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Volkswagen Korea apologises, considers recall

Volkswagen Korea apologises, considers recall

SEOUL: Volkswagen issued a public apology in South Korea on Thursday over its global pollution-cheating scam, vowing to consider a voluntary recall in the country. The statement came as the German auto giant faces an avalanche of lawsuits from local customers who are following their US counterparts in seeking damages from the company over the […]

October 8, 2015 | By | Reply More
All eyes on ADM and Bunge after Cargill profit jumps 20 percent

All eyes on ADM and Bunge after Cargill profit jumps 20 percent

CHICAGO: A 20 percent quarterly profit jump for global grains trader Cargill Inc suggests recent disappointing quarterly earnings from rival agribusinesses Archer Daniels Midland Co and Bunge Ltd may be more of a blip than long- term concern, analysts said. Cargill’s strong results, reported on Wednesday, seem to indicate surprising strength for traders of agricultural […]

October 8, 2015 | By | Reply More
Mail sent to Pulau Ubin by drone in world-first SingPost trial

Mail sent to Pulau Ubin by drone in world-first SingPost trial

SINGAPORE: Mail delivered in flight, with not a postman in sight? The first step toward making this a daily reality was taken after Singapore Post successfully trialled a mail run from mainland Singapore to Pulau Ubin – the first time in the world a postal service has successfully used an Unmanned Aerial Vehicle for point-to-point recipient-authenticated […]

October 8, 2015 | By | Reply More
Scandal-hit VW needs more than a year to fix all cars

Scandal-hit VW needs more than a year to fix all cars

BERLIN: Volkswagen’s new boss said Wednesday the auto giant would need more than a year to fix all its pollution-cheating cars, as the company suspended four employees suspected of being behind the global deception. Matthias Mueller, who took over the driver’s seat at VW at the height of the crisis, said he did not believe […]

October 8, 2015 | By | Reply More
IMF: China faces ‘unprecedented’ economic policy challenge

IMF: China faces ‘unprecedented’ economic policy challenge

LIMA: China confronts a monumental and risk-fraught task as it moves toward a more market- and consumption-based economic model, the International Monetary Fund said Wednesday. As the most important emerging-market economy, China’s rebalancing and deleveraging will “require great care,” the Fund said in its new review of global financial risks. “The Chinese authorities face an […]

October 7, 2015 | By | Reply More
Smaller US businesses fear freeze from EU privacy ruling

Smaller US businesses fear freeze from EU privacy ruling

SAN FRANCISCO/BRUSSELS: U.S. businesses from online coupon company RetailMeNot Inc to security software company Symantec Corp said a European change to rules governing data transatlantic personal data transfers would hurt U.S. companies and called for a quick fix. An EU court on Tuesday struck down a deal to let U.S. and European companies easily transfer […]

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Clinton comes out against huge Pacific trade deal

Clinton comes out against huge Pacific trade deal

WASHINGTON: Hillary Clinton, who regularly promoted White House efforts to complete a huge trade accord with Pacific Rim countries while she was US secretary of state, came out on Wednesday (Oct 7) against the deal. The apparent flip in position – which Republicans wasted no time in branding “painful waffling” – represents yet another Clinton break from President […]

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Oil falls after rise in US inventories, production

Oil falls after rise in US inventories, production

NEW YORK: Oil prices fell on Wednesday (Oct 7) after the release of the latest US oil data showed increasing inventories and an unexpected rebound in production. The Department of Energy’s weekly petroleum numbers dented hopes for another drop in US output that could spell a general tightening of global supplies. New York’s benchmark West Texas Intermediate (WTI) […]

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Dollar little changed against euro, yen

Dollar little changed against euro, yen

NEW YORK: The dollar was little changed against the euro and the yen on Wednesday, while the pound rallied on solid economic data on the eve of the Bank of England’s policy decision. The euro slipped slightly to US$1.1237 and the dollar edged up to 120.00 yen. “Neither has moved much of recent, perhaps due to the upswing in […]

October 7, 2015 | By | Reply More
VW's US chief apologises to Congress for emissions scandal

VW's US chief apologises to Congress for emissions scandal

NEW YORK: The head of Volkswagen’s US division apologised to Congress and said the company takes “full responsibility” for an emissions cheating scandal, according to testimony released on Wednesday (Oct 7). Michael Horn, president and chief executive of Volkswagen Group of America, said it was “deeply troubling” that the company installed a “defeat device” on […]

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