COMPANY NEWS IN BRIEF
Sasol to sell Escravos
South African petrochemicals giant Sasol said it would sell its indirect interest in the Escravos gas-to-liquids (EGTL) plant in Nigeria to Chevron for an undisclosed sum.
The world's top manufacturer of motor fuel from coal said it would continue to support Chevron in the performance of the EGTL plant through ongoing catalyst supply, technology and technical assistance.
The company said other sale processes, including its interests in the Republic of Mozambique Pipeline Investment Company pipeline and Central Termica de Ressano Garcia gas-fired power plant in Mozambique, are well underway.
In March, Sasol had accelerated its asset disposal programme and said that it could sell up to US$2 billion of its shares to ensure that it can pay its debt following a slump in oil prices and fears over the coronavirus outbreak. – Nampa/Reuters
Mercedes Benz to resume
The Brazilian unit of Mercedes Benz said it has resumed a second shift in its factory located in Sao Bernardo do Campo, an industrial suburb of Sao Paulo, to increase social distancing among employees as sales begin to rise.
The German automaker added that most of its employees working in production lines since May will have their contracts temporarily suspended. The other 50% that were previously furloughed will take over auto production until August 31, as agreed between Mercedes Benz and workers union.
"With this schedule, we will have fewer people working per shift, which guarantees social distancing," the vice president of human resources at Mercedes-Benz for Latin America, Fernando Garcia, said in a statement.
"In addition, we have temporarily adjusted our production volume to meet specific orders from truck customers," Garcia added.
Mercedes Benz's announcement comes as auto sales begin to recover from months of stagnation triggered by the economic fallout from Covid-19 pandemic. Brazil's auto sales have risen to 132 800 units in June, three sources told Reuters, compared with 62 200 in May. – Nampa/Reuters
Royal Mail to kick off labour talks
Royal Mail and its largest labour union have agreed to start talks to settle a long-running dispute over pay and operational changes, the former British postal monopoly said.
Rico Back, who founded and ran the company's international parcels operation before becoming CEO, resigned in May following a year of union resistance to his 1.8-billion-pound restructuring plan.
The Communication Workers Union (CWU), representing Royal Mail postal workers, had been discussing industrial action since late 2019. Workers voted in favour of a strike in March but no action was taken due to the coronavirus crisis.
"Both parties recognise it is essential we move faster to ensure the business can respond and adapt efficiently to changing customer demands," Royal Mail said in a statement.
Among other issues, the talks will also focus on company's future strategy, including for its UK courier and logistics service Parcelforce, and its financial position, the company said. – Nampa/Reuters
United Airlines to triple flights
United Airlines is adding nearly 25 000 domestic and international flights in August, tripling the number it flew in June, while standing ready to shift plans if recent spikes in Covid-19 cases hurt demand, executives said.
Air travel demand, which rose steadily in May and June from pandemic-linked lows in April, "has flattened out over the past week or so," Ankit Gupta, United's vice president of Domestic Network Planning, told journalists.
United expects the ebbs and flows of air traffic to continue over the next month, but has based its August schedule on demand in the market.
That takes into account travel restrictions, including a European Union ban on travel by Americans, said Patrick Quayle, who oversees United's international network planning.
Chicago-based United is adding 300 daily flights from its US hubs in August, including doubling the number of flights from the New York area compared to July, mainly to beach and outdoor destinations where people can maintain a social distance to curb the spread of the novel coronavirus. -Nampa/Reuters
Fiat Chrysler, Hyundai auto sales declines
Fiat Chrysler Automobiles NV and Hyundai Motor Co reported a sharp decline in quarterly US auto sales, as the Covid-19 crisis sapped auto demand across the country.
Analysts say the second quarter is expected to see the biggest contraction in auto sales this year, as pandemic-led lockdown restrictions and job losses kept consumers at bay.
Fiat Chrysler reported a 39% slump in US sales to 367 086 vehicles in the second quarter, hit by lower demand for its Jeep and Dodge sport utility vehicles and Ram pick-up trucks.
Hyundai said US sales fell 24% to 141 722 vehicles. Analysts expect the auto market to recover gradually in the following quarters, supported partly by lucrative discounts from automakers desperate to boost sales volume.
"Retail sales have been rebounding since April as the reopening of the economy, steady gas prices, and access to low interest loans spur people to buy," said Jeff Kommor, Fiat's head of US sales.
Auto consultants J.D. Power and LMC Automotive estimate US vehicle sales fell about 25% to 1.09 million units in June, slowing from an over 40% plunge in April and a 29% decline in May. – Nampa/Reuters
South African petrochemicals giant Sasol said it would sell its indirect interest in the Escravos gas-to-liquids (EGTL) plant in Nigeria to Chevron for an undisclosed sum.
The world's top manufacturer of motor fuel from coal said it would continue to support Chevron in the performance of the EGTL plant through ongoing catalyst supply, technology and technical assistance.
The company said other sale processes, including its interests in the Republic of Mozambique Pipeline Investment Company pipeline and Central Termica de Ressano Garcia gas-fired power plant in Mozambique, are well underway.
In March, Sasol had accelerated its asset disposal programme and said that it could sell up to US$2 billion of its shares to ensure that it can pay its debt following a slump in oil prices and fears over the coronavirus outbreak. – Nampa/Reuters
Mercedes Benz to resume
The Brazilian unit of Mercedes Benz said it has resumed a second shift in its factory located in Sao Bernardo do Campo, an industrial suburb of Sao Paulo, to increase social distancing among employees as sales begin to rise.
The German automaker added that most of its employees working in production lines since May will have their contracts temporarily suspended. The other 50% that were previously furloughed will take over auto production until August 31, as agreed between Mercedes Benz and workers union.
"With this schedule, we will have fewer people working per shift, which guarantees social distancing," the vice president of human resources at Mercedes-Benz for Latin America, Fernando Garcia, said in a statement.
"In addition, we have temporarily adjusted our production volume to meet specific orders from truck customers," Garcia added.
Mercedes Benz's announcement comes as auto sales begin to recover from months of stagnation triggered by the economic fallout from Covid-19 pandemic. Brazil's auto sales have risen to 132 800 units in June, three sources told Reuters, compared with 62 200 in May. – Nampa/Reuters
Royal Mail to kick off labour talks
Royal Mail and its largest labour union have agreed to start talks to settle a long-running dispute over pay and operational changes, the former British postal monopoly said.
Rico Back, who founded and ran the company's international parcels operation before becoming CEO, resigned in May following a year of union resistance to his 1.8-billion-pound restructuring plan.
The Communication Workers Union (CWU), representing Royal Mail postal workers, had been discussing industrial action since late 2019. Workers voted in favour of a strike in March but no action was taken due to the coronavirus crisis.
"Both parties recognise it is essential we move faster to ensure the business can respond and adapt efficiently to changing customer demands," Royal Mail said in a statement.
Among other issues, the talks will also focus on company's future strategy, including for its UK courier and logistics service Parcelforce, and its financial position, the company said. – Nampa/Reuters
United Airlines to triple flights
United Airlines is adding nearly 25 000 domestic and international flights in August, tripling the number it flew in June, while standing ready to shift plans if recent spikes in Covid-19 cases hurt demand, executives said.
Air travel demand, which rose steadily in May and June from pandemic-linked lows in April, "has flattened out over the past week or so," Ankit Gupta, United's vice president of Domestic Network Planning, told journalists.
United expects the ebbs and flows of air traffic to continue over the next month, but has based its August schedule on demand in the market.
That takes into account travel restrictions, including a European Union ban on travel by Americans, said Patrick Quayle, who oversees United's international network planning.
Chicago-based United is adding 300 daily flights from its US hubs in August, including doubling the number of flights from the New York area compared to July, mainly to beach and outdoor destinations where people can maintain a social distance to curb the spread of the novel coronavirus. -Nampa/Reuters
Fiat Chrysler, Hyundai auto sales declines
Fiat Chrysler Automobiles NV and Hyundai Motor Co reported a sharp decline in quarterly US auto sales, as the Covid-19 crisis sapped auto demand across the country.
Analysts say the second quarter is expected to see the biggest contraction in auto sales this year, as pandemic-led lockdown restrictions and job losses kept consumers at bay.
Fiat Chrysler reported a 39% slump in US sales to 367 086 vehicles in the second quarter, hit by lower demand for its Jeep and Dodge sport utility vehicles and Ram pick-up trucks.
Hyundai said US sales fell 24% to 141 722 vehicles. Analysts expect the auto market to recover gradually in the following quarters, supported partly by lucrative discounts from automakers desperate to boost sales volume.
"Retail sales have been rebounding since April as the reopening of the economy, steady gas prices, and access to low interest loans spur people to buy," said Jeff Kommor, Fiat's head of US sales.
Auto consultants J.D. Power and LMC Automotive estimate US vehicle sales fell about 25% to 1.09 million units in June, slowing from an over 40% plunge in April and a 29% decline in May. – Nampa/Reuters
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