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FCA-Renault merger talks: France wants job guarantees and Nissan on board

PARIS — France will seek protection of local jobs and other guarantees in exchange for supporting a merger between carmakers Renault and Fiat Chrysler, its finance minister said on Tuesday, underscoring the challenges facing the plan. Renault Chairman Jean-Dominique Senard arrived in Japan to discuss the proposed tie-up with the French company's existing partner Nissan — another potential obstacle to the $35 billion-plus merger of equals. Renault and Italian-American rival Fiat Chrysler Automobiles (FCA) are in talks to tackle the costs of far-reaching technological and regulatory changes by creating the world's third-biggest automaker. Nissan found out about Renault's merger talks with Fiat Chrysler only days before they became public, four sources told Reuters, stoking fears at the Japanese carmaker that a deal could further weaken its position in a 20-year alliance with Renault. A deal between Renault and FCA would create a player ranked behind only Japan's Toyota and Germany's Volkswagen and target 5 billion euros ($5.6 billion) a year in savings. Some analysts, however, say the companies face a challenge to win over powerful stakeholders ranging from the French and Italian governments to trade unions and Nissan. Patrick Pelata, a former Renault chief operating officer, also criticized the deal plan for undervaluing Renault and threatening to overstretch its engineering resources. By valuing Renault at its market price, the all-share offer attributes a negative 6 billion euro value to Renault operations after deduction of its 43.4% stake in Nissan and 3.1% Daimler holding, Pelata told BFM radio. "That's hardly reasonable," he said. "And I think that shareholders, including the French state, are bound to take issue with this sooner or later." Pelata added: "FCA has big problem because they haven't invested for the future — they have no electric vehicle platform and they've done nothing in autonomous cars." French finance minister Bruno Le Maire told RTL radio on Tuesday that the plan was a good opportunity for both Renault and the European car industry, which has been struggling for years with overcapacity and subdued demand. France sets conditions Le Maire also said the French government would seek four guarantees in exchange for backing a deal that would reduce its 15% stake in Renault to 7.5% of the combined entity. "The first: industrial jobs and industrial sites.

Scott Pruitt unfiltered: EPA administrator talks climate science, car emissions

U.S. Environmental Protection Agency Administrator Scott Pruitt gave Reuters a wide-ranging interview on Monday at his office in Washington, discussing issues from climate science to automobile emissions. The following is a full transcript of the interview: REUTERS: You have said the EPA will focus on a "Back to Basics" approach under your leadership. What does this mean for how EPA enforces polluters? You have been critical of the idea of regulation by enforcement. PRUITT: I think what I'm speaking about, there is a consent decree approach to enforcement, where you use judicial proceedings to actually engage in regulation. Enforcement should be about existing regulations that you're actually enforcing against someone who may be violating that, very much in the prosecutorial manner. As attorney general [in Oklahoma], I lived that. There was a grand jury that I led. Being a prosecutor, I understand very much the importance of prioritization, of enforcing the rule of law, of addressing bad actors. That's something we are going to do in a meaningful way across the broad spectrum of cases, whether it is in the office of air or the Superfund area, or otherwise. REUTERS: Do you want to see states play a bigger role in enforcing polluters, even though some have less of a capacity to do so – financially and personnel wise? PRUITT: I think the state's role is really, when you look at this office working with states, it should be how do we assist, how do we engage in compliance and assistance with states. The office [at EPA that deals with enforcement] is called OECA, the Office of Enforcement, Compliance and Assistance, so those are the tools we have in the toolbox to achieve better outcomes. So what we ought to be doing is working proactively with state DEQs [Departments of Environmental Quality] to get their state implementation plans [for federal regulations] timely submitted, provide assistance and technical support, drive a draft of state implementation plans, and then actually work with them on how to achieve through those plans better outcomes and air and water quality. As far as enforcement is concerned, we will actually work with states. We actually did that recently with Colorado. There was an oil and gas company that was emitting some 3,000 tons, is that what it was, it was quite a bit of ... it was an ozone case. In any event, we joined with Colorado in that prosecution. So sometimes states will do it, sometimes we will join with them.

Drive like a prince: Join us for a walk through Monaco's car collection

Small, crowded, and a royal pain in the trunk lid to drive into during rush hour, Monaco sounds like an improbable location for a huge car museum. And yet, this tiny city-state has been closely linked to car culture for over a century. It hosts two major racing events every year, many of its residents would qualify for a frequent shopper card if Rolls-Royce issued one, and Prince Rainier III began assembling a collection of cars in the late 1950s. He opened his collection to the public in 1993 and the museum quickly turned into a popular tourist attraction. The collection continued to grow after his death in April 2005; it moved to a new facility located right on Hercules Port in July 2022. Monaco being Monaco, you'd expect to walk into a room full of the latest, shiniest, and most powerful supercars ever to shred a tire. That's not the case: while there is no shortage of high-horsepower machines, the first cars you see after paying ˆ10 (approximately $11) to get in are pre-war models. In that era, the template for the car as we know it in 2023 hadn't been created, so an eclectic assortment of expensive and dauntingly experimental machines roamed whatever roads were available to them. One is the Leyat Helica, which was built in France in 1921 with a 1.2-liter air-cooled flat-twin sourced from the world of aviation. Fittingly, the two-cylinder spun a massive, plane-like propeller. Government vehicles get a special spot in the museum. They range from a Cadillac Series 6700 with an amusing blend of period-correct French-market yellow headlights and massive fins to a 2011 Lexus LS 600h with a custom-made transparent roof panel that was built by Belgian coachbuilder Carat Duchatelet for Prince Albert II's wedding. Here's where it all gets a little weird: you've got a 1952 Austin FX3, a Ghia-bodied 1959 Fiat 500 Jolly, a 1960 BMW Isetta, and a 1971 Lotus Seven. That has to be someone's idea of a perfect four-car garage.  One of the most significant cars in the collection lurks in the far corner of the main hall, which is located a level below the entrance. At first glance, it's a kitted-out Renault 4CV with auxiliary lights, a racing number on the front end, and a period-correct registration number issued in the Bouches-du-Rhone department of France. It doesn't look all that different than the later, unmodified 4CV parked right next to it. Here's what's special about it: this is one of the small handful of Type 1063 models built by Renault for competition.