Transport

Volkswagen Apologises for Emissions Scandal

Volkswagen's chief executive has said sorry after US regulators found some of its cars disguised pollution levels.

"I personally am deeply sorry that we have broken the trust of our customers and the public," Martin Winterkorn said.

He has launched an investigation into the device that allowed VW cars to emit less during tests than they would while driving normally.

The company's shares were down 19% in Frankfurt by lunchtime.

VW has stopped selling the relevant diesel models in the US, where diesel cars account for about a quarter of sales.

Suzuki Buys Back Volkswagen's Stake for $3.8b

Japanese automaker Suzuki has bought back a nearly 20% stake held by German carmaker Volkswagen for 460bn yen ($3.8bn; £2.4bn).

Suzuki bought almost 120 million shares at 3,842.50 yen each in after-hours trading on Thursday, ending a partnership between the automakers.

The deal between the carmakers soured soon after it was formed in 2009.

Last month, an international arbitration court ordered Volkswagen to sell its holding.

‘We’re Making More Money Importing Tyres Than Manufacturing In Nigeria’

Photo: Nnamdi Nwokedi, Director, Michelin Tyre Services Nigeria

INTERVIEW –Nnamdi Nwokedi is the director of Michelin Tyre Services Nigeria and the chief executive officer of Vox Populi, a political action group. In this interview with Damilola Daniel, he lets out what would make his company return to manufacturing again and the way forward for the Nigerian economy.

What would you say led to the ‘death’ of tyre manufacturing in Nigeria?

Air Mishaps and the Business Traveller

A businessman is a business traveller. The bigger the business, the bigger the travel bills. Globalisation makes international travel expedient, even with the availability of amazing information technology.

Audiovisual internet communication does not eliminate the value of face-to-face meetings and conferences. A business traveller has to fly more often than not. However, the Nigerian airspace is neither encouraging business travellers nor helping their business. The past two decades have been fear-provoking.

Unlocking the Potential of Maritime Industry

The maritime industry is a key sector of the Nigerian economy. As an oil producing and exporting country, as well as a consumer nation, the country is a large market for foreign goods, owing to its population. In this regard, the maritime industry holds the key to the nation’s growth and development. Hence, to ideally unlock the potential in this sector, policies and programmes, that have numerous ways and capacity to boost the nation's economy, must be implemented.

MMA2: How Not To Do PPP

The Federal Government managed the nation’s infrastructure and just about everything else, until the late 80s and 90s, when its report card was so woeful that it had to shed some of it responsibilities and yield them into the hands of the private sector. In making this move, however, it had to seek capable private sector partners with fat purses.

IATA Cuts 2013 Airline Industry Profit Forecast

Global airlines cut their 2013 industry profit forecast by eight per cent to $11.7 billion on Monday, citing weaker growth in parts of Asia and a worsening slowdown in freight demand, Reuters reported.

The International Air Transport Association (IATA), which represents some 200 carriers, said the $1 billion downgrade from its previous forecast for the whole industry in June also reflected a spike in oil prices driven by the Syrian crisis.

Honda to Recall 405,400 Vehicles

Honda Motor Co. said it is recalling about 405,400 vehicles, including the Odyssey minivan, in the United States and three other countries due to a glitch in the computer chip used in the airbag system.

According to Reuters, Honda is recalling about 342,000 Odysseys from the 2003 and 2004 model years in the United States and Canada, as well as 63,400 Acura MDXs from 2003 model year in the United States, Canada, Japan and Australia.

Bombardier’s CSeries Prepares for Maiden Flight

Bombardier Inc carried out final preparations for the maiden flight of its CSeries on Monday, hoping to translate its ambitions to shatter an Airbus and Boeing duopoly into faster sales of Canada’s most ambitious jet, Reuters reported.

Appearing in blue and white livery under broken skies, the jet was due to fly from Bombardier’s Mirabel factory in Quebec at 9.30 am, capping a five-year $3.4 billion development of the first all-new plane in its class, in decades.

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