The Federal Bureau of Investigation has arrested a Volkswagen AG executive on charges of conspiracy to defraud the United States, the New York Times reported on Monday. Oliver Schmidt, who headed the company’s regulatory compliance office in the U.S. from 2014 to March 2015, was arrested on Saturday by federal investigators in Florida. Source Reuters
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Oil was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up to $55.62 a barrel. Source: Al Arabiya
China is expected to boast the world’s largest clean coal power system with high efficiency by 2020, the Xinhua-run Economic Information Daily reported on Wednesday.
Since 2014, the coal-fired power sector has been renovating facilities to reduce emissions and save energy. Source: China Daily
Swedish auto maker Volvo is doubling its investment in its first U.S. plant to a total of $1 billion, a bet that its nascent comeback in the U.S. market has staying power. Volvo will add a second production line to a factory under construction near Charleston, a Volvo spokesman said. Source: The Wall Street Journal