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VW says to pay US suppliers US$1.2 billion over Dieselgate

VW says to pay US suppliers US$1.2 billion over Dieselgate

The cash — half up front and half in monthly instalments over 18 months — will be shared among 652 dealers, lawyers representing them said, for an average settlement of around $1.9 million. SAN FRANCISCO: German auto giant Volkswagen has agreed to pay US suppliers some $1.2 billion to settle claims emanating from the “Dieselgate” […]

October 1, 2016 | By | Reply More
Spiegel: German believes Trump would ravage US economy

Spiegel: German believes Trump would ravage US economy

Trump’s pledges are “not feasible”, Spiegel cited the memorandum as saying. Moreover, the plans would violate international or US law and could be “no basis for a realistic economic policy.” BERLIN: Germany’s economy ministry believes a Donald Trump presidency would severely damage the US economy, according to an internal memorandum reported by Der Spiegel magazine […]

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Exclusive: EU wants Google to stop anti-competitive Android practices, fine expected

Exclusive: EU wants Google to stop anti-competitive Android practices, fine expected

BRUSSELS: EU antitrust regulators plan to order Alphabet’s Google to stop paying financial incentives to smartphone makers to pre-install Google Search exclusively on their devices and warned the company of a large fine, an EU document showed. The document, running to more than 150 pages, was sent to complainants last week for feedback. Google received […]

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Germany's Merkel cannot afford to bail out Deutsche Bank: media

Germany's Merkel cannot afford to bail out Deutsche Bank: media

FRANKFURT: German Chancellor Angela Merkel cannot afford to bail out Deutsche Bank given the hard line Berlin has taken against state aid in other European nations and the risk of a political backlash at home, German media wrote on Saturday. The government denied a newspaper report on Wednesday that it was working on a rescue […]

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China’s yuan joins elite club of IMF reserve currencies

China’s yuan joins elite club of IMF reserve currencies

China will use this opportunity to further deepen economic reforms and open up the sector to promote global growth, the People’s Bank of China said in a statement. BEIJING: China’s yuan joins the International Monetary Fund’s basket of reserve currencies on Saturday in a milestone for the government’s campaign for recognition as a global economic […]

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Zara owner Ortega buys US$550 million Madrid skyscraper

Zara owner Ortega buys US$550 million Madrid skyscraper

MADRID: Amancio Ortega, Europe’s richest man and founder of global fashion group and Zara owner Inditex , has bought one of Madrid’s most famous skyscrapers for 490 million euros (US$551 million) through his property investment arm, a source said. The purchase marks another step in the famously-reclusive billionaire’ s strategy to build a property empire […]

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Luxury goods heavyweight Secoo opens first Southeast Asian store in Forest City

Luxury goods heavyweight Secoo opens first Southeast Asian store in Forest City

JOHOR BARU: Secoo, a Chinese online platform featuring high-end fashion brands, will make its Southeast Asian debut with a brick-and-mortar flagship store set to open at Forest City’s shopping esplanade, the Harbour Commercial Streets. The store, which houses international luxury goods by Louis Vuitton, Gucci, Prada, Givenchy, Cartier, Hermes, Fendi and more, is slated to […]

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China manufacturing continues rebound in September

China manufacturing continues rebound in September

The September figure was up from July’s 49.9 and compared to the median forecast of 50.5 in a Bloomberg News survey of economists. BEIJING: Manufacturing activity in China continued its rebound in September on improving production and demand, government data showed Saturday a positive sign for the world’s second-largest economy. The official purchasing managers’ index […]

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Petronas weighs sale to exit US$27 billion Canada LNG project

Petronas weighs sale to exit US$27 billion Canada LNG project

Sources said Petronas has been considering a sale for months, after it became apparent that a Canadian approval was possible, but had yet to take a final decision. KUALA LUMPUR: Malaysian state oil firm Petroliam Nasional Bhd is considering selling its majority stake in a $27 billion Canadian liquefied natural gas (LNG) plant, three people […]

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Bursa Malaysia to maintain trade sideways next week

Bursa Malaysia to maintain trade sideways next week

KUALA LUMPUR: Bursa Malaysia is likely to continue to trade sideways next week, with the benchmark index expected to be trapped between 1,660 and 1,680 points due to the weak market sentiment, said Affin Hwang Investment Bank. Its President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said concerns over the struggling Deutsche Bank […]

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