Auto parts giant Magna raises concerns about protectionist trade measures

by The Canadian Press Posted Feb 24, 2017 7:45 am MDT Last Updated Feb 24, 2017 at 12:40 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Auto parts giant Magna raises concerns about protectionist trade measures Donald J. Walker, chief executive officer of Magna International Inc., is silhouetted as he waits for the company’s annual general meeting to begin in Toronto on Friday, May 10, 2013. Canadian auto parts giant Magna International Inc. cited the rise of protectionist trade measures in the Trump era as a key risk to the auto industry as it reported its latest quarterly results. THE CANADIAN PRESS/Nathan Denette AURORA, Ont. – Canadian auto parts giant Magna International Inc. cited the rise of protectionist trade measures in the Trump era as a key risk to the auto industry as it reported its latest quarterly results.Chief executive Don Walker said Friday any border adjustment tax imposed by the United States would be negative for the industry, but noted it’s still too early to tell what’s going to happen.“The industry as a whole is trying to get all the facts to the right people so at least they understand what the impact might be,” he said during a conference call with financial analysts.“I think it will be quite a while before we really understand what the changes might be, what the impact would be, and nothing happens overnight. But we are very closely watching and having involvement in any discussions.”Magna (TSX:MG), based in Aurora, Ont., has operations in 29 countries including the U.S. and Mexico.In identifying some of its more significant risks in its quarterly financial report, the global supplier said the auto industry is dependent on open borders, particularly in Europe and North America.“The continued growth of protectionist sentiments and implementation of measures which impede the free movement of goods, services, people and capital could have a material adverse effect on our operations, profitability or results of operations,” the company said.U.S. President Donald Trump has said he wants changes to the North American Free Trade Agreement, complained about automakers shifting production to Mexico, and raised the possibility of tariffs.He has also pulled the country from participation in the Trans-Pacific Partnership.The moves in the U.S. come amid rumblings in Europe where Marine Le Pen and her National Front are campaigning on promises to get France out the euro and the European Union.Magna said Friday its profit for the last three months of 2016 amounted to US$478 million or US$1.24 per diluted share, slightly up from a profit of US$476 million or US$1.17 per diluted share in the same period a year earlier.Sales in the quarter totalled US$9.25 billion, up from US$8.57 billion.The company also raised its quarterly dividend to 27.5 cents per share from 25 cents per share. read more

Body of British student missing for 11 years found at bottom of

first_imgThe well where the remains of a body have been discovered in Malia, Crete Police forensics officers by the outhouse where the well is locatedCredit: Kostas Metaxakis/Athena Pictures Police forensics officers by the outhouse where the well is located Human remains found in a well in Crete belong to a British student who went missing more than 11 years ago, police have confirmed.Steve Cook, 20, disappeared while holidaying in Malia with school friends in the Greek resort in September 2005.The Liverpool FC fan, originally from Sandbach, Cheshire, was last seen in a bar asking for directions to his hotel but he walked off in the wrong direction. “The remains were removed from the site and taken to a nearby hospital for further forensic examination. Tests have been carried out and we have now received confirmation from the Greek authorities that the remains belong to Steven Cook, who went missing on 1st September 2005 during a holiday to the island.”Steven’s family have been kept fully updated on the developments and are currently being supported by Cheshire officers. They have been provided with support since Steven first went missing and this will continue over the coming weeks. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. The well where the remains of a body have been discovered in Malia, CreteCredit:Kostas Metaxakis/Athena Pictureslast_img read more