Norwegian fund takes action against VW

The world’s largest sovereign wealth fund has planned legal action against Volkswagen over its emissions scandal.

Norges Bank Investment Management, one of VW’s largest shareholders worth $850 billion, will be filing the case in Germany after being advised they had a claim under German law. This lawsuit will be the latest for VW to deal with, after action was announced by the US Department of Justice, the Federal Trade Commission and its own dealers.

“Norges Bank Investment Management intends to join a legal action against Volkswagen arising out of [the fact that] the company provided incorrect emissions data,” the company said in a statement, according to Reuters.

“As an investor, it is our responsibility to safeguard the fund’s holding in Volkswagen.”

Nissan accused of cheating emissions

Carmaker Nissan has been accused of manipulating emissions tests by the South Korean government, following a probe by the environment ministry.

South Korea said it found emissions-cheating devices, similar to those used by Volkswagen, fitted to the Qashqai model.

Nissan now face fines of around 30 million won, although have denied the claims.

H&M hit by cold weather

Swedish retailer Hennes & Mauritz reported a smaller than expected increase in sales in April, hit byan unseasonably cold spring.

The company saw a 5 percent increase in April sales on a year earlier, below the 9 percent expected by analysts.

 

16/05/2016