BUSINESS April 17, 2014 | 2:38 PM
French automaker PSA Peugeot Citroen, Europe’s second-largest carmaker, has announced a recovery plan, called ‘Back in the Race’, aimed at stopping losses and returning the company to profitability by 2018.
Over the past two years, Peugeot has recorded $10.4 billion in losses, hit hard by the recession in Europe, dependence on the home market and by over capacity. Its market share fell to 10.9% last year.Read more »
BUSINESS April 14, 2014 | 11:45 AM
American aerospace manufacturer Boeing Co. plans to add 1,000 engineering jobs in the Southern California cities of Seal Beach and Long Beach over the next two years.
The news comes after decades of eliminating California jobs. The company currently has 1,800 engineering positions in those locations. The new employees will be added to the Southern California Engineering Design Center, and are positions being moved from Seattle.Read more »
BUSINESS April 10, 2014 | 12:13 PM
Dieter Zetsche, chief executive officer of Daimler AG, predicts added model offerings will give Mercedes-Benz, the world’s third-largest maker of luxury cars, the sales and profit it needs to beat BMW AG and Audi AG in 2014.
In March, sales grew a record 13% to 158,523 vehicles. Growth was boosted by a 26% increase in compact models and a 78% jump in sales for the revamped S-Class sedan. First-quarter sales jumped 15% from 2013.Read more »
BUSINESS April 9, 2014 | 5:48 PM
Airline passenger complaints for the top 15 US airlines dropped 15% in 2013, according to the 24th annual Airline Quality Rating report.
In 2011, complaints had risen 30% and increased 20% in 2012. Last year’s drop reflects an improvement by United Continental Holdings to 2.14 complaints per 100,000 passengers.Read more »
BUSINESS April 7, 2014 | 3:06 PM
Exxon Mobil, the Irving, Texas-based US leader in the oil and natural gas industry, has released a report on its website stating that it was “highly unlikely” that global climate change rules would hinder its fossil fuel production and sales in the immediate future; Exxon said fossil fuels would instead remain the major source of energy globally.
While acknowledging the real threat of global warming, Exxon says that despite global adaptation to mounting temperatures its gas and oil reserves will not drop in value. It put out this report—the first comprehensive report by a large-scale oil and gas business discussing the conceivable effect of climate change on business outlook—at the request of shareholders Arjuna Capital and As You Sow.Read more »
BUSINESS April 4, 2014 | 5:58 PM
Canadian mobile phone manufacturer BlackBerry Ltd. has opted not to renew its license with US carrier T-Mobile once it expires on April 25.
The move comes after a February tweet by T-Mobile CEO John Legere which suggested BlackBerry users should switch to an iPhone 5s. The tweet received backlash from BlackBerry users, and Legere tried to calm nerves by saying he would work with his team to find a situation.Read more »
BUSINESS April 3, 2014 | 2:44 PM
At the end of the first quarter, worldwide information technology spending is forecast to reach $3.8 trillion, a 3.2% increase from 2013 and on track with analysts’ estimates for the year, as the global economy continues to improve.
According to research firm Gartner Inc., growth is expected in all areas, including those that saw a decline in growth in 2013: devices, data center systems and telecom services.Read more »
BUSINESS April 2, 2014 | 5:34 PM
Japanese automaker Mitsubishi Motors Corp. is purchasing a closed auto plant from Ford Motor Co. in Laguna, Philippines to increase capacity outside of Japan and replace aging plants.
Mitsubishi has not disclosed what it paid for the plant, but it the amount is reported to be between $97 million and $145 million.Read more »
BUSINESS April 1, 2014 | 6:07 PM
GE Aviation, a world leader in aircraft systems and jet engines, will open a new $100 million Lafayette, Indiana site for jet engine production.
The 225,000-square-foot Lafayette, Indiana site will be GE Aviation’s seventh US aviation facility launched in the past seven years, with other locations in Asheville, NC; Batesville, MS; Greenville, SC; Ellisville, MS; Auburn, AL; and Dayton, OH.Read more »
BUSINESS March 27, 2014 | 6:26 PM
Japanese automaker Nissan has recalled nearly a million vehicles in North America after an error was detected in its front passenger airbag deployment software.
Because of a malfunction in the sensitivity of the software calibration, the software might detect a seat as empty when it’s occupied. The software is federally mandated.Read more »
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