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The Financial Times
The EU’s anti-fraud agency has launched an investigation into Volkswagen, in the latest of a series of inquiries into the emissions scandal at the German carmaker. Olaf, an arm of the European Commission, is looking into whether VW misused loans provided by the European Investment Bank, according to a person familiar with the matter.
India’s Supreme Court has banned new luxury diesel vehicles in Delhi and doubled a recently imposed “green tax” on trucks coming into the city — the latest in a series of tough measures to curb pollution. The ban on the registration of new diesel vehicles with engines of two litres or more will initially be in force only until March 31. But it is a warning sign to India’s car industry of the growing backlash against diesels — especially larger, heavy sport utility vehicles popular among the wealthy.
The engine maker has issued a series of profit warnings after being hit by shrinking defence spending and the falling oil price. Shares in embattled engine maker Rolls-Royce rose 5% after it announced details of a turnaround plans that will see a layer of senior management scrapped. New boss Warren East wants to cut the company’s cost base and improve decision-making in a bid to save between £150m and £200m a year.
The Daily Telegraph
UK unemployment returned to pre-crisis rates in the quarter to October, in another milestone for the recovery that underscored the strength of Britain’s jobs market. However, wage growth disappointed, and a sharp decline in earnings growth over the period suggested that interest rates would remain at a record low of 0.5pc for longer.