Sun, May 06, 2018 - Page 16 News List

Business Quick Take



Toyota to invest in Canada

Toyota Motor Corp on Friday announced that it would invest C$1.4 billion (US$1.09 billion) in two factories in central Canada, where the Japanese manufacturer plans to build its largest hybrid hub in North America. Ottawa would support the investment with C$110 million in Toyota’s Cambridge and Woodstock plants in Ontario, a statement from the office of Canadian Prime Minister Justin Trudeau said. “Once complete, Canada will be the North American hub for the RAV4 and home to Toyota’s largest hybrid vehicle production in North America,” said a joint statement from the Canadian government and the automaker.


Waymo hit by human driver

Police in a Phoenix suburb are investigating a collision involving a self-driving vehicle owned by Waymo, Google’s self-driving car spinoff. Chandler Police said the incident happened on Friday afternoon when a Honda Motor Co sedan swerved to avoid hitting another car. The Honda went into opposing traffic lanes and hit the Waymo car. Police said the vehicle was in autonomous mode, but there was an occupant in the driver’s seat who suffered minor injuries. Waymo said in a statement that its mission is to make roads safer. It released a video of the moments before the collision.


Calvetron cedes control

British clothing retailer Calvetron has collapsed into administration, the group said Friday, placing more than 1,400 jobs in peril amid tough times on the UK high street. The group, whose history dates back to 1972, when it was founded by two east London tailors, has 997 staff in Britain plus 256 in Canada and 155 in Ireland. Calvetron — which owns clothing brands Jacques Vert, Precis, Eastex and Dash and has 300 stores — said in statement that it has appointed administrators Duff & Phelps Corp.


Moody’s upgrades outlook

The country’s credit outlook was changed to “positive” from “stable” by Moody’s Investors Service Inc, which cited the government’s economic reform plans and its focus on fiscal consolidation. Moody’s also affirmed the nation’s “Aa2” long-term issuer rating, its third-highest score, the firm said in a statement on Friday. “The government has presented a broad and ambitious agenda of structural reforms which in Moody’s view should go a long way towards correcting the key underlying causes of France’s competitiveness challenges,” Moody’s said. A shift in policy toward spending cuts would improve the country’s fiscal strength in the medium term, also boosting the outlook, it said.


UTC urged to break up

Billionaire investor Daniel Loeb’s Third Point LLC on Friday urged United Technologies Corp (UTC) to move more forcefully in pursuing a breakup into three businesses, saying such a step could unlock US$20 billion in value. The New York-based hedge fund owns a US$1 billion stake in the Connecticut conglomerate, and signaled to its clients that it would step up pressure on the board and management to follow through on their promises to review the company’s future.

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