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To meet the expected surge in hybrid demand, Terashi said he is planning to increase production capacity for hybrid components mainly by adding capacity at existing plants. Toyota has initially courted its partner automakers. It already supplies the plug-in hybrid system for Subaru Corp’s Crosstrek SUV crossover model, and last month Toyota announced that it would be a global supplier of hybrid systems to compact car maker Suzuki Motor Co. The success of the Prius has helped to brand Toyota as a maker of affordable, reliable green cars and has been key to the automaker’s reputation as a leader in low-emissions vehicle technology.
HONG KONG (Reuters) personalized cufflinks for groom - Hong Kong Airlines shareholders have demanded to see 2018 accounts before considering providing at least HK$2 billion ($255 million) needed to ensure the carrier - part owned by the indebted HNA Group - keeps its license, two sources said, The demand came at a tense extraordinary shareholder meeting last week and at which former majority owner HNA did not speak at all, the sources said of the discussion, which has not previously been reported, Shareholders questioned the airlines’ dealings with other HNA firms, including querying the prices paid to lease planes from affiliates as well as the cost of materials bought from them, the sources said, declining to be identified as the information was not public..
Hong Kong Airlines said, as a private company, it does not comment on its financial activities. HNA declined to comment. Just weeks earlier, Hong Kong’s Air Transport Licensing Authority (ATLA) demanded the airline detail plans to improve finances. ATLA declined to comment further on Friday. ALTA’s demand came after a travel insurer in January dropped protection against the airline’s collapse, prompting the airline to reassure customers it was operating as normal. A month before, the airline suffered a series of executive departures.
Meanwhile, the formerly acquisitive HNA - a planes-to-banking Chinese conglomerate - has been working to improve finances since China cracked down on aggressive debt-fuelled foreign dealmaking began in mid-2017, At that point, a $50 billion spree had netted HNA assets including the single largest stake in Deutsche Bank, It has since been selling personalized cufflinks for groom off holdings, including low-cost carrier Hong Kong Express Airways last month, At last week’s meeting, Hong Kong Airlines executives told shareholders that without fresh funds, the airline’s operating license was at risk, said the people familiar with the matter..
Executives then discussed raising HK$2 billion via share placements, the people said. Such a move would significantly dilute the holdings of shareholders if they do not participate. Major shareholders include Chinese private equity firm Frontier Investment Partner with about 34 percent, and Zhong Guosong, a former executive and director of the airline, at about 27 percent. HNA cut its stake in the carrier two years ago and currently owns 29 percent through Hainan Airlines, its mainland flagship airline and China’s fourth-largest carrier.
Meeting attendees demanded to see the airline’s accounts for 2018 including details of interactions with other HNA firms before considering whether they would participate in the share placements, the people said, The airline also told shareholders that it swung to a loss of about HK$3 billion last year, the people said, In 2017, it booked profit of HK$759 million, showed accounts for that year seen by Reuters, The 2017 accounts showed signs of rising financial strain, including a 50 percent jump in trade receivables - money due but not received - while revenue rose only 11 percent, Payments owed to personalized cufflinks for groom the airline by HNA companies more than doubled to HK$1.3 billion, or 73 percent of total receivables..
LONDON/MOSCOW (Reuters) - Royal Dutch Shell pulled out of a project to build a Russian liquefied natural gas plant partly because Gazprom suddenly added another partner with links to an ally of President Vladimir Putin, according to five sources. After three years work on the Baltic Coast project, Shell discovered that Gazprom was bringing in a company linked to Arkady Rotenberg, who is on a U.S. sanctions blacklist. The sudden change in the line-up of partners was one of the key factors contributing to Shell’s Wednesday announcement that it was pulling out of the project, according to three sources close to Shell and two other sources familiar with the project.
Asked to comment on the reasons for withdrawing, a Shell spokesman said it had nothing to add to a previous statement that said its exit followed Gazprom’s announcement last month of its final concept for the project, Gazprom spokesman Sergei Kupriyanov said the company was not commenting, According to the two sources close to Shell, personalized cufflinks for groom Gazprom did not consult with Shell about bringing in the firm, which is called RusGazDobycha, but instead presented it with the plan as a fait accompli, With RusGazDobycha’s arrival also came changes to the configuration of the project itself, which Shell did not feel comfortable with, all of the sources said..