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Canadian prosecutors seek to fine Volkswagen C$196.5 million for diesel emissions

By David Shepardson (Reuters) – Prosecutors in Canada on Wednesday proposed a $196.5 million (CAD) ($149.5 million) fine against Volkswagen AG <VOWG_p.DE> after the company pleaded guilty to dozens of counts of diesel emissions violations, a company spokesman confirmed on Wednesday. Volkswagen was charged in December with importing nearly 128,000 vehicles into Canada violating emissions […]

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Michigan, Tesla settle suit over direct vehicle sales

WASHINGTON (Reuters) – Tesla Inc and the state of Michigan confirmed Wednesday they have resolved the company’s 2016 lawsuit challenging the state’s refusal to allow the company to sell vehicles directly to consumers. The Michigan Attorney General Dana Nessel’s office said a resolution filed in U.S. District Court recognizes “that any Michigan resident may lawfully buy a Tesla […]

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Real estate developer in $240 million deal to buy Philadelphia refinery

By Laila Kearney NEW YORK (Reuters) – Real estate developer Hilco Redevelopment Partners has entered into a $240 million agreement to purchase the Philadelphia Energy Solutions (PES) oil refinery, which was the largest and oldest on the East Coast, according to court documents on Wednesday. Chicago-based Hilco submitted the winning bid, which includes an escrow […]

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After China trade deal, Europe and U.K. next on Trump’s to-do list

WASHINGTON (Reuters) – U.S. President Donald Trump vowed to rip up international trade deals and rebalance America’s global trade relationships. Three years into his presidency, he has done just that, using a slew of tariffs, threats, and bilateral talks to shake up relations with nearly every major U.S. trading partner. Graphic: United States top trade […]

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Boeing CEO says he expects to resume 737 MAX production before mid-year

By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO (Reuters) – Boeing Chief Executive Dave Calhoun told reporters on Wednesday the U.S. planemaker expects to resume 737 MAX production months before its forecasted mid-year return to service and said it did not plan to suspend or cut its dividend. The company announced a production halt in December, […]