Seizures of oil tankers and other hostile Iranian measures in the Strait of Hormuz are already raising insurance rates for shipping companies and could eventually reduce tanker traffic in the vital waterway, with a spike in global oil prices a serious risk even without war, energy and maritime experts say. On Friday, Iran seized a British-flagged oil tanker in the narrow passageway that carries one-fifth of the world's crude exports and a second Liberian-flagged ship was briefly detained. "If

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Ford Motor Co will lay off about approximately 200 employees in September at a Canadian manufacturing plant in Oakville, Ontario, with the possibility of more layoffs in January, the company said on Friday. "We have been arguing as a local for the past several weeks trying to persuade the company from somehow avoiding this scenario, but to no avail," Dave Thomas, president of Unifor Local 707, in Oakville, Ontario, said in a note to members that was posted on the union's website on Wednes

Carlos Ghosn has launched a court case in the Netherlands against Japanese carmakers Nissan Motor and Mitsubishi Motors , who ousted him as chairman of their alliance last year on charges of embezzlement, Dutch newspaper NRC reported on Saturday. Ghosn is seeking 15 million euros ($16.8 million) in damages from the carmakers, as grave mistakes were made when he was sacked, NRC reported, citing his lawyer. "In the Netherlands, if you want to fire an executive you have to first

United States-based diesel engines maker Cummins has made an indicative offer for Volkswagen's MAN Energy Solutions unit, people close to the matter said, as the carmaker seeks to slim down its portfolio of disparate assets. Volkswagen announced in May that it is exploring a sale or partnership for its MAN Energy Solutions as part of a restructuring of the German cars, trucks and bus empire. VW has held talks with Cummins, and received an offer from the U.S. company for MAN

BMW said Oliver Zipse will become chief executive on Aug. 16, picking the 55-year-old manufacturing expert to help the German automaker make the shift to electric and self-driving cars and tackle new competition from technology giants. The company's supervisory board discussed new leadership at BMW's U.S. plant in Spartanburg, South Carolina, after 53-year-old Harald Krueger said he would not be available for a second term as CEO. "With Oliver Zipse, a decisive strategic and analytic

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The Chevrolet Corvette is an American icon, and its history is full of impressive technological innovations. Here are some of the most noteworthy.