Mar 20, 2017 08:52 AM EDT
Renault shares plummet more than five percent on Thursday after the company refused to acknowledge reports that it cheated on emissions tests for decades. The automaker calls the media reports unbalanced and denied any wrongdoing on their part.
A French media reported that the country's fraud watchdog believes that Renault distorted the results of an anti-pollution test over a period of 25 years. Investigators say that CEO Carlos Ghosn should be held responsible. Investors sent shares down by 10 percent since the reports were first published. Renault, on the other hand, denied the claims saying it did not cheat on the emissions tests.
"Renault vehicles are not equipped with cheating software affecting anti-pollution systems," the automaker said in a press release statement.
French prosecutors opened an investigation, last January, into allegations of emissions cheating but have not announced any findings. The group also refused to comment on the current investigation since it doesn't have access to the case yet.
But Renault vows to comply with the regulations and reserves its explanations before the Judges in charge of investigating the case. It reminds that none of its services has breached European or national regulations related to vehicle emissions. The automaker fully intends to cooperate with the Judges in the context of the investigation.
Meanwhile, the Renault-Nissan Alliance is the world's fourth-biggest automaker in terms of sales. The company says it had delivered 9.96 million vehicles in 2016, equivalent to one in nine cars sold worldwide. The allegations surrounding Renault follows Volkswagen's emission scandal in 2015, in which the latter admitted to fitting more than 11 million diesel vehicles worldwide with a software that could cheat nitrogen oxide emissions tests.
The German carmaker agreed to pay billions of dollars in federal fines and has pleaded guilty to criminal charges in the US. But Volkswagen has been unable to shake the scandal with German prosecutors raiding the company's headquarters last week as part of an ongoing investigation.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.
Amazon's decision to abandon plans to build a new campus in Long Island City, Queens, has drawn cheers from several politicians, community organizers and other locals opposed to the expansion.
One of the hottest topics at the World Economic Forum in Davos, Switzerland has been Alexandria Ocasio-Cortez's proposed 70% marginal tax rate on all income above $10 million.
In recent decades, Europe has experienced a downward trend in the annual number of deaths. Not only was this trend not arrested by the economic recession that started in 2008, in fact, the rate of decline increased during the recession years.
Discovering that your new designer handbag or gold watch is a fake is costly and annoying, and counterfeit medical devices or drugs could have even more serious consequences. But seemingly as soon as manufacturers develop a new method to ensure product authenticity, counterfeiters find a way to outsmart it. Now, researchers have created an "unclonable" tag that can never be replicated, even by the manufacturer. They report their results in ACS Applied Materials & Interfaces.
The traditional model for setting auto insurance premiums has been to base rates on the motorist's driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies, and motorists have started to work together to give the insurance companies access to better data on an individual driver's risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Consumer brands have long used old-fashioned focus groups, interviews and surveys to best gauge consumer wants, desires and needs as part of processes that range from product development, to marketing and sales. As machine learning and artificial intelligence (AI) have emerged, there is an increasing interest in the ability to harness these solutions to save time and money, and to yield more reliable consumer insights.