Tag Archives: output

Nintendo Will Reportedly Ramp Up Switch Output To 30 Million This Fiscal Year

Nintendo Switch

A new report from the Japanese publication Nikkei suggests Nintendo will ramp up the production of the Switch to 30 million units this fiscal year (ending 31st March 2022), in an attempt to capitalise on the “stay-at-home demand” for the hybrid system.

According to people “with direct knowledge of the matter”, Nintendo has reached out to multiple parts suppliers about accelerating production and expanding output.

Nikkei further states how Nintendo is expected to release a “follow-up Switch model” which is capable of running better graphics and would be the first new offering since the release of the Switch Lite:

“Several officials admitted to us that they are considering expanding production. The company is also expected to add a higher-end model with higher image quality, and this will be the first additional model of the Switch since the Nintendo Switch Lite, which was released in September 2019 and made it more portable.”

It’s not the first time we’ve heard about a rumoured enhanced model. In March, a report from Bloomberg suggested Nintendo would release a new system with a Samsung OLED display and 4K capabilities.

A Nintendo spokesperson has responded to Nikkei’s latest report about increased hardware production and a new model Switch with the following comment:

“There is nothing we can tell you about production numbers and higher-end models.”

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This post originally appeared on Nintendo Life | Latest News

Ford says chip shortage to halve second-quarter vehicle output, but could ease this summer

Author: Reuters
This post originally appeared on Stock Market News

Ford says chip shortage to halve second-quarter vehicle output, but could ease this summer© Reuters. FILE PHOTO: Ford Motor Co. CEO Jim Farley walks to speak at a news conference at the Rouge Complex in Dearborn, Michigan

By Ben Klayman and Paul Lienert

DETROIT (Reuters) – Ford Motor (NYSE:) Co on Wednesday said it expects a global semiconductor shortage could ease this summer but may not be fully resolved until 2022, as the automaker reported a strong first-quarter profit but said the shortage may slash second-quarter production by half.

Ford said the ongoing chip shortage would cost it about $ 2.5 billion and about 1.1 million units of lost production in 2021.

The No. 2 U.S. automaker handily beat Wall Street’s profit estimate for the quarter, earning 81 cents a share, compared with the consensus 21 cents, according to Refinitiv IBES data. In last year’s first quarter, the company lost 50 cents a share.

Ford shares were down 2.9% in after-hours trade on Wednesday.

Ford Chief Executive Jim Farley told analysts: “There are more whitewater moments ahead for us that we have to navigate. The semiconductor shortage and the impact to production will get worse before it gets better. In fact, we believe our second quarter will be the trough for this year.”

Chief Financial Officer John Lawler said Ford’s outlook was driven largely by a factory fire suffered by Japanese chipmaker Renesas. The flow of chips from Renesas is expected to be restored in July, but the global shortage of automotive semiconductors may not be fully resolved until next year, Lawler said.

Ford said its net income of $ 3.3 billion was the best since 2011, and adjusted pre-tax profit was a record $ 4.8 billion, including a $ 900 million non-cash gain on its investment in Rivian, the electric vehicle start-up. Ford lost $ 2.0 billion in the first quarter of 2020.

The company said the chip shortage will slash full-year earnings before interest and taxes to $ 5.5 billion-$ 6.5 billion.

In February, CFO Lawler said the company was on course to earn $ 8 billion to $ 9 billion in adjusted EBIT.

Revenue in the quarter increased to $ 36.2 billion, from $ 34.3 billion a year earlier.

Ford was able to offset some of the impact of lost production in this year’s quarter by boosting the average transaction price per vehicle sold to nearly $ 48,000, compared with just over $ 44,000 a year ago, according to research firm Edmunds.com.

Ford dealers were able to command higher prices because of chip-induced shortages of popular models, such as the best-selling F-150 pickup.

Lawler said Ford in the future may stick with leaner inventories of F-150 and other models “because it’s a better way to run our business.”

Overseas, Ford reported revenue in Europe up 13% to $ 7.1 billion, and $ 341 million in pre-tax profit, reversing a year-ago loss.

Revenue climbed 39% to $ 800 million in China, where Ford narrowed its loss to $ 15 million, compared with a loss of $ 241 million a year earlier.

X: Therefore doesn`t .

Oil rises on expectations that OPEC+ may reconsider output policy

Author: RT
This post originally appeared on RT Business News

Crude prices edged higher on Tuesday as investors await the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to decide on easing of production curbs amid the coronavirus pandemic.

Global benchmark Brent was up more than 1% to $ 66.31 a barrel as of 14:04 GMT. West Texas Intermediate (WTI) crude for June delivery rose almost 1.30% to $ 62.71 per barrel.

OPEC+ officials are meeting on Tuesday to decide whether to stick with a timetable that would see producers ease output cuts beginning next month.

READ MORE: OPEC+ agrees to ease oil production cuts as it bets on increased demand amid Covid pandemic recovery

The group is planning to cut production by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July. Analysts mostly expect that easing of the production restrictions will proceed as planned.

Also on rt.com India’s oil demand recovery threatened by new restrictions

However, some experts say there is risk that the easing could be put on hold due to concerns over falling demand from countries such as India because of the surge in Covid-19 infections.

“It remains to be seen whether this increase may prove premature given that the situation is deteriorating just now in the leading oil importing countries such as India, Japan and Turkey,” commodity analyst at Commerzbank, Eugen Weinberg, was quoted as saying by Market Watch. Oil production in Libya, which recently dropped by as much as 300,000 barrels a day, is also likely to recover quickly, Weinberg added.

The OPEC+ technical committee had forecast an increase in global oil demand during its previous meeting in March.

For more stories on economy & finance visit RT’s business section

Volkswagen expects global chip shortage to further hit output with no chance to recoup existing losses – reports

Author: RT
This post originally appeared on RT Business News

The world’s second-biggest automaker, Volkswagen, said another production hit in the second quarter of 2021 is impending due to the global chip shortage. The projected losses will outpace the damage forecast in January–March.

“We are being told from the suppliers and within the Volkswagen Group that we need to face considerable challenges in the second quarter, probably more challenging than the first quarter,” Wayne Griffiths, president of the company’s Seat brand, told the Financial Times.

Last year, Volkswagen said it had projected manufacturing output would drop by 100,000 vehicles in the first quarter of 2021 due to semiconductor shortages. The company now says it does not currently have enough production capacities to recoup that lost output later in the year.

Also on rt.com China plans to dominate this century through semiconductor chips, which are ‘THE NEW OIL’ – entrepreneur to Keiser Report

According to Griffiths, the shortage is the “biggest challenge” the auto manufacturer currently faces. He described production at Seat’s Martorell plant, outside Barcelona, as “hand to mouth.” It is reportedly being forced to decide which cars to build only after chips from suppliers are delivered.

“The name of the game this year will be flexibility. We have to try to build when chips are available,” he said.

Volkswagen has halted works entirely at several plants across the group, while output in its Slovakia plant, which builds many of its largest sports utility vehicles, has been partially stopped.

The enormous pressure from the crisis is taking a terrible toll on producers across the automotive industry. Supply shortages are projected to impact production until the second half of the year.

Last week, Ford shut a dozen facilities in North America and Europe, while Renault suspended production completely, citing uncertainty in the supply chain. Daimler cut the hours of more than 18,000 workers in Germany to lower production levels, while Jaguar Land Rover is reportedly planning to close two of its UK plants in the near future.

Also on rt.com India considers over $ 1 billion in cash incentives for every chip maker setting up in country – media

China’s soaring imports of semiconductors, along with the rise in the demand from electronics industries amid greater technology use during the pandemic, have resulted in a perfect storm in the global chip-making sector, causing a huge negative impact on supply chains. The crisis was further exacerbated by severe winter storms in Texas in February, a major US semiconductor producer, and a blaze at a Renesas chip factory in Japan last month.

Governments across the globe are pushing for the construction of semiconductor plants, with manufacturers banking on a recovery after the pandemic, involuntarily adding fuel to the fire.

For more stories on economy & finance visit RT’s business section

Volkswagen warns of worsening output hit from chip shortage -FT

Author: Reuters
This post originally appeared on Stock Market News

2/2 Volkswagen warns of worsening output hit from chip shortage -FT© Reuters. VW’s SEAT presents 2020 results in Martorell, near Barcelona 2/2

(Reuters) – Volkswagen AG (OTC:) has warned managers to prepare for a bigger production hit in the second quarter than the first due to a global chip shortage, the Financial Times reported on Saturday.

“We are being told from the suppliers and within the Volkswagen (DE:) Group that we need to face considerable challenges in the second quarter, probably more challenging than the first quarter,” Wayne Griffiths, president of Volkswagen’s Spanish brand Seat, told the FT. https://on.ft.com/3gBddOE

Griffiths called the shortage the “biggest challenge” the company faces at the moment.

He said production at Seat’s Martorell plant outside Barcelona was currently “hand to mouth”, with the brand deciding what cars to build only after it receives chips from suppliers, the report said.

Volkswagen has said it expects chip supply to remain tight in the coming months, adding it could not provide visibility for the full year.

The company has been unable to build 100,000 cars due to the shortage, CEO Herbert Diess said last month, adding the group would not be able to make up for the shortfall in 2021.

“The situation has been exacerbated i.e. by the blizzards that have occurred in Texas, as the large chip manufacturers based there had to stop or reduce their production. For that reason further adjustments to production cannot be ruled out”, Volkswagen said in an emailed statement on Saturday.

X: Therefore doesn`t .

Russia eyes quadrupling production of alexandrite & increasing its emeralds output by 20%

Production of emeralds in Russia is expected to grow by 20% in 2021, according to RT-Capital, a subsidiary of Russian state-controlled corporation Rostec, which operates the country’s only emerald placer mine.

The outlook comes after a 10% drop recorded last year, when output amounted to a modest 150 kilograms.The company is also planning to raise fourfold the output of alexandrite, the world’s rarest gem, chief executive Kirill Fedorov said, as cited by TASS.

“Last year was one of the most difficult for the Mariinsky mine,” Fedorov said, adding that the company saw an 80% drop in sales, while exports were completely halted.
Also on rt.com Russian diamond sales triple as demand in key markets recovers – Alrosa 
“In the second half of 2020, we saw a resurgence in demand for stones such as emerald and alexandrite. This year we plan to increase the production of emeralds by 30 kilograms,” he added.

The top manager also said that the company mined just a kilogram of alexandrite in 2020.

“This is the world’s rarest precious stone, with annual production of alexandrite across the world commonly reaching just 40 kilograms,” Fedorov said.

He added the world’s leading miner of alexandrite is Brazil, with the share of output of 93%, while Russia is ranked second with a share of four percent.
Also on rt.com Coronavirus brings diamond sales to an almost complete halt
“We are planning to mine four kilograms of alexandrite in 2021,” the CEO said.

According to Fedorov, prices for emeralds and alexandrite have increased by about six percent since the drastic crash during the Covid-29 pandemic. Prices for both have reportedly grown by up to 30% since 2018.

For more stories on economy & finance visit RT’s business section

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India to cut Saudi oil imports amid escalating standoff over output & diversification drive

Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, Reuters has reported, citing its sources. This comes after calls from India to increase crude production were ignored by OPEC.

The sources said, on condition of anonymity, that Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, as well as Mangalore Refinery and Petrochemicals, are preparing to lift about 10.8 million barrels in May.

According to people familiar with the discussions, the move is part of the Indian government’s drive to cut dependence on crude from the Middle East. They said that state refiners, which control about 60% of India’s five million barrels per day (bpd) refining capacity, together import an average 14.7-14.8 million barrels of Saudi oil per month.

The refiners could not cut April oil imports from Saudi Arabia as nominations were placed before the OPEC+ decision in early March to extend most cuts, the sources added. They also said that plans for May were preliminary and final May nominations would be known in early April.
Also on rt.com Russia looking to bolster oil supplies to India for decades ahead
India is the world’s third-biggest oil importer and consumer, importing more than 80% of its oil needs and relying heavily on the Middle East.

The country’s oil minister Dharmendra Pradhan has repeatedly called on OPEC+ to ease supply curbs as India’s economy was being hit hard by growing oil prices. The minister has blamed Saudi’s voluntary cuts for contributing to a spike in global oil prices. However, the Saudi energy minister suggested India dip into strategic reserves filled with cheaper oil bought last year.

Pradhan responded by asking refiners to speed up their diversification of crude sources and reduce reliance on the Middle East.

For more stories on economy & finance visit RT’s business section

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Oil prices rally after OPEC+ leaves output cuts unchanged

Crude prices have hit multi-month highs after the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, together known as OPEC+, agreed not to raise supply for April.

Futures for both international benchmark Brent and West Texas Intermediate (WTI) were up over one percent on Friday. Brent was trading around $ 68 per barrel to reach near 14-month high, while WTI price reached $ 65 per barrel.
Also on rt.com Russia considers cutting government borrowing as oil prices rally
The rally comes after members of OPEC+ decided to prolong existing output curbs for another month at their meeting on Thursday. The decision came as a surprise for the market which expected the cuts to be slightly eased as oil prices have been rising over the past two months. Moreover, the largest oil producer, Saudi Arabia, surprisingly announced that it will keep its voluntary supply cuts in April, withholding 1 million barrels per day from the market in addition to OPEC+ efforts.

The oil alliance made two exemptions for non-OPEC Russia and Kazakhstan, which were allowed to increase production by 130,000 barrels per day and 20,000 barrels per day respectively.
Also on rt.com Oil prices may return to $ 100 per barrel, Bank of America predicts
Additional production allowed by OPEC+ was Russia’s share in 500,000 barrels per day which OPEC+ had initially planned to add to the market in April, Deputy Prime Minister Alexander Novak said. According to Novak, the adjustment was critically important as Russia needs to meet domestic seasonal demand.  

OPEC+ reached a historic oil production cut agreement last year to boost the energy market as the coronavirus pandemic crippled demand. From April 2020 to the end of January 2021, OPEC and non-OPEC countries have withheld 2.3 billion barrels of oil, helping energy prices rebound.

For more stories on economy & finance visit RT’s business section

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