Transport

German Economy Can Weather Volkswagen Crisis –Minister

The emissions scandal engulfing Volkswagen will not harm the German economy if the carmaker deals with it promptly and comprehensively, Economy Minister Sigmar Gabriel said on Tuesday.

According to news agency reports, Gabriel played down the broader economic impact, provided the company tackled the scandal properly.

“It's up to the politicians to try to ensure that the jobs of the company's 600,000 global employees...are not at risk," Gabriel told reporters.

Volkswagen Emission Scandal Could Dent Car Prices

If you were planning to sell your diesel Jetta any time soon, you might want to hold off. Resale values are going to take a hit in the wake of the company's emission scandal; according to CNN’s report.

In a worst-case scenario, resale prices might decline 3% to 8%, said Eric Ibara, senior residual value analyst at price tracker KBB.com. But he's not sure that prices will be hurt even that much since there is no safety risk to owners.

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.

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