World Bulletin / News Desk
French car maker Renault is considering the complete closure of factories because of the dire state of the European automobile market, the company's chief operating officer was quoted as saying on Sunday.
"We will see. We are currently talking to the unions and explaining to them how big the gaps are in our competitiveness," Carlos Tavares told German trade newspaper Automobilwoche.
"We have a competitiveness problem in western Europe and France."
The European market's prolonged decline is even starting to make previously impervious car makers, such as Volkswagen , feel vulnerable. "We're bracing for more negative surprises in 2013, perhaps also in 2014," Christian Klingler, VW's sales chief, said at the Paris auto show last week.
Tavares pointed out that Renault's cooperation with Nissan had given the company hard data on productivity levels at Nissan factories in Sunderland in Britain and Barcelona in Spain.
"These factories are really top," the Renault CEO said, adding that discussions were under way on whether Nissan could make production capacity available to Renault.
"That is one possibility," Tavares said.
A Renault spokeswoman declined to comment on the report, but Chief Executive Carlos Ghosn said on Friday that the French car maker could disappear "in its current form" if it is unable to be competitive in its home market.
However, Ghosn also said that Renault had no plans at this stage to cut jobs in France.
A fifth payment of $450 million was due on April 15, contingent on Iran having diluted half of its most sensitive stockpile of nuclear materials
The year-on-year inflation rate in the 18 countries sharing the euro was 0.5 percent in March against 0.7 percent in February, the European Union's statistics office Eurostat said.
Pushed by higher food and shelter costs, the consumer price index rose in March.
Country of origin labels are currently voluntary in the European Union and many of the bloc's governments want to keep it that way
While reverse flows would help cushion the effects of a Russian export cut during mild-demand summer months, analysts say they would not be sufficient in winter.
The tanker, Aegean Dignity, is due to take its load to Italy, the NOC quoted an oil official as saying in a statement on its website
TAP aims at enhancing the security of natural gas supply as well as diversification of gas supplies for the European markets.
Charlie Shrem, 24, was arrested in January and stepped down as vice president of the Bitcoin Foundation, a well-known trade group, soon after.
The religious endowments minister has ordered mosques not to run air conditioners before May 15 and after that date to use air conditioning only during prayer time
Most foreign workers in the construction and oil industries come from India, Bangladesh and Pakistan, while many domestic workers are from Indonesia and the Philippines
Lukoil has been decreasing its stake in Caspian Investment Resources Ltd, to share the costs at the projects, which require extensive financing.
Israel, which occupied the West Bank in a 1967 war, controls the airwaves of the territory, and Palestinian firms' lack of 3G is a constraint on its technology sector while Israel's soars
The hryvnia has lost about 38 percent of its value against the dollar since the beginning of the year due to the conflict with Russia.
The Austrian justice ministry said "numerous" persons were being investigated over money-laundering and other crimes, including former Prime Minister Mykola Azarov and his son Oleksii.
Ali Majedi, Iran's deputy oil minister for international affairs and trade, said Moscow and Tehran would struggle to agree such a deal.