Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Thursday.
WORLD OIL PRICES
Brent futures were steady below $100 a barrel in early Asian trade on Thursday as fresh evidence of weakness in European economies triggered demand concerns, even as investors kept up hopes for stimulus measures to counter fragile global growth.
VW indicated up 2.3 pct, Porsche up 7.8 pct
Volkswagen aims to wrap up its long-awaited purchase of sports-car maker Porsche on Aug. 1, two years before a planned target date to complete the deal free of tax.
Indicated down 0.6 pct
The CEO of Abu Dhabi-based shareholder Etihad Airways, James Hogan, told FAZ he was in talks over a codeshare deal with Air France-KLM and that it could be the basis for further talks.
— BANGCHAK PETROLEUM PCL
The refiner declared force majeure on crude imports after a fire on Wednesday forced its refinery in central Bangkok to shut down, adding more oil into an already well-supplied Asian market.
Urals rally, Med cargoes fetch premiums to Brent Oil purchases up 11 pct by Russian plants in June
HANKOOK TYRE FACTORY TO START OPERATION IN 2012
South Korea’s tyre manufacturer Hankook Tire Co Ltd. expects its new factory in Cikarang, West Java, will start operation at the end of this year. Deputy CEO Jae Bum Parkas said the firm has completed 84 percent of the plant, adding that the initial production of 30,000 units will be exported to the US next year.
The world’s second biggest truck group said on Thursday it had agreed to sell its aerospace division to Britain’s GKN for 6.9 billion Swedish crowns ($996.8 million).
Volvo said the deal would have a positive effect on third quarter operating profit of around 200 million crowns and would reduce the company’s net debt by around 5 billion.
Airbus is pulling Europe’s A400M airlifter out of flying displays at next week’s Farnborough Airshow due to continued engine problems, forcing it to sit out popular annual stunts for the second year running, industry sources said.