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Volkswagen in race to detail refit plan within a week BERLIN/BRUSSELS: Volkswagen is under pressure to give details within the next week of its plan to refit up to 11 million diesel vehicles, with its US chief due to testify to lawmakers on Thursday and German regulators also demanding swift action. The German carmaker needs to fix software that allowed it to cheat emissions tests, the discovery of which has sparked the biggest business crisis in its 78-year history. The scandal has wiped more than a third off Volkswagen's share price, forced out its long-time chief executive and rocked both global auto markets and the German establishment. Europe's biggest carmaker said on Thursday it would take several months to get to the bottom of who was responsible for the software, although it promised to "inform the public in regard to solutions found for the problems next week." But analysts say it could be a challenge to do the refits without ...

Shell says pipeline leak halts Nigeria crude exports LAGOS: Anglo-Dutch oil giant Shell says it has halted crude exports from a key terminal in southern Nigeria because of a pipeline leak. The suspension affected crude exports from one of Nigeria's main export points, the Forcados Terminal, which has a capacity of 400,000 barrels a day. The halt in crude exports was caused by a leak in the Trans Forcados Pipeline, Shell said in a statement released on Wednesday. The group declared force majeure, ...
Australia may hit Volkswagen with millions in regulatory fines SYDNEY: Australia's competition watchdog Thursday warned that Volkswagen could be hit with up to Aus$1.1 million (US$780,000) in fines for each pollution-cheating device installed and in use in its cars in the country.The German auto giant is facing its deepest-ever crisis after admitting up to 11 million diesel cars worldwide were equipped with sophisticated software that covertly switches on pollution controls when they undergo an emissions test.The Australian Competition and Consumer Commission (ACCC) said it ...
Ford recalls F-150 pickups to fix cruise control braking WASHINGTON: US automaker Ford recalled Wednesday some of its new F-150 pickup trucks to fix a cruise control braking problem that could cause a rear-end crash.Ford Motor said it had received a report of one accident that might be related to the problem but that no injuries were reported. The second-largest US automaker recalled nearly 37,000 F-150s, model year 2015, that might be affected in North America, most of them in the United States.The problem ...
Volkswagen loses 'green car of the year' prizes NEW YORK: Volkswagen has lost its "Green Car of the Year" prize for two models that employed technology at the heart of German giant's pollution-cheating scandal, US prize organizers said Wednesday.Green Car Journal announced it was rescinding the 2009 prize for the Volkswagen Jetta TDI and the 2010 prize for the Audi A3 TDI in the wake of Volkswagen's acknowledgement that it intentionally deceived government regulators overseeing air emissions rules."These models were selected as Green ...
Google unveils new Nexus phones aimed at high-end customers SAN FRANCISCO: Google unveiled two new smartphones Tuesday for its Nexus line of devices aimed at the high end of the market dominated by Apple and Samsung.The California tech giant said it was partnering with South Korea's LG for its 5.2-inch screen Nexus 5X, and with China's Huawei for its "phablet" sized 5.7-inch Nexus 6P.Both handsets will be sold unlocked, with Google hoping to capitalize on a trend in the US and other markets away ...
Japan orders diesel car emissions probe after VW scandal TOKYO: Tokyo on Tuesday ordered some of the country's biggest automakers to report on whether their diesel vehicles meet Japanese standards, in the wake of a scandal that saw Volkswagen admit it rigged vehicle software to dupe emissions tests.Japan's transport ministry told four automakers that sell diesel vehicles at home -- Toyota, Nissan, Mazda and Mitsubishi -- along with importers of European brands to report by Friday on whether their vehicles are fitted with the ...


ArrowDJIA 16,472.37 1.23
ArrowNasdaq 4,707.77 1.74
ArrowS&P 1,951.36 1.43
ArrowFTSE 6,129.98 0.95
ArrowDAX 9,553.07 0.46
ArrowCAC-40 4,458.88 0.73
ArrowNikkei 17,725.13 0.02
ArrowH.Seng 21,506.09 3.17
ArrowSensex 26,220.95 0.25

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln