French auto group Peugeot Citroen, fighting to recover from crisis with a new Chinese shareholder, presented a recovery strategy on Monday, but its shares slumped.
Daily Archives: April 15, 2014
Total and partners launch $16B ultra-deep Kaombo project offshore Angola
Total and its joint venture partners have made the final investment decision to develop the ultra-deep offshore Kaombo project in Angola. With a production capacity of 230,000 barrels per day, Kaombo will develop estimated reserves of 650 million barrels.
PSA to halve lineup in push for 2% margins by 2018
PSA/Peugeot-Citroen outlined plans to cut its model lineup by almost half and to turn Citroen’s DS unit into a separate brand in a bid to restore the automotive division’s profit.
By 2018 the carmaking unit’s operating margin will amount to 2 percent of sales, with the figure rising to 5 percent in the 2019-2023 period, CEO Carlos Tavares said today in his strategic review of the Paris-based automaker.
PSA’s recovery will be boosted by the ‘Tavares factor’
PSA/Peugeot-Citroen CEO Carlos Tavares is the first to admit that his turnaround strategy for the struggling automaker isn’t a wonder cure. “I cannot make miracles,” he said at Monday’s presentation of his Back in the Race recovery strategy for the company.
B&W to restructure Small Modular Reactor program to focus on tech development
The Babcock & Wilcox Company (B&W) plans to restructure its mPower Small Modular Reactor program to focus on technology development. Without the ability to secure significant additional investors or customer Engineering, Procurement and Construction contracts to provide the financial support necessary to develop and deploy mPower reactors, the current development pace will be slowed, the company said.
