Japan car firms hire to up output

21 June 2011 Last updated at 06:17 GMT Japanese car makers have been suffering a shortage of parts and therefore operating at reduced capacity Japanese car firms will boost production by hiring thousands of contract workers in the aftermath of the March earthquake and tsunami.

Toyota Motors has said it will take on up to 4,000 workers starting in July, after a plunge in Japanese production of almost 75% in April.

Honda said it will hire about 1,000 contract workers and Nissan about 200.

Japan's car makers have been facing supply chain disruptions and power shortage problems since the disaster.

Toyota said that in Japan it will be back to 90% pre-earthquake production levels in June and close to 100% from July onwards.

"By July we'll be back at monthly production levels. But we still have to make up for those units we lost over the last couple of months," said Toyota spokesman Dion Corbett.

"This [hiring] drive is primarily to make up for lost production."

The sentiment is echoed by the other car makers.

Honda, which also saw a dive in production after the earthquake, said it was hiring on 3-months contracts.

"When production went down to 50% we had stopped some contracts for some temporary workers. Therefore to increase production, we are increasing hiring," said spokesperson Akiko Itoga.

The 9.0 magnitude earthquake and subsequent tsunami destroyed entire towns and disrupted electricity-generating facilities, including the Fukushima nuclear power plant.

This led Japanese car firms to announce production disruptions, both domestically and overseas, because of plant closures and slowing output.

Toyota forecasts it will suffer 450,000 units of lost production this fiscal year which ends on March 31, 2012, according to Mr Corbett.

Approximately 220,000 units of Toyota and Lexus production were lost globally between March 11 through to the end of that month.

Therefore. the global impact of the earthquake on Toyota is approximately 670,000 units.

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US sanctions Iran trading firms

24 May 2011 Last updated at 15:55 GMT Iran insists its nuclear programme is peaceful in purpose The US has imposed sanctions against seven foreign firms which trade with Iran in breach of an existing US ban.

Venezuela's state oil company, Petroleos de Venezuela (PDVSA), is among those targeted by the measures.

Other companies include firms based in the United Arab Emirates, Israel, Singapore, Monaco and Jersey.

A US official said the sanctions would add "further pressure" on Iran to halt what the US and others believe is a nuclear weapons programme.

The affected companies include Tanker Pacific of Singapore, Ofer Brothers Group of Israel, Associated Shipbroking of Monaco, Petrochemical Commercial Company International of Jersey and Iran, the Royal Oyster Group of the United Arab Emirates and Speedy Ship of the United Arab Emirates and Iran.

"All of these companies have engaged in activities related to the supply of refined petroleum products to Iran, including the direct supply of gasoline and related products," Deputy Secretary of State James Steinberg said.

'Illicit trading'

Mr Steinberg said that the sanctions were tailored to target each individual firm but, in general, would stop the companies trading with the US.

PDVSA, for example, will be barred from any US government contracts, import-export financing and export licenses for sensitive technology.

The company and its subsidiaries, will, however, be permitted to continue selling oil to the United States.

The state department said the company had delivered at least two cargoes of refined petroleum products worth some $50m (?31m) to Iran between December 2010 and March 2011.

Simultaneously, the US administration imposed separate sanctions on more than 15 people and companies in China, Iran, North Korea, Syria and elsewhere.

It said the penalties were being imposed for what it said was illicit trading in missile technology and weapons of mass destruction.

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