Business

US VW diesel owners to receive fuel card as compensation

In Australia, the tally of Audi, Skoda and Volkswagen passenger cars and commercial vehicles linked to Dieselgate has reached nearly 100,000 vehicles. "This offer is an insultingly inadequate amount - a fig leaf attempting to hide the true depths of Volkswagen's deception", they said in a statement .

Business

Jet raises $350m in a funding round led by Fidelity Investments

Jet founder and chief executive Marc Lore declined to name any other new investors in the round, nor the source of the venture debt or details of the strategic financing. Jet is attracting new customers by subsidizing their purchases with big discounts, which is a lower-cost way of gaining business than advertising, said a person familiar with the matter.

Business

Audi to revise the software fitted on 3.0-litre engines

While the total costs of the scandal aren't clear, VW has no plans to alter the existing provisions, a spokesman told reporters on Wednesday at the carmaker's base in Wolfsburg. "The 2.0-litre engines will get a software update". VW has presented technical fixes to Germany's federal transport authority, the KBA, for the 1.6- and 2.0-liter diesel, which account for 8.2 million of the 8.5 million affected vehicles in Europe.

Business

Politicians slam tax-avoiding Pfizer-Allergan deal

Pfizer, which is known for the erectile dysfunction product Viagra (and many other drugs, including cholesterol product Lipitor) agreed to unite with Allergan, best known for Botox, the cosmetic product created to remove wrinkles.

Business

Allergan and Pfizer to merge

Real-estate mogul Donald Trump isn't happy with Pfizer and Allergan's Monday announcement that the two companies would merge to form a corporate drug-making behemoth. "He will be responsible for the oversight of all Pfizer and Allergan's combined commercial businesses, manufacturing and strategy functions", the joint statement read.

Business

More stores open doors on Thanksgiving

J.C. Penney will open 3 p.m. Thursday and stay open until 10 p.m. on Friday. This year, JCPenney will try to one-up its competitors by opening at 3 p.m. Retailers that open Thanksgiving want to have first crack at customers' wallets and increase their chances of capturing shoppers' dollars. "I plan to spend Thanksgiving cooking a fabulous meal for my family", Andrea Mills said.