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.
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.
If the cartel does not reach a deal to cut output, prices could fall below $40 a barrel
European air travel giant Lufthansa has been battling its own pilots over pay and conditions for more than two years.
Failure to get an accord on Wednesday could send oil prices tumbling and deal a further blow to the credibility of the 56-year-old Organization of the Petroleum Exporting Countries.
Around midday, shares in Italian lenders Unicredit and Banco Popolare were down 4 percent compared with Friday's closing levels.
Officials on Friday's said the tie-up between the Hong Kong and Shenzhen markets will start on December 5.
The announcement comes as the country is gearing up for a key election next year, with the parties in Chancellor Angela Merkel's grand right-left coalition keen to woo ageing voters.