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.
OPEC's influence is waning as it fails to cut production Thursday amid falling oil prices, while divisions between its member states deepen, experts say.
A controversy surfaced recently after the Public Account Committee (PAC) released a report accusing senior government officials of having fraudulently authorized payment of at least $122 million of public funds to a private company
Venezuelan Foreign Minister Rafael Ramirez left the meeting visibly angry and declined to comment on the outcome.
A number of potential deals under discussion in recent months could benefit from concessional financing from Tokyo.
The WTO has lurched from one disappointment to another over the past decade as it tries to find a balanced trade deal that all its members, now numbering 160, could support.
Saudi Oil Minister Ali al-Naimi said he expected the oil market "to stabilise itself eventually" but did not comment on talks with Russia held on Tuesday
Ergun Olgun, the Turkish Cypriot negotiator, said their own exploration would continue and even accelerate if Greek Cypriots pressed ahead with their plans to allow multinationals to exploit the area.
The decision to devalue the naira, according to analysts and central bank figures, appears aimed at saving the country's dwindling foreign reserves
Oil market watchers are divided on the outcome of OPEC's meeting in the Austrian capital. Predictions range from a large production cut to revive prices, to a small reduction, or none at all
The proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers.
Falling crude prices are fueled by slowing global growth and increased supply.
Ukraine's leading banks said most of their loans to Crimean individuals and businesses were now delinquent.
Deputy Energy Minister Jaime Himende said that "Mozambique has great hydroelectricity potential, and recently they have taken some bold steps to use renewable resources efficiently"
Obama, who hosted Modi in Washington in September, will in January become the first U.S. president to visit India twice, completing a remarkable warming in the relationship
The combined damage inflicted on Russia's economy by Western sanctions and falling oil prices totals about $140 billion.
PM Mahlab said that Egypt eyes sustainable growth to improve the living conditions of Egyptians, noting that the Egyptian economy is currently recovering.