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Tag: diesel

  • Diesel unveils a 360-degree selling platform and virtual showroom

    Diesel unveils a 360-degree selling platform and virtual showroom

    Diesel has unveiled Hyperoom, a 360-degree virtual selling platform and exhibition space.

    Conceived by Diesel’s parent company OTB, Hyperoom resembles the Diesel’s physical showroom in Milan. All Diesel’s products will be featured in the virtual store through a customised section of the platform, including the Spring and Summer 2021 Collections.

    At Hyperoom, customers can peruse the products in 360-degree displays or in 2D closeups with product descriptions.

    “One must look for silver linings whenever and wherever possible,” says Massimo Piombini, CEO of Diesel, referring to the challenge of the Covid-19 crisis.

    “This year has sparked an urgency to accelerate what we can offer and accomplish in the digital space. With this tool we have set a new benchmark for the industry, in regard to digital transformation.”

    “At Diesel, we aimed to keep as much of the buying’s physical element as possible”, the company says in a statement. “To digitally recreate the selling process, we have enabled remote buying sessions through enhanced and comprehensive digital assets.”

    Diesel believes the new virtual-store concept will be a solution for many fashion brands as it not only provides a unique online retail experience but also reduces the amount of clothing samples required at physical stores.

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  • Suzuki Motor Will Respond To Dutch Emissions Probe By Mid-February

    Suzuki Motor Will Respond To Dutch Emissions Probe By Mid-February

    Japan’s Suzuki Moto is co-operating with the Dutch authorities over their findings its diesel vehicles had broken the country’s emissions rules, and it is required to respond to the investigation by mid-February, it said on Friday.

    The Dutch road authority ruled on Thursday that Suzuki’s Vitara and Fiat Chrysler’s Jeep Grand Cherokee diesel models broke emissions rules and must be fixed or face a ban on sales across Europe.

    In a statement, Suzuki said diesel versions of its Vitara and S-Cross vehicles used engines and emissions software supplied by Fiat Chrysler.

    The Dutch authorities said the vehicles in question, which are no longer in production, showed emissions levels higher than allowed following a software update in 2017, Suzuki said.

    Earlier this week, the German authorities said they were investigating Mitsubishi Motors Corp for suspected use of illegal, emissions defeat devices installed in its diesel engines.

    Regulators across the world have been clamping down on emissions devices used in diesel models since Volkswagen admitted in 2015 that it used illegal software to cheat U.S. emissions tests.

  • Daimler Sued For $1 Billion In German Court Over Diesel Cheating

    Daimler Sued For $1 Billion In German Court Over Diesel Cheating

    Investors have sued Daimler for 896 million euros ($1 billion) in a regional court in Stuttgart, accusing the carmaker of concealing its use of emissions cheating software, German law firm TILP said on Tuesday.

    The suit was filed on behalf of institutional investors who accuse Daimler of failing to inform investors about the risks and costs of using such devices, which amounts to a violation of capital markets law, the law firm said.

    In a statement, attorney Andreas Tilp said: “This means that the plaintiffs bought the Daimler stock at too high a price, and it is our conviction that Daimler is liable to them for compensation of damages.”

    Daimler said it had not yet been formally notified of the lawsuit adding it believed that the lawsuit was without merit.

    “We will defend ourselves against the accusations with all legal means,” a spokeswoman said on Tuesday.

  • Volkswagen Starts Settlement Talks With German Consumer Groups Over Diesel Scandal

    Volkswagen Starts Settlement Talks With German Consumer Groups Over Diesel Scandal

    Volkswagen on Thursday said it was in talks to discuss a settlement with German vehicle owners who are suing the carmaker over excessive pollution caused by VW’s diesel cars. In 2015 the carmaker admitted to using manipulated engine management software to mask excessive pollution levels in its diesel cars, sparking a raft of prosecutions and lawsuits that have led to at least 30 billion euros in legal costs and fines.

    “Volkswagen and the Federation of German Consumer Organisations have agreed to enter into discussions regarding a possible settlement,” the carmaker said.

    “The discussions are at a very early stage, and there is no guarantee that they will result in a settlement. Both parties have agreed that the discussions should remain confidential.”

    German consumers have had less success than vehicle owners in the United States in securing compensation from VW because German cars did not lose their road worthiness certification in the wake of the diesel scandal.

    In Germany VW’s diesel vehicles retained their road worthiness certification if customers agreed to an update of vehicle engine management software, leading VW to take a different approach to compensate consumers.

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  • VW Starts Settlement Talks With German Consumer Groups Over Diesel Scandal

    VW Starts Settlement Talks With German Consumer Groups Over Diesel Scandal

    Volkswagen on Thursday said it was in talks to discuss a settlement with German vehicle owners who are suing the carmaker over excessive pollution caused by VW’s diesel cars. In 2015 the carmaker admitted to using manipulated engine management software to mask excessive pollution levels in its diesel cars, sparking a raft of prosecutions and lawsuits that have led to at least 30 billion euros in legal costs and fines.

    “Volkswagen and the Federation of German Consumer Organisations vzbv have agreed to enter into discussions regarding a possible settlement,” the carmaker said.

    “The discussions are at a very early stage, and there is no guarantee that they will result in a settlement. Both parties have agreed that the discussions should remain confidential.”

    German consumers have had less success than vehicle owners in the United States in securing compensation from VW because German cars did not lose their road worthiness certification in the wake of the diesel scandal.

    In Germany VW’s diesel vehicles retained their road worthiness certification if customers agreed to an update of vehicle engine management software, leading VW to take a different approach to compensating consumers.

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  • Petrol, Diesel Prices Stable Across All Metros

    Petrol, Diesel Prices Stable Across All Metros

    Oil marketing companies have left petrol and diesel prices unchanged across the country on Wednesday. According to Indian Oil Corporation website, a litre of petrol costs Rs 74.76 in Delhi, Rs 77.44 in Kolkata, Rs 80.42 in Mumbai and Rs 77.72 in Chennai on Wednesday. Dies el costs Rs 65.73 a litre in Delhi, Rs 68.14 a litre in Kolkata, Rs 68.94 a litre in Mumbai and Rs 69.74 a litre in Chennai on Wednesday.

    The fuel prices are the cheapest in Delhi compared to all metros due to lower taxes. As per the daily pricing mechanism, the fuel prices are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements. The benchmark Brent crude was $62.98 per barrel in international market on Tuesday.

    Deputy vice president of Angel Broking, Anuj Gupta said: “The report of increase in crude oil stock in America has led to the decline in the international prices. This is likely to continue as talks on tariffs between the US and China are also going on which may lead to de-escalation of tensions.”

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  • Caltex set to float 49 per cent stake in 250 retail sites

    Caltex set to float 49 per cent stake in 250 retail sites

    Fuel and convenience retailer Caltex is planning to undertake an initial public offering (IPO) of up to a 49 percent stake in 250 retail sites.

    The retailer would retain a majority 51 percent interest and enter into a long-term lease agreement for each site. The 250 sites represent all the freehold sites in a core network of 500 sites.

    The retailer expects the proposed IPO to offer significant value for shareholders, while also allowing the company to maintain operational control of the core Convenience Retail network.

    “This transaction is expected to release significant capital that could be used to further strengthen the balance sheet, fund future growth opportunities and return capital to Caltex shareholders in a way that unlocks the franking credits balance, in line with our capital allocation framework,” Caltex chief financial officer Matt Halliday said in an update to the ASX on Monday.

    Caltex expects to make rental payments of between $80 million to $100 million to the property trust in the first year.

    At the company’s half-year results in August, a 54 percent drop in profit prompted plans to drive growth from an enhanced convenience offer through about 500 core sites. As part of its plans to reduce costs, the company is offloading 50 higher-value metropolitan petrol stations.

    Caltex issued an update on its convenience retail business on Monday morning, reporting that annual earnings before interest and tax is expected to be in the range of $190 ‐ 210 million, a significant increase on the first half of 2019, driven by an improvement in fuel margin.

    “Despite the softer conditions from ongoing Australian economic weakness, Caltex has continued to outperform our competitors in the retail fuel market by leveraging our fuel supply chain expertise and our high-quality retail network,” Caltex managing director and CEO, Julian Segal, said.

    Segal also pointed to the recent opening of the first Caltex Woolworths Metro store in North Ryde as another milestone for the retailer. A second store is set to launch in Kingsford, NSW, this week and a third will open in Melbourne early next year. A further update on the store rollout will be given at its Investor Day.

    If the proposed IPO is approved, the transaction is expected to be completed in the first half of 2020.

  • Petrol Prices Rise For 5th Consecutive Day

    Petrol Prices Rise For 5th Consecutive Day

    Petrol prices have surged in Delhi, Mumbai, Kolkata and Chennai, seeing a hike of 16 paise/litre. The upward trend in petrol rates continued on the fifth consecutive day on Monday, while the diesel prices remained constant for the sixth day in continuation.

    The prices have been affected by the rise in the crude oil rates in the international market. Though on Monday, the petrol rates in the international market remained unchanged, the Brent crude oil rates were the highest in the past two months.

    Accordingly, the petrol prices have been showing a surge with Delhi, Mumbai, Kolkata and Chennai seeing a hike of 16 paise/litre. As per the Indian oil website, the petrol rates in Delhi, Kolkata, Mumbai and Chennai were Rs 74.05/litre, Rs 76.74/litre, Rs 79.71/litre and Rs 76.97/litre respectively.

    The diesel rates, which have remained unchanged for six consecutive days are — Rs 65.79/litre, Rs 68.20/litre, 69.01/litre and 69.54/litre respectively. Brent crude futures were down by 0.05 percent, at $63.31 a barrel, which is the highest in the past two months.

    West Texas Intermediate (WTI) crude was at $57.84 a barrel, 0.02 percent higher than the previous session.

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  • Petrol Prices Decline On 5th Consecutive Day

    Petrol Prices Decline On 5th Consecutive Day

    Petrol prices continued a downward trend for the fifth consecutive day on Tuesday, while diesel prices remained unchanged after a slight dip on Monday. Delhi, Kolkata, Mumbai and Chennai saw a reduction of 5 paise/litre in petrol prices. According to the Indian oil website , in Delhi, Kolkata, Mumbai and Chennai, the petrol rates were – Rs 72.60/litre, Rs 75.32/litre, Rs 78.28/litre and Rs 74.45/litre respectively. The diesel rates in these metropolitan cities were — Rs 65.75/litre, Rs 68.16/litre, Rs 68.96/litre and Rs 69.50/litre respectively.

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  • Petrol, Diesel Prices Go Down For Two Days In A Row

    Petrol, Diesel Prices Go Down For Two Days In A Row

    Fuel price rates continued a downward trend for the second day on Friday. Delhi, Kolkata, and Mumbai saw a decline of 18 paisa a litre on petrol and Chennai 19 paisa per litre. Similarly, diesel rates also reduced by 8 paisa a litre in Delhi, Kolata and Mumbai and in Chennai the reduction was by 9 paisa a litre.

    “This festive season has seen the prices of fruit and vegetable soar. The rising fuel prices are one of the major factors for this. Now that the fuel rates are coming down, the consumers may benefit,” said Anuj Gupta, Vice-President of Angel Broking.

    As per the Indian Oil website, the new rates on petrol in Delhi, Kolkata, Mumbai and Chennai are Rs 74.33/litre, Rs 76.96/litre, Rs 79.93/litre and Rs 77.21/litre, respectively. The diesel rates after the decline are Rs 67.35/litre, Rs 69.71/litre, Rs 70.61/litre and Rs 71.15/litre, respectively.

    The fuel price has seen a decline for the past two days and in Delhi petrol rates have come down by 28 paisa/litre and diesel by 14 paisa/litre. Gupta said that the fuel rates will come down further as the brent crude oil price is declining.

    The fuel prices have seen a sharp rise after the drone attack on a Saudi oil facility on September 14. The Brent crude oil rates went up by $71.95 /barrel. But, now the rates are gradually coming down and the Brent Crude rates have come down by $14 per barrel.

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  • Honda To Cease Diesel Vehicle Sales In Europe By 2021

    Honda To Cease Diesel Vehicle Sales In Europe By 2021

    Honda Motor said it would phase out all diesel cars by 2021 in favor of models with electric propulsion systems, as the Japanese automaker moves to electrify all of its European cars by 2025.

    Honda is the latest automaker cutting production of diesel cars to meet stringent global emissions regulations. The plan is part of its long-term goal to make electric cars, including all battery-electric vehicles, to account for two-thirds of its line ups by 2030 from less than 10% now.

    By next year, according to European Union emission targets, CO2 must be cut to 95 gram per km for 95% of cars from the current 120.5 gram average, a figure that has increased of late as consumers spurn fuel-efficient diesels and embrace SUVs. All new cars in the EU must be compliant in 2021.

    For Honda, declining demand for diesel vehicles and tougher emissions regulations have clouded its manufacturing prospects in Europe.

    Honda said in February it would close its only British car plant in 2021 with the loss of up to 3,500 jobs.

    Japan’s No. 3 automaker has said it would cut the number of car model variations to a third of current offerings by 2025, reducing global production costs by 10% and redirecting those savings toward advanced research and development

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  • Daimler Says To Pay 870 Million Euro Fine Over Diesel Recalls

    Daimler Says To Pay 870 Million Euro Fine Over Diesel Recalls

    Daimler says to pay 870 mn euro fine over diesel recalls

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  • US Fines Hyundai $47 Million Over Dirty Diesel Engines

    US Fines Hyundai $47 Million Over Dirty Diesel Engines

    South Korean automaker Hyundai will pay a $47 million fine for illegally importing and selling dirty diesel engines in violation of American environmental rules, US authorities announced Thursday.

    Between 2012 and 2015, the company imported nearly 2,300 diesel-powered heavy construction vehicles with engines that did not meet US emissions standards, the US Justice Department said in a statement.

    “Hyundai put profits above the public’s health and the requirements of the law,” Jeffrey Bossert Clark, head of the department’s environment and natural resources division, said in a statement.

    “We will not tolerate such schemes that skirt the Clean Air Act, designed by Congress to improve air quality.”

    The case began with a whistleblower tip submitted in 2015 to the US Environmental Protection Agency, which launched criminal and civil proceedings.

    A US court earlier imposed a $2 million fine on the company for the clean air violations.

    US officials say the Hyundai diesel engines were not certified to meet emissions standards for particulate matter and nitrogen oxide, both of which contribute to disease and premature death.

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  • Prosecutors Fine Bosch 90 Million Euros For Illicit Emissions Software

    Prosecutors Fine Bosch 90 Million Euros For Illicit Emissions Software

    Automotive supplier Bosch has agreed to pay a 90 million euros ($100.21 million) fine for lapses in supervisory duties which enabled carmakers to engage in emissions cheating, German prosecutors in the city of Stuttgart said on Friday.

    Privately-held Bosch, the world’s biggest automotive supplier, delivered around 17 million technical devices equipped with engine management software, including tools that allowed carmakers to manipulate emissions tests, prosecutors said in a statement.

    Bosch has accepted the fine and will not appeal the decision, they added.

    Volkswagen used the software provided by Bosch to help the carmaker mask illegal pollution in diesel-engined vehicles.

    Volkswagen has borne the brunt of penalties and fines for emissions cheating since carmakers, rather than suppliers are responsible for certifying that cars meet clean air rules

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  • Caltex profit falls amid rising competition

    Caltex profit falls amid rising competition

    Increased competition and the rising price of crude oil had a negative impact on convenience and petrol station owner Caltex’s first quarter earnings.

    The retailer announced that earnings from both its fuels and infrastructure business and its convenience business were down in Q1 on the same period in 2018, which contributed to a net profit of $94 million, a 42.7 per cent drop on the $164 million in net profit it saw last year.

    Fuel earnings before interest and tax (EBIT) fell to $109 million, down from $156 million last year, while convenience retailing fell by over 50 per cent to $40 million, compared to an EBIT of $90 million in the three months to March 31, 2018.

    “Our result shows the impact of both lower refiner margins and a challenging retail environment this quarter,” said Caltex chief executive and managing director Julian Segal.

    “Our businesses’ strengths, including a strong balance sheet and our extensive network, as well as our steady focus on the execution of our strategy provide the foundation for delivery of our strategy in 2019.”

    Caltex said it will move ahead with the transition of franchise sites into company-owned operations, with over 70 per cent of the retail network now owned internally. The retailer also noted that agreements are in place for it to operate 99 per cent of sites by 2020, allowing the business to “better standardise and optimise the site’s performance.”

    Segal laid out the retailer’s growth plans for the remainder of 2019 for shareholders at its annual general meeting on Thursday, May 9, stating a focus on execution and discipline would assist both facets of its business deliver a stronger result in a challenging retail environment.

    “Fuels and infrastructure will continue to grow its earnings through its international business, [and] we will continue to run Australia’s largest transport fuel network safely and reliably,” Segal said.

    “Convenience retail is refocusing on our core fuel offer and will improve the in-store experience across our network to ensure we attract and retain more customers in a competitive fuels market.”

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