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Companies and Markets
Mercedes fined $56m after China price-fixing probe
A provincial branch of China’s competition regulator has fined Mercedes-Benz Rmb350m ($56m) for alleged anti-competitive behaviour, bringing to a close one of the last major investigations into pricing practices at multinational car companies in China.
Shanghai kicks off race to grab global export markets
Over the coming weeks, a few Volvo cars will begin a historic journey from south-western China to the US. The Swedish company’s S60L sedans will be transported by truck to Shanghai’s port, loaded on to car carriers for shipment across the Pacific, and finally rolled off in Los Angeles.
I am not trying to oust VW chief, insists Piëch
Volkswagen chairman Ferdinand Piëch broke his silence on the leadership crisis at the German carmaker yesterday by insisting he is not trying to oust chief executive Martin Winterkorn. “Mr Winterkorn and I talked it out last week and agreed on the continuation of the co-operation,” he told Spiegel Online.
Tullow’s Ghana dispute comes to a head
Tullow Oil, the UK exploration and production company, is braced for a crucial decision tomorrow over an oil block at the centre of a dispute between Ghana and the Ivory Coast. Tullow is the lead operator on the so-called Ten fields, which are expected to add substantially to cash flows and profits that are already derived from its flagship Jubilee field development off Ghana’s coast.
Miliband would send Britain £90bn further into the red
Britain’s national debt would rocket by £90 billion more under Labour than the Tories over the next parliament, according to an analysis of party manifesto pledges by the Institute for Fiscal Studies.
SNP plans deeper spending cuts than Labour
The SNP’s key anti-austerity message fell apart yesterday when analysis showed that it planned deeper public spending cuts than all other parties except the Conservatives. The Institute for Fiscal Studies said that the SNP intended to cut spending more in real terms over the next four years than either Labour or the Liberal Democrats, and its austerity programme will go on a year longer.
BP gets out of North Sea pipeline in £324m sale
BP is selling its slice of a North Sea gas pipeline to help to fulfil a key recommendation for reviving the region. Disposal of the 36 per cent stake in the Central Area Transmission System, a network of pipelines and processing that transports gas and stretches 250 miles across the North Sea to Teeside will raise £324 million.
Price of a scandal: Brazil’s oil giant Petrobras in £11bn write-down
The Brazilian state oil giant Petrobras attempted yesterday to draw a line under a corruption scandal that has dogged the company for months, aiming to clean the slate through a massive $16.8bn (£11.2bn) write-down.
Cheer for Osborne as tax boost shrinks UK borrowing
Stronger tax receipts reduced Britain’s borrowing bill in March, helping the Government to comfortably undershoot its full-year borrowing target in a pre-election boost for Chancellor George Osborne.
Top Gear reunited…but are BBC stars planning to launch rival show?
Top Gear might be close to the end of the road – but it looks as though its three stars are working out an alternative destination. A mystery meeting between Jeremy Clarkson, James May and Richard Hammond yesterday fuelled speculation that the trio could be getting ready to announce a new motoring show with another broadcoaster.