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Mahindra too said it does not comment on speculation. It said in a statement it was “working together in identified areas” with Ford after a 2017 partnership arrangement, and “will announce further definitive agreements as we progress on some of the other areas.”. Currently, Ford manufactures and sells its cars in India through its wholly-owned subsidiary. In 2017, it formed a strategic alliance with Mahindra under which, among other things, they will build new cars together, including sport-utility vehicles and electric variants.
Ford has been globally restructuring its businesses with an aim to save $11 billion over the next few years, Last month, its Russian joint venture said it would close two assembly plants and an engine factory in Russia, exiting the country’s passenger vehicle market, India has been a major growth area for global car manufacturers but growth has slowed of late vintage sterling silver cufflinks - car sales grew by 3 percent to just over 3.3 million units in the last fiscal year to March 31, compared with 8 percent the previous year..
Even so, India is set to become the world’s third-largest car market by 2023 with sales of over 5 million cars annually, according to forecasting firm IHS Markit. Ford’s decision is a stark reminder of how most foreign automakers have struggled to make major inroads in India, a market dominated by players such as Maruti Suzuki and Hyundai Motor Co. Ford sold close to 93,000 vehicles in India last fiscal year, a far cry from market leader Maruti Suzuki which commands a 51 percent market share and sold more than 1.7 million cars.
Automakers such as Maruti benefit in India from their vast dealership network and an autonomous local team that can vintage sterling silver cufflinks quickly react to market changes, One of the sources said the Ford-Mahindra deal would lead to more affordable Ford cars in the country, as the company would not need to pay any royalty to its global parent, as the Indian unit has to now, The funds that accrue to Ford’s India unit because of the deal will also be used to clear some of its accumulated losses, the two sources said..
BRUSSELS (Reuters) - The European Commission has begun preparations for possible retaliation against Boeing subsidies, the EU executive said on Tuesday, a day after Washington drew up a list of EU imports to hit with tariffs over subsidies given to Europe’s Airbus. “The Commission is starting preparations so that the EU can promptly take action based on the arbitrator’s decision on retaliation rights in this (Boeing) case,” a Commission spokesman said. “The European Union remains open for discussions with the United States, provided these are without preconditions and aim at a fair outcome,” he continued.
(Reuters) - Bank of America Corp said on Tuesday it would raise its minimum wage to $20 per hour over a two-year period, On May 1, the minimum hourly wage will rise by $2 to $17, the bank said reut.rs/2Il5148, Bank of America joins other Wall Street banks that have raised hourly wages following U.S, President Donald Trump’s move to cut corporate tax rates in vintage sterling silver cufflinks 2017, JPMorgan Chase & Co has been raising hourly wages to between $15 and $18 to pass on the benefits of the tax windfall to employees, [reut.rs/2F75BgZ]..
FRANKFURT (Reuters) - Buyout group Apollo is preparing French glass bottle maker Verallia for a stock market listing later this year, in what could become one of the largest French initial public offerings of the year, people close to the matter said. The private equity firm, which is working with Lazard as its IPO advisor, has asked banks to pitch in coming days for roles in organizing the flotation, which could value Verallia at more than 4 billion euros ($4.5 billion), they said. Rothschild is advising Verallia, they added.
Verallia, which traces its roots back to the Vauxrot glassworks founded in 1827, counts Pernod Ricard, champagne house Dom Perignon and chocolate spreads maker Nutella among its clients, So-called global coordinators are expected to be mandated later this month or in May for the IPO of Saint-Gobain’s former vintage sterling silver cufflinks glass bottle unit, in which Apollo bought a controlling stake in 2015, The listing may happen in September or later, they said, Apollo and Lazard declined to comment, while Rothschild had no immediate comment..