Tue, Sep 25, 2012 - Page 15 News List

Business Quick Take



Ford-union accord backed

Canadian auto workers have overwhelmingly approved a new contract with Ford, sealing a tentative deal that averted what would have been a massive strike, a union said on Sunday. The Canadian Auto Workers reached the agreement with Ford on Monday last week, and a similar one days later with General Motors. Talks with Chrysler continue, the union said in a statement. A total of 82 percent of Ford’s 4,500 employees in Canada said yes to the new labor contract, which provides for no wage increases, but workers will get a cost of living increase of about C$2,000 (US$2,050) each year starting in the second year of the contract.


Kyocera providing panels

Kyocera Corp is to provide solar panels with a capacity of 30 megawatts to Eurus Energy Holdings Corp for a site in northern Japan, Kyocera said in a statement yesterday. Construction of the plant in Shiranuka, Hokkaido, is to start next month and operations are to begin in March 2014, according to the statement. Eurus Energy is a renewable-energy venture between Toyota Tsusho Corp and Tokyo Electric Power Co.


Inflation rate increases

Inflation accelerated for the first time in 12 months this month, up 6.48 percent on a year earlier, amid fears of a return to rocketing prices as the country grapples with multiple economic woes. The consumer prices index (CPI) hit a three-year low of 5.04 percent last month, according to the General Statistics Office figures, after an all-out drive by the country to bring last year’s double-digit inflation under control. The government is targeting single-digit inflation and a 6 percent to 6.5 percent growth in economic output for this year. The overall inflation rate for the first nine months stood at 9.96 percent year-on-year.


GDP rises 0.2 percent

GDP rose 0.2 percent in the second quarter from the previous three months, national statistics agency CBS said, confirming preliminary figures. The economy shrank 0.4 percent from a year earlier, compared with an Aug. 14 estimate of a 0.5 percent decline, CBS in The Hague said on its Web site yesterday.


Volvo president out sick

The president and CEO of Volvo Car Corp has suspended his duties within the company for the next month due to a stroke, the company said on Sunday. Chief financial officer Jan Gurander is to serve as acting CEO during the absence. Volvo said CEO Stefan Jacoby suffered a mild stroke last week and is starting the recovery process.


Petra sees production leap

South Africa-focused Petra Diamonds Ltd said it expected production in the year ending June next year to grow by about 30 percent, helped by contribution from its Finsch and Williamson mines and higher output at its Kimberley Underground mines. The diamond miner said profit from mining activity rose 35 percent to US$103.3 million in the year ended June 30. Production nearly doubled, mainly due to the contribution from Finsch — South Africa’s second-biggest diamond operation. Petra, which has interests in seven operating mines in South Africa and one in Tanzania, expects to produce 2.85 million carats in fiscal 2013.

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