Volkswagen Automobile Group has agreed on compensation in the total amount of €620 million to 200 thousand car owners affected by the diesel scandal as part of a pre-trial settlement of a class action lawsuit, the concern said in a press release. The money will be paid starting from May 5. Depending on the model and age of the purchased diesel car, buyers can receive from €1350 to €6250. In the...

The dispute between the watchmakers and the management of Baselworld Salon ended in the most incredible way. The main participants of the Basel watch fair - Rolex and Tudor, Patek Philippe, Chanel, Chopard - chose to break with the organizers and went to the camp of competitors, establishing a new watch fair on the basis of the Geneva Watches & Wonders. Rolex, Patek Philippe, Chanel, Chopard...

Net profit of one of the largest financial corporations in the world Citigroup Inc. decreased by 1.87 times in the first quarter of 2020, up to $ 2.52 billion compared to the same period in 2019, follows from the corporation’s statement. Diluted earnings per share were $ 1.05 versus $ 1.87 a year earlier. According to the results of the reporting period, the revenue of the financial giant grew by...

The largest manufacturer of sports shoes Pou Chen Corp may temporarily stop production in Vietnam in connection with the spread of coronavirus, according to Bloomberg. The authorities in Ho Chi Minh City, where the factory is located, are concerned that it continues to operate. A letter of the city’s mayor to the country's prime minister expresses concern that in the event of an outbreak of...

On Wednesday, Airbus announced plans to cut back on jetliners worldwide after the coronavirus epidemic triggered the worst industrial crisis in aviation and sharply cut supplies. In its largest production adjustment in history, the European manufacturer said it was reducing the output of its best-selling narrow-body A320 family by one-third to 40 aircraft per month. The company is also reducing...

The Saudi Arabia Sovereign Fund (Public Investment Fund, PIF) has begun to buy stakes in European oil and gas companies, taking advantage of the reduction in their quotes amid falling oil prices and the coronavirus pandemic, the Wall Street Journal reports citing its own sources. In recent weeks, the Saudi Arabia Sovereign Fund has acquired stakes in Norwegian Equinor, Anglo-Dutch Royal Dutch...

The committee of the board of directors of the American coworking service WeWork filed a lawsuit against the main shareholder - the Japanese holding SoftBank and the investment fund Vision Fund - because of the refusal to buy back the stock for $ 3 billion. The lawsuit states the holding “conducted a deliberate campaign to avoid a final decision on the takeover” Financial Times writes. “Failure...

The largest oil companies in the world have increased their debts by $ 32 billion in recent weeks, according to the Financial Times (FT). Among them are ExxonMobil, BP, Royal Dutch Shell, Total and Equinor. The publication notes that oil giants are resorting to any measures to cope with the consequences of the COVID-19 pandemic and the collapse of oil prices. They are reducing capital...

The American electric vehicle manufacturer Tesla reduced production and supply of cars in the first quarter of 2020 compared to the fourth quarter of 2019, the company said in a release. Over the period, the company produced 102,672 cars, which is 2% less in quarterly terms and 33% more in annual terms. Production of Model S and X for the three reporting months amounted to 15.39 thousand cars,...