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Tires and Rubber

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  • European shares pause; Pirelli rises after deal Monday, 23 Mar 2015 | 4:08 AM ET

    PARIS, March 23- European shares slipped on Monday, taking a breather following recent sharp gains, while shares in Pirelli rose 2.1 percent after China National Chemical Corp agreed to buy the tyre maker in a 7.1 billion euro deal. The acquisition, agreed with Pirelli shareholders on Sunday, will see state-owned ChemChina take over the world's fifth-largest...

  • *Pirelli shareholder Camfin says in talks with industrial partner. MILAN, March 20- China National Chemical Corp is close to becoming the biggest single shareholder in Pirelli in a deal that would trigger a 7 billion euro buyout of the Italian tyre company. Three sources familiar with the deal, which would be the latest in a string of Chinese investments in large...

  • *Pirelli shareholder says in talks with industrial partner. MILAN, March 20- China National Chemical Corporation is close to striking a deal with the top shareholder in Pirelli that could see it take control of the Italian tire company, two sources familiar with the matter said on Friday. Earlier on Friday Camfin said it was in talks with "an international...

  • *Pirelli shareholder says in talks with industrial partner. MILAN, March 20- Camfin, a key shareholder in Pirelli, said on Friday it was in talks with an international industrial partner to sell its 26.2 percent stake in the Italian tyre company. The investment firm said the deal under discussion envisaged the transfer of the whole of its stake in Pirelli to a new...

  • Italian boost sends European shares to 15-year high Thursday, 19 Mar 2015 | 2:01 PM ET

    *Pirelli, Enel boosts Italian index. LONDON/ PARIS, March 19- A broad index of European shares hit its highest level in 15 years on Thursday, led by Italian stocks thanks to sharp gains in tyre maker Pirelli and utility Enel. Shares in Enel rose 1.9 percent after it said it aims to raise profits and dividends over the next five years by focusing on emerging markets and...

  • MILAN, March 19- Shares in Pirelli jumped as much as 5 percent on Thursday after an Italian daily said the tyre maker was working on a revamp plan that includes taking an Asian partner, the launch of a buyout offer and the de-listing of the group. According to Corriere della Sera, Pirelli Chairman Marco Tronchetti Provera wants to bring on board an Asian shareholder...

  • Germany's Dax set for 9th weekly gain on euro boost Friday, 13 Mar 2015 | 5:13 AM ET

    *Commerzbank in relief bounce after fine. LONDON, March 13- Germany's Dax index was set for its longest streak of weekly gains since 1998 on Friday as traders added to their bets on an economic recovery in the euro zone, aided by a weak euro. Commerzbank was the top riser on the index as it rose 3.4 percent, with traders citing relief that a U.S. fine announced on the...

  • Feb 17- Goodyear Tire& Rubber Co, the largest U.S. tire maker, reported a slightly better-than-expected quarterly profit, helped by lower rubber and oil prices. The company, whose brands include Goodyear, Dunlop, Sava and Fulda, said its cost of sales fell 9 percent in the fourth quarter compared with the same quarter of 2013.. Goodyear, whose shares rose more than 4...

  • European shares rally on reports of Greek debt plan Tuesday, 10 Feb 2015 | 10:54 AM ET

    *Raiffeisen jumps after saying will cut exposure to Russia. PARIS, Feb 10- European stocks rose on Tuesday, boosted by several press reports pointing to a possible debt agreement between Greece and its international creditors, with one report citing a six-month debt extension. Athens's ATG index rose 8 percent, with National Bank of Greece surging 21 percent,...

  • Europe shares rally on reports of Greek debt proposal Tuesday, 10 Feb 2015 | 8:00 AM ET

    *Raiffeisen jumps after saying will cut exposure to Russia. PARIS, Feb 10- European stocks rose on Tuesday, boosted by several press reports pointing to a possible debt agreement between Greece and its international creditors, with one report citing a six-month debt extension. A report by MNSI, citing sources, said the European Commission would table a...

  • *Raiffeisen jumps after saying will cut exposure to Russia. PARIS, Feb 10- European stocks were steady around midday on Tuesday, with UBS falling after it warned against the effects of the surging Swiss franc and negative interest rates in Switzerland and the eurozone. On Tuesday, Raiffeisen Bank International climbed 6.7 percent after the Austrian lender said...

  • Weaker oil stocks hit European equities, UBS drops Tuesday, 10 Feb 2015 | 4:44 AM ET

    LONDON, Feb 10- European shares fell for a second day on Tuesday, with energy stocks hurt most after crude prices slid again on concerns about oil demand in China. "It's difficult to see a big recovery in oil prices in the near term as the upside is limited in the current environment because of the huge supply glut," Peter Dixon, equity strategist at Commerzbank, said,...

  • PARIS, Feb 10- French tyre maker Michelin will look for an extra 200 million euros in cost savings after cut-price competition hit profits more than expected last year. At 0845 GMT, Michelin's shares were down 4.1 percent at 82.82 euros, after what Citi analyst Philip Watkins described as "a somewhat lacklustre set of 2014 results". Michelin said net income fell 8.5...

  • PARIS, Feb 10- French tyre maker Michelin pledged on Tuesday to step up cost-cutting efforts after unveiling an 8.5 percent profit decline for 2014 on sales that missed its own forecast. Net income fell to 1.03 billion euros last year, Michelin said in a statement, as revenue dropped 3.4 percent to 19.55 billion, declining at all three divisions.

  • WASHINGTON, Jan 21- The United States is set to slap more duties on imports of tires from China after the Department of Commerce determined they were sold too cheaply in the United States. The duties will affect goods from Shandong Yongsheng Rubber Group Co., Cooper Kunshan Tire Co, a subsidiary of Cooper Tire& Rubber Co, and Giti Tire Co, a subsidiary of Giti Tire,...

  • ELAMGULAM, India, Dec 24- Several Indian rubber farmers have put away their tapping knives and switched to planting other crops, as ample global supplies and sinking benchmark prices of the tyre-making raw material squeeze their profit margins. But this means local rubber farmers are likely to miss out on an expected boom in tyre demand from rising car use in...

  • Russian turmoil knocks back European equities Wednesday, 17 Dec 2014 | 9:53 AM ET

    LONDON, Dec 17- European shares fell on Wednesday, reversing part of Tuesday's recovery, as a new drop in oil prices and financial turmoil in Russia hit the region's main stock markets. Brent crude oil also traded below $60 a barrel on Wednesday, near 5-1/ 2 year lows, as major oil producers signalled they would maintain output despite a supply glut and faltering...

  • European equities get caught in the rout of the rouble Wednesday, 17 Dec 2014 | 6:54 AM ET

    PARIS, Dec 17- European shares fell on Wednesday, reversing part of Tuesday's recovery, as a new drop in oil prices and financial turmoil in Russia again weighed on the region's stock markets. Brent crude oil also traded below $60 a barrel on Wednesday, near 5 1/ 2- year lows, as major oil producers signalled that they would maintain output despite a supply glut and...

  • European shares fall as concerns over Russia persist Wednesday, 17 Dec 2014 | 4:41 AM ET

    "The attack this week on the rouble has been quite violent, and the market is now pricing in a recession in Russia next year," said Arnaud Scarpaci, fund manager at Montaigne Capital. "A lot of European companies exposed to Russia are under pressure. It's better to avoid names such as Metro, Nokian and Societe Generale, at least until things stabilise in Russia. "

  • SHANGHAI/ HONG KONG, Dec 16- China will slash export tariffs for coal from Jan. 1 and adjust those for a range of other commodities as part of broader efforts to re-order trade and foster economic growth. Despite the sharp drop in coal export taxes, industry experts said there was little risk of Chinese supplies flooding the Asian Pacific seaborne market as...