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Daily News Round UpBack

VW sued by US justice department


The US justice department is suing Volkswagen over the emissions scandal that saw the German car giant fit software in millions of cars to cheat emissions tests. In September last year, following an investigation by US regulators, VW admitted fitting the so-called defeat device on 11 million vehicles globally. The scandal has hit sales of VWs worldwide.

The company has put aside billions of euros to deal with the fallout.

Borrowing jumped ahead of Christmas, Bank of England says

The amount of money being borrowed by consumers in the run-up to Christmas rose by £1.5bn, the largest rise for nearly eight years. In November, consumers owed a total of £178.2bn on credit cards and loans, figures from the Bank of England show. The monthly increase was the largest since February 2008 and compares with a rise of £1.2bn in October. The rise in consumer credit follows signs of increased spending on the High Street. Retail sales volumes rose by 5% in November compared with the same month in 2014, according to the Office for National Statistics (ONS).


The Financial Times

Economists’ forecasts: Interest rates to stay low

British households can look forward to another year of ultra-low interest rates, with most economists expecting a maximum 1 per cent by the end of 2016. Just five out of 104 respondents to the question* see a rise of more than half a percentage point. A modest tightening was forecast by 72, while 21 expected policy to remain on hold or even loosen further.

Toyota snubs Apple and Google on car tech

Toyota has chosen to use a technology originally developed by rival Ford to connect smartphone apps to its cars’ dashboards, snubbing Apple’s CarPlay and Google’s Android Auto in the latest sign of tensions between the automotive industry and Silicon Valley.


The Daily Telegraph

Consumer borrowing rises at fastest rate since before the financial crisis

Borrowing by British families has risen by the fastest rate since before the financial crisis amid mounting concern that households are taking on too much debt. The Bank of England disclosed that credit card debt, personal loans and other forms of borrowing rose by 8.3 per cent in the year to November 2015, the highest rise for nearly a decade.

The amount borrowed by British households rose from £168.6billion to £178.1billion, with credit card borrowing rising by more than £2billion to £63billion, while debt on personal loans and overdrafts rose by £4billion to £115billion.

Posted by Lois Hardy on 05/01/2016