MELBOURNE (Reuters) – Australia’s corporate watchdog said on Friday it has launched court action against miner Rio Tinto ( RIO.AX )( RIO.L ) and two former executives for misleading investors about the coal reserves it reported in a $4 billion acquisition in Mozambique. FILE PHOTO: Chief Financial Officer of […]
The company co-founded by disgraced US movie mogul Harvey Weinstein has been bought and will now be run by a largely-female board. Businesswoman Maria Contreras-Sweet is leading the investor group that is paying $500m for the company’s assets, which include films and TV programmes. That figure includes a $90m victims’ compensation fund. Mr Weinstein is facing dozens of allegations of sexual abuse, including rape, but he denies non-consensual sex. The Weinstein Company said at the beginning of this week that it would file for bankruptcy. However, New York Attorney General Eric Schneiderman stepped in and a deal to buy the assets, including a library of 277 films, was agreed on Thursday.
SEOUL (Reuters) – General Motors (GM.N) saw its South Korean vehicle sales tumble by almost half in February, as consumers took fright at its decision to slash production and restructure its loss-making operations in the country. General Motors Korea’s labour union members protest, while demanding that GM withdraw a plan to shut down a plant, in Seoul, South Korea February 28, 2018. Yonhap via REUTERS Although GM’s presence in the South Korean market is small with most cars made there destined for export, the slide in sales highlights uncertainty hanging over its operations after the automaker said it would shut one plant and decide the fate of three others in the coming weeks. Its South Korean retail sales dropped 48 percent to just 5,804 in February, while wholesale sales of cars for export slid 9 percent to just over 30,000 vehicles.
“Consumers appear to be concerned about everyday-life repercussions of owning a GM vehicle if its presence shrinks in South Korea, especially weaker after-service,” said Esther Yim, an analyst at Samsung Securities.
Mergers within Renault-Nissan-Mitsubishi alliance possible but not a goal: Ghosn
PARIS (Reuters) – The head of Renault, Carlos Ghosn, on Friday did not rule out the possibility of mergers among memb
ers of the Renault-Nissan-Mitsubishi alliance (RENA.PA) (7201.T) (7211.T) but said this was not necessarily a goal. Asked in an interview on France’s BFM Business whether mergers could happen to reinforce the alliance, Ghosn said:“Why not”, before adding that that this was not“an objective in itself.” The Renault-Nissan-Mitsubishi alliance said on Thursday it would speed up the convergence between the three companies on how they work in key areas, as part of a broader plan to deliver cost savings and boost profits. Asked about automaker Geely’s purchase of a $9 billion stake in Mercedes maker Daimler, which emerged earlier this week, Ghosn said the Chinese’s group’s“strategy was a little difficult to understand.”
KUALA LUMPUR (Reuters) – Malaysian budget airline AirAsia Bhd (AIRA.KL) is sticking with Airbus (AIR.PA) and has no plans currently to purchase Boeing (BA.N) aircraft, Group CEO Tony Fernandes said at a press briefing late on Thursday. FILE PHOTO: An AirAsia X Airbus A340 passenger jet arrives on its inaugural flight from Kuala Lumpur to Paris Orly Airport February 14, 2011. REUTERS/Charles Platiau/File Photo
“Boeing is keen to have us as a customer…but right now we are still very much an Airbus customer,” he told reporters.
To a question if he had plans to buy Boeing planes, Fernandes said“not at the moment”. Last month, Reuters reported that sources said AirAsia -Airbus’ largest Asian customer – was set to confirm an order of wide-body jets from the European planemaker after Boeing tried to win the airline over and extend a lead in the lucrative long-haul market. Last month, Reuters reported that sources said AirAsia -Airbus’ largest Asian customer – was set to confirm an order of wide-body jets from the European planemaker after Boeing tried to win the airline over and extend a lead in the lucrative long-haul market.
SEOUL/SYDNEY (Reuters) – U.S. President Donald Trump’s planned tariffs on steel and aluminum will distort global trade and cost jobs, Australia’s trade minister said on Friday, highlighting the risk of retaliatory measures as Asian exporters sought more detail on the plans. FILE PHOTO: Steel pipes for sale are displayed at a shop in the Mullae-dong steel product district in Seoul July 13, 2010. REUTERS/Jo Yong-Hak/File Photo. Fears of an escalating trade war hit the share prices of Asian steelmakers and manufacturers supplying U.S. markets particularly hard on Friday following a rough night on Wall Street. Trump said the duties of 25 percent on steel and 10 percent on aluminum would be formally announced next week, although White House officials later said some details still needed to be ironed out.
“The imposition of a tariff like this will do nothing other than distort trade and ultimately, we believe, will lead to a loss of jobs,” Australian trade minister Steven Ciobo told reporters in Sydney.
National Grid’s first “gas deficit warning” for eight years has been withdrawn. The power operator issued the warning on Thursday, saying it might not have enough gas to meet demand due to the current cold snap gripping the UK. The warning was a call to the market to boost supplies. National Grid said in an update: “With immediate effect the Gas Deficit warning issued for gas day 01/03/2018 has been withdrawn.”