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UK-based banks would lose the automatic right to trade in EU states if the UK left the single market, the head of Germany’s central bank has said. Jens Weidmann said a “hard Brexit” would strip banks of valuable “passporting rights” that give unfettered access to the bloc. This would force some to relocate from London, he added. Passporting rights are considered by some to be vital to London’s position as a financial hub. It allows banks to serve clients across Europe without the need for licences in individual countries.
Mercedes-Benz Trucks has teamed up with trailer-maker Krone to sell a package of aerodynamic components that promise to improve fuel efficiency and cut carbon emissions. The two companies will demonstrate the new products on Thursday at the 66th IAA Commercial Vehicles conference in Hanover, where they hope to show the trucks industry has not been asleep at the wheel when it comes to the environment. The EU seeks to reduce emissions in the long-haul sector by 30 per cent by 2030, but Daimler — Mercedes’ parent — has been critical of Brussels for focusing narrowly on tyres and engine improvements, rather than the whole picture of how vehicles are actually used.
Almost five million people had to cancel their bank cards last year, according to a survey that gives the strongest indication yet of the scale of fraud in Britain. One in ten adults has replaced a credit or debit card after a cyberattack, identity theft or card cloning, the study, which The Times has seen, said. The average loss to bank fraud was £475, meaning that more than £2 billion was stolen in total. Online fraud is so prevalent that people are starting to avoid the internet to make payments. The survey gives a first glimpse of the measures that customers are taking to keep their accounts safe, because the industry refuses to publish details of the number of cards reissued each year.
Three quarters of people think the drink drive alcohol limit should be reduced, a survey found. Research commissioned by Public Health England found 77 per cent of people are in favour of the law being changed so drivers are legally allowed to consume less alcohol before getting behind a wheel. It comes after suggestions earlier this year that the Government could follow the example of Scotland by lowering the limit in England and Wales. Campaigners have urged the Government to take the new research on board and change the law. North of the border, the limit was brought down from 80mg per 100ml of blood to 50mg two years ago.
Only around one in 10 UK Volkswagen vehicles fitted with software to cheat emissions tests were fixed in the year since the scandal broke, figures released by the manufacturer show. The controversy began on September 18 last year when US regulators told VW to recall 482,000 diesel cars after discovering they contained illegal defeat devices. The Environmental Protection Agency said the software allowed cars to release fewer smog-causing pollutants during tests than in real-world driving conditions.
Volkswagen said 1.2 million vehicles were affected by the issue in the UK, which was equivalent to nearly one in 10 of the country’s diesel cars. This includes the VW brand, Audi, Skoda, Seat and VW commercial vehicles.
The White House will release guidelines for self-driving automobiles on Tuesday, as well as model legislation recommended to states that want to follow in the footsteps of California, Florida and Nevada, which have legalized automated vehicles. The US Department of Transportation (DoT) will publish a new document containing “vehicle performance guidance for manufacturers, developers, and other organizations”, including a 15-point safety assessment auto-makers are being asked to sign and submit to the DoT. The national highway safety and traffic administration (NHTSA) will also solicit public opinion about whether or not it should approve new self-driving models before they are allowed on the market.