The Canadian and American central banks are pulling out all the stops to support the economic recovery, with the latest move being their indications that they expect to hold interest rates near zero over the next few years. However, as the COVID-19 pandemic persists, the hoped-for sustained revival in consumer borrowing and spending is anything but certain. In an unprecedented move on Sept. 16, the U.S. Federal Reserve said it doesn’t expect to raise its key interest rate until 2023, providing a very powerful signal that near-zero rates are here to stay for a long time. A week earlier, the Bank of Canada had said, “The Governing Council will hold the policy interest rate at the effective lower bound [0.25 percent] until economic slack is absorbed so that the 2…
FRANKFURT鈥擜 court in Braunschweig, Germany, said on Thursday it had opened proceedings against former Volkswagen CEO Martin Winterkorn, examining whether he is guilty of market manipulation as part of the carmaker’s emissions scandal.
Winterkorn and other Volkswagen executives face charges for their role in allowing diesel cars with excessive pollution levels to hit the road, and for allegedly failing to inform investors adequately about the extent of the emissions fraud.
The carmaker has paid out more than 30 billion euros ($35 billion) in fines and penalties for cheating emissions tests, which was uncovered by U.S. authorities in September 2015.
The court is examining whether Volkswagen had a duty to inform investors earlier about the size of potential fines. Volkswagen has said the level of the fines was not foreseeable.
On Thursday, a spokesman for the carmaker reiterated the company had fulfilled all disclosure requirements related to the diesel scandal.
Felix Doerr, a lawyer for Winterkorn, said his client rejects the allegations that he failed in his duty to inform markets in a timely fashion.
By Edward Taylor
Focus News: German Court Opens Criminal Proceedings Against Former Volkswagen CEO
Facebook has shut down more than 180 fake accounts, groups, pages, and Instagram accounts that it determined to be run in China, which posted content on the U.S. presidential election and spread Beijing’s talking points on a range of topics, from the South China Sea to Hong Kong protests. The U.S. social media giant announced the takedown in a blog post published on Sept. 22, saying that these accounts were a violation of its rule against “coordinated inauthentic behavior on behalf of a foreign or government entity.” In total, 155 Facebook accounts, 11 pages, nine groups, and six Instagram accounts were shut down. The Instagram app is owned by Facebook. Nathaniel Gleicher, Facebook’s head of security policy and author of the blog post, explained that while people behind these accounts…