Volvo production halted for a week as demand drops October 15, 2012 - 18:52 AMT PanARMENIAN.Net - Volvo Cars, owned by China's Geely Holding Group, has decided to temporarily halt production at its main Swedish plant for one week as demand in the automotive market continues to slip in recession-hit Europe, AP said. The Goteborg-based carmaker says Monday, October 15 the production halt will affect some 3,300 employees and will last from Oct. 29 to Nov. 2. The workers will be compensated through a variation of paid leaves. Volvo Cars' CFO and Acting President, Jan Gurander, says "Europe is the main market for Volvo Car Corporation and the continued recession is naturally affecting the demand." On Oct. 1, the company decided to slow the production pace of the Torslanda plant, from 57 cars an hour to 50 cars. Volvo Cars has a global workforce of around 22,000.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Viva sees growing demand for cloud services  In recent years, medical institutions are starting to make use of Viva’s cloud servicesTurkey replacing term "Central Asia" with "Turkestan" in textbooks The Turkish Ministry of Education is replacing the term "Central Asia" with "Turkestan" in textbooks.Armenian, German presidents meet in Berlin Armenian and German Presidents Vahagn Khachaturyan and Frank-Walter Steinmeier met in Berlin.Armenia assumes presidency of Mediterranean Network of Regulatory Authorities The Commission on Television and Radio of Armenia said it expects productive cooperation in various formats. |
