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Volvo recalls over 200,000 cars to fix fuel leak issue
Posted on 23rd January 2019
Stockholm: Volvo Cars, which is owned by China's Zhejiang Geely Holding Group, is voluntarily recalling about 200,000 cars after it found an engineering issue that could potentially cause fuel leakage in the engine compartment over time.

The group said its probe had identified that some vehicles may have small cracks inside one of the fuel lines in the engine compartment, which along with a pressurised fuel system may over time lead to fuel leakage in the engine compartment.

About 219,000 cars of 11 different models produced in 2015 and 2016 had been affected, the Swedish company said, with the highest number of impacted cars in Sweden, the UK and Germany. The Swedish recall was first reported by daily Aftonbladet.

Volvo sold 503,127 cars in 2015 and 534,332 cars in 2016.

"There are no reports alleging injuries or damages related to this issue. Volvo preventatively recalls the cars to avert any possible future problems," Volvo said in its statement.

The company's fortunes have been revived since Geely bought it in 2010 and its popular new premium models now compete with larger rivals Daimler and Volkswagen. It sold a record 642,253 cars in 2018.

However, a prolonged U.S.-China trade war has inflated raw materials costs and resulted in a slowdown in Chinese demand for cars. That has forced Volvo to spend to retool its global factories to limit the negative tariff impact and led it to postpone its plans to go public indefinitely.

This month, Geely Automobile, the main listed unit of the Geely empire which owns Volvo, forecast flat sales this year, as China's most successful carmaker struggles with slowing economic growth and more cautious consumers.

A Volvo spokesman declined to comment on Wednesday on the cost of the latest recall.

The company made its largest recall ever in 2004, when it called back 460,000 cars to fix wiring in an electronic control module for the cars' main cooling fan.

Related Companies: Volvo India   

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3 Indians join Manika in singles main draw ITTF World C'ships
Posted on 23rd April 2019
Three Indian women paddlers on Monday qualified for the main draw of ITTF World Championships on the second day of the competition at Budapest.

Suthirta Mukherjee, Madhurika Patkar and Archana Kamath have joined Manika Batra in the main draw of women's singles, while Anthony Amalraj and Manav Thakkar are just a match away from making the cut in the men's singles.


DoT floats draft proposal on 4G spectrum to BSNL, MTNL
Posted on 23rd April 2019
New Delhi: The Department of Telecom is learnt to have circulated a draft cabinet note for the allocation of 4G spectrum to BSNL and MTNL and implementation of a voluntary retirement scheme at the two loss-making telecom PSUs.

The department has sought comments of the key ministries on the proposals, an official source told PTI.


GST rate cuts now benefitting consumers more than before: Survey
Posted on 23rd April 2019
New Delhi: Consumers are of the view that they are benefitting from the Goods and Services Tax (GST) rate cuts now more than before as businesses and traders increasingly lower prices to the extent of the reduced tax rates, an online survey of 16,000 people has found.

The survey held by online community of consumers Local Circles has shown a steady improvement in customer experience between June 2018 and April 2019 on getting the benefit of tax cuts intended for them.


Banking on banks: Air India SPV seeks to lower debt burden
Posted on 23rd April 2019
Since the Rs 29,464-crore Air India working-capital debt taken over by it is backed by a sovereign guarantee, the Centre’s special purpose vehicle Air India Assets Holding (AIAHL) is set to ask banks to cut interest rate on bulk of the loan to about 8.5% from 10.5-11% now.

The shifting of this debt to AIAHAL from the carrier was one of the steps taken to make the airline attractive to potential buyers.


SECI extends deadline for 3,000 MW solar tender
Posted on 23rd April 2019
The Solar Energy Corporation of India (SECI) has extended the deadline for receiving bids for the government’s manufacturing-linked solar scheme to May 14. This is the third time the SECI has extended the date – original deadline was March 18, 2019. The scheme seeks to set up 3 gigawatt (GW) of solar plants against 1.5 GW of manufacturing units.

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