BMW, VW and Daimler shares skid on EU probe of German carmakersJuly 24, 2017 - 13:21 AMT PanARMENIAN.Net - German auto stocks took a hit in early Monday, July 24 trading, weighed down by uncertainty over possible antitrust fines after European regulators said they were investigating allegations that carmakers were operating a cartel, Reuters reports. Shares in Volkswagen were down 3.3 percent, with premium rivals Daimler and BMW down 2.9 percent and 2.5 percent respectively, underperforming the blue-chip DAX index, which was 0.4 percent lower, and pushing down the Stoxx 600 index. The car industry has been hit with billion-euro fines on both sides of the Atlantic in recent years for cartels related to various parts such as lighting systems, engine coolers and bearings. The European Commission said on Saturday that European Union antitrust regulators had received a tip-off about another possible cartel. Exane BNP Paribas automotive analyst Stuart Pearson said little was known about the allegations, and that no signs had emerged about price fixing towards the consumer. Allegations will, however, continue to weigh on stocks, he said. "More ugly details could yet emerge, leaving German manufacturers - and the EU auto sector - still firmly in the sin bin for now," Pearson said. On Friday, German magazine Der Spiegel said VW, its Audi and Porsche brands and BMW may have colluded to fix the prices of diesel emissions treatment systems using industry committees. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |