PARIS (Reuters) – French carmaker Renault on Tuesday announced a big overhaul to split its operations into five businesses, deepen ties with China’s Geely and list its electric vehicle unit on the market from next year. Here are the main planks and financial targets unveiled in a strategy presentation to investors. FIVE BUSINESSES: Renault will…
ISTANBUL (Reuters) – Turkey has started paying for some its natural gas from Russia in roubles, Turkish Energy Minister Fatih Donmez said on Tuesday. In an interview with broadcaster TRT Haber, Donmez said that in the coming months the share of local currency payments in energy trade with Russia would increase. Russia, hit by Western…
By Norihiko Shirouzu and Gilles Guillaume BEIJING/PARIS (Reuters) -France’s Renault and China’s Geely announced a 50-50 joint venture on Tuesday for gasoline engines and hybrid technology, aiming to cut costs in what will become legacy businesses and free up resources for an electric vehicle future. The venture, which will aim to maximise sales by supplying…
LUXEMBOURG (Reuters) – Europe’s top court on Tuesday scrapped an EU order to Italian carmaker Fiat Chrysler to pay 30 million euros ($30 million) in back taxes to Luxembourg. “The Court of Justice that the General Court was wrong to confirm the reference framework used by the (European) Commission to apply the arm’s length principle…
TOKYO (AP) — Repayment of the more than 10 trillion yen ($68 billion) government funding for cleanup and compensation for the Fukushima Daiichi nuclear plant disaster has been delayed, the Japanese government says. The Board of Audit said in a report released Monday that the delay stems from technical difficulties and Tokyo Electric Power Co….
DUBAI, United Arab Emirates (AP) — Long-hauled carrier Emirates is buying five Boeing 777 freighters in a deal valued at more than $1.7 billion, further expanding its cargo flight capacity, the two companies announced Tuesday. Emirates previously announced a $1 billion investment to its cargo flights, including buying two new Boeing 777s and converting 10…
By Isabel Kua SINGAPORE (Reuters) -Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries. Brent crude fell 31 cents, or 0.3%, to $97.61 a barrel by 0434 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.4%, to…
FRANKFURT (Reuters) – Munich Re on Tuesday said it posted a 44% rise in net profit in the third quarter, despite big claims from Hurricane Ian, and it “firmly” stuck to its full-year earnings target. Net profit in the quarter of 527 million euros ($527.21 million) compares with 366 million euros a year ago when…
BANGKOK (AP) — Asian shares were mixed on Wednesday as investors awaited the outcome of the U.S. midterm elections and a major inflation update due later in the week. Tokyo’s Nikkei 225 index slipped 0.2% and the Hang Seng in Hong Kong also shed 0.2%, to 16,517.04. The Shanghai Composite index edged 0.1% higher to…
BEIJING (AP) — Renault SA and China’s Geely announced plans Tuesday for a jointly owned venture to produce gasoline-powered and hybrid powertrains, adding to a series of partnerships between global automakers to share soaring technology costs. The venture will have 17 plants with annual production capacity of 5 million powertrains, five research and development centers…
