06252016Sat
Last update: Sat, 25 Jun 2016 03pm

Business & Finance - Industries & Sectors

Volkswagen Korea executive arrested over emissions fraud SEOUL: Seoul prosecutors arrested an executive of Volkswagen's South Korean unit on Friday, as part of an ongoing probe into the emissions fraud scandal that engulfed the German carmaker.An official with the Seoul Central District Court told AFP that it had issued the warrant to arrest the executive -- identified only by his surname Yoon.Charges include manipulating documents on emissions tests to get approval for selling Volkswagen vehicles in the country. Prosecutors plan to question Yoon on whether he was acting under orders from Volkswagen's German headquarters, Yonhap news agency said.The world's second-largest automaker faces legal action in several countries, after it admitted in September to faking US emissions tests on some of its diesel-engined vehicles.In November last year, Seoul ordered Volkswagen Korea to recall more than 125,000 diesel-powered cars sold in the South Korean market and fined the firm 14.1 billion won ($12.3 million). Foreign carmakers, especially German brands ...


Business & Finance - Banking & Finance

Deutsche Bank, Commerzbank shares down 17pc in Brexit meltdown FRANKFURT: Shares in Germany's two biggest lenders, Deutsche Bank and Commerzbank, fell as much as 18 percent at the start of trade on Friday, the heaviest losers in the market meltdown triggered by Britain's vote to leave the European Union.Shares in Deutsche Bank fell by 18 percent to an intraday low of 12.76 euros and Commerzbank also fell 18.1 percent to a low of 5.84 euros.Earlier, Deutsche Bank chief John Cryan had said that the ...

Business & Finance - Banking & Finance

Swiss central bank intervenes to stabilise Swiss franc after Brexit vote ZURICH: Switzerland's central bank said Friday it had "intervened" in the foreign exchange market to stabilise the Swiss franc, considered a safe haven currency, following the so-called Brexit vote."Following the United Kingdom's vote to leave the European Union, the Swiss franc came under upward pressure," the banks said in a statement, adding that it had "intervened in the foreign exchange market to stabilise the situation and will remain active in that market."As the result of ...

Business & Finance - Industries & Sectors

Taiwan China Airlines strike leaves 20,000 without flights TAIPEI: A strike by staff from Taiwan's largest carrier China Airlines left 20,000 passengers without flights Friday in the first industrial action by cabin crew in the island's aviation history.The airline was forced to cancel all flights out of the two main airports in the capital Taipei, with the only exception a chartered service for President Tsai Ing-wen who left for a state visit to Panama and Paraguay Friday morning.Crowds of passengers queued up at ...

Business & Finance - Banking & Finance

BoJ 'ready' to supply liquidity to limit market impact of Brexit TOKYO: The Bank of Japan Friday said Friday that it stood ready to work with other major central banks to inject ample liquidity to counter wild volatility in financial markets hammered by Brexit fears."The Bank of Japan, in close cooperation with relevant domestic and foreign authorities, will continue to carefully monitor how the result would affect global financial markets," it said in a statement."The bank will stand ready to provide sufficient liquidity, including utilising the ...

Business & Finance - Banking & Finance

Bank of England to take to 'all necessary steps' LONDON: The Bank of England will take "all necessary steps" to ensure monetary and financial stability after Britain's decision to leave the European Union, it said Friday."The Bank of England (BoE) is monitoring developments closely," it said in a brief statement following Thursday's referendum vote."It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks. "The BoE will take all necessary steps to meet its responsibilities ...

Business & Finance - Managed Funds

German bond yields turn negative as investors seek post-Brexit safety PARIS: German government bond prices rose sharply on Friday as money poured in from investors seeking safety after Britain voted to leave the European Union.This pushed the yield on the benchmark 10-year German government bond into negative territory for only the second time in its history, to -0.14 percent.Yield differentials across the eurozone, known as spreads, widened, with yields rising in the currency bloc's weaker southern economies.The Greek government bond yield rose to 9.4 percent ...