Latest car news

auto magazines

VW recovers from emissions scandal as European car sales hop 9% in April, The Independent

VW recovers from emissions scandal as European car sales hop 9% in April

Overall group sales at Volkswagen rose Five.3%

  • Agnieszka Flak
  • Friday thirteen May two thousand sixteen 08:04 BST

The Independent Online

The Force: Volkswagen’s two thousand eleven Super Cup Commercial

European car sales rose nine per cent in April, industry data showcased on Friday, with almost all auto manufacturers recording sales increases and Volkswagen’s namesake brand back to growth despite its diesel emissions scandal.

Fresh passenger car registrations in the European Union and European Free Trade Association enlargened to 1.Trio million vehicles last month, according to the Brussels-based Association of European Carmakers (ACEA).

“The EU passenger car market posted strong results again, marking the 32nd consecutive month of growth,” the industry group said in a statement.

VW recalls 800,000 cars to check pedals

“This is the highest result in volume terms since April 2008, just before the economic crisis hit the automotive industry.”

European car sales returned to annual growth in two thousand fourteen after a six-year slump during which registrations fell to their lowest in decades. Request has been growing each month since as an improvement in consumer confidence, retail incentives and fresh product launches lured customers back to the showrooms.

Last month’s growth was mainly driven by German carmakers Daimler and BMW, rising 21.6 per cent and 11.7 per cent, respectively, thanks to the popularity of their Mercedes and MINI brands, and by Fiat Chrysler Automobiles (FCA) .

Registrations from the FCA stable hopped 13.6 per cent, boosted by strong sales of Jeeps, with European registrations of the SUV brand rising 21.8 per cent in April.

Read more

Overall group sales at Volkswagen, Europe’s largest carmaker, rose Five.Three per cent and request for its core brand was back in growth, rising Two.6 per cent in April after dipping 1.6 per cent the previous month.

However, the group’s market share in the region slipped to 25.Four per cent from 26.Two per cent as it continued to pay the price of its diesel emissions test-rigging scandal.

Other mass market brands grew, but at a single-digit rate, with deliveries from France’s PSA Peugeot Citroen and Renault

Thickest business scandals in pictures

Fattest business scandals in pictures

1/21 Barclays CEO under investigation for attempting to identify whistleblower – Monday Paril Ten

Authorities have launched an investigation into Barclays chief executive officer Jes Staley for attempting to identify a whistleblower, the bank said on Monday. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are both investigating Mr Staley after the bank notified them that Mr Staley had attempted to identify the author of two anonymous letters, which were sent to the board and a senior executive in June 2016.

Two/21 UK to crack down on bank money laundering after reports of £65bn Russian scam, City minister says – March 2017

The Economic Secretary to the Treasury has vowed that the Government will crack down on money laundering practices, after several of the UK’s largest banks were accused of processing money from a Russian scam, believed to involve up to $80bn (£65bn).

Three/21 Former HBOS bankers convicted of bribery and fraud over £245m loan scam – February 2017

Two former HBOS bankers were among six people found guilty of bribery and fraud that cost customers and shareholders hundreds of millions of pounds, the Big black cock reports. Lynden Scourfield, 54, a manager at HBOS, coerced fighting clients to use the services of his friends David Mills, 60, and Michael Bancroft, 73. In come back, the two businessmen arranged hook-up parties, cash and lavish gifts. On Monday, the three were convicted at Southwark Crown Court on accounts including bribery, fraud and money laundering. Mark Dobson, another manager at HBOS, Alison Mills, and John Cartwright were also convicted.

Four/21 Former Reckitt Benckiser executive linked to death of one hundred people in South Korea jailed for seven years – Friday January 6

A former South Korean executive of UK-based Reckitt Benckiser has been jailed for seven years over the sale of a humidifier disinfectant that killed about one hundred people and left hundreds with permanent lung harm. Shin Hyun-woo, head of Reckitt Benkiser’s Oxy subsidiary from one thousand nine hundred ninety one to 2005, was found guilty of accidental homicide and falsely advertising the deadly product as being safe even for children. The consumer product disaster affected many families in South Korea, where children and pregnant women often battle dry winter seasons with humidifiers. Other retailers such as Lotte Mart and Homeplus were also found guilty of selling the deadly product.

Five/21 Rogue trader

A French court cut the damages owed by rogue trader Jerome Kerviel from €4.9bn (£4.2bn) to just €1m (£860,000). The court ruled on that Kerviel was “partly responsible” for massive losses suffered in two thousand eight by his former employer Societe Generale through his reckless trades. Kerviel has consistently maintained that bosses at the French bank knew what he was doing all along.

6/21 Lloyds chief apologises for harm caused by affair allegations – August 2016

Antonio Horta-Osorio, the chief executive of Lloyds Bank, has violated his muffle over allegations about his private life admitting he regrets any “harm done to the group’s reputation”. In a message sent to the bank’s 75,000 employees, the banker said that anyone can make mistakes while insisting that staff had to maintain the highest professional standards.

7/21 Christine Lagarde faces court over £340m Bernard Tapie payment – July 2016

The head of the International Monetary Fund (IMF), Christine Lagarde, must stand trial in France over a payment of €403 million (now £340m, then £290m) to tycoon Bernard Tapie, a France’s highest appeals court has ruled. The court rejected Ms Lagarde’s appeal against a judge’s order in December for her to stand trial over allegations of negligence in her treating of the affair. Ms Lagarde could risk a maximum penalty of one year in prison and a fine of €15,000 euros if convicted.

8/21 HSBC senior manager arrested in FX rigging investigation at JFK airport in Fresh York – July 2016

A senior executive at HSBC has been arrested at Fresh York’s JFK airport for his alleged involvement in a conspiracy to equipment currency benchmarks, according to reports. Mark Johnson, global head of foreign exchange cash trading in London, was reportedly arrested on Tuesday. He will show up before a federal court in Brooklyn on Wednesday charged with conspiracy to commit wire fraud, Bloomberg said.

9/21 Former PwC employees found guilty in ‘Luxleaks’ tax scandal – June 2016

Two ex- PricewaterhouseCoopers staffers were found guilty in Luxembourg of stealing confidential tax files that helped whip out a global scandal over generous fiscal deals for hundreds of international companies. Antoine Deltour and Raphael Halet face suspended sentences of twelve months and nine months and were ordered to pay fines of €1,500 (£1,230) and €1,000 (£822) for their role in the so-called LuxLeaks scandal. Despite the minimal sentences, the ruling was described by Deltour’s lawyer as “shocking” and “a terrible anomaly.” The ruling “puts on guard future whistle-blowers,” Deltour told reporters.The LuxLeaks revelations sped beyond Luxembourg, causing European Union regulators to expand a tax-subsidy probe and propose fresh laws to fight corporate tax dodging, while EU lawmakers created a special committee to probe fiscal deals across the 28-nation bloc.

Ten/21 Goldman Sachs dealmakers lavished Libyan officials with hookers to win contract – June 2016

A former Goldman Sachs dealmaker attempting to persuade Gadaffi-era Libya to invest $1 billion with the investment bank procured hookers and invited Libyan officials to lavish parties in the hope of winning the business, the High Court heard on Monday June 13.The Libyan Investment Authority sovereign wealth fund is suing Goldman Sachs for inappropriately coercing its naïve staff into providing its sovereign wealth fund cash to the bank to invest in products they did not understand. The products were designed to generate big profits for Goldman, the LIA claims.Goldman denies wrongdoing and says the LIA was treated as an arms-length customer

11/21 Former boss of BHS said his life was threatened – June 2016

Darren Topp, the former boss of BHS, has said former holder Dominic Chappell threatened to kill him when he challenged him over a £1.Five million transfer out of the business. MPs on the Business, Innovation and Abilities Committee asked Mr Topp about a £1.Five million transfer Mr Chappell made from BHS to a company called BHS Sweden.

12/21 Sports Direct founder Mike Ashley admits paying workers below the minimum wage – June 2016

Mike Ashley admitted paying Sports Direct employees below the minimum wage at a hearing in front of MPs. The company founder said that workers were paid less than the statutory minimum because of bottlenecks at security in an admission that could result in sanctions from HMRC.

13/21 Mitsubishi admits ‘improper’ fuel tests – April 2016

Mitsubishi has admitted to using false fuel methods dating back to 1991. The scale of the scandal is only just coming to light after it was exposed in April that data was falsified in the testing of four types of cars, including two Nissan cars.

14/21 Panama Papers: Millions of leaked documents expose how world’s rich and powerful hid money – April 2016

Millions of confidential documents have been leaked from one of the world’s most secretive law firms, exposing how the rich and powerful have hidden their money. Dictators and other goes of state have been accused of laundering money, avoiding sanctions and evading tax, according to the unprecedented cache of papers that showcase the internal workings of the law rock-hard Mossack Fonseca, which is based in Panama.

15/21 Google’s tax avoidance

Google reached a deal with the HM Revenue and Customs to pay back £130 million in so-called “back-taxes” that have been due since 2005. George Osborne championed the deal as a “major success”. But European MEPs have since called for the Chancellor to emerge in front of the committee on tax rulings to explain the tax deal.

16/21 Turing Pharmaceuticals and Martin Shkreli

Martin Shkreli became known as the “most hated man in the world” after his drug company, Turing, enlargened the price of a 62-year-old drug that treated HIV patients by Five,000% to $750 a pill. He was charged with illegally taking stock from Retrophin, a biotechnology rock-hard he embarked in 2011, and using it pay off debts from unrelated business dealings. Shkreli, who maintains he is harmless, and says there is little evidence of fraud because his investors didn’t lose money.

17/21 Volkswagen emissions scandal

VW admitted to rigging its US emission tests so that diesel-powered cars would looks like they were emitting less nitrous oxide, which can harm the ozone layer and contribute to respiratory diseases. Around eleven million cars worldwide were affected.

Eighteen/21 Quindell, the scandal-ridden insurance hard

Quindell was once a darling of AIM but its share price fell in April two thousand fourteen when its accounting practices were attacked in a stinging research note by US brief seller Gotham City. In August the group was coerced to disclose that the £107 million pre-tax profit it had reported for two thousand thirteen was incorrect, and it had in fact suffered a £64million loss.

Nineteen/21 Toshiba Accounting Scandal

The boss of Toshiba, the Japanese technology giant, resigned in disgrace in the wake of one of the country’s thickest ever accounting scandals. His exit came two months after the company exposed that it was investigating accounting irregularities. An independent investigatory panel said that Toshiba’s management had inflated its reported profits by up to one hundred fifty two billion yen (£780m) inbetween two thousand eight and 2014.

20/21 FIFA Corruption Scandal

Fifa, football’s world governing assets, has been engulfed by claims of widespread corruption since the summer of 2015, when the US Department of Justice indicted several top executives. It has now claimed the careers of two of the most powerful studs in football, Fifa President Sepp Blatter and Uefa President Michel Platini, after they were banned for eight years from all football-related activities by Fifa’s ethics committee. A Swiss criminal investigation into the pair is ongoing.

21/21 Libor fraudster

City trader Tom Hayes, 35, has become the very first person to be convicted of rigging Libor rates following a trial at London’s Southwark Crown Court. Hayes worked as a trader in yen derivatives at UBS before joining the American bank Citigroup in Tokyo. He was fired from Citigroup following an investigation into his trading methods. He returned to the UK in December two thousand twelve and was arrested following a two-and-a-half year criminal investigation by the SFO.

Registrations from the Opel Group, the European division of General Motors, grew 6.6 per cent.

All five major national markets recorded sales increases last month, led by Spain, where registrations leaped 21.Two per cent, followed by Italy, where sales were up 11.Five per cent.

In the very first four months of the year, European registrations enhanced 8.Three per cent to Five.25 million vehicles, ACEA added.

Related movie:


Leave a Reply

Your email address will not be published. Required fields are marked *