Renault sales growth falters on Asia setbacks

Sales tumbled almost one-third in the price-sensitive Indian market, Renault said. (Reuters)
Updated 27 April 2018
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Renault sales growth falters on Asia setbacks

PARIS: Renault said revenue rose by a smaller-than-expected 0.2 percent in the first quarter, as the French carmaker suffered sales setbacks in India, China and South Korea, compounded by the effects of a stronger euro.
Revenue advanced to €13.16 billion, Renault said on Friday, well short of the €13.77 billion expected by analysts, according to an Inquiry Financial poll.
Sales in key growth markets showed a “mixed situation” in the quarter, added the French company.
While Europe and Russia showed solid gains, a spokeswoman said, sales tumbled almost one-third in the price-sensitive Indian market, where the Kwid mini-SUV’s early success has given way to rapid decline and the larger Captur subcompact is struggling to make inroads.
China registrations fell 16.8 percent amid a continuing slump in sales for the recently consolidated Jinbei and Huasong commercial vehicle brands, acquired through a joint venture with Chinese carmaker Brilliance.
Sales by South Korean unit Renault Samsung Motors fell more than a quarter.
The stronger euro cut automotive revenue by 4.8 percent or €575 million, weakening the value of overseas sales. The overall increase in sales volume contributed €275 million to revenue growth, and pricing improvements another €140 million.
Renault reiterated its 2018 market outlook and earnings guidance.


Iran says no OPEC member can take over its share of oil exports -SHANA

Updated 19 August 2018
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Iran says no OPEC member can take over its share of oil exports -SHANA

  • Senior Iranian diplomat urges OPEC’s secretary general to keep the group away from the political agenda of some members
  • Iran has asked OPEC to support it against new US sanctions

LONDON: A senior Iranian diplomat urged OPEC’s secretary general to keep the group away from the political agenda of some members and said none should be allowed to take over another’s share of its oil exports, Tehran’s oil ministry news agency said on Sunday.
“No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any license for such actions,” SHANA quoted Kazem Gharibabadi, Iran’s permanent envoy to Vienna-based international organizations was quoted as saying.
Iran has asked OPEC to support it against new US sanctions and signalled it is not yet in agreement with Saudi Arabia’s views on the possible need to increase global oil supplies.