You are here: / Report

Posts

Charges Against Apollo Chairman May be Unsustainable

The mismanagement allegations made by Narinder Jeet Kanwar against his elder brother, Apollo Tyres chairman Onkar Singh Kanwar, might not be sustainable in Chennai’s Company Law Board (CLB) as the younger brother is not a company shareholder, report both Apollo Tyres and independent legal experts. A spokesperson from the company has stated “Narinder Jeet Kanwar has no stake in the company.” Therefore, it was added, he is not in a position to bring the issue before the CLB.

India’s Business Standard newspaper has quoted the position of a Chennai based company law expert, M R Venkatesh, regarding the matter. “The petitioner or petitioners as a group must hold at least a 10 per cent stake in the company for the CLB to accept the petition. It is not an easy process, unless this 10 per cent stake is held by a person,” said Venkatesh.

Read more

Related news:

  1. Apollo Launches India’s first W-speed Rated Directional Tyre
  2. Brothers In Apollo Tyres Conflict
  3. Apollo Targets 10% Domestic Alloys Market
  4. Tyre stocks skyrocket in India
/by

Brothers In Apollo Tyres Conflict

In India, Narinder Jeet Kanwar has reportedly filed a petition with the Company Law Board against his elder brother, O. S. Kanwar, who is the head of Apollo Tyres. Press reports say that the petition is seeking investigation over alleged illegalities, manipulations, fraud and insider trading by O. S. Kanwar in order to acquire a controlling stake in the company. Narinder Jeet Kanwar is quoted as saying: “The affairs of the company are being conducted in a manner so as to deceive the shareholder.”

A statement issued by Apollo Tyres reads as follows: “In the context of the news reports that have appeared in the Indian media regarding Apollo Tyres, we wish to clarify that the Petition reference which is made in the report has not even been admitted by the Honorable Company Law Board’s Additional Principal Bench in Chenai and the very maintainability of the same has been challenged by the company. The matter being sub-judice, we would like to refrain from stating anything on the merits of the same.” In other words, no comment.

Read more

Related news:

  1. Fast Wear Costs Apollo Tyres in Fine
  2. Charges Against Apollo Chairman May be Unsustainable
  3. Tyre stocks skyrocket in India
  4. Apollo Selects Second Year’s Shortlist for Mission 2018
/by

MP Calls For Action On Tyre Dump

A report in the Eastern Daily Press tells of North Norfolk MP Norman Lamb, who has been trying for many years to clean up a dump of thousands of illegally-dumped tyres on the Tatterset Business Park, near Fakenham. Previous attempts by the District Council and the Environment Agency to have the dump cleared have foundered due to changes in ownership and difficulties in contacting Highstar Properties; the most recent owner of the site.

Read more

Related news:

  1. Fast Wear Costs Apollo Tyres in Fine
  2. Vredestein Launch UHP Winter Tyre
  3. Hankook Targets 2007 Sales of US$3.6B
  4. Amtel Mortgages Retain Chain for Materials – Report
/by

Conti Names the UK’s Ten Most Hated Speed Humps

Continental Tyres has lifted the lid on what many think to be the worst speed hump in the UK. The offending traffic control device is located in Staffordshire; Tower View road, Great Wyrley to be precise – and it is often obscured from view by floodwaters. Deep gouges in the hump created by hapless motorists are telltale signs of many an unexpected encounter with the hump. A local campaign calling for its removal is currently underway.

The nationwide survey to find the top ten speed most hated humps was conducted by Continental to gauge public opinion about one of the most common causes of tyre damage. A 2003 report by the British Tyre Manufacturers Association showed impact damage such as that occurring when striking a speed hump to be the second most common reason for the replacement of tyres before the end of their tread life. Conti has seen the volume of tyres returned as a result of impact damage increase by 60 per cent since 2001, ten years after the introduction of the first speed humps to the UK. One in eight cars is estimate to have experienced damage as a result of speed hump impact.

Read more

Related news:

  1. Continental Reveals Top Ten Bumpiest UK Roads
  2. 10% of UK Motorists Driving on Illegal Tyres – Conti Survey
  3. 60% of Drivers ‘Zone Out’ Behind the Wheel
  4. 20 per cent of Tyres Illegal
/by

More than £10,000 in Tyres Stolen During Warwickshire Ram Raid

More than £10,000 worth of tyres were stolen from Southam Tyres in Leamington Spa on the Weekend of October 27-28. Local media report that thieves smashed a hole in the side of brick warehouse by ramming it with a vehicle before loading the tyres into a vehicle parked outside. The point of entry was obscured from roadside view by a hedge, enabling the criminals to go about their task undisturbed.

Southam Tyres is offering a £1,000 reward for information leading to a successful prosecution. The Kenilworth Weekly News has quoted a company spokeswoman as saying “Everyone was shocked when we realised what had happened and were saying ‘what a cheek’ more than anything. It was obvious someone had broken in as there was a big hole in the brick wall and tyres stacked up in odd places outside – burglars aren’t well known for being tidy.

Read more

Related news:

  1. Conti Plans HQ Move
  2. £35,000 Bedfordshire Tyre & Wheel Haul
  3. Retreading Special: Recycling
  4. Group Tyre Puts E-commerce to Work
/by

Michelin Receives Best Annual Report Prize

On October 18, Michelin received the Best Annual Report 2006 Prize in the CAC 40 category during the 53rd Financial Communication Venue organised by two of France’s foremost financial newspapers: ‘la Vie Financière’ and ‘Les Echos’. The prize is given to CAC 40 companies – the forty largest Paris Bourse listed stocks in terms of market capitalisation on the stock exchange – whose annual reports contain the clearest and most transparent information on the company’s economic situation and future prospects.

To quote Mr. Carlos Ghosn, who chaired the panel responsible for selecting award recipients, the four principal qualities of Michelin’s report were “the quality of the group’s business and environment review; the usefulness of background information based on multiple and documented forecasts; the shareholder focus through a Shareholder booklet which in itself is a benchmark document and the clear and lively layout (and the latter two qualities are known to be difficult to achieve in the particular field of financial communication).”

Read more

Related news:

  1. Nokian Tyres 2006 Financial Reporting Schedule
  2. Edouard Michelin Dies in Boating Accident
  3. Michelin Shares Fall Nearly 5% Due to Earnings Worries
  4. Michelin Expected to Report 7.2 billion euros 1H Sales
/by

New Coach Tyre Superior, Claims Michelin

,

An all-new tyre specifically designed for use on coaches has been released by Michelin. Known as the Michelin X Coach XZ, the new addition to the tyremaker’s coach line-up has been designed to meet the difficult challenge of improving three sometimes diametrically opposed criteria – mileage, safety and comfort – and Michelin believes it has succeeded in doing so. The X Coach XZ can be mounted on both front and rear axles, and is intended for use on motorways and other major roads.

Michelin report it has optimised the tyre’s tread pattern, enabling it to deliver 15 per cent higher mileage that the tyre it replaces, the XZA 2 Energy. The tread is 2mm deeper than that of its predecessor, a total tread rubber depth of 15mm, and is also 10mm wider. Of equal importance is Michelin’s assertion that the X Coach XZ is capable of delivering a longer working lifespan while maintaining superior levels of performance in other areas, most notably safety.

Membership Required

If you are not yet a Tyrepress or Tyres & Accessories subscriber, you can change that here.

Subscribe now

Becoming a member has benefits such as:

  • Read our sector-leading articles in full
  • Full analysis of tyre business segments
  • Read Tyres & Accessories magazine online/in print

Already a member? Log in here

Related news:

  1. Michelin Releases Le Mans ‘Key Figures’
  2. 1000 Attend Brahler Industries Open House
  3. Michelin Man Gets More ‘Socially Responsible’ in New Ads
  4. Morghew Park Estate Chooses Michelin and Mitas Fitments
/by

Survey Highlights Sloppy Maintenance

A recent industry survey carried out by Norbar Torque Tools has revealed a shocking lack of awareness of the importance of properly maintaining torque-controlled tools such as wrenches and screwdrivers – with a staggering 24 per cent of respondents to the survey admitting that they never calibrated their torque tools.

Philip Brodey, sales director of Norbar, explains: “Although we were aware of the problem, we were truly surprised by its magnitude as revealed by the survey. As specialist torque tool manufacturers we naturally place a great deal of emphasis on the accuracy of our products. But even the most accurate tool needs regular checking and calibration to ensure that it remains within tolerance.”

Read more

Related news:

  1. Survey Reveals Torque Inaccuracy
  2. MAHA Opens New Production Facility
  3. Omitec to Attend Automechanika 2008
  4. Spring Cleaning Your Warehouse?
/by

Hercules Chooses Simpson to Lead Marketing

(Akron/Tire Review) Hercules Tire & Rubber Co. has named Joshua Simpson as its new vice president of marketing. He will be responsible for developing product and marketing strategies for Hercules’ private and associate brands and coordinating domestic and international marketing efforts, according to the company. Simpson joined Hercules in July 2006 as marketing director. He will report to Larry Seawell, Hercules’ president and CEO.

Read more

Related news:

  1. Goodyear Promotes Two in Technical Group
  2. Goodway Appoints New Management Team
  3. Hercules Promotes Two, Hires One
  4. Hercules Tire Appoints Gawthrop to Global Supply Chain Role
/by

FPB Accuses Chancellor of Failing Small Businesses

The Forum of Private Business (FPB) has accused the Chancellor of the Exchequer of failing to address the issues of smaller businesses in his first Pre-Budget Report. Alistair Darling delivered his speech to the Commons (9 October 2007) but omitted any reduction in the tax burden for those companies that most need it.

Read more

Related news:

  1. China Increases Scrappage Subsidy
  2. Bridgestone revises earnings forecast
  3. Copeland Named to Head Goodyear Australian JV
  4. Analysts: High Natural Rubber Price to Impact Michelin
/by

Panic in Detroit: 2007 Auto Sales to be Down

(Akron/Tire Review) Industry analysts say that 2007 may end up being the worse ever year for new car sales. September sales, analysts say, are expected to show weak results, due in part of high gas prices, credit troubles and other economic factors, and the final quarter of the year indicates things won’t get better.

Jesse Toprak, chief economist for the auto information site Edmunds.com, predicts Honda Motor Co. will be the only automaker to report an increase in sales, helped by the arrival of the new 2008 Honda Accord. Automakers are scheduled to report September sales Tuesday.

“No one is immune to this general weakness we have in the marketplace,” Jesse Toprak, chief economist for the auto information site Edmunds.com, told the AP. Sales for September are expected to be down as much as 4 per cent vs. September 2006, with Honda expected to be the only automaker to show n increase.

Ford, GM and Chrysler are expected to be down month-over-month. One analyst forecasts an annualised selling rate of 15.9 million vehicles for the year, down from 2006’s 16.6 million vehicles.

Read more

Related news:

  1. Pirelli 9 Month Results Expected to be Flat or Lower
  2. Analysts: 2008 Will Be ‘Another year of Progress for Michelin’
  3. Time Running Out For Goodyear
  4. Cooper’s Results ‘Disappointing’
/by

Cooper Heads into Third A1GP season

The 2007 sporting season has been the year for World Cups, and Cooper Tire is about to embark on its third season with the World Cup of Motorsport, A1GP. Zandvoort, in The Netherlands, will host the opening race event of A1GP’s third season, on September 29/30. Cooper Tire has been the official tyre partner of the championship since its inception in 2005, and was reportedly chosen as the sole tyre supplier for its rich motorsport heritage and expertise.

Read more

Related news:

  1. Cooper Tire Motorsports brings Mickey Thompson Tyres to the UK
  2. Avon Tyres Supply British GT for Third Year
  3. Avon Tyres Wishes Customers ‘Best of British’
  4. A1GP and Ferrari Announce Partnership
/by

Car Manufacturers Must Now Share Info With Independent Garages

The European Commission has moved to ensure that car manufacturers will provide technical information about car repairs to all independent garages in the European Union. According to a Dow Jones report, the decision will legally bind DaimlerChrysler, Toyota, General Motors and Fiat to change their business practices and share technical repair information equally with branded and independent garages.

Read more

Related news:

  1. UK Car Manufacturing and European Car Registrations Fall
  2. 90 Years of Shock Absorber Manufacturing
  3. Hankook launches Europe-wide breakdown service
  4. European CV registrations down 10.6 per cent in January
/by

Nail in Tyre Blamed for Hammond Crash

A nail caused the tyre failure that lead to the accident that nearly killed Top Gear presenter Richard Hammond. According to a BBC report the “catastrophic disintegration” could have been prevented was it not for the “the inability to spot the damage to the tyre.” As a result the 88-page report criticised the Top Gear team for not having anyone present “with sufficient knowledge to assess the adequacy” of the safety checks.

Much of the BBC’s report into Richard Hammond’s crash focused on the role tyres played in the crash. New Hoosier P225/50 ZR15 (front) and P275/50 ZR15 (rear) tyres had reportedly been bought for the Vampire jet car involved, shortly before the crash. There was no suggestion that there were any manufacturing problems with the tyres, but rather that an object such as a nail caused a “catastrophic failure” that resulted in the front off-side tyre being “comprehensively destroyed.”

Read more

Related news:

  1. Kumho Announces a Greener Tyre
  2. Avon Tyres joins Brabham in MSA British Race Elite initiative
  3. Report: Global Tyre Market to Hit 1.6 Billion Units by 2010
  4. Hankook All-Season Test Success
/by

Fast Wear Costs Apollo Tyres in Fine

(Akron/Tire Review) Asia Pulse has reported that Apollo Tyres has been ordered to pay 10,000 rupees by the Delhi Consumer Commission for alleged tyre defects. According to the report, the commission found that certain Apollo-made tyres were wearing out within six months of purchase. According to the consumer complaint that instigated the investigation, a tyre purchased by a consumer wore out within six months. The man was subsequently rebuffed repeatedly by Apollo when he attempted to get it replaced. Apollo appealed, claiming the man used the tyre on a commercial vehicle, subjecting it to excessive use. The commission awarded the man 4,400 rupees as the cost of the damaged tyre, and another 3,000 rupees in compensation and as cost of litigation.

Read more

Related news:

  1. Brothers In Apollo Tyres Conflict
  2. US Companies Plan Tyres-to-Ethanol Facility
  3. Apollo Launches India’s first W-speed Rated Directional Tyre
  4. Apollo Tyres Unveils Smart Retail Outlets
/by

We see you are visiting us from China.

If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.