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Opening Bell: VW's scandal escalates (again), 2015's largest IPO, Telsa shares spike

Volkswagen (VW) has admitted 800,000 additional cars could be affected the carbon dioxide em...
Newstalk
Newstalk

07.54 4 Nov 2015


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Opening Bell: VW's sca...

Opening Bell: VW's scandal escalates (again), 2015's largest IPO, Telsa shares spike

Newstalk
Newstalk

07.54 4 Nov 2015


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Volkswagen (VW) has admitted 800,000 additional cars could be affected the carbon dioxide emissions scandal.

The car maker has not revealed the models involved, but for the first time some petrol vehicles are included.

VW is already struggling with a major scandal over software installed in diesel cars to cheat in tests for nitrogen oxide.

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Japan's Post has delivered the largest IPO of 2015 to date, its share price jumped by 17% as it started trading.

The postal, banking and insurance divisions of the company were all floated, the triple IPO is the largest in Japan since the 1980s.

The shares have been aimed at the domestic retail sector, which has been reluctant to move assets out of banks, despite nudges from the Japanese government.

The IPO is a key component of Japanese Prime Minister, Shinzo Abe’s drive to re-energise the Japanese economy by encouraging Japanese households to release their low-yielding deposit accounts for investment in the market.

75% of the shares in Japan Post were allocated to individual investors.

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Telsa Motor's stocks spiked overnight - despite the fact that the company's output did not grow during the last quarter, and it missed its revenue target.

Investors have backed the company's pledge to deliver significantly more cars and batteries during this quarter, its stocks rose by 9%.

"We don't see any fundamental obstacle to achieving the production rate of several hundred (vehicles) per week sometime next month," Chief Executive Elon Musk said.

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Sales at Primark, the clothing retailer we know as Penneys and which is headquartered in Dublin, rose by 13% in the financial year to September, according to accounts released by its parent group, Associated British Foods.

The increase in sales was principally due to the opening of 20 new Primark stores during the period including a Boston outlet, its US store, last month. 

The company, which currently operates 293 outlets, plans to open seven more stores in the US in the coming year and to move into Italy for the first time.

The Canadian businessman, Galen Weston, is a major shareholder in ABF and therefore in Primark/Penneys. He is also the new owner of Arnotts.


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