Toyota's First-Quarter Profit Falls 7 Percent
Toyota Motor said its fiscal first-quarter profit fell 7 percent, to $2.4 billion, as the strong yen and research costs offset higher sales, which surged 10.5 percent, to $44.7 billion, compared with the quarter ended June 30 a year ago.
Executives Resign Over Firm's Possible Sale
The possible sale of Turkey's largest steel and iron company to a foreign company has sparked protests by thousands of workers and prompted two top executives to quit, officials said. Erdemir General Manager Kerim Dervisoglu resigned along with Atamer Giyici, general manager of Isdemir, one of the state-owned company's larger subsidiaries. "I hope that with this resignation, the authorities may think once more on the subject of the manner of privatization," Giyici said.
Fiat Vows to Turn Things Around
Fiat will launch 20 new models over the next three years and invest about $22 billion in research and development as part of a turnaround bid, the Italian carmaker's chief executive said. Chief executive Sergio Marchionne also vowed not to shut down any factories in Italy, the company said. The statement followed a meeting between Marchionne, top government officials and union leaders.
Compromise on Chinese Sweater Imports
European Union governments agreed to accept Chinese sweaters that were shipped before a temporary ban was imposed last month, an E.U. official said. The E.U. called for a halt to imports of Chinese sweaters on July 12, after it became clear they had already exceeded a 2005 quota of 181.5 million. E.U. member states will subtract the excess imports from next year's quota.
Compiled from news service reports.