the bottomline

PARIS:

Carmakers PSA and Renault are vying to offer a car sharing scheme in Paris to replace Autolib, the electric car sharing service run by French tycoon Vincent Bollore’s group that was recently ditched by local authorities after a dispute.

PSA will launch during the last quarter of 2018 a “free floating” carsharing scheme in Paris, allowing drivers to pick up an electric vehicle at one location and leave it elsewhere in the city, the carmaker said in a statement.

It said it planned initially to have some 500 electric Peugeot and Citroen cars available in the French capital.

PSA already operates free floating car-sharing services in Madrid and Lisbon. (RTRS)

HELSINKI:

Uber Technologies will re-start its ride-hailing business in Finland on Wednesday after a oneyear pause, it said, seeking to benefit from the country’s transport law reform.

The U.S. company has come under pressure from traditional taxi drivers and regulators across Europe, who accuse it of unfair competition and skirting traditional licensing rules.

In Finland, Uber was deemed legal provided its drivers held valid taxi licences, but the company has been the target of police investigations and drivers have been ordered to give up their earnings to the state for not having valid permits. (RTRS)

DUBLIN:

Ryanair cabin crew are to hold coordinated strikes in four European countries, a union official said on Wednesday, in the latest escalation of industrial action at Europe’s largest low-cost carrier.

Cabin crew in Spain, Portugal, Italy and Belgium are planning the strikes and will announce dates for the action on Thursday once authorities in Italy give their approval, Antonio Escobar, an official with Spanish union SITCPLA said, adding that other countries may join the action.

The cabin crew will join Irish Ryanair pilots who on Tuesday announced a strike for July 12 complaining that the airline, Europe’s largest low-cost carrier, had failed to improve conditions sufficiently after recognising unions for the first time in December. (RTRS)

NEW YORK:

Barnes & Noble Inc is terminating CEO Demos Parneros after barely a year on the job for violating company policies.

The New York bookseller said Tuesday Parneros’ termination has nothing to do with financial reporting or potential fraud. It didn’t provide other specifics about which policies Parneros violated.

Parneros was appointed CEO in April 2017 after joining Barnes & Noble as chief operating officer in November 2016. He won’t receive severance or remain on the company’s board. (AP)

DETROIT:

A nonprofit auto safety advocacy group is asking Ford to recall 1.35 million Explorer SUVs due to continued complaints of exhaust fumes in the passenger compartments.

The Center for Auto Safety says it found 44 complaints in a government database about fumes and potential carbon monoxide after owners had taken Explorers in for free repairs in a Ford customer service campaign that started last October.

The center made its request in a letter to Ford CEO Jim Hackett this week.

The National Highway Traffic Safety Administration has been investigating the problem for two years in police and civilian Explorers from the 2011 through 2017 model years, but it has not reached a conclusion.

Ford says Explorers are safe, owner complaints have decreased and the free service has addressed the exhaust odors. The company says anyone who isn’t satisfied with the repairs should contact their dealership “for further inspection.”

In the service, Ford said mechanics would check for leaks in the rear lift gate gaskets and drain valves. If any leaks are found, they’ll be sealed or gaskets will be replaced to prevent fumes from entering. They’ll also reprogram the air conditioning to let in more fresh air. (AP)

ZAGREB, Croatia:

Creditors of the biggest private company in the Balkans, Croatian retailer Agrokor, voted Wednesday to approve a settlement deal that includes giving two Russian banks a stake of over 46 percent.

Some 80 percent of the 450 creditor representatives voted in favor of the deal, which avoids bankruptcy for Agrokor. The company employs 60,000 in the region and accounts for 15 percent of EU member Croatia’s economy.

Fabris Perusko, Agrokor’s state appointed caretaker, noted that the acceptance of the deal was great than the two thirds majority required by law.

Agrokor collapsed under the weight of 8 billion euros ($9 billion) in debt, including a disputed sum owed to two Russian state-run banks, Sberbank and VTB. The creditors include foreign and Croatian banks, suppliers and bondholders.

The settlement deal includes corporate restructuring that gives the two Russian banks a big stake in the company, prompting fears in Croatia that the Kremlin has been strategically trying to increase its political influence in the European Union’s newest member.

According to the settlement, suppliers can expect to receive 60 percent of their claims on the company debt. Banks will get up to 20 percent, while for bond holders the return will range between 40 and 80 percent of their investment. (AP)

BRASÍLIA:

US aerospace giant Boeing and Embraer are in “advanced negotiations” over a muchanticipated tie-up, the Brazilian aircraft manufacturer said on Monday.

The proposed merger, which would need the go-ahead from the Brazilian government, would leave Boeing as the majority partner, according to Brazilian newspaper Valor.

Embraer would however keep sole control of its military activities.

Valor said the two aircraft manufacturers had “already prepared the memorandums of understanding and requested a meeting to present” their project to the Brazilian government.

Embraer told AFP that it was in “advanced negotiations” over the deal but refused to comment on details. (AFP)