Business
Five carmakers go on trial over emissions cheat claims
Emer MoreauBusiness reporter
Getty ImagesA major lawsuit against five leading carmakers accused of cheating on emissions tests is set to begin at the High Court on Monday.
The trial is the latest chapter of what has become known as the “dieselgate” scandal, with the companies facing allegations they used software to allow their cars to reduce emissions of harmful gases under test conditions.
Lawyers say the case is the largest class action in English and Welsh legal history, and could eventually involve 1.6 million car owners.
The five carmakers – Mercedes, Ford, Peugeot/Citroën, Renault and Nissan – all deny the accusations.
The five have been chosen by the court as lead defendants to be tried first as the case is so big.
Mercedes, Ford, Peugeot/Citroën, Renault and Nissan have been accused by 220,000 car owners of misleading them over emissions tests.
But depending on the outcome of this case, nine other carmakers are facing similar claims.
The dieselgate scandal first emerged in September 2015, when the US Environmental Protection Agency accused Volkswagen of installing software – known as “defeat devices” – on diesel cars to lower readings of the cars’ nitrogen oxide emissions.
In 2020, the High Court ruled that Volkswagen had used defeat devices in breach of European Union rules to pass emissions tests.
Volkswagen settled a class action out of court, paying £193m to 91,000 British motorists.
The company has so far paid out more than €32bn (£27.8bn) over the scandal, mostly in the US.
The High Court will decide whether systems installed in diesel cars by the five carmakers were designed to cheat clean air laws.
It is alleged the “defeat devices” allowed a car to identify when it was in a test scenario. It would then run its engine at below normal power and performance levels in order to record lower readings of nitrogen oxides.
Lawyers for the motorists will claim they were deceived about how environmentally friendly the vehicles were, and that the cars still on the road are continuing to emit dangerous levels of pollution.
Although the trial begins on Monday, a judgement is not expected until summer 2026. If the court finds against the carmakers, a further trial to determine levels of compensation is expected to begin in autumn 2026.
Martin Deigh of Leigh Day, which is one of the 22 law firms representing drivers, said: “A decade after the Dieselgate scandal first came to light, 1.6 million UK motorists now get their chance to establish at trial whether their vehicles contained technology designed to cheat emissions tests.”
He said that if the allegations against the car firms are upheld in court it “would demonstrate one of the most egregious breaches of corporate trust in modern times”.
“It would also mean that people across the UK have been breathing in far more harmful emissions from these vehicles than they were told about, potentially putting the health of millions at risk.”
The companies involved have said the claims against them are without merit.
A spokesperson for Mercedes said the mechanisms used in tests were “justifiable from a technical and legal standpoint”.
Renault and Stellantis, which owns Peugeot and Citroen, said the vehicles it sold were compliant with regulations at the time.
Ford said the claims had “no merit” and Nissan said it was “committed to compliance in all markets in which we operate”.
Business
Saudi Oil Supply Assurance Lifts Pakistan Stock Market – SUCH TV
KARACHI: The Pakistan Stock Exchange rallied on Thursday after Saudi Arabia assured Pakistan of facilitating crude oil shipments through the Red Sea port of Yanbu Port, easing concerns over potential fuel supply disruptions.
The benchmark KSE-100 Index climbed sharply during the trading session, rising 4,439.93 points (2.85%) to reach an intraday high of 160,217.14 points.
Market Recovery
Analysts attributed the market rebound to renewed institutional buying and improving investor sentiment after Saudi assurances on oil supplies.
Market expert Ahsan Mehanti, CEO of Arif Habib Commodities, said easing fuel supply concerns played a key role in the recovery.
He added that rising global crude prices, expectations of a new International Monetary Fund loan tranche for Pakistan, and positive economic indicators also boosted investor confidence.
Alternative Oil Route
Pakistan sought an alternative supply route after Iran announced the closure of the Strait of Hormuz, a crucial global oil transit corridor.
Federal Petroleum Minister Ali Pervaiz Malik held talks with Nawaf bin Said Al-Malki, requesting Saudi support for uninterrupted energy supplies.
Saudi authorities reportedly assured Pakistan that oil shipments could be routed through Yanbu, and one crude vessel has already been prepared for dispatch.
Global Oil Market Impact
Oil prices continued to rise amid tensions in the Middle East conflict involving Iran, Israel and the United States.
Brent crude: up 3.26% to $83.99 per barrel
West Texas Intermediate (WTI): up 3.70% to $77.42 per barrel
Energy markets remain volatile as shipping disruptions threaten supply through the Strait of Hormuz, a route that handles nearly 20% of global oil trade.
Analysts say the Saudi assurance helped calm fears about Pakistan’s energy supply chain, contributing to the strong recovery at the PSX.
Business
Asian stocks today: Markets inch higher mirroring Wall Street gains; Kospi jumps 10%, Nikkei up 1,400 points – The Times of India
Asian stocks inched higher on Thursday, after days of trading in red amid ongoing Middle East tensions. This comes as equities were lifted by a rebound on Wall Street as oil prices paused their recent spike and economic updates painted a more positive picture of the American economy. In South Korea, Kospi hit a pause on its downward rally to add a whopping 10% or 513 points, to reach 5,606. Japan’s Nikkei 225 also climbed 2.7% to 55,713. Hong Kong’s HSI also traded in green, rising 353 points to 25,603 as of 9:10 am. Shanghai and Shenzhen added 0.9% and 1.7% respectively. Gains elsewhere in the region were more modest. Australia’s S&P/ASX 200 added 0.3% to 8,927.20, while New Zealand’s benchmark index moved 0.9% higher. In contrast, US futures indicated a subdued start ahead. Futures linked to the Dow Jones Industrial Average were almost unchanged, while S&P 500 futures ticked up 0.2%. The S&P 500 advanced 0.8% on Wednesday, clawing back much of the decline seen since the onset of the Iran conflict. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq Composite outperformed with a 1.3% gain. Globally, market sentiment has remained sensitive to developments in the Middle East, with oil price swings continuing to steer trading direction. Crude prices eased during Wednesday’s session. Brent crude briefly moved above $84 a barrel before settling at $81.40, roughly matching the previous day’s level. US benchmark crude edged up 0.1% to finish at $74.66 per barrel. By early Thursday, however, oil was on the rise again. Brent crude climbed 2.4% to $83.32 per barrel, while U.S. benchmark crude jumped 2.5% to $76.53 per barrel.
Business
China sets lowest economic growth target since 1991
It is also the first time the target has been lowered since it was cut to “around 5%” in 2023.
Source link
-
Business6 days agoIndia Us Trade Deal: Fresh look at India-US trade deal? May be ‘rebalanced’ if circumstances change, says Piyush Goyal – The Times of India
-
Politics7 days agoWhat are Iran’s ballistic missile capabilities?
-
Business7 days agoAttock Cement’s acquisition approved | The Express Tribune
-
Business1 week agoHouseholds set for lower energy bills amid price cap shake-up
-
Politics1 week agoUS arrests ex-Air Force pilot for ‘training’ Chinese military
-
Fashion1 week agoOECD GDP growth slows to 0.3% in Q4 amid mixed trends
-
Fashion7 days agoPolicy easing drives Argentina’s garment import surge in 2025
-
Sports6 days agoLPGA legend shares her feelings about US women’s Olympic wins: ‘Gets me really emotional’
