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WASHINGTON, Dec 6 (Reuters) - U.S. unit labor costs rebounded less than initially thought in the third quarter and the decline in the prior period was sharper than previously estimated, suggesting moderate growth in wage inflation. The Labor Department said on Thursday that unit labor costs, the price of labor per single unit of output, rose at a 0.9 percent annualized rate, instead of increasing at a 1.2 percent pace as reported last month. Unit labor costs in the April-June period declined at a 2.8 percent rate, the largest drop since the second quarter of 2014. Unit labor costs were previously reported to have dropped at a 1.0 percent pace in the second quarter.

Unit labor costs rose a downwardly revised 0.9 percent rate compared to the third quarter of 2017, They were previously reported to have increased at a 1.5 percent pace on a year-on-year basis, Though wage growth has picked up in recent months, the unit labor costs data suggests a burst in wage inflation is unlikely, There has not been a rapid increase in wages even as the unemployment rate has dropped to near a 49-year low of 3.7 percent, The increase in hourly compensation in the third how to make knot cufflinks quarter was revised down to a 3.1 percent rate from the 3.5 percent rate reported last month..

LONDON (Reuters) - Royal Dutch Shell (RDSa.AS) has concluded that a Nigerian oilfield sale where it suspects an executive took bribes was not linked to a separate court case in which he and Shell face corruption charges over a $1.1 billion offshore acquisition. The Anglo-Dutch company filed a criminal complaint in March against Peter Robinson, a former vice president for sub-Saharan Africa, saying he took bribes in the $390 million sale of onshore Oil Mining Lease (OML) 42 to a Nigerian firm. Robinson is also one of several former Shell employees involved in a trial in Milan, in which Shell and Italy’s Eni (ENI.MI) are accused of corruption related to the $1.1 billion purchase of a giant Nigerian offshore field, Oil Prospecting Licence (OPL) 245.

Both the OML 42 and OPL 245 deals were signed in 2011, Shell, the largest foreign investor in Nigeria, said in a statement to Reuters that it had completed an internal review of the OML 42 sale process and other deals Robinson was involved in, and it concluded his only violation was related to OML 42, Shell, Eni and Robinson deny any wrongdoing in the OPL 245 case, Robinson also denies any wrongdoing in the OML 42 sale, Regarding the OML 42 sale, Shell said: “We have found no evidence to suggest that this was anything other than an isolated breach by a former how to make knot cufflinks employee, operating deliberately outside of Shell systems or controls.”..

“We have also found no evidence of a connection between Robinson’s actions on OML 42 and OPL 245, and we have reconfirmed this to the Dutch Public Prosecutor,” Shell said. Shell filed its complaint against Robinson to the Dutch prosecutor. The Dutch prosecutor’s officer confirmed on Thursday it had received further information from Shell but offered no additional comment, saying it was still evaluating all the information and determining next steps. Robinson’s lawyer Chiara Padovani said her client “denies any allegations of criminal misconduct in connection with OML 42.” She also said Robinson “agrees with Shell’s conclusion that the sale of OML 42 is unrelated to OPL 245.”.

WOLFSBURG, Germany (Reuters) - Volkswagen (VOWG_p.DE) announced another 3 billion euros ($3.4 billion) of cost cuts on Thursday in an effort to speed up an improvement in profit margins at its core VW brand, Still battling to recover from a 2015 scandal over emissions test cheating, the German automaker has been cutting costs to fund an ambitious shift to electric cars and automated driving, A key goal is to improve margins at its mass-market VW brand, its largest division by sales, but which has long lagged the profitability of rivals such as Japan’s Toyota due in part to high labor costs how to make knot cufflinks at its German plants..

“By 2020 we will achieve three billion euros in cost savings, and now aim for a further three billion euros by 2023,” Arno Antlitz, the board member responsible for finance at the VW brand, told a press conference in Wolfsburg, Germany. That should help the brand reach a profit margin of at least six percent by 2022, three years earlier than previously planned, the company added. Volkswagen said it aimed to reduce administrative expenses and take out complexity out of the brand’s model line-up, while also striving to raise the productivity of its plants by about 30 percent by 2025.

The company did not give any details about job cuts, but ruled out forced redundancies, It said VW had started talks with labor leaders about the plan and discussions were constructive, The VW brand aims to invest more than 11 billion euros in electric vehicles, digitalization, autonomous driving and mobility services by 2023, with the bulk earmarked for electric cars, the company said, Volkswagen how to make knot cufflinks also said talks over a potential alliance with U.S, rival Ford were going well, and that it would give an update at the beginning of 2019, The firms are exploring areas of potential cooperation including electric and autonomous cars..

 

 
 
 

 

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