World Bulletin / News Desk
Italian carmaker Fiat SpA will stop production at its Pomigliano plant for two more weeks at the end of October because of a weak European market.
Fiat will place workers at Pomigliano, where it makes the Panda compact, on a temporary layoff scheme from Oct. 29 to Nov. 9, a company source said on Tuesday.
Fiat has sent workers home from many of its Italian plants on temporary layoffA this year because of slack demand. At Pomigliano, workers will end a two-week layoff on Oct. 5.
Fiat Chief Executive Sergio Marchionne said last month the European car market's five-year slump made it "more likely" there will be co-ordinated plant closures across the continent.
However, he reassured unions he would not close factories in Italy despite a plunging domestic market.
Car sales dropped further in austerity-hit France, Italy and Spain last month and European car executives have warned that a rebound may be years rather than months away.
Truck and tractor maker Fiat Industrial SpA, which was spun off from Fiat last year, will also halt production at the San Mauro Torinese plant of its U.S. farm equipment unit CNH Global NV, the Fiom trade union said in a statement on Tuesday.
Workers at the CNH plant will be put on temporary layoff for nine days in November and five days in December, it said.
Direct trading using the 2 national currencies will be launched on the interbank forex market on Dec. 12, says FX watchdog
The Bank of France revised its 2016 and 2017 growth forecast down to 1.3 percent, having previously expected growth of 1.4 percent this year and 1.5 percent next year.
Ursula von der Leyen held talks with her Saudi counterpart, Deputy Crown Prince Mohammed bin Salman, on boosting the "excellent bilateral relations" between the two countries, the mission added.
Most analysts predict president Mario Draghi will extend an 80-billion-euro ($86-billion) per month bond-buying scheme beyond the current March deadline at his press conference.
A record-setting wave of Chinese investment abroad has fuelled concern in Beijing over capital flight, reckless spending overseas, and the yuan's fall against the US dollar.
The deal is part of a broader privatisation drive and comes despite Moscow being mired in Western sanctions over the crisis in Ukraine that have played a major part in plunging the country into recession.
Germany’s ambassador to Ankara says German companies operating in Turkey should think about tomorrow
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
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.