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NGT Directs Volkswagen To Deposit Rs 100 Crore With CPCB For Using Software Not Reflecting

New Delhi: Taking stern measure on the automobile giant, the National Green Tribunal (NGT) has directed Volkswagen India Private Limited to deposit a sum of Rs 100 crore with the Central Pollution Control Board (CPCB) within a month for installing ‘deceit devices’ — software that does not reflect the real level of emissions — in their cars.

An NGT bench headed by chairperson Adarsh Kumar Goel invoked the “polluter pays” and “precautionary principle” to compensate the environmental damages caused by Volkswagen vehicles which didn’t meet emissions criteria.

Asserting that the Volkswagen complied with emissions norms defined in India, a group spokesperson said it will challenge the NGT order.

475

Government And RBI Likely To Appoint Members Of An Expert Committee By This Week

New Delhi: After the last week’s nin-hour long meeting, the government and the Reserve Bank are likely to appoint members of an expert committee by this week which will look into the economic capital framework (ECF) of the central bank.

In its nine-hour meeting held last week, the RBI’s board had decided to constitute a committee of experts to examine the ECF, the membership and terms of reference of which will be jointly determined by the government and the RBI. It will determine the appropriate levels of reserves the central bank ought to hold.

“The names will be decided by the RBI governor and the Finance Ministry together in next 5 to 6 days,” the source said.

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Oil producers considered cutting production to try to stem a rising global surplus

New Delhi: Oil prices fell to their lowest in more than a year on course for their biggest one-month decline since late 2014, even as oil producers considered cutting production to try to stem a rising global surplus. Oil supply, led by US producers, is growing more quickly than demand and to ward off a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting planned for December 6.

But this has done little so far to prop up prices. The value of a barrel of oil has dropped by around 20 percent so far in November, in a seven-week streak of losses.

Benchmark Brent crude oil fell $2.31 a barrel, or 3.7 percent, to $60.29, its lowest since early November 2017. By 1245 GMT, Brent was trading around $61.00, down $1.60.

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Nissan Motor Co.’s Board Votes Unanimously To Remove Carlos Ghosn As Chairman

New Delhi: The NHK reported that Nissan Motor Co.’s board voted unanimously to remove Carlos Ghosn as chairman as directors moved to contain the damage from the iconic executive’s shock arrest.

The national Japanese broadcaster reported the outcome after the board met Thursday to vote on the dismissal. Ghosn, who has been detained by Japanese authorities since Monday, is set to officially remain a director, since a shareholder vote is needed to remove him from the board completely. A Nissan spokesman declined to comment.

“It’s a coup,” said Tatsuo Yoshida, an analyst at Sawakami Asset Management, who used to work at Nissan. “Ghosn’s era is over.”

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Passengers Flying Out Of Delhi Airport To Shell Out More Per Ticket From December 1

New Delhi: With regulator AERA approving revision in service charges, Passengers flying out of Delhi airport will have to pay more by shelling out Rs 77 per ticket from December 1. Currently, Rs 10 is levied on domestic tickets and Rs 45 on international tickets by the airport operator DIAL as passenger service fee.

Besides, there are revisions to certain aeronautical charges, according to an order issued by the Airports Economic Regulatory Authority (AERA). The revised charges would be applicable from December 1.

The hike in charges is expected to have a minimal impact on average domestic fares, experts opined.