerships across China, the country generated profits for the company. However, the car maker’s market share declined from the sixth-largest by passenger-car sales in China in 2014 to 18th place in the first three months of this year, according to research firm LMC Automotive. Analysts attribute the drop largely to Ford’s failure to innovate and customize its cars for technology-loving Chinese customers.
Ford’s China business posted a loss in the first quarter of 2018 as the company launched a new effort to turn its China unit around. While the Chinese joint-venture operations contributed $138 million to Ford’s quarterly profit, that gain was more than offset by engineering costs for future products aimed at the local market, Ford’s finance chief said during an April earnings call.
THE DAY AHEAD
The U.S. consumer price index is due out at 8.30 a.m. ET. Economists expect the inflation measure to tick up 0.3% for April, a reversal from the 0.1% decline recorded a month earlier.
The U.S. Securities and Exchange Commission holds its annual conference on financial markets regulation.
Visa CEO to confront women’s issues. Several senior female executives at Visa Inc. are expected to tell Chief Executive Alfred Kelly Thursday they aren’t being given enough opportunities to advance at the card giant, according to people familiar with the matter.
AMC Networks Inc., Choice Hotels International Inc., NVIDIA Corp. and Yelp Inc. are among the companies reporting earnings today.
CORPORATE NEWS
Houston-based Sysco is trying to pass along higher costs to customers, but isn’t always able to.
Bloomberg News
Company costs are rising, but getting shoppers to pay more is hard. U.S. companies are facing higher costs for everything from fuel and freight hauling to steel and accounting services, a trend that’s pressuring firms to raise prices even as shoppers resist their efforts to do so.
Boeing, Airbus to lose billions from Trump’s Iran sanctions. President Trump’s decision to reinstate Iranian sanctions could hit Boeing Co. and Airbus SE the hardest as the world’s largest plane makers signed more than $40 billion in combined deals with Iranian carriers. The sanctions also hamper a tentative effort by smaller European banks to plug the Middle Eastern country back into the global financial system.
Corporate America is facing $4 trillion in refinancing. Companies will need to refinance roughly two-thirds of all their outstanding debt — around $4 trillion — at the same time as an expected uptick in interest rates will translate into higher borrowing costs, reports Bloomberg.
ZTE halted major operations following U.S. sales ban. Chinese telecommunications company ZTE Corp. said it halted major business operations, marking the deepest wound inflicted yet in the escalating trade rift between China and the U.S.
U.S. drinkers abandon beer. Anheuser-Busch InBev SA, Molson Coors Brewing Co. and Heineken NV all reported sharply lower U.S. beer volumes in the first quarter compared with a year earlier as drinkers turn to other alcoholic beverages, such as wine or whiskey.
Starbucks deal boosts Nestle’s rivalry with JAB. Nestlé SA’s $7 billion licensing deal for Starbucks’ retail business gives it a boost in its battle against JAB Holding Co., the privately owned investment firm that controls coffee brands including Espresso House and Keurig, reports Reuters.
Sinclair to raise $1.5 billion by selling stations. Sinclair Broadcast Group Inc. said Wednesday that it will raise about $1.5 billion from the sale of the nearly two dozen television stations to gain regulators’ approval for its purchase of Tribune Media Co.
Sears stock roars on Amazon tie-up. Sears Holdings Corp. shares jumped 16% after the company announced a tire service partnership with Amazon.com Inc., part of Chief Executive Edward Lampert’s plan to turnaround the troubled retailer, reports Reuters.
Adviser urges votes against three Tesla board members. Pension-fund adviser CtW Investment Group has encouraged Tesla Inc. shareholders to vote against three of the company’s directors running for re-election — Kimbal Musk, the brother of Tesla Chief Executive Elon Musk, venture capitalist Antonio Gracias and 21st Century Fox Inc. Chief Executive James Murdoch — arguing that they’re “substantial Tesla shareholders.”
Meanwhile, a U.S. transportation-safety agency said it would begin examining the crash of a Tesla Model S car that killed two teenagers Tuesday evening, marking the fourth active federal probe involving the company’s vehicles.
BlackRock courts young investors. BlackRock Inc., the world’s largest money manager, is buying a stake in Acorns Grow Inc., a startup that invests its users’ pocket change, as part of its push to serve individual investors.
AXA U.S. unit IPO priced at $20 per share. AXA Equitable Holdings Inc., the subsidiary of French insurance giant AXA SA, is seeking proceeds of $2.75 billion in its IPO of 137.25 million existing shares, priced at $20 each, reports Bloomberg.
REGULATION
The logo of Royal Bank of Scotland.
Reuters
RBS in $4.9 billion settlement. Royal Bank of Scotland Group PLC has agreed to pay $4.9 billion to settle with the U.S. Justice Department over the sale of toxic mortgage-backed securities in the lead-up to the global financial crisis, clearing the path for the bank’s privatization.
Germany set to allow collective lawsuits. Germany would allow collective lawsuits for the first time starting in November under a new bill drafted in the wake of Volkswagen AG’s diesel-emissions scandal, which left German consumers with few ways to seek redress despite the company paying out billions of dollars overseas.
ADT’s changes to earnings release skirt SEC reporting guidelines. ADT Inc.’s second attempt as a public company to report quarterly results may draw the ire of the U.S. Securities and Exchange Commission after its presentation of results skirted reporting guidelines, according to MarketWatch.
Anbang Insurance founder’s fall ends with prison term. Disgraced Chinese insurance magnate Wu Xiaohui was sentenced to 18 years in prison on Thursday after being convicted of fraud and abuse of power connected with the meteoric rise of the company he founded, Anbang Insurance Group Co.
ECONOMY
U.S. Trade Representative Robert Lighthizer was part of a delegation sent to Beijing last week.
AFP/Getty Images
China draws up shopping list of U.S. goods to avoid trade war. China likely will offer to import more U.S. goods during negotiations in Washington next week as the two sides see one of the best ways to avert an all-out trade war is for Beijing to buy American.
In a dollarized world, a rising dollar spells pain. The U.S. dollar’s dominance in global trade and finance means an appreciating dollar may hurt rather than help other economies by raising their import and debt costs, writes the WSJ’s Greg Ip.
U.S. producer prices up 0.1% in April. The U.S. producer-price index, a measure of the prices businesses charge for their goods and services, rose a seasonally adjusted 0.1% in April from a month earlier, the Labor Department said on Wednesday.
California in solar panel-move. California took a major step Wednesday toward becoming the first state to require solar panels on nearly all new homes, the latest sign of how renewable energy is gaining ground in the U.S.
BoE leaves rates unchanged. The Bank of England left interest rates unchanged at 0.5% on Thursday after a slowdown in economic growth in the first quarter. It still expects to raise its key interest rate over coming years, reports the Guardian.
BOJ will monitor financial system — Kuroda. Bank of Japan Gov. Haruhiko Kuroda said Thursday the central bank would carefully monitor the financial system for signs of negative effects from its prolonged easing program, which he said could expand over time.
CFO MOVES
GlaxoSmithKline PLC, a British pharmaceutical company, said its Chief Financial Officer Simon Dingemans intends to retire, effective May 2019. GSK will conduct a global search both internally and externally to identify a successor, the company said in a statement. Mr. Dingemans became GSK CFO in January 2011. He will not receive any severance payment when he leaves the company, as he departs voluntarily.
The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Nina Trentmann contributed to today’s Ledger. Send tips, suggestions and complaints to kimberly.johnson@wsj.com.

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