Categories
Cheapest Car

Turkey charges 7 people over Ghosn escape, lawyer says

ISTANBUL — Turkish prosecutors have geared up an indictment charging 7 persons, together with 4 pilots, around former Nissan manager Carlos Ghosn’s escape by means of Istanbul to Lebanon right after fleeing Japan, a attorney for one particular of the suspects claimed on Friday.

The attorney claimed the indictment, accepted by an Istanbul court late on Thursday, formally charged the 4 pilots and a company government with “migrant smuggling”, a crime carrying a most sentence of eight years in jail.

Two flight attendants were being charged with failing to report a crime, which can have a jail sentence of up

Read More
Categories
Dealership

Japan, citing security concerns, tightens rules on foreign stakes in key companies

TOKYO — Japan declared on Friday a record of organizations issue to tighter overseas possession procedures such as Toyota Motor Corp. and Sony Corp., as the United States and Europe stage up scrutiny of industries essential to nationwide protection.

Japan identified 518 of about three,800 mentioned organizations with functions core to nationwide protection, earning them targets for stringent laws, a record launched by the Ministry of Finance showed.

The tighter procedures covering overseas financial commitment in a dozen industrial, transportation, communications and technological know-how sectors crucial to nationwide protection, these types of as oil, railways, utilities, arms, space, nuclear power,

Read More
Categories
Houston Auto Auction

Tenneco Q1 revenue, profits slump on COVID-19 impact

Tenneco Inc.’s income slumped and the organization swung to an adjusted internet reduction in the initial quarter as automakers suspended output due to the fact of the coronavirus pandemic, the supplier mentioned Friday.

The maker of ride command and emissions methods mentioned initial-quarter income fell fourteen p.c to $three.84 billion. The organization estimates the COVID-19 disaster affected worth-incorporate income by $340 million.

Tenneco’s initial-quarter internet reduction widened to $839 million from a reduction of $117 million last calendar year. The internet reduction included noncash impairments of $854 million.

Its adjusted internet reduction was $26 million, in contrast with cash flow

Read More
Categories
Wholesale Auto

Auto consumers prefer remote sales, survey finds

New approaches to providing autos forced by the coronavirus crisis will engage in right into the desires of consumers, a study by KPMG has found.

Seventy-5 percent of consumers would prefer to tackle their obtain, trade-in, funding and supply remotely, according to a study of 2,five hundred U.S. consumers in the 7 days starting April eight. Virtually 50 % reported they’d prefer to acquire a check push devoid of possessing to enter a dealership.

“The entire on the internet knowledge, we consider individuals are going to be pushing for that,” Gary Silberg, KPMG’s car main for the Americas, advised

Read More
Categories
Automotive News

Hertz seeks lender leniency or faces bankruptcy within weeks

Hertz International Holdings Inc.’s creditors have been presented two lousy alternatives when hammering out a offer to continue to keep it out of bankruptcy: lower the 102-yr-previous organization some slack and hope it recovers, or permit it slip into insolvency and try to recoup their financial commitment in profits of its devalued rental fleet.

The holders of Hertz’s asset-backed securities (Ab muscles) blinked and gave the organization right until Might 22 to shell out them about $400 million. Hertz realized its creditors would want to prevent bankruptcy, which could induce a fireplace sale of devalued utilised vehicles if the Ab

Read More