“As Australia’s largest supermarkets cease making fuel offers after a watchdog deems that offering customers discounted petrol is a threat to competition, it is imperative that the Office of Fair Trading (OFT) re-open their investigation into the UK fuel market” said Brian Madderson, Petrol Retailers’ Association Chairman.
SMMT figures reveal that new car registrations rose seven per cent in November to 159,581 units, the month’s best performance since 2004. 2,111,819 cars have been registered for the year-to-date, up 9.9 per cent and already ahead of the 2012 full-year figure of 2,044,609. This means that the car market is on target to hit the SMMT forecast of 2.25 million registrations for 2013.
As of 1 December 2013 Ferdinando Visconti di Modrone takes over responsibility for marketing in Central Europe within Pirelli’s Truck business unit. He succeeds Alain Versace, who will leave Pirelli on 30 November.
Titan International has set a 2014 revenue goal of US$2.4 billion to $2.7 billion, the company reported on 25 November. This target assumes that Titan will not make any further acquisitions and is calculated on the premise that pricing and raw material costs will remain flat next year. Titan forecasts maintenance capital expenditure will be $70 million in 2014.
Deutsche Bank Equity Research Automotive has adjusted its 2013 and 2014 earnings outlook for Bridgestone Corporation. In a company update published on 18 November, analyst Kurt Sanger wrote that overall, Bridgestone’s strong third quarter performance highlighted the company’s “operational excellence through cost controls.”
The Grizz, aka Maurice Taylor, would have growled at Titan International’s designation as Zacks Investment Research’s ‘Bear of the Day’ on 13 November. Explaining why Titan was Zacks’ Ursidae of choice yesterday, Tracey Ryniec, a strategy analyst with the investment industry firm, opined that Titan International continues to suffer from a build-up in tyre inventory in the farm and construction industries and weak pricing.
In its consolidated financial statements for the first three quarters of the 2013 fiscal year, Bridgestone Corporation reports net sales of ¥2,606.0 billion (£16.4 billion) between January and September, a 17 per cent increase from the first three quarters of 2012. Net sales in the third quarter alone were ¥900.8 billion (£5.7 billion). Operating income amounted to ¥318.9 billion (£2.0 billion) for the first nine months of the year, a year-on-year increase of 56 per cent, and ¥126.5 billion (£797.9 million) in the third quarter.
Nexen’s third quarter figures have underperformed market expectations. According to Deutsche Bank research published 1 November, Nexen’s operating profit results were 13 per cent below consensus expectations.
Financial analysts have described Nokian’s latest third quarter financial results as “better than expected”, however they also pointed out that any optimism will be have to be balanced against the details of a recent profit warning. The profit warning referred to forthcoming fourth quarter figures, which are expected to be “weak”, with pre-tax profits (EBIT) estimates projecting a -13 per cent decline.
Duncan Wilkes has been appointed chief executive of Micheldever Group, taking up the position in the New Year. First announced last February as part of the Micheldever Board‘s senior management succession plan, current Micheldever chief executive officer Paul Fox’s retirement has been confirmed for 31 December 2013. Fox will remain both as a shareholder and a non-executive director on the Micheldever Board.
Giti Tire has announced the appointment of Lorella Maggiori as marketing manager for Italy and Spain. Formerly of Bridgestone Italy’s marketing department Maggiori will support Corrado Moglia, general manager – southern Europe, and work in partnership with the senior management and marketing teams of each importer across all passenger car, SUV, light truck and truck & bus programmes. Giti says it is currently growing in both countries, seeing both as key European markets.
Bridgestone has presented Rugby fast-fitter TW Tyres with an award recognising the company’s 35 years in business. TW Tyres, based in Paynes Lane, and owner Mike Furner were presented with a cut-glass accolade from the manufacturer to recognise decades of hard work in the town.
The e-bulletin of the Independent Automotive Aftermarket Federation quotes a story in the Oxford Mail, where Prime Minister and Witney MP David Cameron has been told of the need for regulation in the independent motoring trade by a businessman from his constituency.
The annual Labour Rates Survey carried out by Warranty Direct, suggests that garages are charging an average of £8.16 an hour less than last year to carry out service or repair work. The average hourly labour rate in 2013 of both franchised and non-franchised workshops is £74.70, down 9.84 per cent from £82.86 in 2012. Data from more than 12,000 cases were analysed in the study.
Following on from the news that Delticom AG purchased fast-growing online tyre retailer Tirendo on 17 September, Delticom executives have also revealed that company’s founders and main shareholders Rainer Binder and Andreas Pruefer also sold around 500,000 Delticom shares to a subsidiary of European Media Holding AG (EMH), which itself is a founding shareholder of Tirendo. In addition EMH was granted options to purchase up to a further 1.6 million shares. Apart from increasing the apparent combined value Delticom attributed to Tirendo, it is also likely to have consequential effects on market pricing.
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