S. Korea bans sales of some Nissan, BMW and Porsche models

A Nov. 20, 2008 file photo shows Volkswagen Jetta TDI diesel engine on display at the Los Angeles Auto Show. (AP)
Updated 02 January 2017

S. Korea bans sales of some Nissan, BMW and Porsche models

SEOUL: South Korea has banned the sale of 10 models of Nissan, BMW and Porsche vehicles after the carmakers were found to have fabricated certification documents, in the latest fallout from the Volkswagen emissions scandal.
The government announced in August that it would ban all 10 models after conducting an investigation into whether foreign carmakers besides Volkswagen AG falsified documents on emissions and noise-level tests.
Nine of the models have been banned since last month and Nissan’s Qashqai diesel sport utility vehicle has been banned since June, the environment ministry said on Monday.
It said it has also fined the carmakers’ local units a combined 7.17 billion won ($5.9 million) for the affected 4,523 vehicles already sold in South Korea.
Spokespersons at the South Korean units of Nissan Motor Co. Ltd. and BMW AG acknowledged the findings in the government investigation, saying they would try to achieve certification for those affected models again. A spokesperson at Porsche AG, which is owned by Volkswagen, was not immediately available for comment.
South Korea has been tough with Volkswagen, filing complaints against local executives, suspending sales of most of its models and imposing fines for alleged forging of documents on emissions or noise-level tests.
In the latest move, South Korea said last month that it will file criminal complaints against five former and current executives at Volkswagen AG’s South Korean unit and fine the company a record 37.3 billion won for false advertising on vehicle emissions.


India to invest $1.46 trillion to lift virus-hit economy

Updated 15 August 2020

India to invest $1.46 trillion to lift virus-hit economy

  • Modi announced a national digital heath plan under which every Indian will get an identity card containing all health-related information
  • Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic
NEW DELHI: India’s prime minister said Saturday his country has done well in containing the coronavirus pandemic and announced $1.46 trillion infrastructure projects to boost the sagging economy.
The key lesson India learnt from the pandemic is to become self-reliant in manufacturing and developing itself as a key supply chain destination for international companies, Prime Minister Narendra Modi said.
“The coronavirus epidemic is a big crisis, but it can’t stall India’s economic progress,’’ Modi said in a speech from New Delhi’s 17th century Mughal-era Red Fort to mark 74 years of the country’s independence from British rule. He wore an orange and white turban with a long scarf around his neck.
He also said that three vaccines are in different phases of testing in India and it will start mass production as soon as it got a green light from scientists. “Detailed plans are in place for large-scale production of corona vaccine and making it available to every Indian,” he said.
India’s coronavirus death toll overtook Britain’s this week to become the fourth-highest in the world as the country reported over 2.5 million confirmed cases, just behind the US and Brazil.
Modi also announced a national digital heath plan under which every Indian will get an identity card containing all health-related information.
The celebrations were curtailed on Saturday because of the pandemic, with invitations going only to 4,000 guests instead of normal 20,000, media reports said.
The International Monetary Fund projected a contraction of 4.5 percent for the Indian economy in 2020, a “historic low,” but said the country is expected to bounce back in 2021.
Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic.
“Infrastructure will not be created in silos anymore. All infrastructure has to be comprehensive, integrated and linked to each other. Multi-modal connectivity infrastructure is the way forward,” he said.
He said that India saw a record 18 percent jump in foreign direct investment in the past year, a signal that the international companies are looking at the country.
Modi didn’t refer to China directly, but India is trying to capitalize on its rival’s rising production costs and deteriorating ties with the United States and European nations to become a replacement home for large multinationals.
Referring to border tensions with China in the Ladakh area, he said Indian forces had given a befitting response in the mountainous region where thousands of soldiers from the two countries remain in a tense standoff since May. India said 20 of its troops died in hand combat with Chinese troops on June 15.
“Whether it’s terrorism or expansionism, India is fighting the challenges bravely,” Modi said in apparent references to threats from neighboring Pakistan and China.