Thursday, 22 August 2019

Business

Seoul to fine Volkswagen over ‘illicit’ emissions devices

Volkswagen

SEOUL: South Korea said it will issue fines and file criminal complaints against Volkswagen and Porsche for installing “illicit devices” that helped multiple diesel vehicles cheat pollution standards. The environment ministry said over 10,000 vehicles sold in South Korea by Volkswagen and Porsche from May 2015 to January 2018 were ...

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Apple debuts credit card as it readies TV+ launch

SAN FRANCISCO: Apple launched a smartphone-generation credit card in the US and moved closer to hitting the hot streaming television market with a new subscription service. The moves come as Apple shifts to emphasize digital content and other services to offset a pullback in the once-sizzling smartphone market. Arrival of ...

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RBNZ 50 bp cut reduced chance of unconventional policy tools

WELLINGTON: The Reserve Bank of New Zealand’s (RBNZ) assistant governor Christian Hawkesby said in a speech released on Wednesday that the bank’s recent rate cut would likely avoid the use of unconventional monetary policy tools. “A more decisive action now gave inflation the best chance to lift earlier, reducing the ...

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Originals will be available for free from September 24

LONDON: YouTube is making its original shows available to the public. They were previously only available to Premium members. Average users will be able to watch YouTube Originals with ads starting September 24. Premium subscribers will still enjoy a better viewing experience, according to Engadget, which noted that they won’t ...

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Huawei dismisses new suspension of ‘unjust’ United States ban

BEIJING: Huawei dismissed Washington’s three-month delay to a ban on US firms selling to the Chinese tech giant and said the decision would not change the fact it had been “treated unjustly”. The US Commerce Department effectively suspended for a second time tough rules stopping the sale of components and ...

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Chile says economy grows 1.9pc in Q2 of 2019

SANTIAGO: Chile’s gross domestic product grew 1.9 percent in the second-quarter of 2019 compared with a year earlier, the central bank said on Monday, as slumping global trade and falling copper prices continue to take their toll. Chilean officials have been downgrading expectations for growth for months amid a mining ...

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Eurozone Inflation Slows Further

Inflation in the eurozone slowed to 1.0 percent in July, official data showed, sliding further away from the European Central Bank’s target of just below 2.0 percent. Revised figures from the Eurostat agency showed prices across the 19-nation single currency area showed inflation falling from 1. 3 percent in June ...

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Standard Chartered faces fine for sanctions breaches

LONDON: Banking group Standard Chartered (STAN.L) is facing a fine for failing to prevent sanctions breaches, Sky News reported. Britain s Office of Financial Sanctions Implementation, which includes police and intelligence officers as well as finance ministry officials, has notified the lender that it aims to impose a penalty of ...

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Novo Nordisk sued in Denmark for alleged market manipulation

COPENHAGEN: Danish insulin-maker Novo Nordisk has been sued by investors demanding 11.8 billion Danish crowns ($1.8 billion) in compensation for the company’s alleged market manipulation, Danish daily Borsen reported. “Novo has provided and disseminated inaccurate, incomplete and misleading information and failed to disclose internal knowledge and this constitutes price manipulation,” ...

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VTB Bank buys local grain trader Miro

MOSCOW: Russian state-controlled bank VTB , which has been actively buying grain export infrastructure assets in the country, said that it had completed its purchase of a 70 percent stake in local grain trader Mirogroup. Mirogroup has an extensive network of regional representative offices, long-term partnerships with agricultural producers and ...

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