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.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46
Borsa Istanbul's BIST 100 index goes down 0.89 pct at close, USD/TRY rate stands around at 3.44
The International Energy Agency also said production by the OPEC cartel and its allies fell in August and compliance with their pact to cut supply to the markets increased.
BIST 100 index rises 0.11 pct while US dollar/Turkish lira rate stands around 3.40
Loan to be used to increase domestic savings, enhance economic participation, ensure sustainable growth, says Treasury