Pirelli’s financials means that the Italian tyre manufacturer outperformed market expectations of its second quarter EBIT performance by 5 per cent, according to financial analysts. The firm also maintained its full-year financial guidance, Morgan Stanley wrote in an investors note reflecting on the figures:
New photovoltaic plants installed at Rösler’s headquarters in Dortmund, Germany, are expected to be able to provide for 13 per cent of the site’s future electricity requirements. Two 99,840 watt plants have been installed, and Rösler says that together they are capable of producing sufficient power for 40 bungalows. Company managing director Martin Rösler commented that this investment in solar technology represents more than just an active commitment to environmental protection; he says it will also enable Rösler to retain some independence in the face of increasing energy prices.
While seeking to allay fears that Pirelli will miss its targets when the Italian-based tyre manufacturer releases its second quarter figures on Thursday, financial analysts have suggested that Pirelli shares are overweight and that a price correction is “overdue.”
The latest RMA produced US tyre market shipment figures do not suggest any kind of immediate recovery is on the horizon. According to financial analysts who trawled through the figures, despite the fact that the comparison period wasn’t particularly strong, the market was down 1.5 per cent year-on-year in June. Commercial vehicle tyre shipments saw an even sharper decline (-11 per cent) but this was also described as a tougher comparison.
Following the broadcast of a Panorama programme on Monday evening, which questioned the way Halfords Autocentres’ staff communicated tyre disposal fees, the garage chain has released the full statement quoted in the documentary.
Anyone who’s watched the 1955 film The Dam Busters – or even Star Wars Episode IV, whose climatic sequence is said to have been inspired by this British classic – will marvel in the Guy Gibson-like precision shown by a runaway tyre on the A1 yesterday. The tyre was witnessed bouncing along the main road before shooting 25 feet in the air and scoring a direct hit in the middle of a BP petrol station sign – an act we can see for ourselves thanks to our ever present friend, the surveillance video camera. Surprisingly, no motorist has contacted the police or come forward to claim a missing wheel or tyre.
Chancellor George Osborne's plans to raise duty on fuel prices by 3.02 pence per litre at the beginning of August have been subject to a storm of protest from all sectors of the automotive industry.
Aldermore, the new British challenger bank, says UK haulage firms still need fuel price parity with other European countries if they are to successfully fight-off foreign competition.
Responding to the announcement that the government is to postpone its proposed 3p price increase in fuel duty until January 2013, Damon Walford, Managing Director of Aldermore Invoice Finance, said: "The UK haulage industry remains at a significant disadvantage against European competitors, who pay as little as 106p per litre for diesel in Spain, 111p in Austria and just 96p in Luxemburg (even in Germany and France, diesel prices are significantly lower at 115p and 118p respectively).
Market research firm GfK Asia has released a report on the performance of four emerging Southeast Asian tyre markets in the first quarter of 2012; the company found that demand for replacement tyres in the countries investigated – Indonesia, Malaysia, Philippines and Thailand – increased 14 per cent between January and March in comparison with the October to December 2011 quarter. According to GfK’s retail tracking of replacement passenger car tyres across a number of cities within the four countries, some 2,557,600 tyres were replaced in the first three months of the year.
George Osborne scrapped a 3p rise in fuel duty yesterday in yet another Budget U-turn. The Chancellor said the decision, which has generally been greeted with delight by motoring groups, reflected the “very difficult economic times.” An earlier duty rise in January had previously been axed and the latest freeze reportedly knocks £2.10 off the cost of filling up a typical family car, according to the Daily Mail.
Heuver Tyrewholesale says it is able to look back on Reifen 2012 with a great deal of satisfaction. The Dutch company says the introduction of new products at the show ensured an exceptionally high volume of visitors and interest from customers, with a record number of orders being placed during the show. “This is something we haven't experienced before at Reifen,” said company director Bertus Heuver.
Gazasia, a UK company that develops waste-derived biofuels, is to begin operations in the Philippines to develop a vehicle fuel made from organic waste products in landfill. The company creates liquid biomethane – a carbon-neutral, sustainable and high-quality vehicle fuel – by cleaning and refining the natural gas produced by organic waste found in landfill sites.
RMI Petrol, the trade association representing independent forecourt retailers in the UK, condemns the Government's misleading and damaging comments surrounding forecourt retailers and the price of fuel.
The FTA backed campaign FairFuelUK has been recognised for its tireless work in lobbying the Government in order to stop planned fuel duty increases and fight for lower fuel prices. In the same week that the campaign sees MPs from various political parties uniting at Westminster in an urgent call to scrap the August 3p fuel duty rise, the organisation created by Peter Carroll Associates won the prestigious CIPR 2012 Excellence Award for Public Affairs which applauded the organisation's work and credited its achievements in the category which acknowledged 'a campaign designed to inform the public policy agenda or influence the legislative process.'
Trelleborg Wheel Systems has announced that it plans to implement price increases on agricultural and forestry tyres and wheels.
The price hike of up to 5.5 per cent in North America takes effect in July 2012, on all tyres and wheels designed for use in agricultural, forestry and light industrial applications.
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