Armstrong hit with record $10m bill after losing doping lawsuit February 16, 2015 DISGRACED cyclist Lance Armstrong has been ordered to pay an American record $10m (£6.5m) in damages after losing a lawsuit with sports insurance company SCA Promotions. The Texan firm paid Armstrong $7.5m (£4.9m) in bonuses for his multiple Tour de France wins but sued him for the return of that sum plus $4.5m (£2.9m) in [...]
Volkswagen scandal: VW engineers admit manipulating CO2 emissions on affected cars November 9, 2015 A number of Volkswagen engineers have admitted manipulating the car giant's carbon dioxide emissions data, claiming the targets they were set by former boss Martin Winterkorn were too difficult to achieve. German newspaper Bild am Sonntag claimed VW enigeers had been tampering with tyre pressure and mixing diesel with motor oil to make them use less fuel [...]
Barclays settles US mortgage claims for $325m with National Credit Union October 19, 2015 Barclays has agreed to pay $325m (£210m) to settle two civil lawsuits with the National Credit Union in the US relating to mortgages. The bank will include the provision in its third-quarter results, due at the end of October. The claims are related to residential mortgage backed securities (RMBS) sponsored or underwritten by the bank between 2005 [...]
FTSE 100 index opens up on miners November 26, 2015 The FTSE 100 opened slightly up this morning as miners made gains as trading began. The UK's top blue-chip index was up 0.33 per cent at 6,358 points as the market opened. Glencore led the pack higher, up 3.29 per cent to 93.6p on opening, while other miners including Antofagasta and Anglo American were also rising. Read [...]
Volkswagen scandal compensation: Australian law firm launches new class action claim on behalf of VW car owners November 19, 2015 An Australian law firm today launched a class action lawsuit on behalf of owners Volkswagen (VW) cars. Maurice Blackburn Lawyers has said that more than 10,000 people have already registered for their class action claim, which will also cover affected Skoda and Audi vehicles and will target the German parent companies, not just the Australian [...]
Renault’s share price recovers slightly after car giant explains emissions probe; Fiat Chrysler suspends trading after claims it is faking sales figures January 14, 2016 Renault shares recovered slightly after the French energy minister said tests conducted on Renault cars had not found any emissions cheating software. Segolene Royal said tests had been carried out to establish whether vehicles on its roads were equipped with software similar to that used by scandal-engulfed Volkswagen in the United States to trick emissions tests. "There is no fraud at [...]
Volkswagen emissions scandal: Car giant’s share price rises after Martin Winterkorn resigns as class action law suit filed September 24, 2015 Volkswagen's share price opened higher this morning after embattled chief executive Martin Winterkorn resigned yesterday afternoon in the wake of the emissions cheating scandal. Winterkorn, who has been at the helm of the car giant since 2007, said he had been "shocked" by the scandal – but insisted he knew nothing about the "misconduct". “I [...]
2015 was a record year for new car registrations – but VW has lost January 7, 2016 Everyone's a petrolhead now. The year 2015 was a record year for new car registrations, new figures have shown, with 2.63m new vehicles registered during the year – up 6.3 per cent from last year. That was boosted by December – the biggest on record – during which 180,077 new cars were registered, up 8.4 per [...]
Healthcare sinks Wall St but Intel rises – New York Report November 19, 2015 FALLING healthcare stocks offset gains in Intel and other technology names yesterday while investors eyed an expected rate hike in December. The Dow Jones industrial average closed 0.02 per cent weaker at 17,732.75 points while the S&P 500 lost 0.11 per cent to 2,081.24. The Nasdaq Composite edged 0.03 per cent lower to 5,073.64. A [...]
Volkswagen emissions scandal hits sales in France November 2, 2015 The fallout from the Volkswagen emissions scandal is beginning to show up on sales reports. The German car maker recorded a drop in sales of VW branded cars of three per cent in France for October, figures out yesterday from the Committee of French Automobile Manufacturers (CCFA) showed. Sales of Volkswagen cars have been coming [...]