MARKET UPDATES
The Australian dollar weakened because of the bigger-than-expected unemployment rate…
South Korea intends to have BMW, Mercedes and Porsche units fined on emission rules breach
South Korea is on the verge of imposing a combined fine of approximately 70.3 billion won on units of such car makers as Mercedes-Benz, BMW AG as well as Porsche due to violation of emission rules, as the environment ministry informed on Thursday.
Seoul Main Customs has also asked prosecutors to probe the three car makers for violation of customs law, including illegal imports, as the ministry stressed.
The BMW unit is going to be fined about 60.8 billion won. It’s accused of falsifying documents on emission test outcome not getting official approval for changes in emission-control components before their vehicles were sold, as the Ministry of Environment disclosed in a statement.
The Mercedes-Benz as well as Porsche units are going to be fined respectively 7.8 billion won and 1.7 billion won for not receiving approval for updates in emission-control components before their vehicles were sold.
Similar
Market updates on June 11
On Tuesday, the improved market sentiment supported risky assets such as stocks, emerging-market currencies, and crude oil.
Important events this week will bring us!
Major events that affect markets in the upcoming days
Latest news
British inflation tacks on for the first time this year
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Evergreen buck heads north
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
Gold sinks on soaring greenback
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums…
Deposit with your local payment systems
