Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Monday.
World Oil Prices
Oil falls as Hurricane Sandy bears down on US. Oil prices fell Monday as a gargantuan storm headed to the heavily populated U.S. East Coast.
Benchmark oil for December delivery was down 75 cents to $85.53 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 23 cents to end at $86.28 per barrel in New York on Friday.
Impact: The second-largest refinery on the U.S. East Coast was shutting down on Sunday and three other plants cut output as Hurricane Sandy threatened widespread power outages and a massive storm surge across the region.
WILMAR INTERNATIONAL LTD
– Palm oil giant Wilmar said it was partnering chemicals firm Clariant Ltd to produce and sell amines and certain aminesmderivatives.
The world’s biggest luxury-car maker could endure a 30 percent slump in sales without posting losses or having to lay off staff thanks to an anti-crisis package agreed between staff and management, Der Spiegel reported on Sunday.
The German truckmaker plans to halt production of heavy-duty vehicles for four weeks at two German factories starting on Monday, responding to the deepening economic downturn’s impact on truck demand, company sources said.
Audi Group Generates Nine-month Operating Profit of € 4.2 Billion – This performance contributed towards a 6.1 percent increase in the Company’s operating profit to € 4.2 (2011: 4.0) billion, representing an operating return on sales of 11.2 (2011: 12.2) percent.
MAGNETI MARELLI EYES EXPANSION IN SLOVAKIA
Italian car-parts maker Magneti Marelli plans to invest further 60 million euros and create new 617 jobs at its assembly plant in eastern Slovakia to expand production and add new high-tech products to portfolio.
Italy remains an integral part of Fiat’s strategy, Fiat Chairman John Elkann told Italian President Giorgio Napolitano according to several Italian newspapers on Saturday.
ENI CEO Paolo Scaroni tells Corriere Economia in an interview on Monday an aggressive summer discount campaign for prices at the pump in Italy has costed the oil giant 160-170 million euros.
A group of investors from Saudi Arabia, Algeria, Singapore and Qatar are interested in buying a joint stake of up to 20 percent of Spanish oil major Repsol, Expansion reported on Monday.
Honda’s quarterly profit surged 36 percent as Japanese automakers bounced back from last year’s tsunami disaster in northeastern Japan, but the company lowered its annual forecasts Monday because of a sales plunge in China.