01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Business & Finance - Industries & Sectors

Volkswagen to recall around 50,000 cars in China BEIJING: German carmaker Volkswagen will recall almost 50,000 vehicles in China due to brake problems when using cruise control, according to the country's quality regulator.The company will recall Beetles made between July 1, 2012 and Aug. 6, 2015, and Golfs, made between July 1, 2012 and July 6, 2013, according to a statement posted Friday on the official website of China's General Administration of Quality Supervision, Inspection and Quarantine (ASDIQ).A problem with noise filters may cause difficulty with breaking when the cars have been in cruise control for long periods of time, ASDIQ said, adding that the problem created a "hidden safety risk".The company will fix the problem for free, it said.Volkswagen's business has been under the microscope since 2015, when it was revealed the company had installed software on 11 million cars that allowed them to defeat emissions tests. Copyright AFP (Agence France-Press), 2017


Business & Finance - Banking & Finance

China Dec forex reserves fall for 6th month, near $3 trillion level BEIJING: China's foreign exchange reserves fell to near six-year lows in December, but held just above the critical $3 trillion level, as authorities stepped in to support the weakening yuan ahead of U.S. President-elect Donald Trump's inauguration.China's reserves shrank by $41 billion in December, slightly less than feared but the sixth straight month of declines, data showed on Saturday, after a week in which Beijing moved aggressively to punish those betting against the currency and ...

Business & Finance - Banking & Finance

China Dec forex reserves fall for 6th month, near $3trn level BEIJING: China's foreign exchange reserves fell to near six-year lows in December, but held just above the critical $3 trillion level, as authorities stepped in to support the weakening yuan ahead of US President-elect Donald Trump's inauguration. China's reserves shrank by $41 billion in December, slightly less than feared but the sixth straight month of declines, data showed on Saturday, after a week in which Beijing moved aggressively to punish those betting against the currency ...

Business & Finance - Industries & Sectors

VW near $2bn US criminal settlement in 'dieselgate' NEW YORK: Volkswagen is close to a deal to pay $2 billion to settle a US criminal investigation into the emissions-cheating scandal involving its diesel cars, the New York Times reported Friday.A settlement between the US Department of Justice and the German auto giant could come as early as next week, the newspaper said, citing three people who were not identified.VW told AFP it was continuing to cooperate with US authorities to resolve the case.Volkswagen ...

Business & Finance - Banking & Finance

Romania central bank holds rates, says budget impact unclear BUCHAREST: Romania's central bank kept its benchmark interest rate unchanged at a record low of 1.75 percent on Friday, striking a balance between the twin impacts of negative inflation and the government's fiscal expansion plans. Central Bank Governor Mugur Isarescu said inflation would return to positive territory in the first quarter, but that it would be lower than initially forecast. Consumer prices fell a greater-than-expected 0.7 percent on the year in November and were in ...

Business & Finance - Managed Funds

Yields rise across the board after solid US jobs data NEW YORK: US Treasury debt yields rallied from multi-week lows on Friday after data showed a rebound in US wages last month despite a smaller-than-expected jobs gain, which could drive the Federal Reserve to consider raising interest rates as early as the first quarter. Yields on benchmark US 10-year notes rose from a five-week trough, while those on 30-year bonds recovered from a seven-week low following the jobs data that reflected a steadily improving labor ...

Business & Finance - Industries & Sectors

Airbus reached A350 delivery target in 2016 PARIS: Airbus reached a target for at least 50 deliveries of its A350 wide-body jetliner in 2016, two industry sources said on Friday. Widely watched deliveries of the newest European long-haul jet had been delayed by problems in supplies of cabin equipment, notably from France's Zodiac Aerospace. Airbus declined to comment ahead of an annual news conference on orders and deliveries on Jan 11. It has predicted more than 670 total deliveries for 2016, including ...