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Mercedes settles with US States for $150 Million over Diesel Scandal
Mercedes-Benz reached a settlement of $149.6 Million with U.S. States to end a??long-running probe into allegations that the German automaker had cheated on diesel emissions, New York Attorney-General Letitia Jim said Monday. The automaker said that the deal effectively ended its legal issues in America over Dieselgate - first discovered at Volkswagen in September 2015 - and the emissions scandal. Mercedes has agreed to pay $149.6 millions and provide $2,000 in payments for eligible owners and lessors of vehicles that have received the required emission repairs. Mercedes agreed to take a number of 'actions' to avoid future misconduct, and to comply with the oversight requirements. According to the states, Mercedes had installed illegal software that was not disclosed in its diesel vehicles, which hid true pollution levels and incorrectly reduced emissions during government tests. However, in normal driving conditions the vehicles emit up to 30 or 40% more than the legal limit. MERCEDES SAYS THE BOTTOM LINE OF THE GROUP WILL NOT BE AFFECTED Virginia Attorney General Jason Miyares stated that?the settlement includes the estimated?39.565 U.S. cars that have not been repaired or removed permanently from the road by the end of August 2023. Mercedes must cover the cost of installing the approved software for emission modification on all affected vehicles, provide consumers with an expanded warranty and pay them $2,000 each. Mercedes' spokesperson stated that the bottom line earnings of the group would not be affected, and "sufficient provisions have been made for the cost of the overall settlement". In a press release, the company stated that final court approval is required for these settlements. Mercedes-Benz has agreed to pay $2.2billion in 2020 to settle a U.S. Government investigation into diesel emissions cheating and to settle claims from 250,000 U.S. car owners. The automaker is required to pay $120 million immediately as part of the settlement announced Monday. The suspension of $29.6 millions will result in a reduction by $750 per affected Mercedes vehicle that is repaired, taken off the market or bought back. In 2020, the states will launch an investigation into Mercedes-Benz following Volkswagen's diesel emission scandal. VW paid more than $20 billion to settle fines and penalties after admitting in 2015 that it had installed "defeat devices", sophisticated software and other methods of cheating emissions tests in almost 11 million cars worldwide. Some of the biggest automakers in the world continue to be sued over the scandal. Mercedes could face further payouts in England where it's one of many companies, including Ford, Nissan, and Renault, facing a mass suit launched in October. Reporting by David Shepardson in Washington and Valerie Volcovici and Rachel More from Berlin, with editing by Barbara Lewis.
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Italian prosecutors request that the case against suspected Russian drones be dropped
Two sources with knowledge of the case said that Italian prosecutors who were investigating suspected Russian drone flight over an EU space-research centre had concluded that their suspicions weren't based and asked for the case to be dropped. The Milan prosecutor's office found that the interference caused by a private GSM signal booster in Ispra near Italy's Lake Maggiore, which is near the European Joint Research Centre (JRC), was actually responsible for 21 alleged overflights. Flights are banned over the JRC. The JRC was established in 1960 to conduct nuclear research. In March, after receiving alerts from the facility's security team, the prosecutors opened an investigation into "possible political or military espionage" for terrorist purposes. They suspected the presence of a "Russian-made drone." Sources said that the investigation revealed the false positives were caused by interference from both the centre's security system and the GSM amplifier at a nearby house. The?judge of the Milan court now has to decide whether or not to accept the request from the prosecutors and drop the case. This is a normal formality. NATO allies accuse Russia frequently of mounting hybrid attacks against the West via hacking, sabotage, and?espionage. Moscow denies these allegations and says the West is causing anti-Russian sentiment. According to the JRC's website, the Ispra campus is the third largest research campus in Europe after Brussels and Luxembourg. It works on topics ranging from nuclear security and space, to sustainable resources, immigration and transport. (Reporting and editing by Gavin Jones, Frances Kerry, and Emilio Parodi)
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Mercedes Benz settles with US States for $149,6 Million over diesel emissions
Mercedes Benz reached a settlement of $149.6 Million with U.S. States to resolve a long-running probe into allegations?of cheating on diesel emissions?by the 'German automaker New Letitia James, York Attorney General, said on Monday. The settlement reached with Puerto Rico, the District of Columbia and 48 U.S. States includes the following: Mercedes will pay $149.6 millions and make $2,000 payments to owners and lessees of vehicles that require emissions repairs. Mercedes also 'agreed' to take a number of steps to prevent further misconduct and comply with the oversight requirements. The States?said Mercedes Benz has agreed to pay $2.2billion in 2020 to settle a U.S. government investigation into diesel emissions cheating and the claims of 250,000 U.S. car owners. In a new settlement, Mercedes Benz must pay an immediate $120 million to the states. The remaining $29.6 millions is suspended, and the amount will be reduced by $750 per affected vehicle Mercedes repairs or removes from the market. It paid out more than $20 billion in fines and penalties after admitting?in 2015 that it had cheated on emissions tests by installing sophisticated software and "defeat devices". Reporting by David Shepardson in Washington and Valerie Volcovici
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Trump names envoy to Greenland and stirs up backlash
U.S. president Donald?Trump appointed Louisiana Governor Jeff Landry as his special ambassador to Greenland on Sunday, drawing renewed criticism from Denmark and Greenland about Washington's interests in the mineral rich Arctic island. Trump has argued that Greenland should become a part of the United States. He cites its strategic importance as well as its mineral resources. Landry, the governor who assumed office in January 2024 publicly supports this idea. You cannot annex a country. In a joint press release, Danish Prime Minister Mette Fredericksen and Greenland Prime Minister Jens Frederik Nielsen stated that they would not annex another country. "Greenland is owned by the Greenlanders, and the U.S. will not take it over." Trump said in a post at Truth?Social: "Jeff knows how important Greenland to our National Security is, and will work hard to advance our Country's interests for the safety, security, and survival?of allies and the world." The White House didn't immediately respond to comments. Landry thanked Trump in a post he made on X: "It is an honor... to serve... as a volunteer in this position in order to make Greenland a member of the U.S." This does not affect my position as the Governor of Louisiana! The Trump administration increased pressure on Copenhagen on Monday when it suspended the leases of five large offshore projects that were being built off the East Coast in the United States, including two developed by Denmark's state-controlled Orsted. GREENLANDS STRATEGIC VALUE Greenland is a former Danish Colony with 57,000 people. A 2009 agreement gives it the right to declare its independence, but the country remains heavily dependent on Danish subsidies and fishing. The strategic location of the country between Europe and North America is a major site for U.S. missile defence systems, while its rich mineral resources have increased U.S. interests in reducing their reliance on Chinese imports. Greenland's Nielsen posted on Facebook that "we have woken again with a new statement from the U.S. President." This may sound important, but for us it doesn't change anything. "We decide our future." DIPLOMATIC TENSIONS ESCALATE Lars Lokke Rasmussen, the Danish Foreign Minister, said on Monday that he will summon U.S. The U.S. Ambassador Kenneth Howery had pledged "mutual" respect during his recent visit to Greenland. "At the drop of a hat, there's now a U.S. special presidential representative who is, according to him,?tasked with assuming control over Greenland. Rasmussen said on TV2 that this was, "of course, totally unacceptable". Denmark has been trying to mend strained relations with Greenland in the last year. It also tries to ease tensions with the Trump Administration by investing in Arctic defense to respond to U.S. critics of inadequate security. In an Instagram post, Prime Minister Frederiksen stated: "It's a difficult situation our lifetime allies put us in." Mikkel Vedby, a professor of political science at the University of Copenhagen, said: "This appointment proves that all the money Denmark invested in Greenland and in the defense of the Arctic as well as all the nice things we've said to Americans have had no impact at all." Reporting by Siddharth Cavale in New York, Arathy Sommesekhar, in Houston, and Jacob GronholtPedersen, in Copenhagen. Additional reporting by Anusha Shah in Bengaluru; SOren Sirich Jenppesen, Stine Jacobsen, in Copenhagen. Editing by Saad, Gareth, and Ros Russell.
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Pension dispute may prolong the strike at Brazil's Petrobras
Union leaders and executives have said that a dispute over payment deductions involving about 50,000 retired Petrobras workers may prolong the strike at Brazil's state-owned oil company. The central issue in the strike that has now lasted a week is resolving the deduction of around 20% from 'pensioners' pay slips by the largest pension funds of the company. A company source who spoke on condition of anonymity said that the solution was neither simple nor cheap. The impact, he added, would be in the billions. Union leaders say that deductions are due to a shortfall on the accounts of the funds. Negotiations about how to cover this have been going on for over two years. The amount Petrobras will need to pay to cover the shortfall was not disclosed by either side. The strike affected oil platforms in the Santos-Campos basins as well as refineries and biodiesel plants. Petrobras said that the strike "has not affected production" despite the two accidents that occurred on platforms, which union leaders blamed on the use of contingency teams by the company. Letter of Commitment Even if Petrobras and the unions reach an agreement, it would still be necessary to have the matter approved by oversight agencies, which could take several months. To end the strike, union leaders only want a letter from Petrobras stating that it will reduce payment deductions substantially. Union leaders decided to strike to pressure the firm ahead of Brazil's presidential election in 2026. They feared that talks could stall and that if leftist president Luiz Inacio Lula Da Silva, who is sympathetic to workers' demands, loses his re-election campaign, it would undo years' worth of work. Paulo Cesar Martin is a director of the FUP union. Petros, the company that manages Petrobras’ pension funds, has said this issue is being given priority. According to union leaders, in addition to pension issues, higher wages are on the table for negotiation.
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German Engineers are Building Future-Proof Forests
Forest engineers use biodiversity for future-proofing forests Plantations of Spruce are vulnerable to pests and climate change Long-term forest restoration is hindered by financial challenges Joanna Gill From the 35-metre tower, all that is visible now is a flattened plateau. The trees are gone after being wiped out by a bark beetle infestation in 2018. Experts call this "calamity" that happened so quickly, 60-year-old oak trees fell in a matter of weeks in this forest in North Rhine-Westphalia along Germany's border to the Netherlands and Belgium. Petra Trompeter of Arnsberg's city forestry department said, "It is shocking for me, and for every forester." She was squinting in the low winter sunlight from the base the tower. Over many years, storms and droughts created conditions that allowed bark beetles the opportunity to consume rows upon rows of spruce. According to the World Meteorological Organization, 2024 will be the first year that global warming exceeds 1.5 degrees Celsius (2.7 Fahrenheit). Climate change disasters will increase in intensity and frequency in a warmer world. They could also threaten the ability of forests to absorb carbon and thousands of jobs in the tourism and wood sectors. The independent Expert Council on Climate Issues in Germany warned that the country may miss its climate targets after 2030 as forests and wetlands, which were previously carbon sinks, are now becoming sources of emissions as a result of forest degradation. Forest engineers in North Rhine-Westphalia are now working to create resilient forests by combining tree species. This is part of a European Union-funded program. Trompeter said that even before the disaster we had been working to make the forest more diverse and structurally rich. The calamity forced us to act more quickly. Future Forests After World War Two, Germany planted spruce trees to harvest timber to pay reparations owed by the Allies. The species is favored by timber producers for its rapid uniform growth. These single-species plantations make?North Rhine-Westphalia’s forests vulnerable to heat, pests and drought. When everything is going well, the returns are positive, but when extreme weather causes mass tree losses, these are seen as "inevitable". Monoculture plantations may also be partly responsible for Germany's forests being unable to absorb carbon. He said that "natural forests can hold a lot more carbon." Diversification has been identified as a possible solution and is currently being tested across Europe. The 20 million-euro SUPERB Project, led by the European Forest Institute, and funded through the EU Green Deal, has seen forestry experts from Sweden to Spain set up twelve demonstration sites, including Arnsberg, in order to restore habitats, and transform monocultures. The Arnsberg area is 34 hectares and includes both public and private land. Forestry experts carefully selected four conifers and broad-leaf trees they believed could adapt to altitude and climate, and withstand hotter and dryer conditions in the future. Marcus Lindner is the head of resilience at the European Forest Institute. While the majority of forestry experts agree that variety is important, there are differing opinions on how to achieve it. Others prefer curated plantings of local species while others want to experiment with nonnative trees. Trompeter explained that this is not possible because nature protection laws in North Rhine-Westphalia only allow for local species. "And there we reached our limit." Banning on Biodiversity According to the German Agriculture Ministry, trees?play a critical role in the economic system, providing 76 million cubic meters of timber each year, 750,000 employment opportunities in forestry and wood, as well as boosting the rural economy through eco-tourism. Rouven Soyka is the press officer of the Sauerland Tourism Board. The Sauerland region in?North Rhine-Westphalia has a hilly terrain that's a popular hiking destination. However, the massive dieback caused the area to be unrecognisable to some visitors. Nature tourism is affected by all means. It's very important that nature is preserved in our classic outdoor region. Many forest owners cannot afford to reforest without state subsidies that do not cover the entire cost. Peter Jungermann says that he must think twice about investing in high-maintenance broad leaf varieties, rather than market-friendly conifers. This is especially true given the financial pressures on forest owners. It can be a "existential threat" to the nursery if he makes the wrong decision about which tree he should plant. The shifting political winds can also complicate planning for the future. Due to the backlash of businesses and farmers, key laws that were meant to be part the EU's Green Deal have been watered-down in the last year. It is still unclear how much money the EU budget for 2028-2034, which amounts to 2 trillion euros (2.35 trillion dollars), will allocate to forest restoration. Negotiations are expected to take place over the next two-year period. The German budget for 2026 prioritizes defence and infrastructure as the government tries to revive a sluggish economic. Trompeter said that forests are essential to human life and the health of the planet. "Where else can we spend it than on preserving nature and making it climate resilient?"
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Bonds and world stocks are tumbling, but the yen is not helping.
Wall Street opened higher, while the yen fell to near-all-time lows versus the euro. Higher interest rates put pressure on Japanese government bonds. S&P 500 futures rose 0.4%. Nasdaq futures gained 0.1%. MSCI's broadest world share index added 0.2%. Due to the fact that the?U.S. The?U.S. Investors are primarily focused on closing the year before January's inflation and labour market releases," he said. Even though it was a holiday-shortened weekend for most of the world, momentum funds continued to flow to equities and precious metals ahead of delayed data which is expected to show that the U.S. economic growth has been strong in the third quarter. Median estimates predict an annualised increase of 3.2%. This is due to a steep drop in imports following a surge earlier in the year in anticipation of tariffs. Analysts at BofA cautioned that their measure of investor confidence had moved to extreme bullish territory, at 8.5. This is often the prelude to an eventual reversal. The Fund Manager Survey reveals the most positive sentiment in three-and-a half years. This is due to expectations of tariff and tax cuts, as well as rate reductions. European shares dithered 0.2% lower Monday in thin markets as investors began a week shortened by holidays on a tepid tone following the previous session’s record high close. The Nikkei 225 index of Japan closed up 1.8%. This was a continuation of Friday's gains, as the sharp decline in yen is expected to boost Japanese export earnings. Chinese blue-chip stocks closed almost 1% higher. The Bank of Japan increased rates to a 30 year high of 0.75 percent and warned that more would be raised, which would have a devastating effect on government debt. The yields on 10-year government bonds soared another 6 basis points, to 2.08%. This is the highest level since 1999. The minutes of the BOJ's meeting are due Wednesday. On Christmas Day, the head is scheduled to speak at a Japanese business group. On Interception Watch The yen reached a new record low against the euro of 184.92. The dollar gained 0.3% to 157.37. Investors were wary about testing the November high of 157.90, in case Tokyo intervened. Japanese officials have expressed their concern about the one-way movement and warned against excessive decline. Analysts at TD Securities reported that equity markets saw their largest weekly inflows ever at $98 billion, with U.S. equity fund leading the way. Chinese equity funds recorded their third-largest weekly inflow since 2025. Emerging markets also saw their biggest inflow since April. The fourth consecutive week saw a slowdown in the flow of?tobonds. The yields on U.S. 10 year bonds increased by 2 basis points, to about 4.169%. On Monday, gold jumped above the $4,400 per ounce mark for the first-time, fueled by a combination of growing expectations about further U.S. interest rate cuts, and strong demand from safe-haven investors. Silver has also reached a new record high of $69.44. This brings the gains for this year up to nearly 140%. Oil prices rose after the U.S. intercepted an oil tanker from Venezuela over the weekend and were pursuing another in what would have been the third such operation within two weeks. Brent crude oil jumped $1.13 cents, to $61.60 per barrel. U.S. crude oil rose $0.06 cents, to $57.56 a barrel. (Reporting and editing by Stephen Coates, Toby Chopra and Wayne Cole)
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After a zero-fee processing deal, copper reaches new highs
The copper price reached a new record high on Monday. This was largely due to speculation and news of a Chinese smelter's zero-fees processing agreement. Benchmark - three-month copper at the London Metal Exchange rose 0.6% to $11,955 per metric tonne by 1100 GMT after touching a record high of $11,996. LME copper prices have risen 36% in the past year. This is largely due to fears of mine problems causing deficits for next year. Sources said that the supply concerns were highlighted 'on Friday, when Antofagasta Chilean miner and a Chinese Smelter agreed to a 'zero processing fee in 2026 for copper concentrate. This was the lowest amount ever agreed upon during annual negotiations. When supply is restricted, processing fees will decline. Commodity Market Analytics' managing director, Dan Smith, said that the markets are generally buoyant. This shows there is a lot of liquid in the system. Gold and silver reached record levels, as oil prices soared. Smith said that although copper prices were still high, the demand for it was waning. "It seems like the demand is slowing down." "EV sales have slowed down and the consumer economy in China is showing signs of weakness." The most active copper contract at the Shanghai Futures Exchange ended daytime trading with a 1.7% increase to?94320 yuan (about $13,397.92 per ton). Nickel, the top performer at the LME, rose 1.6% to $15.040 per ton following reports last week that the country would reduce its mine production in 2026. SHFE nickel climbed for the fourth session in a row, reaching a record high of more than 121 360 yuan, which is the highest level seen in over a month. ($1 = 7.0399 Chinese yuan renminbi) (Reporting by Eric Onstad; Additional reporting by Lewis Jackson and Dylan Duan in China; Editing by Emelia Sithole-Matarise) $1 = 7.0399 Chinese Yuan Renminbi (Reporting and editing by Emelia Sithole Matarise; Additional reporting in China by Lewis Jackson, Dylan Duan and Emelia Sithole Matarise).
As plastic treaty talks open, countries more divided than ever
Nations are under pressure to make progress on a firstever worldwide plastics treaty this week, however they deal with tense settlements in the Canadian capital with celebrations deeply divided over what the treaty should include as talks start on Tuesday.
If federal governments can agree on a legally binding treaty that addresses not simply how plastics are disposed of, but likewise how much plastic is produced and how it is used, the treaty could become the most considerable pact to deal with international climate-warming emissions since the 2015 Paris Contract.
The production of plastics accounts for some 5% of environment emissions and might grow to 20% by 2050 unless restricted, according to a report last week from the U.S. federal Lawrence Berkeley National Lab.
When countries concurred in 2022 to work out a lawfully binding treaty by the end of this year, they called for addressing the full lifecycle of plastics - from production and usage to waste.
But as settlements begin in Ottawa, there is staunch opposition from the petrochemical lobby and some governments based on fossil fuels to restricting production or banning particular chemicals.
Countless delegates, including negotiators, lobbyists and non-profit observers, were expected at the Ottawa summit, the fourth negotiating round ahead of a last contract due in December - making this one of the fastest U.N.-led treaty efforts to date.
They were greeted by protesters staging a die-in - laying down and pretending they are dead - on Tuesday early morning across from the negotiations' place.
This procedure is without doubt a sped up and ambitious one, due to the fact that we do not have decades to act, stated Inger Andersen, executive director of the United Nations Environment Program.
DEEP DIVISIONS
The chair of the Ottawa negotiations told he prepared to split national delegates into seven working groups today to work on unsettled issues, including what the treaty ought to consist of and how it must be implemented.
Time is not our finest ally, stated top chair Luis Vayas Valdivieso, who is also Ecuador's vice minister of foreign affairs.
Steven Guilbeault, Canada's environment minister, told the opening plenary: We now require to limit the alternatives, identify where there is growing agreement and materialize progress on the agreement, adding that the pact needs to develop targets and get rid of unnecessary single-use plastics and chemicals.
During the last treaty talks in November in Nairobi, there was strong assistance from 130 governments for requiring business to divulge how much plastic they produce, and which chemicals they use in the process.
With plastics production on track to triple by 2060, supporters say such disclosures are a fundamental primary step in controlling damaging plastic waste-- the vast majority of which winds up as trash ruining landscapes, blocking waterways or in landfill - and damaging public health.
Practically a fifth of the world's plastic waste is burned, which releases high quantities of carbon emissions. Less than 10% of it is recycled, according to U.N. data.
Nevertheless, a handful of fossil fuel-dependent countries calling themselves the Similar Countries have actually refuted limiting production or banning certain chemicals. The group, which includes Saudi Arabia, Russia and China, states the treaty must focus just on tracking plastic waste.
The position is shared by the petrochemical industry.
We are looking at the arrangement to speed up actions that market is already doing on its own, such as enhancing recycling and revamping plastic items, stated Stewart Harris, a representative for the International Council of Chemical Associations.
Saudi officials declined to comment. The state-owned oil business Saudi Aramco has said it plans by 2030 to be sending out nearly one-third of its produced oil to petrochemical plants to make plastics.
China, which produces approximately a 3rd of the world's. plastic, has actually always connected excellent value to the control of. plastic contamination and is willing to deal with other nations to. make joint development in negotiations, Chinese foreign ministry. representative Lin Jian stated.
In the opening session, essential regional blocs laid out some key. components they wish to see in a treaty.
The Asia Pacific group said that countries should. get financial and technical support for waste management. facilities as they take on brand-new commitments under the. arrangement.
The Africa group called for the creation of a brand-new. multilateral fund to help establishing countries meet brand-new. commitments under a treaty and called attention to the truth that. the continent has ended up being a target for illegal trade of plastic. waste and urged arbitrators to prioritize waste prevention and. reduction before non-toxic waste recycling and disposals.
ARGUING FOR ASPIRATION
It is uncertain whether most of nations requesting for. production limitations can encourage the holdouts to support such a. measure. Ecological groups and scientists state production. limits are important.
More plastic production indicates more plastic contamination, said. Bjorn Beeler, international coordinator of the International. Toxins Elimination Network.
That point was highlighted in a letter published on Tuesday. by 30 scientists making up the Scientists Union, who have. informed arbitrators that caps on plastic production are the only. way to deal with the issue and called on industry to supply. in-depth figures for production and reveal the chemicals they. usage to allow more effective recycling of components.
The most significant generator of plastic waste, the U.S., has. refrained from joining the negotiating blocs. Steps proposed. by U.S. arbitrators consist of needing nations to deal with. specific chemicals that have raised public health issues as. well as single use plastic items that are considered inefficient.
A State Department authorities informed the U.S. delegation. wanted the treaty to be enthusiastic in its objectives-- but to let. governments decide how they would reach those objectives, comparable to. the structure of the Paris Climate Arrangement.
More than 60 nations making up the so-called High-Ambition. Coalition, consisting of European Union members, Mexico, Australia,. Japan and Rwanda - and most recently Ukraine, are also arguing. for a strong treaty that deals with production and needs. openness and controls for chemicals utilized in the process.
However unlike the U.S., they argue the treaty must impose. international measures and targets rather than a system of nationwide. action plans.
Some Democratic U.S. lawmakers, consisting of a delegation. participating in the opening of the negotiations, called on the U.S. to. join the coalition and assistance stricter procedures, even if. Congress will not validate the treaty.
The Paris design is a wanting well method where you. hope that simply having conversations will take us down a path of. decreasing plastic contamination, Oregon Senator Jeff Merkley told. . A treaty needs to include binding obligations and. constraints..
(source: Reuters)