VW bosses told costs of emissions saga a month before disclosure: report

A Volkswagen manager told the then chief executive and other managers that the carmaker’s diesel emissions cheating could cost up to $18.5 billion, almost a month before investors were informed, German newspaper Bild am Sonntag reported. Investors were told about VW’s systematic emissions test cheating using illegal software on Sept. 18 2015, when the U.S. […]

Deadline looming for firms to give Brexit strategies to Bank

Hundreds of banks, insurers, fund managers and other major City firms have until Friday 14 July to tell the Bank of England how they intend to cope with a hard Brexit. The order from the Bank was issued in April and has forced the financial industry to spell out plans that would allow them to […]

France steps up effort to woo London banks planning Brexit move

Government aims to make Paris more attractive with lower taxes, lighter regulation and new international schools France has stepped up its seduction of banks and other financial institutions considering a move out of London due to Brexit, as the government unveiled a raft of proposals aimed at making Paris more appealing. A document presented by […]

EU charges Merck KGaA, GE, Canon over merger rules

General Electric (GE.N), German drugmaker Merck KGaA (MRCG.DE), and Japan’s Canon (7751.T) risk hefty fines after EU antitrust regulators accused them of providing misleading information during separate merger deals. The European Commission said on Thursday that it had sent three separate charge sheets known as statements of objections to General Electric, Merck KGaA and Canon […]

Ominous signs from British firms, but euro zone loses momentum too

British companies are giving ominous signs about the economy, just as the government embarks on European Union divorce negotiations, data showed on Wednesday, although momentum in the euro zone has lost some momentum. A survey published on Wednesday suggested Britain’s economy probably expanded at a quarterly pace of 0.4 percent in April-June. But its business […]

Britain misses out as global manufacturing surges

British factories were left out of a demand-driven surge in activity across much of Asia and Europe in June, as weakness in sterling failed to translate into export growth, surveys showed. Factories in the euro zone rounded off the first half of 2017 by ramping up at the fastest rate for over six years while […]

Russia sticks to conservative $40 oil forecast for 2018 budget

The Russian government is sticking to its conservative assumptions for oil prices as it drafts the budget for the next three years, relying mainly on domestic borrowing to finance the deficit in order to preserve its rainy-day funds. Oil prices are running above the government’s $40-a-barrel forecast, but growing supply from Libya, Nigeria and the […]