Company news in brief

Top court rejects Exxon in document dispute

The US Supreme Court on Monday cleared the way for the attorney-general of Massachusetts to obtain records from Exxon Mobil Corporation to probe whether the oil company had for decades concealed its knowledge of the role fossil fuels play in climate change.

The justices declined to hear Exxon's appeal of a ruling by the top court in Massachusetts holding that state attorney general Maura Healey, a Democrat, had jurisdiction to seek records to probe whether the company misled consumers and investors.

The high court's action marked the latest setback for Exxon in its efforts to halt the Massachusetts investigation and a similar one by New York's attorney-general, who in October filed a lawsuit against the company.

New York's lawsuit accused Exxon of engaging in a systematic scheme to deceive investors about the impact that future climate change regulations could have on its business. Exxon has called the claims "meritless".

The Massachusetts and New York investigations were launched following 2015 news reports that Exxon's own scientists had determined that fossil fuel combustion must be reduced to mitigate the impact of climate change. – Nampa/Reuters

Britain's SFO scales back Rolls-Royce investigation

Britain's Serious Fraud Office (SFO) has dropped its investigation of some individuals associated with Rolls-Royce Holdings, it said on Monday, narrowing the number of suspects in a long-running bribery probe.

Rolls-Royce signed a Deferred Prosecution Agreement (DPA) with the SFO in a 497 million pound (US$635 million) settlement almost two years ago, clearing the company but allowing for continued investigation and potential prosecution of individuals.

"Some individuals were notified that they are no longer suspects in the Rolls-Royce investigation," the SFO said on Monday.

The company has been investigated by British, US and Brazilian authorities into alleged criminal conduct spanning three decades, at least seven jurisdictions and three of the company's business sectors.

Rolls-Royce said it notes the latest action taken by the SFO and that it continues to co-operate fully with authorities pursuing inquiries into individuals. – Nampa/Reuters



Ford plans new wireless tech for cars starting 2022

Ford Motor Company said on Monday it plans to roll out a wireless technology for its new vehicle models in the United States, starting 2022, that will allow direct communication between connected devices.

The new technology called C-V2X, or cellular vehicle-to-everything, would augment sensors used in self-driving cars making the vehicle's view from radars and cameras more comprehensive.

"C-V2X could complement these systems in ways similar to how our sense of hearing complements our vision," said Don Butler, executive director for Ford's connected vehicle platform.

Ford said in November it expects to launch self-driving vehicles for sale by 2021, when a new vehicle architecture designed specifically for autonomous systems is expected to be ready. – Nampa/Reuters



Aston Martin triggers contingency plans for no-deal Brexit

British carmaker Aston Martin has triggered contingency plans to cope with a potentially disorderly Brexit, including hiring a new supply chain chief and preparing to fly in components as well as use ports other than Dover.

Britain, the world's fifth largest economy, is due to leave the European Union in just over 80 days but a negotiated withdrawal agreement looks set to be voted down by UK lawmakers next week, making a "no-deal" exit - and disruption to trade - more likely.

Britain's car industry, which employs over 850 000 people and is one of the country's rare manufacturing success stories, has warned that leaving the world's biggest trading bloc without a deal would add costs and could halt output due to snarl-ups.

Aston Martin chief executive Andy Palmer said the luxury carmaker, which outlined its contingency plans in October, had no choice but to authorise them at a board meeting in December.

"I don't think we've been in a position in the last two years where we've been further apart from understanding where we're going to end up," Palmer told Reuters, declining to put a figure on the "accumulating" cost of the plans. – Nampa/Reuters



Chanel flags growth in luxury watchmaking

French fashion house Chanel said on Monday that it aimed to strengthen its position in luxury watchmaking with recent investments in timepiece parts makers including small Swiss firm Kenissi.

Privately owned Chanel, known for its tweed suits and Chanel No.5 perfume, disclosed in its 2017 accounts last year a 20 million Swiss francs (US$20.4 million) investment in Kenissi from March 2018, for a 20% stake.

It was the first time the fashion house has published earnings in its more than 100-year history.

On Monday, Chanel also announced it had taken a stake in Kenissi but declined to comment on whether it was now lifting its holding further with an additional investment, or making last year's purchase public ahead of the Baselworld trade fair in March 2019.

As well as selling high-end watches under its own brand - like a US$11 000 'Code Coco' model made with ceramic and diamonds - Chanel has a smattering of stakes in other watchmakers including French label Bell & Ross and Swiss peer Romain Gauthier. - Nampa/Reuters