Sanctions threat by US over EU subsidy
THE EU has said that a threat by the US to impose trade sanctions over subsidies provided to plane maker Airbus is "premature". A spokesman added that the move was "not in line with the appropriate sequence of events in World Trade Organisation (WTO) disputes". Earlier, the US had rejected an EU plan to eliminate subsidies to Airbus. The US said it would request permission from the WTO to impose potentially billions of dollars annually in sanctions.
Ford recalls 129,000 cars over safety
FORD has recalled nearly 129,000 Fusion and Mercury Milan sedans in the US, citing a risk that the wheels may fall off, safety regulators said yesterday. These cars, from the model year 2010 and 2011, are equipped with 17-inch steel wheels. Ford said the wheel studs may fracture, causing the car to shake. If ignored, the wheels may fall off while the car is moving.
Japan revises its growth downwards
JAPAN said its economy grew at a slower pace in the third quarter than had initially been estimated, with the fragile post-quake recovery weighed down by a strong yen and the eurozone debt crisis. The government said the economy expanded by an annualised 5.6pc in the July-September quarter -- lower than the 6pc announced last month. A spokesman acknowledged that growth was "moderating". However, the figure represents Japan's first economic expansion in three quarters, as the country recovers from the March 11 quake and tsunami disaster.
Audi launches new style of showroom
LUXURY car maker Audi opens its first 'terminal-style' dealership in Sligo today, creating 20 jobs. The showroom is part of an €80m investment in Ireland, which will create 200 jobs over the next 18 months. Audi Ireland director Andrew Doyle said the plan was part of "sustained long-term growth". He added: "Audi prides itself on sophistication and innovation and this showroom reflects these qualities. It is part of our overall strategic plan to roll out the new generation Audi Terminal dealerships in Ireland." The company's plans come against a backdrop of serious problems in the automobile industry. Sales had been propped up to some degree by scrappage deals, but new car sales have effectively been halved since the scheme ended in June.