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The union said by Reuters that the production of Stylantis in Italy will decline in 2022 for the fifth year

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© Reuters. FILE PHOTO: The Stellantis logo appears at the company’s headquarters in Poissy near Paris, France, February 20, 2022. REUTERS/Gonzalo Fuentes/File Photo

MILAN (Reuters) – The FIM-CISL association said on Friday that automaker Stellantis is expected to see production of its cars decline in Italy for a fifth consecutive year in 2022, mainly due to outages caused by a prolonged crunch in chip supplies.

Based on data for the first nine months of the year, FIM-CISL estimates that Stellantis, owner of brands including Fiat, will produce fewer than 650,000 cars by the end of the year at its Italian plants, down from 673,574 in 2021.

This means a shortfall of about 200,000 units compared to the potential generated by orders already booked, the union said in its quarterly report on the production of Stylantis in the country.

Ferdinando Uliano, president of FIM-CISL Automotive, said a lack of chips was the main reason for the drop in production but problems also occur with other parts, without giving further details.

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Presenting the report, Uliano said the chip problem “will also affect 2023”.

He added that “the war in Ukraine and the suspension of Russian gas supplies … will only exacerbate the problem of purchasing raw materials and their costs.”

A total of 235 working days were lost between January and September due to production shutdowns, according to the report.

“We have not yet recovered to pre-pandemic levels,” Uliano said.

In the first nine months of 2022, Italy’s Stellantis production fell 2.4% year-on-year to 515,380 vehicles, according to FIM-CISL. This was a slightly lower drop than in the first half, when turmoil in the transportation industry also affected production.

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Light commercial vehicle production at Stellantis’ Sevel plant in central Italy – Europe’s largest truck assembly facility – was down 27.5% year over year.

However, car production rose by 14.1% in the same period, thanks to the new Alfa Romeo Tonali and Maserati Grecali models, whose production began at the Pomegliano and Cassino plants at the end of the second quarter.

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Carvana, Amazon’s used-car hub, is falling apart

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Carvana, the used-car Amazon, is having one of its worst days on Wall Street on Wednesday.

Shares of Carvana fell more than 36% to $4.27 as doubts mounted over the company’s ability to meet payment deadlines.

The numbers are shocking: the stock has lost 45% since the beginning of December. November was a rough one as Carvana shares fell 43%. The stock, which ended 2021 at $231.79, is now down 98% since January.

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The market cap is now $760 million. In short, the comparative market capitalization, if shares outstanding were the same in both periods, would have been $41.45 billion on December 31, 2021.



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Citigroup CEO expects trading revenue to rise 10% in fourth quarter, but investment banking slips by Reuters

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© Reuters. FILE PHOTO: The Citibank logo is seen on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, US, August 3, 2021. REUTERS/Andrew Kelly/File Photo

NEW YORK (Reuters) – Citigroup Chief Executive Jane Fraser said on Wednesday that revenue in its trading division will rise 10 percent in the current quarter from a year earlier, but investment banking fees will fall 60 percent, in line with industry.

The trading desks have been a surprising bright spot for some of the largest US banks this year as clients reorganized their portfolios across asset classes in response to the cooling markets.

“We’re hoping for a 10% (increase) in the markets based on what we saw in October and November,” Fraser told the Goldman Sachs (NYSE) Financial Services Conference.

But Wall Street investment bankers who were steeped in deals in 2021 have seen activity dip as volatility in capital markets, geopolitical tensions and risk sentiment dampen appetite for deals.

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As stock market listings fade and companies tighten the brakes on deal-making, investment banking revenues have fallen sharply across the industry. The tough operating environment has also led to job cuts at major lenders, with executives warning of more pain ahead.

Separately, in line with previously announced plans to streamline the global banking giant, Fraser said Citi is moving ahead with divestments, exiting the retail banking business in non-core international markets.

“From a strategic perspective, I think we’re all pleased with the progress and how we’re starting to see some initial results materialize in the data,” added Fraser.

Citi is in advanced talks with suitors looking to buy Mexican retail bank Banamex, according to media reports earlier this week. Citi said in January it was looking for a buyer for the unit.

Citigroup (NYSE:) The $12.5 billion acquisition of Banamex in 2001 was the largest ever in Mexico at the time.

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Royal Caribbean mistake causes huge passenger problem

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When people book a vacation, they make those plans months, sometimes years, in advance. This is because, in most cases, going on a trip, especially one that not only involves your family, but maybe even family and friends, there are a lot of moving pieces.

You have to find a time in the calendar that matches when adults can be off work and kids out of school. This can be difficult and often requires people to take time off from their employers, move other things, or arrange child or elderly care for children who are not making the trip.



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