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US regulators have rejected Volkswagen’s recall plan for diesel cars fitted with emissions “cheat” devices.
The California Air Resources Board said the proposals did “not adequately address overall impacts on vehicle performance, emissions and safety”. The board also said the proposed fix was not fast enough.
It said it would continue its investigation as well as talks with VW to find a suitable solution.
UK oil firm BP said it would cut 4,000 jobs globally, 600 of which will be from its North Sea operations.
It comes as profits continue to suffer as a result of a 70% collapse in oil prices leading to a big cutback in investment across the oil industry. The North Sea job cuts are expected to take place over a two-year period.
The Financial Times
UK manufacturers suffered a further setback in November last year, with weak global demand and a strong exchange rate hitting industrial production, cancelling out improvements earlier in the autumn. Official figures published on Tuesday showed the manufacturing sector in recession with output 0.4 per cent lower in November than in October and 1.2 per cent lower than a year earlier.
The Daily Express
BREXIT campaigners have today hailed Toyota’s vow to remain in the UK even if Britons vote to leave the EU – with the car giant’s pledge exposing the “lies” of europhiles. Akio Toyoda, chief executive of the Japanese multinational, has promised to keep the company’s large assembly plant in Burnaston, Derbyshire running for at least the next 75 years.
Along with its engine plant in Deeside, North Wales, the leading car brand employs close to 4,000 people in the UK.
The Daily Mirror
Millions of motorists are in for a bargain petrol bonanza as pump prices could plummet by more than 13p to 86p a litre.
Oil is heading for a price crash which could see it slump to $10 (£6.93) a barrel, leading banks have warned. Yesterday, Standard Chartered joined RBS, Morgan Stanley and Goldman Sachs in predicting that a worldwide glut of the black stuff would send costs to an 18-year low.