Volkswagen to pay $2.8 billion in US diesel emission scandal
Detroit: Volkswagen has been ordered to pay a USD 2.8 billion criminal penalty in the United States for cheating on diesel emissions tests. Federal Judge Sean Cox in Detroit followed the deal negotiated by VW and the US Justice Department. The sentence was ordered today, six weeks after the German automaker pleaded guilty to conspiracy and obstruction of justice. VW admits that nearly 600,000 diesel cars in the US were programmed to turn on pollution controls during testing and off while on the road. VW attorney Jason Weinstein says the criminal fine is an “appropriate and serious sanction.”
Corus acquisition was an aspirational mistake: Irani
Kolkata: Acquisition oflondon-headquartered Corus by Tata Steel was a mistake and slicing off the take-over at the moment was a good job, former MD of the company J J Irani said on Friday.”Acquisition of Corus was a mistake. Not an intentional one but an aspirational mistake,” Irani told at an interaction on management organised by Calcutta Chamber of Commerce here today. Irani, who held the position of the MD of Tata Steel for nearly a decade, said that the Indian company emerged as a ‘white knight’ while acquiring Corus in 2007 when the global steel market was good. But with the subsequent slump in steel demand, Corus (later renamed as Tata Steel Europe), the acquisition turned bad and it had lived off Tata Steel’s Indian operations, Irani said.
Stress in small loans,note-ban cap HDFC Bank net at 18.3%
Mumbai: Second largest private sector lender HDFC Bank on Friday reported a net of Rs 3,990 crore for the March quarter, but a marginal spurt in provisions for small-ticket loans limited profit growth to 18.3 per cent. For the full year, the city-headquartered lender’s consolidated net profit rose 19.2 per cent to Rs 15,253 crore. The core net interest income grew 21.5 per cent to Rs 9,055.1 crore on a healthy 19 per cent rise in advances and a widening of margins to 4.3 per cent due to the note-ban driven spike in low cost deposits. Driven by higher fees and commissions, non-interest income grew 27.6 per cent to Rs 3,446.3 crore.
Recovered from note ban impact in India in Q1: Unilever
london/New Delhi; Global FMCG major Unilever has recovered
from the impact of demonetisation on its sales in the Indian market
although it continues to struggle in markets such as Brazil due to
economic crisis. The Anglo-Dutch company has posted an increase of 6.1 per cent in its turnover to 13.3 billion euro in the first quarter of 2017 in the challenging market conditions. “Growth in India recovered from the uncertainty experienced due to the removal of the Rs 500 and Rs 1,000 notes in November 2016, while Brazil continued to be adversely impacted by the economic crisis. Markets in Europe and North America declined in the first quarter,” Unilever said in the post result statement.