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FTThe Financial Times

Brexit group will be led by a cabinet minister, says Lawson

The campaign to leave the EU will be led by a Tory cabinet minister, the former chancellor Lord Lawson said, as a new poll gave a six-point lead to the “Out” side. The peer, who is president of Conservatives for Britain, a Eurosceptic group, said yesterday he would not reveal the identity of the senior minister but it would emerge “in due course”.

Renault to face emissions test enquiry

Carmaker ordered before government commission to explain pollutant levels. Renault is set to be hauled in front of a French government commission today to explain why test carried out in the wake of the Volkswagen scandal showed its cars exceeded emission limits. The results of the tests are not yet public, but according to people close the commission the French carmaker will be grilled about why they showed that two of its cars, including the Renault Captur, emitted several times more pollutants than allowed.

Cameron to stay as PM if he loses Brexit poll, says Grayling

David Cameron will stay on as prime minister to negotiate Britain’s exit from the EU if he loses his European referendum this year, according to Tory Cabinet minister Chris Grayling. Mr Grayling, the Eurosceptic Leader of the House of Commons, is expected to campaign for a Brexit but suggested that Mr Cameron would have a duty to stay on in Number 10 if the country voted to leave. “Firstly, he’s got a mandate for five years from the people of this country,” he said. “Secondly, if we were vote to leave I think that there is then a big challenge to prepare the ground for leaving, to negotiate the terms on which we would leave.

Renault plans recall of 15,000 cars amid probe

Renault is recalling more than 15,000 cars and offering to update hundreds of thousands more after the French government found that some of the company’s vehicles exceeded limits on emissions. The French carmaker has been under pressure after it revealed last week that three of its offices in France had been searched by government fraud investigators as part of a probe into vehicles emissions.

VW dispels speculation over chief’s future

Volkswagen yesterday moved to dispel questions over the future of its newly-appointed chief executive, saying Matthias Muller’s job was never in doubt following difficult trip to the US last week. Mr Muller, who succeeded Martin Winterkorn at the German carmaker in September when the emissions scandal broke, attracted criticism on his visit to the to the US as top manager by appearing to suggest in a radio interview that the company “didn’t lie” to regulators.

The Daily Telegraph

Volkswagen target of lawsuit in Germany

Sixty-six institutional investors are suing Volkswagen over the recent emissions-rigging scandal, which wiped billions of euros off the company’s value. The lawsuit will be filed in the next week in the car giant’s native Germany, amid ongoing legal action in the US and Australia.

Ford begin UK rebrand with advertising drive

Ford is rebranding in the UK in a new advertising push this week, called “unlearn” about the carmaker. The campaign will be unveiled on Wednesday, and includes a TV advert featuring the 104-year-old record-breaking runner, Fauja Singh, with the catchline: “Think you know OAPs?”

Most diesel cars fail emissions limit when driven on the road

Almost all diesel engines go over official emissions limits once they are in the hands of motorist, research has found. The consumer magazine Which? found that 95pc of diesel cars and 10pc of petrol vehicles emitted nitrogen oxides (NOx) above acceptable levels when driven on public roads. The results emerged as the car-makers Vauxhall and Renault faced new claims yesterday over emissions-rigging. Which? found that the Jeep Grand Cherokee was the worst performer out of the 153 diesel cars, producing 15 times the amount permitted. Two thirds of the petrol cars tested also broke limits on carbon monoxide emissions.

The Times

Anti-Euro MP fights against Brexit

The pro-Euro campaign fought back yesterday as two new polls showed that a majority of voters favoured Brexit. A senior Tory MP who led the campaign against Britain joining the euro announced that he would lead a new Conservative “in” campaign, in a public relations coup for the prime minister. Nick Herbert, who was chief executive of Business for Sterling in the 1990s launched the Conservatives for Reform in Europe group, backing David Cameron renegotiation with Brussels.

Reborn in the USA, Ford

Ten years after it nearly crashed, the carmaker is returning to its shareholders, writes Alexandra Frean. Ford is on track to report record profits for the last year and this, crowning its comeback nearly ten years after its mortgaged all its assets, including its famous blue oval badge, for $23.5 billion to stave off collapse. A company that in 2006 was losing money on every car it produced, was facing a $17 billion annual loss and was being outsold by Honda and Toyota is set to report a record pre-tax profit at the upper end of its predicted $10 billion to $11 billion range for last year. Moreover, according to Mark Fields, Ford’s president and chief executive, this year will be “equal or higher”.

VW boss faces criminal charges in South Korea

South Korea plans to file criminal charges against the head of Volkswagen in the country after the carmaker’s recall plan to fix emissions-cheating diesel cars was unacceptable. In the latest blow to the German group since it admitted fiddling American exhaust tests last year, Johannes Thammer, the managing director of Audi Volkswagen Korea, could face up to five years in prison and a fine of as much as 30 million won (£17,500). The charges came as Matthias Muller, VW’s chief executive, dismissed as “pure speculation” reports that it was facing fine in the United States that could run into tens of billions of euros. It came, too, as Renault said it was recalling nearly 16,000 cars and offering software upgrades for 700,000 vehicles because of faulty emissions.

Daily Mail

Petrol ‘to fall to 86p a litre’ in oil glut after Iranian nuclear deal

Stock markets are braced for heavy falls today amid fears the lifting of sanctions against Iran could spark a fresh slump in the price of oil. Long-running penalties imposed by the US, United Nations and European Union were ended on Saturday night following a deal limiting the hardline state’s nuclear ambition. Iran responded by pledging to pump an extra half-a-million barrels of oil a day to increase its revenue, raising fresh concerns that rock-bottom prices could be driven still lower.

The Independent 

Electric cars: Mechanics with no specialist training ‘risk death when tinkering with the vehicles’

Mechanics trying to fix electric cars could end up killing themselves or their customers unless the Government takes action to prevent unqualified cowboys from servicing the new vehicles, the motor industry has warned. In the next few weeks, the Institute of the Motor Industry (IMI) will launch a campaign to persuade Whitehall that new regulations are required to ensure mechanics are properly trained to work with electric motors.

The Sun

Vauxhall blaze bid

Thousands of Vauxhall owners are seeking legal action over a “fault” link to nearly 300 fires. They want an investigation into the heater units in Zafira B motors. Vauxhall last year recalled 234,938 cars after more than 275 fires. The company blames the blazes on faulty repairs. But a 14,300-strong Facebook group is trying to raise £10,500 for independent tests. Solicitors Penningtons Manches said: “Vauxhall could be facing a substantial claim for damages.”

Bank of England Agents Summary Of Business Conditions

The Agents’ Summary of Business Conditions was published this week and it can be downloaded from the Bank’s website at:

http://www.bankofengland.co.uk/publications/Pages/agentssummary/2016/jan.aspx

A direct link to the PDF can be found here:

http://www.bankofengland.co.uk/publications/Documents/agentssummary/2016/jan.pdf.

 

Posted by Sue Robinson on 22/01/2016