Car emissions testing scandal: Peugeot owner has become the most recent car manufacturer to have its offices raided April 21, 2016 The offices of the French car manufacturer which owns Peugeot have been raided as a global crackdown on emissions testing in the car industry rumbles on. PSA Group has issued a statement on its website to say it had been "the subject of a visit and a seizure by France's General Directorate for Competition Policy, Consumer Affairs and [...]
Mitsubishi Motors’ offices raided a day after company admits some of its fuel efficiency tests were falsified April 21, 2016 Mitsubishi Motors' offices have been raided by the Japanese authorities today following the car manufacturer's admission that some of its fuel economy tests data had been falsified. Yesterday, Mitsubishi issued a statement saying it had discovered that fuel consumption tests for roughly 600,000 of its vehicles had been run improperly, and therefore did not meet requirements under [...]
Kumamoto earthquake: Japanese business suffers post-earthquake as Nikkei 225 closes down and production at Toyota and Honda stops April 18, 2016 Some of Japan's most recognisable business names have halted production after two powerful earthquakes devastated the country late last week. The earthquakes have left at least 40 people dead, hundreds more people injured and thousands of households without access to power, according to local media. Car maker Honda announced today that it would be pausing [...]
Brazil’s President Rousseff under pressure as historic impeachment vote kicks off April 17, 2016 Brazil's President Dilma Rousseff was under pressure this evening, as a historic impeachment vote kicked off. The country's lower congress must decide whether Rousseff should face an impeachment trial on charges of manipulating budgetary accounts. If 342 of the lower congress' 513 lawmakers vote for the impeachment, then the proceedings will move to the senate. Here a separate vote could [...]
North Korea tries another missile test – and it fails April 15, 2016 North Korea's military muscle-flexing is failing to impress its international rivals, after US and South Korean officials said today that the would-be nuclear superpower has tried another missile test – and failed. The rocket launch – which took place on the 104th birthday of North Korea's founding leader, Kim Il-sung – was the country's first test of [...]
Panama Papers scandal: Law firm Mossack Fonseca Panama offices raided April 13, 2016 The Panama office of the law firm at the centre of the Panama Papers scandal has been raided by the authorities, it was revealed in the early hours of this morning. Panama's attorney general's office issued a statement revealing that it had carried out a raid on Mossack Fonseca's office to search for evidence of [...]
Russia back on the map with investors after two year hiatus, Credit Suisse banker says April 11, 2016 Investors are starting to look at Russia again after cutting off exposure amid geopolitical tensions two years ago, the head of Credit Suisse's $60m (£42m) Russian Equity Fund said. There are no big inflows yet but a rebound in Russian stock markets in the past few months as the oil price and the rouble have [...]
Tourist boom putting pressure on Cuba’s beer industry April 10, 2016 The influx of American tourists into Cuba may have worked wonders for its travel and leisure industry, but the boom has taken a toll on the country’s main brewer. In recent weeks beer sellers have been running out of the Caribbean island’s two favourite brands, Cristal and Bucanero. The shortages have been fuelled by the increase [...]
Bondholders in Austrian ‘bad bank’ Heta hit by significant haircut April 10, 2016 Creditors in Austrian “bad bank” Heta Asset Resolution will receive less than half of their money back according to the country’s financial regulator, the FMA. An FMA statement outlined that senior bondholders could expect to receive at least 46c/€ which would be paid from the realisation of assets by 2020 – and said that this [...]
Panama Papers scandal: Mossack Fonseca says it is still waiting for a call from the taxman April 10, 2016 Ramon Fonseca, the founding partner of the law firm at the centre of the Panama Papers scandal, is showing the world that you're never too well known to find yourself sat by the phone, waiting for it to ring. The founding partner of Mossack Fonseca said in an interview on Saturday that his firm is still yet to [...]