Business & Finance News
Volkswagen AG took two raps in Australia on Friday as a federal court upheld a fine on the German car maker as part of a global diesel emissions cheating scandal and a regulator started penalty proceedings against one of its financial units.
The head of Australia’s competition regulator on Friday said a record fine of A$125 million ($86 million) imposed on Volkswagen AG was just a taste of what companies could expect in the future.
Oil prices held steady near three-month highs on Friday, heading for a third consecutive weekly rise, on the back of easing Sino-U.S. trade tensions that have weighed on demand as well as the global economic growth outlook.
The general counsel of a U.S. labor agency has accused Chipotle Mexican Grill Inc of violating U.S. labor law by allegedly firing an employee in New York in retaliation for complaining about workplace problems and trying to organize with a union.
Oil prices held steady near three-month highs on Friday on the back of easing Sino-U.S. trade tensions that have weighed on demand as well as the global economic growth outlook.
The U.S. House of Representatives overwhelmingly approved a new North American trade deal on Thursday that includes tougher labor and automotive content rules but leaves $1.2 trillion in annual U.S.-Mexico-Canada trade flows largely unchanged.
Australia’s competition regulator said the federal court has penalized Volkswagen AG a record A$125 million ($86 million) for allegedly making false representations about compliance with the country’s diesel emission standards.
The new North American trade deal addresses most concerns of U.S. labor unions, Richard Trumka, head of the AFL-CIO union federation, said on Thursday, but even so he expects it could take more than a decade to reverse job losses resulting from the original 25-year-old trade pact.
Asian shares snoozed near 18-month highs on Friday as trade thinned in the run-up to Christmas and investors seemed content to digest the chunky gains already made so far this month.
Chinese automakers Great Wall Motor and Changan Automobile are accelerating plans to build cars in India after the initial success of rival SAIC Motor in one of the world’s biggest markets, three sources said.
Australia’s corporate watchdog said on Friday it had begun civil penalty proceedings in Federal Court against a unit of Volkswagen AG for allegedly not making appropriate checks before giving out 49,380 loans to consumers.
Boeing Co is set to launch its new astronaut capsule on Friday on its first unmanned journey to the International Space Station, a milestone test for the U.S. aerospace firm that is vying with SpaceX to revive NASA’s human spaceflight capabilities.
Brazil’s planemaker Embraer S.A. said it is studying the development of a new light military transport plane together with the Brazilian Air Force, the company said in a statement on Thursday.
Australia’s corporate watchdog said on Friday it had begun civil penalty proceedings in court against a unit of Volkswagen AG for allegedly not making appropriate checks while providing consumer loans.
Amazon.com Inc said on Thursday it was on track to deliver 3.5 billion customer packages globally this year through its in-house delivery network.
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