06282016Tue
Last update: Tue, 28 Jun 2016 04pm

Industries & Sectors

Business & Finance - Industries & Sectors

VW's poor governance back on the spot LONDON: How Volkswagen's bosses spent 17 days in September is the latest question to vex its shareholders. Financial watchdog Bafin is calling for a criminal investigation into whether the German carmaker's former management waited too long before admitting it had been caught cheating US emissions tests.It's particularly uncomfortable for the company's chairman, Hans Dieter Poetsch, who in any case is the wrong man for the job. VW admitted to US regulators on Sept. 3 that it had fudged test data, but made the misconduct public only on Sept. 20. In the following week, VW's market capitalisation fell by almost 24 billion euros. Shareholders have already launched lawsuits against VW for alleged violations of its disclosure duties. Now prosecutors are investigating former boss Martin Winterkorn and a second unnamed executive.The probe could reach VW's Chairman Hans Dieter Poetsch and Chief Executive Matthias Mueller too. Both were members of VW's executive board ...

Business & Finance - Industries & Sectors

Bayer, Dupont join ag-tech investment boom to ease grain pain CHICAGO: Dupont and Bayer AG have teamed up to invest in a new fund that will back agricultural technology startups, becoming the latest companies to pile into the multibillion-dollar industry as farm profits shrink.The two chemical and seed companies along with venture capital firm Finistere Ventures and two others have launched a $15 million accelerator fund, called Radicle, that will back early-stage agricultural-tech companies, the fund said in a statement on Wednesday. Of the $15 ...

Business & Finance - Industries & Sectors

Deutsche Telekom shareholders owning 41pc take stock dividend FRANKFURT: Investors holding 41 percent of Deutsche Telekom shares have opted for a dividend payment in shares instead of cash, the German telecoms operator said on Wednesday. As a result, 70 million new Deutsche Telekom shares will be issued and about 1.5 billion euros ($1.7 billion) will be used to pay dividends in cash, Deutsche Telekom said in as statement. Last year, investors holding about 49 percent of Deutsche Telekom took shares instead of cash ...

Business & Finance - Industries & Sectors

VW chief tells shareholders sorry for emissions scandal HANOVER: The boss of embattled German auto giant Volkswagen on Wednesday issued an apology to angry shareholders over the emissions cheating scandal that has plunged the group into an unprecedented crisis.Facing an annual general shareholders meeting for the first time since the scandal erupted in September, Matthias Mueller said: "On behalf of the Volkswagen Group and everyone who works here, I apologise to you shareholders for your trust in Volkswagen being betrayed."This misconduct goes against ...

Business & Finance - Industries & Sectors

Amazon launches upgraded Kindle e-reader NEW YORK: Amazon on Wednesday unveiled an upgraded Kindle, aiming to boost its e-reader sales with a thinner, lighter device at a low price.The new Kindle will be sold in the US market as low as $80, which is the same price as the version it replaces, but with more memory and added features.Amazon remains committed to the e-reader market despite wider use of tablet computers, which can also be used for electronic books."Unlike reflective ...

Business & Finance - Industries & Sectors

Boeing's Iran deal covers 109 jets including 747s PARIS: A provisional deal between Iran and Boeing to acquire jets for the country's national airline covers 109 aircraft, split about equally between narrow-body and long-range wide-body aircraft, an Iranian official told Reuters on Wednesday. In addition to the 737 and 777 models announced earlier this week, IranAir also envisages acquiring some of the latest version of Boeing's iconic 747 jumbo under the deal, which is subject to approval by both the Iranian and US ...

Business & Finance - Industries & Sectors

German nuclear plant outages FRANKFURT: The following table lists planned outages and load reductions at German nuclear power plants.It gives dates for previous outages, plants returning online and planned shutdowns. Sources are operators' websites and the EEX exchange's transparency website.The maximum national capacity has gone down to 11,357 MW from previously 12,696 MW, after E.ON took Grafenrheinfeld permanently offline in 2015.Germany took the axe to the bulk of its nuclear capacity in the summer of 2011, switching off the ...