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Germany launches criminal probe against VW's ex-CEO

Germany launches criminal probe against VW's ex-CEO

FRANKFURT: German prosecutors on Monday (Sep 28) announced a criminal probe against Volkswagen’s former boss Martin Winterkorn as VW group carmakers Audi and Skoda said more than three million of their vehicles were fitted with software designed to dupe emission tests. The German government piled on the pressure by urging the embattled auto giant to […]

September 28, 2015 | By | Reply More
Raytheon says new US civilian cyber contract worth about US$1 billion

Raytheon says new US civilian cyber contract worth about US$1 billion

WASHINGTON: Raytheon Co on Monday said a new five-year contract it won from the U.S. Department of Homeland Security to help more than 100 civilian agencies manage their computer security could be worth US$1 billion, a key win for the company. Raytheon said DHS selected it to be the prime contractor and systems integrator for […]

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Porsche may pick production chief as CEO this week: sources

Porsche may pick production chief as CEO this week: sources

BERLIN/HAMBURG: The supervisory board of Volkswagen’s Porsche business may name the sports-car maker’s production chief Oliver Blume as the division’s new chief executive this week, two people familiar with the matter told Reuters on Monday. Blume, a former manager at VW’s luxury division Audi who has overseen production at Porsche since 2013, will replace Matthias […]

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US court hears challenge to US$5.7 billion Visa, MasterCard settlement

US court hears challenge to US$5.7 billion Visa, MasterCard settlement

NEW YORK: A U.S. appeals court on Monday weighed whether to uphold the approval of an estimated US$5.7 billion antitrust settlement by MasterCard Inc and Visa Inc with merchants over credit card fees despite the objection of several major retailers. A lawyer for retailers including Target Corp and Amazon.com Inc urged the 2nd U.S. Circuit […]

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Shares of Volkswagen Turkish distributor Dogus hammered as scandal widens

Shares of Volkswagen Turkish distributor Dogus hammered as scandal widens

ISTANBUL: Shares of Volkswagen AG’s main Turkish distributor Dogus Otomotiv tumbled more than 12 percent on Monday, hit by concerns that the emissions cheating scandal at the German automaker could undermine sales of its local dealers. Dogus imports more than 14 brands including VW group marques Porsche, Skoda and Audi, as well as Volkswagen. Dogus […]

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Wall Street extends losses as China data unnerves investors

Wall Street extends losses as China data unnerves investors

REUTERS: U.S. stocks extended their losses in afternoon trading on Monday and were set for their worst third quarter in four years as investors worried about the health of China’s economy and its potential impact on the timing of a U.S. interest rate increase. The S&P 500 and the Nasdaq composite were down more than […]

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Airbus supersalesman Leahy pushes back talk of retirement

Airbus supersalesman Leahy pushes back talk of retirement

PARIS: Airbus sales chief John Leahy, on whose watch the European planemaker has sold planes worth a trillion dollars, is set to remain in his post, pushing aside earlier talk of retirement, two people with knowledge of the decision said. Leahy, who turned 65 in August, has told colleagues he will stay in one of […]

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Alcoa to split into two as aluminum glut batters legacy business

Alcoa to split into two as aluminum glut batters legacy business

CHICAGO: Alcoa Inc said Monday it will break itself in two, separating its faster growing business manufacturing parts for planes and automobiles from its traditional aluminum smelting operations as shareholders seek higher returns amid a commodity slump. Pressured by a 42 percent drop in its share price this year and a surge in Chinese aluminum […]

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European stocks tumble on Chinese data, mining woes

European stocks tumble on Chinese data, mining woes

LONDON: European equities sank on Monday (Sep 28) as more disappointing Chinese data and downbeat analyst comment weighed on the mining sector, with London-listed Glencore hit the hardest. London’s benchmark FTSE 100 index ended the day down 2.46 per cent to 5,958.86 points compared with Friday’s close. In the eurozone, Frankfurt’s DAX 30 finished 2.12 […]

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New rules for developers: Showflats must correctly represent actual units

New rules for developers: Showflats must correctly represent actual units

SINGAPORE: Prospective condominium buyers can now be assured that what they see is what they will eventually get, as developers must now declare that showflats correctly represent the actual units offered for sale, before opening them up for viewing. Measures taken by the developers of The Criterion executive condominium (EC) at Yishun include labels indicating […]

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