News

  Bloomberg Volkswagen AG pleaded guilty to misleading US regulators and customers by hiding emission levels on diesel vehicles and obstructing investigations when authorities grew suspicious. Sentencing was put off until April 21. VW entered the formal plea in Detroit federal court as it agreed to do two months ago as part of a $4.3 billion deal to settle claims ...

  Bloomberg US subprime auto lenders are losing money on car loans at the highest rate since the aftermath of the 2008 financial crisis as more borrowers fall behind on payments, according to S&P Global Ratings. Losses for the loans, annualized, were 9.1 percent in January from 8.5 percent in December and 7.9 percent in the first month of last ...

  Bloomberg Toronto may be next on the list of global cities with a tax on home purchases by foreigners as government officials search for ways to cool scorching price gains. Ontario Finance Minister Charles Sousa surprised many, saying he was reconsidering imposing a tax to curb price increases that have accelerated in Canada’s biggest city, reversing a stance last ...

  Bloomberg Iceland has fought wars to pro- tect its fishermen, most recently against the UK in the 1970s. Now, a record inflow of foreign tourists is threatening the industry that once built this tiny north Atla- ntic country. The flood of sightseers, volcano watchers and glacier trekkers is lifting the national currency, pushing up the price of Icelandic fish. ...

  Bloomberg France’s Engie SA plans to sell its entire 10 percent holding in India’s biggest importer of liquefied natural gas. GDF International, an Engie unit, has written to the four Indian state-owned companies that together own half of Petronet LNG Ltd. to offer shares in proportion to their holding in the company, Petronet said in a stock-exchange filing. “It ...

  Bloomberg German developer PNE Wind AG and Norway’s Statoil ASA are asking the US government to open additional sites for offshore wind farms off the coasts of New York and Massachusetts. The sites south of Long Island, New York, and Martha’s Vineyard, Massachusetts, are near existing areas already designated for offshore development, the U.S. Bureau of Ocean Energy Management ...

  Bloomberg China’s biggest SUV maker is reconsidering its plan to build an auto plant in Mexico that would have made its best-selling vehicles for the US market, joining a growing list of global automakers reviewing investment plans after tax threats by President Donald Trump. Great Wall Motor Co., led by billionaire Chairman Wei Jianjun, may choose the US instead ...

  Bloomberg Indian sugar mills have recommended the government limit the volume of imports if it decides to purchase sweetener from overseas. ISMA said if the government “wants to import for their own comfort, not more than 400,000 to 500,000 tons of sugar should be allowed to be imported” and priority should be given to domestic mills in the country’s ...

  Bloomberg Volkswagen AG plans to team up with Tata Motors Ltd. on joint projects in India, renewing the German automaker’s push to boost its presence in emerging markets after its previous efforts failed to gain traction. Tata and the European carmaker’s Skoda division will initially work together on market studies for developing mobility services, vehicle components and models, Wolfsburg-based ...

  Bloomberg Senator Lisa Murkowski said President Donald Trump is interested in opening up new coastal waters for oil and gas drilling and reversing Obama-era policies that restrict energy development in Alaska. Both Trump and Interior Secretary Ryan Zinke are weighing ways to expand opportunities to drill in Arctic waters though the changes could take years to accomplish administratively, Murkowski ...