Business

Nissan plans work stoppages in Mexico in June due to chip shortage

Japanese automaker Nissan will carry out temporary work stoppages at three Mexican plants for several days in June because of production adjustments needed to manage a shortage of semiconductor chips, the company said on Friday. Nissan’s Aguascalientas Plant 1 will shut down for seven days in June, while the same facility’s Plant 2 will close […]

Business

Pilot training puzzle tests U.S. airlines as travel takes off

As millions of Americans gear up for a summer of vacation flights, Ben Wallander is hitting the books and the simulator. Thousands of pilots at Delta and American have lost their active status, which lapses after 90 days of not flying, at some point over the past year as the coronavirus pandemic slammed the brakes […]

Business

Italy judge hands Riva brothers prison terms over Ilva pollution

An Italian court on Monday sentenced the former owners of the Ilva steelworks, Fabio and Nicola Riva, to 22 and 20 years in jail respectively for allowing it to spew out deadly pollution. Once the largest steel producer in Europe, the factory emitted a lethal cocktail of carcinogenic dioxins and mineral particles for more than […]

Business

Retailers and unions agree on 3-month extension to Bangladesh workers’ safety accord

Retailers and unions negotiating over a legally binding workers’ safety accord in Bangladesh due to expire on Monday reached a tentative deal to extend it by three months, unions involved in discussions said, provided the around 200 signatory retailers agree on the extension. The signatories – which include top apparel retailers like Zara-owner Inditex – […]

Business

Porsche, Piech families weigh direct stake in possible Porsche IPO

The Porsche and Piech families, who control Volkswagen’s largest shareholder, are prepared to take a direct stake in Porsche AG should the luxury carmaker be separately listed, two people familiar with the matter said. Such a move would loosen the families’ grip on Europe’s largest carmaker Volkswagen, in favour of direct ownership of the iconic […]

Business

Russia begins production of high-end sedan promoted by Putin

Russia on Monday has begun production of the Aurus Senat luxury sedan car promoted by President Vladimir Putin. Russia unveiled plans for the Aurus line of cars in 2013. Putin helped to promote its limousine model by driving it during his 2018 inauguration as president for a new six-year term. Production of the sedan is […]

Business

Norway’s wealth fund unlikely to reproduce same high returns, says CEO

Norway’s $1.3 trillion sovereign wealth fund is unlikely to offer the same high returns in coming decades as it has over the past 25 years, its chief executive Nicolai Tangen said. Monday marked the 25th anniversary of the Norwegian government’s first cash injection to the central bank to help establish what has since become the […]