World Bulletin/News Desk
Renault does not intend to cut jobs or plants "at this stage", but domestic factories must improve productivity to match sites in Spain and Britain, Chief Operating Officer Carlos Tavares said in an interview published on Friday.
European automakers are struggling to cope with a glut of excess capacity amid a sustained market decline. Renault's larger domestic rival PSA Peugeot Citroen is cutting more than 10,000 domestic jobs, closing its Aulnay assembly plant near Paris and shrinking another.
"At this stage, there is no plan to cut jobs or close a site," Renault's no.2 executive was quoted as saying by La Tribune. "Our plants are in a difficult situation, which we are managing with temporary layoffs ... But the slump in Europe is likely to last."
Renault plans talks with unions to bring the competitiveness of its French plants into line with its "benchmark" factory in Palencia, Spain and with Japanese affiliate Nissan's Sunderland site in Britain, Tavares said.
"I don't see any reason why our performance should be lower in France than in Spain," he added.
Renault employs about 50,000 workers in France.
If Russian oil giant Rosneft's request for $49 billion from the government is not met, Russia could face larger budgetary and revenue problems, say experts
China launched the first stage of an Asian development bank, in what is widely seen as a challenge to U.S.-backed international banks.
Aid agencies are tentatively also giving away cash and letting refugees decide for themselves what they need. The money is being wisely spent and rarely wasted
The research firm IHS estimated this week that ISIL militants were producing about $2 million worth of crude oil a day before recent U.S.-led air strikes.
The conflict between Turkish and Greek Cypriots on the island continues over the ownership of the hydrocarbon reserves in the exclusive economic zones off the shore of the island
Aeroplane maker company Boeing sells plane parts to Iran, as part of easing the sanctions and first step since 1979
OPEC's second-largest producer, Iran is normally among the first members of the oil producers' group to call for supply cuts to support prices.
The 21-member Asia-Pacific Economic Cooperation (APEC) bloc said they would advance structural reforms to unleash new sources of growth.
Ukraine needs to pay its previous debt to Russia by the end of the year and pay in advance for getting new volumes of natural gas
The loss of Khafji's 280,000 barrels per day of Arabian Heavy crude will be felt more in Kuwait, which has far less spare output than its neighbour
Under Lufthansa's proposals, pilots would still be able to retire early, but the age would gradually increase to 60 from 55.
Labor tension on the rise as high inflation reduces spending power.
Third quarter growth was lowest in more than five years, threatening annual target
De Margerie was killed when a business jet collided with a snow plough during takeoff at Moscow's Vnukovo International Airport overnight, the company and airport officials said.
Stabilised political and security situation, the launch of government initiatives toward fiscal consolidation and strong support from external donors are some of the reasons given for improved economic outlook.