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.
According to the ratings agency Moody’s, Iran is fiscally and structurally well placed to come back into the global economic scene
PM Davutoglu meets the heads of the world's largest companies as he promotes Turkish economic interests at World Economic Forum
Fund cuts global growth forecasts for both 2016 and 2017 by 0.2 percentage points
'Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population'
At a meeting in Vienna on Friday, the Organization of the Petroleum Exporting Countries decided against cutting output to raise prices
OPEC has agreed to raise its output ceiling to 31.5 million barrels per day
OPEC's poorer nations, led by Venezuela, want a cut to help boost prices
Move gives international recognition to renminbi, fund's Christine Lagarde says
Summit is expected to provide member states with opportunity to consult, exchange views on the most important issues concerning them in the framework of the Gas Exporting Countries Forum
Slowdown in Chinese economy, rising oil stocks in US, and oversupply from OPEC are all factors making price of oil lower
'World is more connected than ever before. More and more developing countries are seeking to join global trade networks,' WTO director-general says
European Central Bank is ready to use ‘all instruments available’ to stimulate the eurozone economy, Draghi says
Kazakhstan has overtaken Australia as the lead supplier of uranium for US reactors.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous