French carmaker Renault SA said on Friday it made record profits and sales last year, leading the board to give CEO Carlos Ghosn a new four-year term.
Renault’s board cited the company’s “exceptional results” in recommending that shareholders renew Ghosn’s term after his mandate expires in June.
Ghosn has been the face and driving force for the alliance among Renault, Nissan Motor Co and Mitsubishi Motors Corp that claimed to be the world’s biggest car-seller last year.
Renault confirmed to the AP comments by French Finance Minister Bruno Lemaire that Ghosn agreed to take a pay cut of 30 percent.
The French government owns a 15.1 percent stake in the car maker.
Renault said its revenue rose 15 percent to 58.7 billion euros, while net profit grew 47 percent to 5.2 billion euros, notably thanks to resurgent European demand.
Ghosn said he did not think Nissan’s Japanese management would agree to French government demands for a closer alliance with Nissan.
He named Thierry Bollore in a new deputy post, seen as a potential successor. Ghosn, 63, has headed Renault since 2005.
Renault sold nearly 3.76 million cars last year, a rise of 8.5 percent on the year.
Separately, German automaker Volkswagen AG said on Friday it had its best January sales on record, with a 10 percent jump over a year ago thanks to rebounds in Brazil and Russia on top of a continuing strong performance in China.
Volkswagen said it sold 898,700 cars in the month, compared with 816,100 in January last year.
Sales in China, the company’s single biggest market, rose 16 percent to 398,600. The smaller Brazilian market rose 45 percent, while Russia was up 21 percent.
The Wolfsburg-based carmaker continues to move past its 2015 scandal over diesels rigged to cheat on emissions tests. The core Volkswagen brand saw a 7 percent global increase, while luxury division Audi sold 20 percent more cars.
Other brands include Porsche, SEAT and Skoda as well as truck makers MAN and Scania.
With the speed cryptocurrency is emerging as the millennial generation’s alternative asset of choice in India, it is hard to imagine that just two years ago a couple of blockchain pioneers were briefly in police custody. Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old start-up, were arrested in late 2018. No, they had not pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap bitcoin, ether or ripple for cash or vice versa. That was the whole point of unocoin, their crypto token exchange.
FIVE NEW FABS: An acquisition of Siltronic would boost GlobalWafers’ market share from 17 to 30 percent, easily surpassing Japanese rival Sumco’s 25 percent GlobalWafers Inc (環球晶圓) yesterday said it is in final talks to acquire Germany-based Siltronic AG in a 3.75 billion euro (US$4.5 billion) deal, which might help it compete with its closest rival Sumco Corp of Japan. The acquisition would be the fifth for GlobalWafers since 2008, as it has grown to become the world’s No. 3 supplier of silicon wafers through such deals. GlobalWafers, which has a 17 percent market share, would see its market position greatly elevated to 30 percent when combined with Siltronic’s 13 percent, according to a presentation Siltronic gave to its investors at a quarterly conference in August. Sumco
A Chinese factory owned by South Korean semiconductor giant SK Hynix Inc yesterday halted operations after a plant worker was found to have an asymptomatic infection of COVID-19, Xinhua news agency reported. The South Korean worker based at the plant in Chongqing since February had departed on Thursday for South Korea, Xinhua reported. He was tested at Incheon Airport in Seoul and confirmed positive for COVID-19 on Saturday, it reported. All factory staff as well as staff and recent guests at the hotel where the worker lived have been isolated and given nucleic acid tests, the agency said. “We’re cooperating with the local government
CONCERNS: The bank would act if it noticed currency speculation, the governor said, but he did not comment on a likely trajectory of the NT dollar against the greenback The central bank would intervene in the market whenever necessary to help stabilize the New Taiwan dollar, central bank Governor Yang Chin-long (楊金龍) said yesterday, adding that it is concerned Taiwan might be placed on the US watchlist for currency manipulation. The Control Yuan recently sent letter inquiring about the central bank’s market regulation efforts, Yang told a meeting of the legislature’s Finance Committee on the NT dollar’s appreciation and property price hikes. “It is the central bank’s top responsibility to stabilize foreign exchanges,” he said. The central bank has often stepped in toward the end of trading sessions to moderate the NT