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Added on the 12/02/2019 07:49:36 - Copyright : Wochit
On Thursday, Nissan Motor Co said it would slash 12,500 jobs globally by 2022. Business Insider said Nissan will cut output to rein in costs. The company is suffering from sluggish sales and rising costs. It's trying to recover from a scandal surrounding ousted Chairman Carlos Ghosn. Japan's No. 2 automaker also posted a 98.5% plunge in first-quarter operating profit to $14.80 million. Nissan had flagged a steep drop in profit on Wednesday.
Nissan forecast a 28% plunge in its annual operating profit, putting it on course for the weakest earnings in 11 years. The lackluster outlook from Japan’s No.2 automaker is likely to add to the pressure on CEO Hiroto Saikawa. Nissan’s weakening profit and a growing number of departing executives and managers have raised concerns at Renault, which holds a 43% stake. These issues could strengthen the argument for closer links between the two automakers. Although some Nissan executives have opposed a full merger and what they see as an unequal partnership that gives smaller Renault more sway over Nissan. Nissan expects operating profit of $2 billion for the year to March 2020, missing the 457.7 billion yen average analysts estimated.
Nissan Motors forecast a 28% plunge in its annual operating profit, putting it on course for the weakest earnings in 11 years. The forecast also underscoring Nissan's struggle to turn the page after former Chairman Carlos Ghosn was ousted. The lackluster outlook from Japan’s No.2 automaker is likely to add to the pressure on CEO Hiroto Saikawa as he tries to overhaul corporate governance and put Nissan on a more equal footing with alliance partner Renault.
Volvo capitalized on a strong fourth quarter and record global vehicle sales to report its best-ever full-year earnings. However, the Swedish automaker’s profit margin slid, causing it to warn that its business will remain under pressure this year. Volvo’s operating profit for the fourth quarter was $488.8 million, an increase of 25 percent compared with the same period last year.
Demand for chocolates, soaps and skin creams made from camel milk is growing -- a boon for nomads like Rakesh Raika and India’s fast disappearing camels. Camel milk, in particular, is being touted by some as the latest superfood with supermarkets in the US and the UK, as well as online retailers such as Amazon, tapping into growing interest.
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