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VW fined €1.2bn over diesel emissions scandal

VW fined €1.2bn over diesel emissions scandal

Business
The emissions scandal that engulfed Volkswagen three years ago continues to dog the carmaking giant, as German authorities hit the group with a €1.2bn fine. Volkswagen has said that prosecutors in the German city of Braunschweig levied the £880m fine, saying the carmaker failed to properly oversee its engine development department's activities, resulting in about 10.7m diesel vehicles with illegal emissions-controlling software being sold worldwide.The firm said it hoped that paying the fine would have "positive effects on other official proceedings being conducted in Europe against Volkswagen" and its subsidiaries.:: VW Group set to 'recall up to 28,000' Volkswagens and Seats over seatbelt issue Image: Reacquired Volks...
Ex Volkswagen executive jailed in US amid diesel scandal

Ex Volkswagen executive jailed in US amid diesel scandal

Business
A former Volkswagen executive has been sentenced to seven years in prison and a $ 400,000 (£298,778) fine, after admitting he helped the firm evade clean-air laws.Oliver Schmidt, 48, is the second person to receive jail time in the US over the diesel emissions scandal.Volkswagen first admitted in September 2015 that it had used illegal software to cheat US emissions tests. It has spent as much as $ 30bn to address US claims.US prosecutors say Volkswagen installed special software in certain diesel vehicles that allowed them to perform better during emissions tests than they did under normal driving conditions. VW emissions cheat bill hits $ 30bnVolkswagen: The scandal explainedVW papers shed light on emissions scandalDiesel cars: What's all the fuss about?The emissions were sometimes 30 ti
'Excise duty cut on petrol, diesel adds to fiscal concerns'

'Excise duty cut on petrol, diesel adds to fiscal concerns'

Finance
NEW DELHI: Government's decision to cut excise duty on petrol and diesel will be a relief for consumers as it will lower CPI inflation by around 8-9 bps, but will add to fiscal concerns of the economy, says a Nomura report.According to the global financial services major, this decision further adds to the risk that the government will likely miss its fiscal deficit target for this fiscal."Given already stretched fiscal finances due to front- loaded spending and lower non-tax revenues, this decision further adds to the risk that the government will likely miss its 2017-18 fiscal deficit target of 3.2 per cent of GDP," Nomura said in the research note.The government had hiked excise duty on petrol and diesel in 2015-16 when international prices were declining, which resulted in substantial f...
Diesel and petrol car ban: Clean air strategy 'not enough'

Diesel and petrol car ban: Clean air strategy 'not enough'

Science
The government's £3bn clean air strategy does not go "far enough or fast enough", campaigners have said. Moves including banning the sale of new diesel and petrol cars from 2040 and £255m for councils to tackle air pollution locally have been welcomed. Transport Secretary Chris Grayling said the government was determined to deliver a "green revolution". But environmental groups criticised the decision not to include a scrappage scheme or immediate clean air zones. The plan to stop all sales of petrol and diesel cars by 2040 is part of the government's intention for almost every car and van on UK roads to be zero emission by 2050. The government report includes the promise of £40m immediately to start local schemes rolling, which could include changing road layouts, retrofitting public tran
Mercedes recalls diesel cars for emissions update

Mercedes recalls diesel cars for emissions update

Business
Mercedes-Benz is recalling hundreds of thousands of cars in the UK for a software update to reduce their nitrogen oxide (NOx) emissions.Almost every new diesel bought over the past six years is affected by the move, which the company said was voluntary and would involve owners being contacted to be offered the upgrade.German owner Daimler said it was taking the action across Europe covering three million vehicles in total.It refused to give a country-by-country breakdown but said one million were sold in Germany. It is believed the UK numbers are still being finalised.The UK is one of its biggest customers in the EU - with 170,000 Mercs sold in the country last year alone.Video:The 'smog of argument' over engine emissionsThe vehicles affected have diesel engines meeting the Euro 5 standard...