Mitsubishi front new emissions scandal

Mitsubishi have become the latest car maker to be hit by an emissions scandal, after the company admitted to falsifying fuel economy test data for 600,000 cars.

Mitsubishi Motors president Tetsuro Aikawa said the misconduct had been reported to Japan’s transportation ministry, and involved 157,000 own brand cards and 468,000 made for Nissan.

Shares in the company closed down over 15 percent last night, their biggest drop in 12 years.

FTSE falls from heights of Tuesday

The FTSE fell this morning, dropping down from its highest close of the year on Tuesday evening.

The index, which got off to a rocky start in January, is now up almost 16 percent from three and a half year lows reached earlier this year.

Energy shares pushed the market down, after a renewed drop in the price of oil and weakening of investor sentiment.

UK unemployment rises by 21,000

UK unemployment rose by 21,000 in the three months to February, its first increase in nearly a year, according to the Office for National Statistics.

Earnings, rose by 1.8 percent in the three months to February, down from the 2.1 percent rate seen in the last quarter.

“It’s too soon to be certain, but with unemployment up for the first time since mid-2015 – and employment seeing its slowest rise since that period – it’s possible that recent improvements in the labour market may be easing off,” ONS statistician Nick Palmer said.

The surprise rise in unemployment can be largely put down to employers caution ahead fo the European referendum, as well as this month’s introduction of a higher minimum wage.

20/04/2016