Category: Business

A federal judge in Michigan has sentenced a former high-level Volkswagen manager to seven years in prison for his part in the scheme to cheat emissions tests and defraud consumers. Oliver Schmidt has also been fined $400,000. He pleaded guilty in August to charges that included defrauding the United States and violating the Clean Air Act. “This sentence reflects how seriously we take environmental crime,” Acting U.S. Attorney Daniel Lemisch said Wednesday. “Protecting national resources is a priority of this office. Corporations and individuals acting on behalf of corporations will be brought to justice for harming our environment.” Schmidt was the general manager of Volkswagen’s U.S. Environment and Engineering office. He admitted knowing about and agreeing with engineers to carry out a scheme to install a device on certain VW…

China's Ofo launched its dockless bicycles in Paris on Wednesday, becoming the fourth bike-sharing plan operator in a city set to banish all combustion-engine cars by 2030. Ofo France general manager Laurent Kennel told Reuters the firm, one of two bike-sharing giants in China, had put just over 100 of its bright yellow bicycles on Paris roads on Wednesday and plans to ramp that up to 1,000 bikes by year-end. Ofo comes hot on the wheels of Hong Kong-owned Gobee.bike, which launched in October and whose bright green bikes, estimated at a few thousand, can be seen on every Paris street. A third Asian player, Singapore-owned oBike, has a few hundred bikes on Paris streets, and will also compete with the city's long-established Velib plan. Unlike the dockless Asian bikes,…

Vulnerable communities uprooted by climate change are being left out of a voluntary pact to deal with migration, campaigners said, after the United States pulled out of the global deal. Although people within low-lying states are being forced to relocate because of worsening storms and rising seas, they will not be recognized in U.N. migration pact talks next year, putting lives at risk, campaigners said. "Many of the situations we find ourselves in, here in the Pacific, are not caused by us. We continue to ask, 'Where is the justice?' Those of us who are least responsible, continue to bear the brunt," said Emele Duituturaga, head of the Pacific Islands Association of Non-Governmental Organizations (PIANGO). Hoping for acceptance "We hope that there will be an openness and an acceptance that climate-induced…

A war on food waste in France, where supermarkets are banned from throwing away unsold food and restaurants must provide doggy bags when asked, has helped it secure the top spot in a ranking of countries by their food sustainability. Japan, Germany, Spain and Sweden rounded out the top five in an index published the Economist Intelligence Unit (EIU), which graded 34 nations based on food waste, environment-friendly agriculture and quality nutrition. It is "unethical and immoral" to waste resources when hundreds of millions go hungry across the world, Vytenis Andriukaitis, EU Commissioner for Health and Food Safety, said at the launch of the Food Sustainability Index 2017 on Tuesday. "We are all responsible, every person and every country," he said in the Italian city of Milan, according to a…

Venezuela's plan to create an oil-backed cryptocurrency faces the same credibility problems that dog the ruling Socialist Party in financial markets and is unlikely to fare any better than the struggling OPEC member itself, investors and technical experts say. President Nicolas Maduro on Sunday floated a plan to create the "petro" that would be backed by the world's largest crude reserves, amid a crippling economic crisis worsened by U.S. sanctions that limit Venezuela's capacity to borrow money. Cryptocurrencies rely on confidence in clear rules and equal treatment of all involved, three experts said, adding that Venezuela is widely seen as flouting basic property rights and mismanaging its existing bolivar currency. Without such confidence, the "petro" would neither help Venezuela raise funds nor help it avoid sanctions levied by the government…

The White House on Tuesday strongly denied that the special prosecutor looking into alleged Russian interference in last year’s election has asked a German bank for records relating to accounts held by Donald Trump and his family members. “We’ve confirmed this with the bank and other sources” that it is not true, White House Press Secretary Sarah Huckabee Sanders told reporters during the daily briefing. “I think this is another example of the media going too far, too fast and we don’t see it going in that direction.” A member of the president’s legal team, Jay Sekulow, issued a statement that “no subpoena has been issued or received.” Deutsche Bank However, Deutsche Bank appears to be acknowledging there has been a related request, saying it “takes its legal obligations seriously…