Sun, Oct 05, 2014 - Page 15 News List

World Business Quick Take

Agencies

AUTOMAKERS

GM recalls 524,384 cars

General Motors Co (GM) on Friday said it was recalling 524,384 cars and sports utility vehicles globally in two actions dealing with potential latch problems and loose parts, and would stop sales of two new truck models with potential air bag defects. The latest recalls, which involve Cadillac and Saab SUVs, and Chevrolet Spark small cars, are GM’s 71st this year, affecting almost 30 million vehicles. GM also said it had told US dealers on Thursday to stop selling the newly introduced 2015 Chevy Colorado and GMC Canyon mid-sized pickup trucks in advance of a recall to fix a potential air bag defect.

BANKING

Banamex director resigns

Citigroup’s Mexico unit has announced the resignation of its director. The chairman of the board said the move came after this year’s “difficulties.” Citigroup’s Banamex subsidiary announced earlier this year that it had lost about US$400 million on loans to a Mexican oil services company. General director Javier Arrigunaga had “decided that new leadership was needed,” Banamex said on Friday in a statement to the Mexican stock exchange. In May, Banamex fired 11 employees for not following proper procedures in dealing with Mexico’s Oceanografia company.

TECHNOLOGY

Apple to update iPad line

On the heels of a major launch of the new large-screen iPhone 6 models, Apple Inc has scheduled an Oct. 16 event to update its iPad line, technology news Web site Re/code reported on Friday. The event will also include a look at next-generation software for Macintosh computers, Re/code said, citing unnamed sources. The gathering is to take place in an auditorium at Apple’s headquarters in the California city of Cupertino, according to the report. Apple, which popularized tablets with its iPad, remained the largest single global vendor in the second quarter, but its market share fell to 26.9 percent from 33 percent last year, research firm IDC said.

MINING

JinPei, MKM sign nickel pact

Chinese group JinPei (金沛) has signed a pact with a firm in nickel-rich New Caledonia to mine and process the ore after the world’s top producer, Indonesia, imposed a ban on exports of the metal. The agreement with Mai Kouaoua Mines (MKM) was signed last month and aims to produce 10,000 tonnes of nickel annually from 2018 and 30,000 tonnes every year in a later phase. JinPei is investing 1 billion euros (US$1.25 billion) in the project and will take a 49 percent stake in MKM, which owns several mines in the South Pacific French territory.

MANUFACTURING

UAW, IG Metal form chapter

The United Auto Workers (UAW) union on Friday said it was creating a chapter at the only factory within auto giant Daimler’s global manufacturing system where workers lack labor representation. The local chapter aims to represent the 3,400 US employees at a Mercedes-Benz plant outside of Tuscaloosa, Alabama, in the southern US, and is being formed with help from German trade union IG Metal. As membership roles grow, UAW and IG Metal will pressure the company to accept the UAW as employees’ bargaining agent.

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