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28th Mar 2024

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VW profits 'respectable' despite cheat scandal

Profit on sales of VW-branded cars fell 86% year-on-year in the first quarter of 2016, the German group said Tuesday amid fallout from its cheating on EU emissions standards. Overall group profit climbed 3.4% because of better results for other brands, such as Skoda, and one-off currency trades. Group chief Mueller said the figures were "respectable" in "difficult conditions". The firm has set aside €16bn to pay for cheat-related costs.

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Opinion

EU Modernisation Fund: an open door for fossil gas in Romania

Among the largest sources of financing for energy transition of central and eastern European countries, the €60bn Modernisation Fund remains far from the public eye. And perhaps that's one reason it is often used for financing fossil gas projects.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

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