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The problem was with a catalyst converter sourced from an external provider, Volvo investor relations director Anders Christensson said, declining to name the provider or say whether Volvo would terminate the relationship. “In certain applications when the engine is not running hot enough you get condensation water in there and that causes this problem. You get a warning signal in the dashboard saying you’re running above nitrogen oxide levels,” he explained. Kepler Cheuvreux analyst Mats Liss said the question was whether the whole catalyst needed to be replaced or just one component, estimating the total cost for Volvo would be at least “a couple of thousands (of crowns) per truck instantly”.
The Volvo spokesman said there were no plans yet to recall any vehicles and had not been asked by authorities to do so, Volvo sold 143,373 trucks in Europe and North America last year and reported operating income of 30.3 billion Swedish crowns, The company’s shares were down 5.3 percent at 134 pence on 0917 GMT, making it easily the biggest lower on Stockholm’s bluechip index .PL.OMXS30 on Tuesday, It is due to report third-quarter results on Friday, Analysts also speculated that an external supplier could mean that the problem was widespread and hit German truck rivals sterling silver art cufflinks Volkswagen (VOWG_p.DE) and Daimler (DAIGn.DE), Volkswagen and Daimler did not immediately return calls seeking comments..
BRUSSELS (Reuters) - German luxury carmakers Daimler (DAIGn.DE) and BMW (BMWG.DE) have offered concessions to address EU antitrust concerns about their plan to combine their car-sharing businesses, the European Commission said on Tuesday. The companies made the offer on Monday, a filing on the EU competition enforcer’s website showed, without providing details. The Commission is expected to seek feedback from customers and rivals before deciding by Nov. 7 whether to accept the concessions, demand more or open a full-scale investigation.
LONDON (Reuters) - U.S, President Donald Trump cannot bring oil prices down by “bullying” other nations, Iran’s oil minister said on Tuesday, adding that the market was suffering from short supply, U.S, sanctions on Iranian oil exports are due to kick in on Nov, sterling silver art cufflinks 4, The U.S, administration has been pushing its allies to cut Iranian oil imports and encouraging Saudi Arabia, other OPEC states and Russia to pump more oil to meet any shortfall, “The oil market is suffering from short supply and this cannot be resolved by words, Trump thinks he can bring the oil prices down by bullying,” Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ILNA..
Benchmark Brent crude has been trading above $80 a barrel LCOc1. Zanganeh said the rise of oil prices was a “self-inflicted pain” caused by U.S. sanctions against Iranian energy exports, and could be resolved by lifting the measures. “Everyone is worried and Trump has failed to reassure them. That’s why the market is in turmoil,” he said. Zanganeh also said the United States “has done most of the things it could do, and there is not much left to do against Iran,” according to comments reported by Iran’s ISNA agency.
BEIJING (Reuters) - Beijing is keen to show results after four rounds of policy easing, so China’s big banks are playing along, highlighting their efforts to boost lending to cash-starved small firms, offering collateral sterling silver art cufflinks waivers and setting loan targets, But in reality, banks’ loan eligibility requirements for small and medium-sized enterprises (SMEs) remain stringent, making it too difficult or too expensive for them to borrow, according to bankers and company executives, That has forced some small firms, including exporters, to simply give up on borrowing and put investment plans on hold..
The health of millions of small firms, most privately owned, is crucial to China’s efforts to ward off a sharp slowdown and mass job losses while fighting a bitter trade war with the United States. The People’s Bank of China (PBOC) has cut the amount of cash commercial lenders must hold as reserves four times since January. The latest reduction in the reserve requirement ratio (RRR) CNCBRR=ECI effective Oct. 15 added more than $100 billion to the financial system, the biggest net injection this year.
To sterling silver art cufflinks guide lending to small firms, authorities have issued directives to banks, arranged meetings between executives of banks and private firms, and doled out tax breaks for banks’ “micro-loans”, Big banks are keen to show they are heeding the call, Industrial and Commercial Bank of China (ICBC) (601398.SS) (1398.HK), the country’s biggest state-controlled lender, says it has opened 230 centers nationwide dedicated to serving small business borrowers, Interest rates on ICBC’s loans to small business averaged 4.64 percent in August, it said, That is below the average corporate lending rate of 5.97 percent in the second quarter..