Volkswagen shares were hit hard by news that the manufacturer used special devices to cheat in emission tests - this pushed shares down by 20% - taking €15bn off of the market value of the company.
The allegations circling "defeat devices" have only affected 482,000 vehicles in the US to date - this is being investigated by the US Justice Department.
However, according to the Transport & Environment group, "there is strong evidence that similar illegal devices are also used in Europe by both VW and other manufacturers."
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Ireland's economy will grow at a faster rate than China's in 2016, according to new projections from Cantor Fitzgerald.
The investment bank predicts that Ireland's GDP will grow by 7.2% - this is up from a previous estimate of 4.4% growth, and it's higher than China's current estimated growth rate of 7%.
It also revised its estimate for growth in 2016, up from 3.7% to 4.4%.
"This bullish outlook is predicated on a number of factors including healthy employment growth, a resumption of wage rises, and end to austerity, lower energy prices boosting disposable income, persistently low interest rates and strong signals from high frequency indicators such as retail sales, car sales and consumer confidence," the report said.
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The investigation continues into the sale of NAMA's 'Project Eagle' Northern Irish portfolio - The Irish Times reports that the High Court was told yesterday that the transaction will be rendered illegal if any third party "fixers" were involved in the sale.
Investigations into the sale are underway in three jurisdictions, including the US where the wining bidders, Cerberus are based.
Speaking in the court, counsel for Belfast businessman Gareth Graham - who owned businesses connected to the Project Eagle portfolio - raised concerns about alleged meetings which took place between Cerberus and administrators who were involved in the process to sell one of Gareth Graham's repossessed properties.
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The Irish Tax institute has warned that high taxes in Ireland could be deterring foreign executives from moving here.
The body's pre-budget submission notes that Ireland's marginal tax rate of 52 percent is the ninth highest in the OECD, and 6 percentage points above the average.
The entry point for the top rate of tax is also one of the lowest in the OECD, at €32,800 - only ahead of Poland, Estonia and Hungary.
