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American regulators accuse Fiat Chrysler of emissions cheating

FOR each of the past three years, Fiat Chrysler Automobile’s (FCA) 3 litre V6 turbodiesel has made it to a list of the industry’s top ten engines compiled by Ward’s, a distinguished American car-industry trade publication. Its place on the shortlist for 2017 must now be in doubt. On January 12th America’s Environmental Protection Agency (EPA) accused FCA (whose chairman, John Elkann, sits on the board of The Economist’s parent company) of using illegal software in conjunction with the engines. This, it says, allowed 104,000 vehicles—mostly Dodge pickups and some Jeeps, fitted with the 3 litre V6 turbodiesel—to exceed legal limits of toxic emissions.

The news sent the firm’s shares plummeting by 17%, before recovering somewhat. Nervous investors feared a repeat of the huge penalty imposed on Germany’s Volkswagen (VW) for cheating American emissions laws. A day earlier VW had agreed to pay a criminal fine of $4.3bn for selling around 500,000 cars fitted with so-called “defeat devices” that are designed to reduce emissions of nitrogen oxide (NOx) under test conditions. With the latest sum included, its final bill…Continue reading Click Here For Original Source Of The Article

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Two big European makers of eyewear agree to merge

GIANT, cross-border mergers in Europe have been rare in recent years. Deals fail to happen even when mid-sized companies—such as family-owned and run specialist manufacturers in northern Italy or the Mittelstand in Germany—have the chance to gain global heft. For that blame founding owner-managers, many of whom are reluctant to lose control of treasured companies. Blame too an artisanal culture, particularly in southern Europe, in which firms’ owners say they are content to remain small and relatively obscure. Occasionally, too, nationalist politicians block efforts by perfidious foreigners to snaffle prized local brands.

Now, though, one of the largest-ever mergers in Europe actually looks set to go ahead. Luxottica, an Italian maker of fancy specs that was founded in 1961—it owns brands such as Ray Ban and Oakley—is to merge with Essilor, a spiffy French producer of lenses. The joint entity is set to combine Italian style with deft French engineering. The deal is supposed to be completed by the end of the year, creating a new entity with a market value of €46bn ($49bn), 140,000 staff and annual revenues of €15bn. It will be...Continue reading

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