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Seoul to fine Volkswagen over 'illicit' emissions devices by Staff Writers Seoul (AFP) Aug 20, 2019 South Korea said Tuesday it would issue fines and file criminal complaints against Volkswagen and and its luxury arm, Porsche, for installing "illicit devices" that helped multiple diesel vehicles cheat pollution standards. The environment ministry said over 10,000 vehicles sold in South Korea by Volkswagen and Porsche from May 2015 to January 2018 were fitted with the devices, resulting in 10 times more nitrogen oxide emissions than standard levels. The certifications for eight models -- including Audi A6, Volkswagen Touareg and Porsche Cayenne -- will be revoked and the carmakers will face an estimated fine of 11.5 billion won (US$9.5 million), the ministry said. "We plan to continue responding firmly to manipulation of gas emissions in future," a ministry official told reporters. Audi, which is also owned by Volkswagen, said in a statement that it "takes note of the announcement... and will take the necessary measures to minimise inconvenience to the customers" once the South Korean environment ministry has approved the recall plan for the models concerned. The announcement in Korea comes just weeks after former Audi chief executive Rupert Stadler was charged in Germany with fraud and illegal advertising amid Volkwagen's deepening emissions scandal that broke out four years ago. The charges against Stadler are linked to over 434,000 Volkswagen, Audi and Porsche cars fitted with "defeat devices" to fool regulators' emissions tests. Such software, applied to diesel-fuelled cars, allows the vehicles to detect when they are being tested in a lab and squeeze output of harmful gases like nitrogen oxides far below actual levels released on the road. A study released in March 2017 said that pollution from 2.6 million rigged Volkswagen cars sold in Germany would likely cause 1,200 premature deaths in Europe because of the excess emissions. In Germany more than 410,000 customers are demanding compensation, as are investors. cdl/sh/ryj/fz/spm
Uber shares skid as quarterly loss soars San Francisco (AFP) Aug 8, 2019 Uber shares tumbled Thursday after the leading ride-share company reported its loss eclipsed Wall Street expectations in the recently ended quarter. The San Francisco company said revenue grew 14 percent to $3.2 billion but it lost $5.2 billion as compared to losing $848 million in the same period last year. Stock related compensation expenses took a huge bite out of its revenue, according to Uber, which operates ride hailing in global markets and has several related transportation services. ... read more
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