01162017Mon
Last update: Mon, 16 Jan 2017 05pm

Industries & Sectors

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 - 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 - 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 ...

Business & Finance - Industries & Sectors

LG Electronics estimates first quarterly operating loss in 6 years SEOUL: South Korea's LG Electronics Inc estimated on Friday it fell to its first quarterly operating loss in six years in October-December, a drop that analysts pinned on continued mobile losses and seasonally weaker appliances sales. The world's second-biggest television maker behind Samsung Electronics Co Ltd said it likely swung to a 35 billion won ($29.36 million) loss for the fourth quarter, its first since a bigger loss in the fourth quarter of 2010.The result ...

Business & Finance - Industries & Sectors

Nissan halts joint development of luxury cars with Daimler PARIS: Nissan is halting joint development of luxury cars with Daimler's Mercedes-Benz, sources close to the companies told Reuters, suspending a key project in their seven-year partnership and potentially hitting profitability at a new shared factory in Mexico. Nissan decided in October its premium Infiniti brand would not use "MFA2", an upgraded Daimler car platform that the companies have jointly funded, in part because Infiniti was not performing well enough to absorb Mercedes technology costs, ...

Business & Finance - Industries & Sectors

UK car sales hit annual high before bumpy 2017: data LONDON: Sales of new cars in Britain reached a record high last year, an industry survey showed Thursday, but 2017 was set to experience a growth slowdown on Brexit.Car sales hit a successive high in 2016, rising 2.3 percent to nearly 2.7 million units thanks to new models and low finance deals, the Society of Motor Manufacturers and Traders (SMMT) said in a statement. Sales of Ford led the way, with almost 12-percent market share, ...

Business & Finance - Industries & Sectors

Qatar Airways confirms change to Airbus plane order DOHA: Qatar Airways has renegotiated an order with Airbus to take delivery only of larger A321 planes, not A320s as originally planned, the Gulf carrier's chief executive said on Thursday.The switch to the different aircraft comes after the airline refused to accept four A320neos last year over issues with their engines."We are going to take all A321s, there will be no more A320s," Baker told reporters at a press event in Doha.The original order with ...