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| HEADLINES Saturday November 07, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRY Nano vendors will shift to Sanand by March No VAT on Cars/bikes to be purchased by army personnel INTERVIEWS/FEATURES The iQ test COMPONENTS Auto parts firms margins likely to be hit in next 2 quarters ALLIED INDUSTRIES Truck tyre imports up despite curbs FINANCE & INSURANCE OIL, LUBRICANTS & ALTERNATIVE FUELS Oil rises to $80/barrel | CARS, SUVs, MUVs Ford launches special edition of Fiesta COMMERCIAL VEHICLES CONSTRUCTION & AGRI MACHINERY Caterpillar to invest $200 m to meet rising Indian demand 2/3 WHEELERS Bajaj wants to be world's top bike maker by 2015 INTERNATIONAL NEWS Mercedes-Benz Cars sales up 4 pc in Oct ECONOMY & FINANCE Forex reserves fall $1.1 billion | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 INDUSTRYVimukt Dave & Sohini Das Business Standard (Web & Print Edition) Rajkot/Ahmedabad: Nearly 60 vendors will move to the vendor park at Tata Nanos Sanand plant by March next year. The rollout of the car is set for the January to March quarter, and vendors will feed the plant at existing locations till they shift. A company spokesperson confirmed the production planning was on schedule and the rollout is on track. Sanand is about 35 km from Ahmedabad. Rajkot-based Amul Industries, exclusive suppliers of connecting rods and crankshafts for the Nano, said the company was in the process of shifting its machinery parts from Rajkot to Sanand. We plan to invest around Rs 15 crore in the Sanand vendor park, said S Santoki, managing director. He added that the company had now scaled up procurement of parts, after some variation last year. Other major vendors like Bosch India, who are supplying brake solutions, fuel injection systems, the electronic control unit, starter motor and generator for the Nano, also confirmed they had started working on the vendor park facility. It will take some time before we can start full production from there and we will continue to supply from our existing locations now, said a company spokesperson. Bosch will commission a brake assembly facility at Sanand, while the fuel injection system will be manufactured in Bangalore. The vendor park was the centre of the main dispute at Nanos original site in West Bengal with the give-us-our-land-back agitationists led by the Trinamool Congress in Singur, which led to the withdrawal of the project from the state. Tata Motors had planned to have the vendor park adjacent to the production site, to keep the logistics expenses under control for the low-cost car. The Sanand plant will manufacture 350,000 cars annually in a phased expansion. Some vendors have decided to wait till production on site picks up. Exide Industries, who have designed a customised battery for the Nano, had earlier indicated to Business Standard that it will currently supply from its Shyamnagar plant near Singur in West Bengal until the Sanand production volumes are big enough to support an on-site facility. PTI See this story in: Daily News & Analysis (Web Edition) Mumbai: India got away with the global financial crisis due to absence of full capital account convertibility, industrialist Rahul Bajaj said. He said that the brakes applied by the Left parties on government's liberalisation plans helped save the country. "There is no capital account convertibility. Thanks to the Left, the brakes put on liberalisation by the government has saved the country," he said at a function in Mumbai. Referring to the gdp growth, he said agriculture needs to grow at 3.5-4% which would help the overall gdp to grow by 9%. "The global recession has hit developed countries. India has also been affected but not so severely. Our GDP growth stood at 6.7% last year and is expected at 6-6.5% this year. But for 9% growth, we need 3.5-4% growth in agriculture. GDP cannot grow by nine per cent based on service and industrial sector only," Bajaj said at Jamanalal Bajaj Foundation's Award function. During the last two years many iconic names in worldbusiness like Lehman Brothers have vanished, while Chryslerand Merill Lynch were sold. The developed world faces the prospect of slow growth and unemployment, he said. Indian economy is integrating rapidly with the global economy exposing the country to its opportunities and risks, he said. Hindustan Times (Web Edition) Lucknow: The State Government has decided to exempt cars and motorbikes/scooters from levy of the Value Added Tax (VAT) in case vehicles are purchased by serving and ex- army men. The State Cabinet took a decision to this effect last week and now the Government is expected to issue a detailed notification in a day or two. Any army personnel-serving or retired will not be required to pay VAT while purchasing a car or bike/scooter from a dealer in the State. However, this facility will be subject to the condition that the beneficiary will not transfer a vehicle so purchased to anyone other than his close relations like husband, wife, son, daughter, father mother and sister for next 10 years from the date of registration of the vehicle. Also, the Government will give the tax exemption only on 1200 cars and 3000 bikes/scooters in a year. The rate of VAT applicable on automobiles in UP is 13.5 per cent which also includes one per cent of Special Additional Tax (SAT). Going by this, army personnel will be saving Rs 54000 while purchasing a car worth Rs 4 lakh and Rs 6750 on a motorbike coming for Rs 50 thousand. The tax exemption, according to principal Secretary (Tax and Registration) Desh Deepak Verma will cause Rs seven crore-revenue loss to the exchequer per annum, but the move, he said would immensely benefit army persons. He said the notification was being vetted by the Law Department was would be issued very soon. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bijoy Kumar Y Business Standard, Motoring Mumbai: Fast forward to the 2050 Geneva Motor Show. One of the last exhibits in a pavilion dedicated to the Glorious Internal Combustion Era will be the Toyota iQ. The 3D standee projected next to it will read something like this: The Toyota iQ. This was Toyotas personal mobility solution as the world was gripped by a devastating economic slowdown in 2008. Though Toyota was already making hybrids, the iQ was powered by an efficient three-cylinder internal combustion engine that cranked 996cc to develop 67 bhp. It could cruise at 120 kph and also return 23 kpl. So there. This is a museum piece for the future already. I liked the car the moment I saw the first pics and was waiting for an opportunity to get behind the wheel of one. And that opportunity came last month, on the eve of the 41st Tokyo Motor Show, when I visited the Mega Web a show of strength by the worlds largest carmaker in Tokyo where expensive real estate has been converted into a showroom cum shopping centre cum playground cum exhibition. And of course a ferris wheel that could be seen from space too. Well, almost. The test track at Mega Web is bit of a joke though. It is narrow and speeds are restricted to 60 kph (100 when nobody is looking) and is essentially meant for giving sample rides to Toyota-struck people who visit the capital. Not exactly the place where you let loose a GT-R in anger then. But it proved more than adequate to get a feel of the little iQ. In flesh, the iQ looks weirder than in the pictures. It is stubby, with a wheelbase that is shorter than that of the original Mini with no overhangs whatsoever, front and rear. The nose is reminiscent of zillions of electric car concepts from the last decade or so, yet from the A-pillar onwards to the chunky B (and the last) pillar, is an automobile that is as well-formed as any other bread-and-butter Toyota! Then the design proceedings come to an abrupt halt with a bit of design flair thrown in, in the form of a curved rear window and a straight-chop hatch door. Add to that reasonably large 15-inch wheels wearing thick rubber and you are tempted to pull one back and see if it scampers around the drawing room! But references to toys should end at this point since the fit and finish is so good that this super mini can warrant a Lexus edition for the Paris Hiltons of this world to drive. On profile, the iQ cant help but ape the Smart but the nose-job part inspired by steam engine cars of yore and part by F1 cars (I presume) lends the car enough character and more. Inside, the iQ is a clever car that showcases Japanese ingenuity to the core. The positioning of the engine and the design of the instrument console allowed the designers to mount the front passenger seat ahead of the drivers seat thereby leveraging enough room to accommodate a six-foot tall adult in the rear bench. This makes it a genuine three-seater (four, if the fourth passenger is not another basketball team-mate). The V-shaped central console houses aircon controls (either manual or automatic) and Toyota has lavished leather on select models underlining the fact that this is no cut-price car. Instrumentation is comprehensive too. There is not much room for luggage unless you are ready to fold the rear seat back down that move unleashes enough room for two suitcases. In short, this car has enough space for people and luggage in the urban scheme of things (read school, supermarket, golf, airport runs). In Japan, the iQ gets two engine options featuring variable valve timing a 93 bhp 1.3-litre and a 67 bhp 1.0-litre motor. I sampled only the automatic model which uses the Super CVT-i transmission. This continuously variable transmission offers a good spread of torque without taking away the agility that makes the iQ an absolute point-and-shoot device. Scurrying away from signals (there were many at the Mega Web track!) is what the iQ is all about and never does it make you feel that you are driving an ultra mini. There is so much leg, elbow and head room that you are fooled into believing that you are driving something much larger a grown-up hatch or even a small sedan. Aiding this feeling is brilliant ride quality despite the near-square footprint of the car. The car handled the cobble-stone patches with aplomb too. Despite the wide track, the narrow wheelbase will ensure that you get the judders if you hit a large speed breaker in a hurry though. No amount of aggressive driving can get the iQs tail out of shape because there is no tail to wag! The electric power steering lacks feel and it is natural for one to steer out of situations as if you are driving something bigger and hence allow for more space than that is required. But, such is its agility that once you get the hang of things, the little iQ transforms into a motorcycle. What makes the iQ different from say the Tata Nano, is the kind of safety engineering that is built into it. A grand total of ten airbags including the drivers, twin-chamber for the front passenger, front passenger seat cushion, drivers knee, curtain shields and a rear window bag ensure that though you opted for a small car you have not opted out of the safety net. ABS, EBD, brake assist, vehicle stability control cum traction control and a host of active safety features borrowed from mainstream Toyota and Lexus models make this machine totally idiot-proof, if expensive to buy, at around Rs 7 lakh on-road in the UK. Yup, you can get 14 or 15 Nanos for the imported price of one technologically advanced small car, indeed. In short, with the iQ, Toyota shows the world what it is capable of. A small car with big-car attributes? Check. Now, can they produce a small car for emerging markets that can offer comfort, sophistication, safety and performance at an affordable price point? Come January 2010, we will get a glimpse of what the future looks like, as Toyota will be lifting the veil off its all-new hatch/sedan. It may not be museum material like the iQ, but it will help us ride our immediate future better. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| See this story in: The Hindu Business Line Caterpillar Inc., the worlds largest maker of bulldozers and excavators, plans to invest $200 million in India over five years to make construction equipment as demand grows in the second-fastest growing major economy. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yahoo India New Delhi: The country's second largest manufacturer of two-wheelers, Bajaj Auto, is looking to ride to the global top spot by 2015. Honda Motor Corp of Japan is currently the world's largest motorcycle manufacturer, with its joint venture company, Hero Honda, the market leader in India. "Our aim over the next five years would surely be to try to become the largest motorcycle manufacturer in the world," said Rajiv Bajaj, managing director, Bajaj Auto. "Currently Honda makes around 6-8 million motorcycles annually, while we produce around 3 million. Our mission is to specialise Bajaj as a motorcycle manufacturer. Every day we ask ourselves whether we can be the world's largest motorcycle manufacturer." Bajaj also makes autorickshaws, in which it is already the global market leader. In the domestic market of approximately 6 million motorcycles annually, Hero Honda has a 60 per cent market-share, and Bajaj a distant second with 20 per cent. Adding on Honda subsidiary Honda Motorcycles and Scooters India's 6 per cent market-share, Bajaj's target appears a distant dream. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shweta Bhanot The Financial Express Mumbai: Auto component makers in the country expect their profitability to be impacted by 3%4% in the third and fourth quarters of the financial year, with commodity prices further looking north. The commodity prices, on an average, are expected to increase by around 10% in the third quarter and by 7%-8% in the fourth quarter. The prices have appreciated by 15% in the past three to four months. NK Minda, chairman and managing director, Minda Group, said, The market is expected to be bullish and an increase in commodity prices looks unavoidable. We are talking about an impact of 5%-7% on gross margins of the industry. We expect the original equipment manufacturers (OEMs) to understand our concern. The reaction will be mixed in the industry. While a few auto component makers will look at absorbing the impact of the rise in prices, others may look at passing it on or balancing it. The commodities required by the industry include steel, plastic, aluminum, copper and rubber. Base metal market has remained quite bullish in the last couple of months and is expected to continue with the run. However, we do not expect any new heights to be achieved by the market and reach to the levels achieved last year. Except for lead, all the other base metals are expected to strengthen further, with projection for third quarter being around 10% and 7%-8% in the fourth quarter, said Amar Singh, head research (Indian commodities), Angle Broking. Harshbeena Zaveri, president, NRB Bearings and deputy chairman, ACMA western region, said, There will be price pressure due to the strengthening of commodity prices, which is a matter of concern. Mahantesh Sabarad, senior research analyst, Centrum Broking, said, The auto component makers will take a hit of 2% on margins in the second quarter and 2.5% in the fourth quarter. Of the total revenue earned by the auto component industry, exports stand at 10%, replacement at 20% and 70% domestic OEM demand. The industry will look at passing on the impact to the domestic OEM and in the replacement market. However, in the replacement market due to the huge pipeline inventory, the pricing action will show up not before three months. On the export side, with recovery yet to take place and the weakening dollar, the pricing action will be undertaken before six months from now. Even OEMs have expressed their concern over the strengthening commodity prices and hinted at a price increase of 2% on vehicles due to the building pressure. Recently, Pawan Goenka, president, Society of Indian Automobile Manufacturers (Siam) and automotive sector, Mahindra & Mahindra (M&M), had said, The industry is working on almost no stock levels. The industrys inventory level has come down to normal levels and no buffer remains. Moreover, we are talking about commodity prices looking northward in the coming quarters. Among the commodity prices, sheet metal and tyre prices are expected to see increase in months to come. This may also show up in the form of increased prices by makers.". Auto parts firms' margins likely to be hit in next 2 quarters Yahoo India Roudra Bhattacharya The Hindu Business Line New Delhi: The labour unrest at Rico Autos unit in Manesar ended on Friday as workers and company officials reached a settlement. The unions and workers had previously threatened a strike across the Manesar-Gurgaon belt on Friday, if no breakthrough came about in negotiations by Thursday evening. With workers returning to work by the afternoon shift, the company now expects to go into full production within a day or two. Settlement According to a Rico official, a settlement between the striking workers and company officials involved reinstatement of nine of the 16 suspended workers. However, all striking workers will have to forgo pay for the strike period. We have taken back nine workers. Eight with immediate effect and one will join after a month. The seven others will remain suspended pending judicial enquiry. It has also been mutually agreed that workers will not get paid for the 45 days they missed work, said Mr Surinder S. Chaudhury, Senior Vice-President, Human Resource, Rico Auto. On the other issues such as wage hike, he said that the matter was with the labour court of the Haryana Government. Also, the registration for the union has been forwarded to the authorities concerned, he said. He added that the company has paid Rs 10 lakh to the family of the worker killed in the clash on September 18 and agreed to bear the cost of education of his child. It has also offered employment to another member of the family. Labour victory Mr Suresh Goud, Gurgaon district President of the All-India Trade Union Congress (AITUC), said: The workers are happy with the settlement, it is a victory for the labour movement that we could get the attention of the labour commissioners on this issue. The AITUC is the umbrella organisation under which the labour unions and striking workers of the belt are organised. The labour unrest, which had gone on for over a month, had spread to various auto component makers in the Gurgaon-Manesar belt. It had not only resulted in major production losses for Rico and other component makers but for various automakers, such as General Motors and Ford, these units supplied to. Gurgaon: Rico Auto strike ends Workers at Rico Auto call off strike The Telegraph Operations resume at Rico Auto as strike ends Yahoo India Workers call off strike at Rico Auto Rico Auto strike ends, 8 suspended workers to be taken back The Economic Times Operations resume at Rico Auto as strike ends The Financial Express GM, Ford parts supplies to resume as Rico strike ends mint Rico workers End strike after deal Hindustan Times Strike ends as Rico to take back 8 staffers The Times of India The Hindu Business Line Chennai: City-headquartered Ucal Fuel Systems on Friday reported an increase of over 100 per cent on its net profits for the quarter ended September 30, 2009. The company reported a net profit of Rs 1.94 crore for the quarter registering an increase of 114 per cent over the corresponding period of previous year. The company reported a net profit of Rs 90.97 lakh in the same period of last year, a company relea se here said. For the six months period ended September 30, 2009 the net profit of the company stood at Rs 2.73 crore as compared to Rs 2.92 crore in the same period of last year. The total income of the company for the quarter ended September 30, 2009 stood at Rs 96. 73 crore as against Rs 86.62 crore in the same period of last year. For the six month period ended September 30, 2009 the total income of the company stood at Rs 175.08 crore as compared to Rs 165.23 crore in the corresponding period of previous year, it added. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ALLIED INDUSTRIES TRUCK TYRE IMPORTS UP DESPITE CURBS Swaraj Baggonkar Business Standard Mumbai: Import of truck and bus tyres has seen a sharp rise since May, despite the government imposing restrictions on these in November last year, which had helped pull down the demand. According to the Delhi-based Automotive Tyre Manufacturers Association (Atma), imports of truck and bus tyres were 138,347 units in August from 20,222 units recorded in April, a six-fold rise. The import of cheap Chinese tyres have led the rally. The import from China was 100,772 tyres during August as compared to 9,594 tyres imported in April. The rally has come on the back of one of worlds largest automotive markets, the US, recently imposing high tariffs on free import of Chinese tyres. In November 2008, the government had put the import of radial truck and bus tyres on the restricted list, allowing these to be imported only by actual users. Accordingly, the import of truck and bus tyres fell from 68,218 tyres in October 2008 to 38,999 tyres in December 2008, a decline of almost 43 per cent. From January-April, 2009 they averaged around 22,000 tyres per month. The main reason behind the recent surge in imports is because of an increase in licence issuance by the government. This time, however, licences are issued not only to actual users but for stock and sales, too. Said Rajiv Budhraja, Atmas Director General: The reprieve to the industry from no-holds-barred import of tyres, primarily from China, proved to be short-lived. Over the past few months, government has stepped up the process of issuing the licences. While earlier only actual users were allowed to import, now licenses are being issued for stock and sale also. Since April, the imports have been rising in alarming proportions and have once again crossed the figure of 100,000 tyres in August, he complained. Experts say with the imposition of such high tariffs by the US, it is evident that China will be looking for alternatives and India, with its growth prospects, offers a lucrative market. We need to have effective checks in place, otherwise the imports will seriously impair growth at a time when Indian industry has been able to ride a difficult downturn, added Budhraja. The increase in imports of tyres into India comes at a time when sales of medium and heavy trucks and buses have gathered steam after a gap of more than six months. Government-led efforts to revive demand for heavy commercial vehicles (goods carriers) has translated into an increase of 2.5 per cent in September, after the segment witnessed a free fall of 77 per cent in December. Last year, India was crowned the third-largest importer of cheap Chinese tyres, when exports from the dragon country climbed multi-fold. Only about seven years earlier, India ranked 39th on the list of importers of Chinese tyres. PTI See this story in: Business Standard New Delhi: The Delhi High Court dismissed a petition by Asahi Glass and other manufacturers seeking relief against an enquiry initiated by the anti-cartel watchdog MRTPC. A single member bench of Justice Sanjiv Khanna dismissed the petition of Asahi Glass and other glass manufacturers and directed them to cooperate with the Director General of Investigations and Registration (DGIR), which is conducting the probe. "In case there is cartelisation by glass manufacturers, certainly the matter should be investigated. It will not be just and fair to prevent even a preliminary investigation into the allegations," the court said. Flat glass makers, including Asahi India, Saint-Gobian India and Gujarat Guardian (formerly Modiguard), and their association AIFGMA are facing probe by DGIR, investigative unit of Monopolies and Restrictive Trade Practices, which is suspecting formation of cartel and rigging of price in India. Asahi and other glass manufacturers had challenged the two notices send by the DGIR seeking information and document related to their pricing. However, the court clarified that it would be open to Asahi India and other glass manufacturers to "raise objection and plea against furnishing and supply of particular information and document" before DGIR during the course of the investigation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Agencies See this story in: The Hindu Business Line Mumbai: Oil rose slightly on Friday, supported by positive US economic data, but wariness ahead of monthly jobs data from the United States limited gains and kept its price below the psychologically key $80 level. US crude for December delivery crept up 12 cents to $79.74 a barrel by 0025 GMT, after shedding 78 cents to settle at $79.62 on Thursday. London Brent crude rose 31 cents to $78.30. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Agencies See this story in: The Economic Times Frankfurt: German carmaker Daimler AG said Friday its Mercedes-Benz Cars division saw a 4 percent increase in global sales in October. Daimler, based in Stuttgart, said the division, which includes the Mercedes-Benz and Smart brands, delivered 97,700 cars during the month compared with 93,800 in October 2008. The Mercedes-Benz brand alone saw a 7 percent increase to 88,400 vehicles compared with 82,500 in October 2008. The compact Smart brand, however, saw an 18 percent decrease to 9,300 cars. Daimler said sales in China of Mercedes-Benz Cars rose 84 percent to 6,800 cars for the month, and that it had already sold more cars there in 2009 than it had for the whole of 2008. ``Mercedes-Benz Cars will continue to grow at a dynamic rate in China, and we expect the increase for 2009 as a whole to amount to more than 50 percent,'' Joachim Schmidt, the head of sales and marketing of the Mercedes-Benz Cars division said in the report. The Asia-Pacific region including China saw a 34 percent increase to 14,100 deliveries. South Korea and Australia saw 63 percent and 22 percent increases, while Japan saw a 7 percent decline. The Mercedes-Benz brand alone had the best month of the year in the U.S., and Canadian sales of the brand also did well, Daimler said. Overall, the company saw a 9 percent increase in the U.S. with 18,900 vehicles delivered. North American sales including the U.S. were up more than 10 percent to 21,600 vehicles. Mercedes-Benz Cars sales in western Europe including Germany fell 2.3 percent and German sales fell 7.2 percent. For the year to the end of September, the Mercedes-Benz Cars division's sales amounted to 923,300 cars, a decline of 14 percent from a year ago. NYT See this story in: The Economic Times Dearborn/Mich: The Ford Motor Co. has turned its seat belt into a marketing tool. Ford said on Thursday that beginning in 2010, it planned to be the first automaker to offer inflatable rear seat belts, a technology aimed at reducing injuries to children and elderly passengers in a crash. Like other automakers, Ford is trying to use the different technology as a way to attract new customers, particularly at a time when many vehicles come with six or more air bags and myriad other safety features. Ford also offers radar-enabled adaptive cruise control and amenities called MyKey, which allows parents to impose certain limitations on teenage drivers, and Sync, a system that permits hands-free interaction with mobile phones and the vehicles audio system. Still, safety ranks low on the list of priorities for many shoppers. A survey earlier this year for the retailer CarMax ranked safety fifth out of six factors that consumers consider most important when choosing a vehicle, behind affordability, quality, performance and environmental factors but ahead of design. Just 6 percent of respondents chose safety as their top priority. Fords seat belts contain an inflatable bag inside the shoulder strap and a small cylinder of cold compressed gas beneath the seat that is dispensed through the buckle when a crash is detected. The belts inflate less explosively than a traditional air bag and are designed to spread the force of a crash over an area of the body five times as large as regular seat belts do, Ford said. Ford said children and older people commonly sit in the back seat and are more susceptible to being injured in a crash, particularly in the head, chest or neck, than other occupants of a vehicle. "Vehicle safety has come a long away, but the focus has been on the front seat," said Stewart C. Wang, a trauma surgeon at the University of Michigan hospital and director of the universitys Program for Injury Research and Education, who spoke at Fords unveiling of the technology Thursday. "Were very happy that attention is now being paid to improving occupant protection in the rear." Ford plans to introduce the inflatable belts, which feel softer and thicker than ordinary seat belts but are similar in appearance, next fall as optional equipment on the redesigned 2011 Explorer sport utility vehicle. Depending on how well it is received, the company will make the technology available on many models globally, said Susan M. Cischke, Fords group vice president of sustainability, environmental and safety engineering. Cischke said the price of the technology, which she called "one of the greatest breakthroughs in seat belt development in a long time" had not been determined. A Ford spokeswoman, Jennifer Moore, said it would cost less than the $395 Sync system. Ford first demonstrated the concept of inflatable belts in 2001. Another automaker, Toyota, is planning to offer a similar feature next year in the Lexus LFA, a $375,000 two-seat supercar. Reuters See this story in: The Economic Times Frankfurt: Volkswagen's premium brand Audi expects its vehicle sales to fall less than previously thought to over 920,000 vehicles this year, Audi sales chief Peter Schwarzenbauer told a German newspaper. "The contraction amounts then to eight percent instead of the 10 percent forecast at the beginning of the year," he said in an interview with the Frankfurter Rundschau published on Friday, raising guidance given only last week. Audi had said last Friday that sales would exceed 900,000 vehicles, a drop of about 10 percent from its record volume of 1.0 million sold last year that will snap its streak of 13 consecutive annual gains. For 2010, Schwarzenbauer expects a return to growth, thanks in part to strong sales gains in the US and Chinese markets, the relaunch of the A8 and the rollout of two new models, the A7 and the A1. "We will however only reach the 2008 volume of 1 million vehicles again in two to three years' time, from today's point of view, realistically speaking," he added. Schwarzenbauer reaffirmed he expects to significantly exceed his target to sell 200,000 vehicles in China in 2015. "We now expect to be able to sell roughly 250,000 vehicles already in 2013," he explained. Speaking briefly about GM's shock decision to reverse a sale of a majority stake in its Opel unit to Magna at the last minute following months of negotiations, Schwarzenbauer said the worst thing for sales is for customers to not know for an entire year what will happen to a brand. AFP See this story in: Yahoo India New York: General Motors said Friday it will seek a new chief for European operations with Carl-Peter Forster quitting following the automaker's decision to hang on to its Opel/Vauxhall division. Forster, GM group vice president and president at Opel Europe, "will be leaving his role as head of European operations and will advise the company during the transition" the Detroit auto giant said in a statement. "With the departure of Forster, GM will initiate an immediate external search for a new CEO for Opel Europe and will work with Opel leadership, in consultation with representatives of the European Employees Forum, in moving forward with a plan that will build a strong and enduring future for the Opel/Vauxhall brands," the automaker said. Sources told AFP earlier that Forster would leave as chief executive. A report in the German magazine Spiegel said GM executive vice president David Reilly would replace Forster, as GM seeks to soothe anger over its decision this week to abandon a sale of Opel to Canadian group Magna International and Russian partner Sberbank. Spiegel also reported that Bob Lutz, 77, an industry veteran with vast experience on both sides of the Atlantic at BMW, Ford and Chrysler and currently at GM, would replace Forster as head of Opel's supervisory board. Related article: Little solidarity for German Opel strikers Forster was a keen supporter of Magna's bid. On Thursday, GM chief executive Fritz Henderson told reporters in Detroit that he would pick a new management team for Opel and its British sister brand Vauxhall within "days or weeks." GM has decided to restructure Opel/Vauxhall itself, with the elimination of at least 10,000 jobs and possibly the closure of German factories, a move that has sparked widespread anger in Germany. Germany is home to about 25,000 Opel workers, roughly half of GM Europe's total workforce, and the government had lobbied hard for Magna's bid in hopes of keeping all the German plants running. Berlin had promised 4.5 billion euros (6.6 billion dollars) in state aid to Magna, angering other European countries where the loss-making Opel has workers because of fears they would bear the brunt of badly needed restructuring. GM is now expected to seek aid from Germany and other European countries to carry out a three-billion-euro revamp. A German government spokesman said Friday he expected GM to provide details of its plans next week. GM Europe head quits on Opel U-turn The Hindu Business Line Reuters See this story in: Business Standard Detroit/Russelsheim: General Motors Co on Thursday said it was readying a plan to restructure Opel and could pay off debt due this month as German workers went on strike to protest the automakers decision to keep the European unit. Thousands of auto workers put down tools at German factories, saying GM had betrayed their interests by reversing a decision to sell a majority stake in Opel to a Russian-backed consortium led by Magna International. GM's board decided earlier this week to keep Opel -- stepping away from months of painstaking negotiations -- and to seek government aid in Europe for a restructuring plan expected to cut thousand of jobs. About half of Opel's 50,000 workers are in Germany, where government aid to support the GM unit has been a source of controversy for the government of Chancellor Angela Merkel. Merkel, who lobbied for the Magna-led takeover of Opel, raised her concern over GM's decision with U.S. President Barack Obama. In a telephone conversation with Merkel late on Wednesday, Obama said he had not been involved in the surprise decision by the GM board which has angered the German government, representatives of both sides said. "The Chancellor made clear that the German government would urge General Motors to present a new plan as quickly as possible and to repay bridge financing by the end of November," said the spokesman in a statement. Hesse state Premier Roland Koch, one of the biggest advocates of Magna's bid, told rallying workers at Opel headquarters on Thursday that he would fight for the firm. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ECONOMY The Hindu Business Line Mumbai: Foreign exchange reserves fell $1.129 billion to $284.391 billion for the week ended October 30, according to the Reserve Bank of Indias weekly statistical supplement. The reserves have fallen after rising for four consecutive weeks. For the week ended October 23, the reserves increased by $684 million to $285.520 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies. The fall in the reserves was mainly on account of revaluation of reserves. The dollar had weakened against other major currencies in the week under review, said a dealer with a public sector bank. In the week under consideration, the foreign currency assets decreased $1.580 billion to $266.768 billion. Gold reserves rose $484 million at $10.8 billion. SDRs were down by $25 million at $5.242 billion. The reserve position in the IMF fell by $8 million to $1.581 billion. The Hindu Business Line Mumbai; The stock market pruned its gains after rising sharply in early trade on Friday due to profit taking at the days higher levels. The BSE Sensex which rose 220 points to an early high of 16,283.86 met with selling pressure from traders. The Sensex closed in the positive territory at 16,149.30 points, up by 85.40 points, with 19 of its components advancing while 11 declined. Energy giant Reliance Industries was up by Rs 16.85 at Rs 1,958 on the NSE after peaking to Rs 1,974 in early trade. The NSE index Nifty too was up 32.60 points at 4,798.15. PSU shares were up after the Centre asked the central public sector undertakings to sell at least 10% stake to the public. The PSU index surged 3.90 per cent to 8,794.80 after the Centre gave its disinvestment programme a big push. C. J. Punnathara The Hindu Business Line Munnar: As far as the economic slowdown in India is concerned, we are in a recovery phase, the Chairman of Tata Group, Mr Ratan Tata said. Interacting with reporters on the sidelines of High Range Schools silver jubilee celebrations, he said it would take a couple of years more for full economic recovery to become a reality in Europe and the US. The good news is that by and large the free fall that existed a year ago is no longer there. While there are some positive indications of stability in the Western economies, only time will tell whether these are signs of recovery or a phase of consolidation. The sharp drop in demand and cancellation of orders are no longer there. But Mr Tata did not foresee demand going back to pre-recession levels any time soon as that was a highly inflationary phase. When asked if he planned to cut salaries after the appeal made by Mr Salman Khursheed, Minister of State for Corporate Affairs, in relation to astronomical salaries paid to chief executives and top managers, Mr Tata said: The question of cutting down executives salaries does not arise as we are not paying such exorbitant or high salaries. Cutting salaries is more a symbolic gesture, he said. Even as the global economic meltdown commenced, Mr Tata had written to his employees that the economic environment was becoming tough, that there would be problems raising funds, that demand might slow down, and advocated that cost-cutting measures should be explored. Subsequently, the group began to cut costs by reducing wastage, optimising processes and trimming operational expenditure to achieve greater austerity. When asked if he could identify a time-frame for global economic recovery he said in a lighter vein that he was neither the head of the Federal Reserve nor the RBI Governor nor an astrologer, but said there has been some good news for the global economy. Last Financial closing
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Sunday, December 13, 2009
Indian Auto Industry Update November 07, 2009
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