(Reuters) – Volkswagen expects it will need at
least several months to get to the bottom of the rigging of
emissions tests on its diesel vehicles, which has turned into
the biggest business crisis in its 78-year history.
The executive committee of VW’s supervisory board said it
came to that conclusion after U.S. law firm Jones Day, hired to
lead an independent investigation, updated it on its battle plan
FRANKFURT/VIENNA, Sept 2 (Reuters) – Lufthansa’s
chief executive defended the German airline’s hard line on
strikes on Wednesday after pilots’ union Vereinigung Cockpit
(VC) threatened further walkouts in an row over retirement
benefits and cost cuts.
VC said earlier the German flag carrier had rejected its
offer of concessions in a long-running dispute that has seen a
dozen strikes over the last 18 months and cost the airline
hundreds of millions of euros.
FRANKFURT (Reuters) – German industrial filter maker Mann + Hummel has agreed to buy U.S. peer Affinia (AFN.N: Quote, Profile, Research, Stock Buzz) to boost its annual sales by $1 billion – or by more than a third – and gain access to the American market for heavy-duty and hydraulic filters.
Privately-held Mann + Hummel said it would not disclose the terms, but a regulatory filing by Affinia showed the purchase price was $513.1 million. The German firm will also take on debt from Affinia, which stood at $822 million at the end of June.
BERLIN/FRANKFURT (Reuters) – The comet lander Philae may be uncommunicative at the moment, but the pictures and measurements it took after it touched down on a comet in November have shown scientists that the comet is covered with coarse material, rather than dust, and is harder than expected.
European scientists celebrated an historic first when Philae landed on a comet called 67P/Churyumov-Gerasimenko in November after a 10-year journey through space aboard the Rosetta spacecraft.
MONTREAL/FRANKFURT, July 29 (Reuters) – Canadian plane and
train maker Bombardier Inc denied a report on
Wednesday that it is in talks with German engineering group
Siemens AG on merging their rail units.
The denial by a spokeswoman for Montreal-based Bombardier
followed a Wall Street Journal report on Wednesday that cited
unnamed sources as saying that Bombardier and Siemens were in
VIENNA, July 24 (Reuters) – Iran offered to sell state
assets to foreigners, said it would cut the government’s role in
the economy and pledged a tight monetary policy as it sought to
attract billions of dollars of investment from abroad after over
a decade of isolation.
At a business conference in Vienna this week, the first such
event since last week’s deal between Tehran and world powers on
its nuclear programme, top Iranian officials outlined an
economic policy package designed to win foreign investment.
VIENNA (Reuters) – Western firms are itching to return to Iran if sanctions are lifted, but to truly fulfill its potential Tehran should do more to make its business practices efficient and its environment welcoming, executives said at a trade conference.
At the conference in Vienna, Iranian officials touted their country – with a population of just under 80 million and annual output of some $400 billion – as a potential bonanza for investors in oil and gas, mining, engineering and cars.
VIENNA (Reuters) – Iran outlined plans on Thursday for the rebuilding of its core industries and trade links in the wake of a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020.
Iran’s Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said the Islamic Republic would focus on its oil and gas, metals and car industries with an eye to exporting to Europe after sanctions have been lifted.
FRANKFURT (Reuters) – German cable company Tele Columbus has agreed to buy PrimaCom for 711 million euros ($777 million) in cash, combining the country’s third and fourth biggest operators as consolidation accelerates across Europe.
Germany has been slower to allow cable mergers than some other European countries which are down to one provider. It is one of the most important markets for both Vodafone and Liberty Global, who are exploring asset swaps.
FRANKFURT (Reuters) – Europe will on Monday will launch a satellite that will give its multibillion-euro Copernicus Earth observation project “color vision,” delivering valuable images that could help forecast crop harvests and respond to humanitarian crises.
The Sentinel-2a satellite, the second of a planned seven-member network, is to be launched aboard a Vega rocket from Europe’s spaceport in French Guiana at 9:52 p.m. EDT (0152 GMT) Tuesday.