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

Industries & Sectors

Business & Finance - Industries & Sectors

Volkswagen reaches emissions agreement with 3-liter car owners SAN FRANCISCO: Volkswagen on Thursday said it had reached an agreement in principle with owners of 3.0-liter cars affected by its emissions cheating scandal.The announcement follows last month's $1 billion settlement with US authorities for the roughly 80,000 vehicles in the 3.0 liter category, involving the buyback, repair or cancellation of leases for the affected vehicles and helping the company inch closer toward putting the scandal behind it.In a statement, the company said it reached an agreement and that US District Judge Charles Breyer had ordered settlement approval documents be filed with the court by the end of January.Elizabeth Cabraser, lead counsel for the plaintiffs in the class-action suit, said in a statement that owners would receive "substantial compensation in addition to an emission modification or buyback, depending on the generation of vehicle."Volkswagen admitted last year it had installed software in as many as 11 million vehicles sold worldwide to ...

Business & Finance - Industries & Sectors

Ford expands Australian R&D budget after manufacturing halt SYDNEY: Ford Motor Co said on Thursday it will boost spending on design capability in Australia by A$150 million ($109 million) in 2017 at a plant where the company shuttered production in October.Ford ended 91-years of making cars in Australia when it closed its production line in the Melbourne suburb of Broadmeadows amid a decline in Australian manufacturing and the dwindling popularity of the big sedans it made there.The company will now spend a total ...

Business & Finance - Industries & Sectors

Nokia sues Apple for patent infringement HELSINKI: Nokia announced Wednesday it is suing Apple in German and US courts for patent infringement, claiming the US tech giant was using Nokia technology in "many" products without paying for it.Finnish Nokia, once the world's top mobile phone maker, said the two companies had signed a licensing agreement in 2011, and since then "Apple has declined subsequent offers made by Nokia to license other of its patented inventions which are used by many of ...

Business & Finance - Industries & Sectors

Volkswagen launches Kenya plant in Africa expansion NAIROBI: Volkswagen on Wednesday inaugurated a new assembly plant in Kenya, returning to the East African country after four decades as it seeks to take advantage of surging car sales on the continent.The German car manufacturer's return to Kenya comes just weeks after it signed a deal to build an assembly plant in Algeria, and ahead of a trip by its brand chief to Rwanda for a new project."Overall car sales in Africa are bound ...

Business & Finance - Industries & Sectors

Rolls-Royce denies UK media report over past Iran sales LONDON: British engineering company Rolls-Royce denied a report in The Guardian newspaper on Wednesday that it had in the past sold equipment to Iran by exploiting a series of loopholes in US sanctions. "Rolls-Royce refutes any accusation that it has traded 'in secret' in Iran or that it circumvented US sanctions," said a Rolls-Royce spokesman in an emailed statement. "We conduct business in all countries, including Iran, in accordance with all relevant UK, EU or ...

Business & Finance - Industries & Sectors

EU Commission favours keeping limits on Chinese solar panels BRUSSELS: The European Commission has recommended keeping import duties and a minimum price for solar panels and cells from China for two more years, according to documents seen by Reuters.The European Union and China came close to a trade war in 2013 over EU allegations of solar panel dumping by China. But this was averted by an agreement to allow a limited amount of tariff-free panels at prices not below 0.56 euros per watt.The Commmission ...

Business & Finance - Industries & Sectors

Colombia cuts price of Novartis cancer drug by 44pc BOGOTA: Colombia's government has lowered the price of Novartis cancer drug imatinib by nearly half in a bid to cut healthcare costs after failed price negotiations with the Swiss company. Novartis will be legally obliged to sell the drug, which is used to treat leukemia and other cancers, at the new price. The new cost per milligram is 44 percent less than the original price, the Colombian Health Ministry said in a statement late on ...