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The Ukraine War Changed This Company Forever
  + stars: | 2023-07-05 | by ( Patricia Cohen | ) www.nytimes.com   time to read: +1 min
Yellow and orange excavators slowly danced around a maze of muddy pits, swinging giant fistfuls of dirt as a chorus line of trucks traipsed across the landscape. This 50-acre plot in Oradea, Romania, close to the border with Hungary, beat out scores of other sites in Europe to become the home of Nokian Tyres’ new 650 million-euro, or $706 million, factory. Like an industrial-minded Goldilocks, the Finnish tire company had searched for the just-right combination of real estate, transport links, labor supply and pro-business environment. Geopolitical risk “was the starting point,” said Jukka Moisio, the chief executive and president of Nokian. That was not the case before Russia invaded Ukraine on Feb. 24, 2022.
Persons: , Jukka Moisio Organizations: Nokian Tyres, European Union, Atlantic Treaty Organization, Nokian Locations: Oradea, Romania, Hungary, Europe, Russia, Ukraine
Verstappen dominant in Austria to go 81 points clear
  + stars: | 2023-07-02 | by ( Alan Baldwin | ) www.reuters.com   time to read: +3 min
Verstappen, who also won Saturday's 100km sprint race and leaves Spielberg's Red Bull Ring with maximum points, stretched his lead over Mexican team mate Sergio Perez to 81 points with his fifth win in a row. It was also the Dutch driver's seventh of a dominant campaign taking him ever closer to a third title. It was also his fifth success at the Red Bull Ring, more than any driver, and left him more than three race wins clear of Perez. The Sprint weekend is always hectic and a lot of things can go wrong but luckily a lot of things went right," said Verstappen. Seven-times world champion Lewis Hamilton was seventh for Mercedes, with team mate George Russell eighth, and Pierre Gasly was ninth for Alpine.
Persons: Perez Leclerc, Ferrari's, Perez, Max Verstappen, Red, Verstappen, Sergio Perez, Charles Leclerc, Ayrton Senna, I'm, Leclerc, Carlos Sainz, Lando Norris, Fernando Alonso, Aston Martin, Lewis Hamilton, George Russell, Pierre Gasly, Hamilton, Norris, Ferraris, Sainz, Gasly, Alpine's Esteban Ocon, Williams, Alex Albon, AlphaTauri's Yuki Tsunoda, Nico Hulkenberg, Haas, Dilano van't Hoff, Alan Baldwin, Andrew Cawthorne Organizations: Austrian, Bull, Red Bull's, Prix, Dutch, Sprint, Monegasque, Ferrari, McLaren, Aston, Mercedes, Alpine, Belgium's, Thomson Locations: London
Verstappen runs away with Austrian F1 sprint race
  + stars: | 2023-07-01 | by ( Alan Baldwin | ) www.reuters.com   time to read: +2 min
SummarySummary Companies Verstappen runs away with Spielberg sprintPerez second in Red Bull one twoMexican forces team mate onto grass at startSainz third for FerrariJuly 1 (Reuters) - Double world champion Max Verstappen ran away with an Austrian Grand Prix sprint race in a Red Bull one-two on Saturday to increase his Formula One lead over Mexican team mate Sergio Perez to 70 points. Verstappen took the chequered flag a hefty 21.048 seconds clear of Perez on a drying track at Spielberg's Red Bull Ring with Ferrari's Carlos Sainz finishing third in the 24 lap 100km standalone race. Hulkenberg had held second place until lap 12, when his intermediate tyres went off and Perez muscled past, followed by Sainz. The top eight score points in the sprint, with Verstappen taking the maximum eight and Perez seven. Both Red Bulls and Sainz stayed on the intermediate tyres throughout the race while others pitted for slicks as conditions improved.
Persons: Spielberg, Perez, Red Bull, Max Verstappen, Sergio Perez, Verstappen, Ferrari's Carlos Sainz, Max, Aston, Lance, Fernando Alonso, Nico Hulkenberg, Haas, Esteban Ocon, George Russell, Mercedes, McLaren's Lando Norris, Lewis Hamilton, Hulkenberg, Sainz, Alan Baldwin, Toby Davis Organizations: Mexican, Sainz, Ferrari, Red Bulls, Alpine, Mercedes, slicks, Verstappen, Thomson Locations: Austrian, Dutch, London
HONG KONG, June 27 (Reuters Breakingviews) - A government-led buyout signals more uncertainty ahead for a chip industry grappling with oversupply and geopolitics. The state-backed Japan Investment Corp will take over JSR (4185.T), which makes light-sensitive chemicals vital to manufacturing semiconductors, among other things. In recent years, the conglomerate has pivoted from a low-margin business of selling synthetic rubber used to make tyres to focus on semiconductor materials - primarily photoresists - and biopharmaceuticals. Yet JIC's mandate to boost the country’s global competitiveness and its focus on consolidating industries helps to justify the hefty premium. Either way, the government's focus on elevating national chipmaking champions creates fresh uncertainty for JSR's foreign customers like South Korea's Samsung Electronics (005930.KS) and Taiwan Semiconductor Manufacturing (2330.TW).
Persons: Sharp, Eric Johnson, Una Galani, Thomas Shum Organizations: Reuters, Japan Investment Corp, Renesas Electronics, chipmakers, Samsung Electronics, Taiwan Semiconductor Manufacturing, Japan Investment Corporation, Mizuho Bank, Development Bank of Japan, Thomson Locations: HONG KONG, Tokyo, Taiwan, Japan, United States, South Korea, South
Eleven injured in Hong Kong in Cathay Pacific flight incident
  + stars: | 2023-06-24 | by ( ) www.reuters.com   time to read: +1 min
HONG KONG, June 24 (Reuters) - Eleven people were injured on Cathay Pacific's (0293.HK) flight CX880 at Hong Kong's international airport early on Saturday after the carrier aborted its take off due to a technical issue, Cathay said in a statement. The flight, from Hong to Los Angeles, was carrying 17 crew and 293 passengers. It performed "an aborted take off in accordance with standard procedures after a technical issue was detected by the crew." "We understand that 11 passengers are being treated at the hospital with injuries sustained during the evacuation process. Our priority is to look after all affected passengers and crew."
Persons: Farah Master, Sandra Maler Organizations: Cathay, HK, Hong, RTHK, Thomson Locations: HONG KONG, Hong, Los Angeles
Team by team analysis of the Canadian Grand Prix
  + stars: | 2023-06-19 | by ( ) www.reuters.com   time to read: +4 min
Russell brought out the safety car when he hit the wall on lap 12. Stroll started 16th after a three-place drop for impeding. Gasly pitted just before the safety car period, while Ocon came in during it from fourth place. The German pitted on lap 11 before the safety car was deployed and fell back due to tyre degradation. Magnussen started 13th on hard tyres and stayed out when the safety car was deployed.
Persons: Montreal's Circuit Gilles Villeneuve, Max Verstappen, Sergio Perez, Verstappen, Ayrton Senna, Red, Bull, Perez, Lewis Hamilton, George Russell, Hamilton, Russell, Fernando Alonso, ASTON MARTIN, Lance, Alonso, Valtteri, Charles Leclerc, Carlos Sainz, Leclerc, Sainz, Ferrari, Esteban Ocon, Pierre Gasly, Gasly, Ocon, MCLAREN, Oscar Piastri, Lando Norris, Norris, ALFA ROMEO, Guanyu Zhou, Haas, Bottas, Zhou, HAAS, Nico Hulkenberg, Kevin Magnussen, Hulkenberg, Magnussen, Nyck de Vries, WILLIAMS, Alex Albon, Logan Sargeant, Williams, Albon, Sargeant, Yuki Tsunoda, Vries, Alan Baldwin, Sonali Paul Organizations: Montreal's Circuit, Miami, FERRARI, Alfa, Thomson Locations: Canada, Hamilton, Tsunoda, London
Red Bull can win everything but the gap may be closing
  + stars: | 2023-06-19 | by ( Alan Baldwin | ) www.reuters.com   time to read: +3 min
June 19 (Reuters) - Red Bull boss Christian Horner recognised after Sunday's landmark Canadian Grand Prix that his runaway Formula One leaders could win every race this season. "On this venue yes, the gap is shorter... it's inevitable that they are closing, we'd be surprised if that wouldn't be the case," said Horner. If there is an Achilles' Heel in Red Bull's dominance, it is the current dependence on Verstappen for the top step of the podium. Should Verstappen suffer a setback, mechanical or otherwise, the chances of the second Red Bull coming through for the win are looking a lot less certain and rivals are sensing opportunities. Verstappen's last race retirement was in Australia in April 2022 and the last time he was beaten by someone not in a Red Bull was last November, when Mercedes's George Russell won in Brazil.
Persons: Red Bull, Christian Horner, Abu, Horner, Max Verstappen, Ayrton Senna's, McLaren, Alain Prost, Senna, Mercedes, Verstappen, Montreal's Circuit Gilles Villeneuve, Aston Martin's Fernando Alonso, Lewis Hamilton, we'd, Alonso, Aston Martin, Hamilton, Max, Sergio Perez, Perez, Red, Verstappen's, Bull, Mercedes's George Russell, Alan Baldwin, Clare Fallon Organizations: Prix, Sky Sports, Montreal's Circuit, Alonso in, Ferrari, Red Bull, Thomson Locations: Abu Dhabi, Australia, Spain, Alonso in Monaco, Montreal, Brazil, London
Verstappen on pole after wild Canadian GP qualifying
  + stars: | 2023-06-17 | by ( Steve Keating | ) www.reuters.com   time to read: +4 min
[1/2] Formula One F1 - Canadian Grand Prix - Circuit Gilles Villeneuve, Montreal, Canada - June 17, 2023 Red Bull's Max Verstappen poses with former F1 driver Jean Alesia after qualifying in pole position REUTERS/Mathieu BelangerMONTREAL, June 17 (Reuters) - Formula One championship leader Max Verstappen put his Red Bull on pole position for the Canadian Grand Prix after heavy rain shook up qualifying on Saturday. Lewis Hamilton, a seven-times winner in Canada, will line up fourth with his Mercedes team mate George Russell fifth. The pole, in a time of one minute and 25.858 seconds, was the 25th of Verstappen's career. Verstappen started from pole last year and held off Ferrari's hard-charging Carlos Sainz for his 26th career win. Fast forward one year and Verstappen with another victory on Sunday can bring his career total to 41, matching Brazilian Ayrton Senna's haul.
Persons: Gilles Villeneuve, Max Verstappen, Jean Alesia, Mathieu Belanger MONTREAL, Bull, Germany's Nico Hulkenberg, Haas, Fernando Alonso, Aston Martin, Lewis Hamilton, Mercedes, George Russell, Verstappen, Carlos Sainz, Ayrton Senna's, Sergio Perez, Red Bull, Perez, Christian Horner, Ferrari's Charles Leclerc, Aston, Lance, Williams Alex Albon, McLaren's Oscar Piastri, Hulkenberg, Pierre Gasly, Frenchman, Sainz, Steve Keating, Alan Baldwin, Ed Osmond Organizations: Prix, REUTERS, Canadian, Aston, Ferrari, Thomson Locations: Montreal, Canada, Holland, London
Sinochem was not immediately available for comment, while Pirelli declined to comment. Sources had previously told Reuters that the government was concerned about Sinochem's growing influence on Pirelli, as the proposed pact would have allowed the Chinese group to appoint more board members and potentially choose Pirelli's future CEOs. Founded in 1872, Pirelli is one of Italy's most storied companies. CHANGES NEEDEDMeloni's government refrained from imposing even tougher conditions on Sinochem, including blocking its voting rights in Pirelli. The Chinese group earlier this year confirmed its plans to remain a long-term investor in Pirelli.
Persons: China's Sinochem, Marco Tronchetti Provera, Giorgia, Sinochem, Rome, Camfin, Giorgio Bruno, Tronchetti Provera, Alvise Armellini, Giuseppe Fonte, Giulio Piovaccari, Sandra Maler Organizations: Beijing, tyremaker Pirelli, Camfin, Pirelli, Reuters, Big, Ferrari, Porsche, BMW, Formula, Initiative, Thomson Locations: Beijing ROME, China, Beijing, Italy, Europe, Rome, Milan
[1/3] A tyre produced by the Finnish group Nokian Tyres on display at a dealership in Moscow, Russia, March 23, 2023. Nokian Tyres' protracted departure illustrates the growing headwinds faced by Western companies that have yet to fully depart the country. "The war changed the operating environment in a rapid and unpredictable way," Nokian Tyres' Chief Transformation Officer Johanna Horsma told Reuters. Additional valuation requirements published in mid-December came in the middle of Nokian Tyres' transaction, he added. The buyer needs to be well selected to avoid scammers, said Nokian Tyres' Horsma.
Persons: Maxim Shemetov, Johanna Horsma, Finland's Fortum, Germany's, Peter Wand, Baker McKenzie, Thomas Kormendi, Kormendi, Alexei Moiseev, Moiseev, Nokian, Tatiana Stanovaya, Elopak, Baker McKenzie's Wand, Alexander Marrow, Darya Korsunskaya, Matt Scuffham, Kirsten Donovan Organizations: Nokian Tyres, REUTERS, Finland's, U.S . Treasury, Reuters, Companies, Thomson Locations: Moscow, Russia, finalising, Ukraine, Western, Frankfurt
"That was a real Monaco," Verstappen said after a 78-lap race that lasted an hour and 48 minutes. CLOSEST RIVALThe win was Verstappen's fourth of the season, second in Monaco and 39th of his career. Mexican team mate Sergio Perez, his closest title rival, started in last position after a qualifying crash and finished two laps down in 16th. Alpine's Pierre Gasly, Ferrari's Carlos Sainz, McLaren's Lando Norris and team mate Oscar Piastri completed the points positions. While Alonso celebrated his fifth podium of the season, and best result yet for Aston Martin, Canadian team mate Lance Stroll retired after repeated tangles with rivals.
But Michelin, Continental and Pirelli (PIRC.MI) told Reuters they are pursuing alternatives to 6PPD, with Michelin and Continental adding collective industry action may be necessary to find solutions. Continental said its dandelion tyres were developed to find a sustainable form of natural rubber, and addressing 6PPD was a separate focus. The worst-performing rival tyres Michelin has tested so far emit around 8 kg per year. Michelin and Continental said they are already focused on making their tyres more durable - Michelin cut its tyre emissions 5% between 2015 and 2020, Roget said. "The advent of the EV is the time to make this change," to improve tyres," Enso's Erlendsson said.
Leclerc says Ferrari 'struggling like crazy" with their car
  + stars: | 2023-05-08 | by ( ) www.reuters.com   time to read: +2 min
Sainz finished fifth and Leclerc seventh in Miami as Max Verstappen led Sergio Perez to Red Bull's fifth win in five races and fourth one-two. "(It's a) very similar picture to the beginning of the year, we are competitive in qualifying (but) once we come to race day we are struggling like crazy," said Leclerc, who had been on pole position at the previous race in Azerbaijan. He had finished second in the sprint in Baku, raising hopes that Ferrari had made a step forward, and a lonely third in the Sunday race. Leclerc crashed in both practice and qualifying, when he looked competitive, at the same corner in Miami and said he had struggled with the car bottoming at speed and also affected by the wind. Leclerc was Verstappen's closest rival last season, winning two of the first three races before the challenge petered out in strategy errors, unreliability and driver mistakes.
[1/4] May 6, 2023; Miami Gardens, Florida, USA; Aston Martin driver Fernando Alonso (14) of Spain reacts after qualifying for the Miami Grand Prix at Miami International Autodrome. Mandatory Credit: John David Mercer-USA TODAY SportsMIAMI, May 6 (Reuters) - Fernando Alonso will start the Miami Grand Prix on the front row alongside pole sitter Sergio Perez, providing Aston Martin the chance for a win, believes team principal Mike Krack. The Red Bulls of Verstappen and Perez have been in a league of their own this season winning every grand prix, with three of the four races one-two finishes. If you start from the first row your aim has to be to win the race. Verstappen, last year's winner in Miami, will start ninth but Alonso guessed that he will see him on his exhaust by lap 25.
Team by team analysis of the Azerbaijan Grand Prix
  + stars: | 2023-04-30 | by ( ) www.reuters.com   time to read: +4 min
He passed Leclerc for the second time at the safety car restart on lap 14. He went side by side with Russell in the pitlane during the safety car and was passed by Hamilton on lap 20. Hamilton started fifth but pitted a lap before the safety car was deployed, dropping to 10th. Leclerc, second in the Saturday sprint, started on pole position and took his team's first podium finish of the season. Norris started seventh, lost out when he pitted before the safety car but managed to pass Hulkenberg to move into the points.
Verstappen fumes at Russell after sprint clash
  + stars: | 2023-04-29 | by ( Alan Baldwin | ) www.reuters.com   time to read: +2 min
April 29 (Reuters) - Max Verstappen swore angrily at Mercedes rival George Russell after a first lap clash in Saturday's Baku sprint race ripped a hole in the Formula One champion's Red Bull. Verstappen and Russell exchanged words after the race, television microphones picking up Verstappen hinting at future revenge and calling Russell a 'dickhead' as the Briton walked away. "I respect all the drivers a lot and its a bit of commonsense as well what you do on the first lap," Verstappen told Sky Sports. "I don't think anything would have been any different had the positions been reversed." Verstappen starts from the front row in Sunday's main grand prix, alongside Ferrari's pole-sitter Charles Leclerc, with Russell lining up 11th.
Verstappen fastest in chaotic Baku practice
  + stars: | 2023-04-28 | by ( Alan Baldwin | ) www.reuters.com   time to read: +2 min
April 28 (Reuters) - Red Bull's Formula One leader Max Verstappen put in the fastest time right at the chequered flag on Friday in a chaotic sole practice for the new format Azerbaijan Grand Prix sprint weekend. The double world champion, last year's winner in Baku, lapped the fast street circuit with a best time of one minute 42.315 seconds with his final effort on the soft tyres. Ferrari's Charles Leclerc, who has never won in Baku but will be chasing his third successive pole in Azerbaijan in later qualifying for Sunday's grand prix, was second on the timesheets. The Monegasque ended up 0.037 seconds slower, after going top in the dying seconds, with Red Bull's Sergio Perez third and Ferrari's Carlos Sainz fourth. Perez has the best record of any driver on the starting grid in Baku with a victory in 2021, second last year and two third places.
BYD lowers starting price for Seagull electric hatchback
  + stars: | 2023-04-26 | by ( ) www.reuters.com   time to read: +1 min
Companies BYD Co Ltd FollowSHANGHAI, April 26 (Reuters) - Chinese electric car maker BYD (002594.SZ) has set the starting price for its Seagull hatchback at 73,800 yuan ($10,658.89), about 6.3% lower than its initial advertised price, its website showed. The vehicle attracted significant attention at the Shanghai auto show at a price starting from 78,800 yuan - half the price of the cheapest new energy vehicles available elsewhere. It had advertised the two versions at 78,800 yuan and 83,800 yuan during the auto show. The company's longer-range version will be priced at 89,800 yuan, down from the 95,800 yuan advertised at the show. ($1 = 6.9238 Chinese yuan renminbi)Reporting by Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
Breen died after fence post penetrated car window, Hyundai say
  + stars: | 2023-04-19 | by ( ) www.reuters.com   time to read: +2 min
[1/2] FIA World Rally Championship - Rally Sweden - Stage 3 of Second Round - Torsby, Sweden - February 14, 2020 Craig Breen of Ireland reacts. TT News Agency/Micke Fransson via REUTERS/File PhotoApril 19 (Reuters) - Irish rally driver Craig Breen was killed instantly in a crash in Croatia last week after a fence post penetrated the car's side window, his Hyundai team revealed on Wednesday. Hyundai are competing in Croatia this weekend with a reduced two car entry and a special livery as a tribute to Breen. The 33-year-old would have been competing in his second rally of the season after finishing runner-up in Sweden in February. The world rally championship has retired Breen's competition number 42 for the remainder of the season.
Companies Volkswagen AG FollowBERLIN, April 13 (Reuters) - Volkswagen (VOWG_p.DE) called on Thursday for the implementation of new EU emissions standards to be pushed to at least autumn of 2026, slightly over a year later than planned, with the aim of all new cars meeting the standards by autumn 2027. Still, the Commission argues the measures are needed as soon as possible to cut harmful emissions while combustion engine cars remain on the road. Other aspects of the regulation like limitations on the tiny particulates from braking and tyre wear should be delayed, Volkswagen said, without providing a date. "Several years of lead time are needed," the statement said, pointing to a lack of suppliers or industrialised production of tyres meeting the new requirements. Reporting by Victoria Waldersee, Editing by Friederike Heine and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
Aid group says two employees killed in Ethiopia's Amhara region
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +2 min
NAIROBI, April 10 (Reuters) - Two Catholic Relief Services (CRS) workers were shot and killed on Sunday in Ethiopia's Amhara region, the charity said, amid violent anti-government protests triggered by a federal government decision to disband regional special forces units. Spokespeople for Ethiopia's federal government and for the Amhara regional government did not immediately respond to requests for comment. Residents in the town of Dessie reported large protests there on Monday, with young people blocking the roads and burning tyres. Amhara forces fought alongside the federal army in that conflict. Prime Minister Abiy Ahmed says the integration of the regional special forces is needed to ensure national unity in a country with a long history of inter-ethnic conflict.
Team by team analysis of the Australian Grand Prix
  + stars: | 2023-04-02 | by ( ) www.reuters.com   time to read: +4 min
ASTON MARTIN (Fernando Alonso 3, Lance Stroll 4)Alonso's third third-place finish in three races for the team he joined this season from Renault-owned Alpine. The Spaniard started fourth, dropped to fifth but was third by the second red flag. Russell pulled up with his car flaming at the rear on lap 18, triggering a virtual safety car. He had fought back from 11th after pitting during the second safety car period, just before the first red flag. The German was fourth at the final red flag but the positions were reset to the previous grid because no sector had been completed.
Summary Verstappen wins his second race of the seasonHamilton finishes runner-up ahead of AlonsoRace interrupted by red flags, crashesMELBOURNE, April 2 (Reuters) - Max Verstappen was crowned Australian Grand Prix winner on Sunday after two late red flags and a slew of crashes threw the race into chaos before the Red Bull driver was allowed a processional victory lap around Albert Park. That allowed Verstappen to claim his second win of the season ahead of Hamilton with Aston Martin's Fernando Alonso third. Red Bull have now claimed all three grand prix wins in the new season, a record for the team, resuming their dominance after their runaway success in 2022. The Dutchman now has 69 points in the championship race, 15 ahead of team mate Sergio Perez. Verstappen opened up a big gap before the late red flags saw the race turn from procession to drama and back again.
April 1 (Reuters) - Alex Marquez overcame a crash and fire on his Gresini Ducati machine in the first qualifying session to take his maiden pole position in MotoGP at the Argentina Grand Prix on Saturday, on a damp track where his tyre gamble paid off. "I did my best with the wet tyres. Later on I go in I thought there was no time to change the tyres. But we changed the tyres... and it was working, so really happy for that and looking forward to the sprint and the race." Maverick Vinales of Aprilia, who dominated Friday practice, was fifth fastest while Johann Zarco of Pramac Racing completes the second row.
Piastri blames inexperience for qualifying setback
  + stars: | 2023-04-01 | by ( ) www.reuters.com   time to read: +2 min
MELBOURNE, April 1 (Reuters) - McLaren's Formula One rookie Oscar Piastri blamed inexperience for a disappointing qualifying on Saturday ahead of his home Australian Grand Prix debut. The 21-year-old Melbourne-born driver will start 16th in Sunday's race, with British team mate Lando Norris set to line up 13th. Piastri had already been reprimanded, his first in Formula One, after final practice for a breach of the practice start procedures. "After he slowed down considerably, the team warned him to complete the lap before attempting a practice start and therefore he did not go through the full practice start procedure. "The driver candidly admitted his mistake and recognised that this could have resulted in a dangerous situation on the track."
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