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FRANKFURT (Reuters) - Daimler (DAIGn.DE) Chief Executive Dieter Zetsche on Thursday said customer demand remains strong even as a regulatory crackdown on diesel cars and a 13 percent sales slowdown for Mercedes-Benz cars in Germany weighed on third-quarter earnings. “The automotive industry and thus also Daimler are still in a very challenging environment. The continued high demand from our customers makes us confident for the fourth quarter,” Zetsche said in a statement. Third-quarter earnings before interest and tax (EBIT) fell 27 percent year on year to 2.49 billion euros ($2.85 billion), hit by a 35 percent EBIT fall at Mercedes-Benz Cars to 1.37 billion euros.

The profit slide is accompanied by continuing friction between the German government and carmakers over whether to fit expensive emissions-reducing exhaust systems to older diesel vehicles and an ongoing U.S, investigation into emissions, Sales of Mercedes-Benz Cars, a division that includes the Smart brand, are expected to reach last year’s level, Daimler said after reporting a 6 percent drop in deliveries in the third quarter, Earnings were also hit by a provision taken after a court ruling confirming a ban on the R134a air conditioning penn state university needlepoint cufflinks fluid used in Mercedes-Benz cars, Daimler said..

Daimler last week said its full-year operating profit would fall by more than 10 percent because of “government proceedings and measures in various regions”, in what amounted to the company’s second profit warning in four months. In May German prosecutors searched Daimler’s offices as part of a fraud investigation related to possible manipulation of diesel exhaust emission levels and U.S. authorities have asked Mercedes-Benz to explain emissions levels on certain vehicles.

(Reuters) - Activist hedge fund Trian Fund Management said on Thursday that it wants to replace PPG Industries’ (PPG.N) chief executive with his predecessor and suggested that the U.S, paints and coatings company be broken up, Trian, which now owns 2.9 percent of penn state university needlepoint cufflinks PPG, said in a presentation at an investment conference that it urged PPG to bring back Chuck Bunch as chief executive to replace Michael McGarry, who is currently chairman and CEO, Since Bunch left in 2015, PPG has underperformed, Trian said, Trian pointed to PPG’s Oct, 8 profit warning and restatement of financial statements because of accounting irregularities as evidence of problems at the company..

PPG earlier on Thursday issued a strong defense of its CEO saying that the board unanimously backed McGarry. Trian wants the company to break itself into two separate and publicly traded companies, which it said would eventually allow room for more strategic acquisitions in the future. A separation could unlock “an additional 15 percent to 40 percent of shareholder value,” Ed Garden, Trian’s chief investment officer and a founding partner, said at the conference where he spoke about the investment in detail.

Trian, co-founded by Nelson Peltz, said two weeks ago it now holds 7 million shares of PPG, PPG shares were trading up 3.12 percent at $100.79 on Thursday, but are still down 16.74 percent since the start of the year, Trian’s largest investments are General Electric Co, (GE.N) and Procter & Gamble (PG.N), where the firm has board seats, Trian’s main fund returned 1.7 percent in the first nine months of the penn state university needlepoint cufflinks year, an investor in the fund said, Trian’s public push to oust McGarry is highly unusual for a firm that has put a premium on saying it works collaboratively with target companies and largely tries to stay out of the headlines..

But “after three years of significant underperformance driven by operating and strategic mishaps, we believe change is warranted and now is the right time to bring back Chuck Bunch,” Trian said in a statement. Trian also wants to eliminate the company’s practice of re-electing only a portion of its board instead of the entire group every year, saying such a step would bring it in line with other large U.S. companies. PPG said in a statement it believes its strategic plan has positioned the company for growth. “We have emphasized returning cash to shareholders, dedicating about 65 percent of our cash deployment in 2016 and 2017 to dividends and share repurchases - $2.7 billion in total - with an additional $1.6 billion through the first three quarters of 2018.”.

NEW DELHI (Reuters) - An Indian anti-trust probe into beer price-fixing allegations was initiated after the world’s largest brewer Anheuser-Busch InBev told the authorities last year it had detected an industry cartel, three people familiar with the matter told Reuters, AB InBev (ABI.BR) discovered the Indian operations it acquired as part of its around $100 billion acquisition of London-listed rival SABMiller Plc in 2016 had penn state university needlepoint cufflinks for years fixed beer prices along with Denmark’s Carlsberg (CARLb.CO) and India’s United Breweries (UBBW.NS), which is part-owned by Heineken NV (HEIN.AS), the sources said..

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