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Business - Hyundai Motor executives to take 10 percent pay cut

Hyundai Motor Group said about 1,000 of its executives will take a 10 percent pay cut, the first such move in seven years at South Korea`s second-largest conglomerate that shows the harsh impact of market share woes and labour strife at its flagship firm. The pay cuts affect executives at 51 group companies, a spokeswoman at flagship Hyundai Motor Co said. The spokeswoman said the cuts are voluntary and are applicable from this month but declined to say how much the group expects to save from the move or which ranks of executives will be impacted.

Tuesday, October 25, 2016  05:40


Business - Hyundai Motor executives to take voluntary 10 percent cut in wages

SEOUL (Reuters) - Executives at South Korea`s Hyundai Motor Group plan to take a voluntary 10 percent cut in wages from this month, the first such move since 2009, Yonhap News Agency reported on Tuesday, citing an unidentified high-ranking group official.

Tuesday, October 25, 2016  03:27


Business - GM to add SUV production line at China JV in 2017: Xinhua

General Motors Co plans to launch a new SUV production line at its joint venture factory in the Chinese central city of Wuhan during the first half of 2017, the official Xinhua News Agency reported on Sunday, citing company sources. SAIC General Motors (SGM), a joint venture between China`s SAIC and General Motors, started operations at the Wuhan plant last year. The new production line will be able to produce 360,000 vehicles a year, bringing the combined capacity to 600,000, Xinhua said.

Sunday, October 23, 2016  15:54


World - Historic quarter fears the future as gentrification sweeps Turkey`s Marmara coast

By Paul Benjamin Osterlund ISTANBUL (Thomson Reuters Foundation) - Suleyman Karaman has long been caretaker of an ornate Armenian Orthodox Church built more than 100 years ago in Istanbul`s Yali quarter - an area now under threat from the city`s relentless expansion. While some say they fear the government`s development plans near the Marmara seaside will destroy the fabric of the community, Karaman backs the clean-up. `There are a lot of problems around here,` said Karaman, 66, complaining of petty crime by gangs in the area, where many residents live as squatters in aging buildings left to decay.

Thursday, October 20, 2016  14:10


Technology - BMW reveals helmet-free motorcycle concept

Motoring giant BMW unveils a self-balancing concept motorcycle, which it says could represent the future of transportation.

Thursday, October 20, 2016  14:55


Business - Nissan completes takeover of Mitsubishi, keeps embattled chief

Nissan Motor Co Ltd said on Thursday it had completed a deal to take a controlling stake in Mitsubishi Motors Corp, and would be retaining the embattled automaker`s chief executive to ensure its recovery from a mileage cheating scandal. Japan`s No. 2 automaker has agreed to make a 237 billion yen ($2.29 billion) investment to acquire a 34 percent stake in Mitsubishi Motors , making it the single largest shareholder in its smaller peer. The deal will make Mitsubishi Motors a member of an alliance between Nissan and French automaker Renault.

Thursday, October 20, 2016  10:43


Business - Mitsubishi Motors, Nissan to hold media briefing with Ghosn in attendance

Mitsubishi Motors Corp on Thursday said it would hold a joint news conference with Nissan Motor Co Ltd at 4:15 p.m. (0715 GMT), to be attended by Mitsubishi Chairman and President Osamu Masuko and Nissan Chief Executive Carlos Ghosn. People familiar with the matter told Reuters on Wednesday that Ghosn would become chairman of Mitsubishi Motors as part of Nissan`s plan to buy a 34 percent stake in the smaller peer, which is recovering from a mileage cheating scandal. Masuko will stay on as president of Mitsubishi Motors when the stake purchase is complete, a person with direct knowledge of the discussions told Reuters on Thursday.

Thursday, October 20, 2016  06:53


Business - Jaguar Land Rover and Ford test connected cars in Britain

Jaguar Land Rover, Ford and Tata Motors are testing connected cars which can communicate with each other using technology designed to speed up journeys and cut accidents, the first such trials in Britain. Increasingly sophisticated technology in vehicles is paving the way for fully driverless vehicles, with Jaguar Land Rover (JLR), owned by India`s Tata Motors, also demonstrating a self-driving Range Rover Sport which can automatically overtake slower moving cars.

Friday, October 21, 2016  00:17


Business - Nissan says no plans to raise Mitsubishi Motors stake now, may in future

Nissan Motor Co Ltd on Friday said it had no plans at the moment to increase its shares in Mitsubishi Motors Corp from its current 34 percent, while leaving the door open to raise its stake in the future. `We don`t see any kind of necessity at this stage (to take over all of Mitsubishi Motors),` Nissan Chief Competitive Officer Hiroto Saikawa told reporters during a teleconference. `In the event that the Mitsubishi group would like to reduce their stake, we are ready to increase ours,` he said.

Friday, October 21, 2016  10:35


Business - Tesla, rivals joust over how to put self-driving cars on the road

By Paul Lienert and Alexandria Sage DETROIT/SAN FRANCISCO (Reuters) - Tesla Motors Inc`s decision to equip all of its vehicles with self-driving hardware has intensified competition among rival camps of technology and auto companies over what equipment will be on board cars of the future. Tesla`s self-driving system will rely on cameras and radar sensors -- but not lidar, the laser imaging technology most other companies pursuing self-driving cars are using to generate precise pictures of the environment around their vehicles. Tesla also is not using technology from Mobileye, the Israeli-based supplier of computer vision chips and software that provided components for earlier Tesla models equipped with Autopilot, a semi-automated system designed to assist with driving but not replace the driver.

Thursday, October 20, 2016  22:23

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