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Fiat Chrysler faces record US fine over Jeep recalls – Fiat Chrysler is expected to face a $105m record penalty for its allegedly inadequate response to 23 recalls affecting millions of Jeep vehicles, people familiar with the case said.
Chinese car sales are forced into the slow lane – Cooling market is challenging manufacturers but country’s demographics are encouraging.
Europe drives turnaround in Peugeot’s fortunes with return to first-half profit – PSA Peugeot Citroen yesterday reported a first-half net profit for the first time since 2011 as the French carmaker roared back from the brink of collapse, helped by a rebound in the European market.
The results suggested that the company’s turnaround strategy is working. Max Warburton, and analyst at Bernstein, likened PSA’s efforts to “splitting the atom, walking on the moon and mapping the human genome”. Peugeot’s shares rose 6 per cent to €18.86.
VW cuts sales targets as demand slows down in China – Volkswagen yesterday cut its full-year vehicle sales target amid declining demand in China, Russia and Brazil, but still managed an increase in quarterly operating profit, partly due to the improving European car market.
GM reveals $1bn plan for Asia export – General Motors plans to invest $1bn in India to boost production and transform the country into a “global export hub”, as the US’s largest carmaker by sales tries to reverse its poor performance in one of the world’s most important automotive growth markets.
Sales slow as shoppers shut wallets – An increase in the number of shoppers snapping up holiday outfits at the last minute was not enough to stop retail sales growth from slowing this month, and the picture is not expected to improve next month.
In its latest snapshot of how high streets faired, the CBI found that year-on-year growth in the volume of retail sales fell back lightly from June, after May’s strong rally.
UK beats Germany for faith in economy – Britain’s buoyant economy has sent consumer confidence soaring above that of Germany
Strong growth set to raise pressure on interest rates – The economy is set for a return to strong growth tomorrow, with a boost to gross domestic product— and to pressure for an early rise in interest rates. The Office for National Statistics is expected to unveil a 0.7 per cent rise in GDP in the second quarter, an acceleration from the 0.4 per cent growth in the first three months of the year
The Daily Telegraph
Minister pledges to stamp out fake apprenticeships – Companies that promote fake apprenticeships are facing government action, after one firm provided just six days training in a year.
Licences revoked after hundreds fail eye tests – Hundreds of motorists have had their driving licenses revoked after failing roadside eye tests as part of new police powers introduced after a teenager died in an accident caused by a pensioner with poor sight, figures have shown.