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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   

Other Latest News
Sensex plunges over 550 points, Nifty below 11,500
Posted on 19th July 2019
Mumbai: Extending losses for the second consecutive session, market benchmark BSE Sensex plunged 560 points Friday after the government thwarted hopes of a tax relief for FPIs.

Led by a sell-off in auto and banking stocks, the 30-share index cracked 560.45 points or 1.44 per cent to settle at 38,337.01. It hit an intra-day low of 38,271.35 and a high of 39,058.73, swinging 787 points. Similarly, the broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.


WhatsApp could soon change your chat experience with new voice message feature
Posted on 19th July 2019
WhatsApp is reportedly adding granular improvements to its voice message feature on iOS. Currently, when you get a notification for a voice message, you have to open the app to be able to listen to it. Unlike the texts and photos, the voice messages cannot be played from the notification shade. WhatsApp is now testing preview for voice messages in the notification panel on iOS.

Vodafone Idea picks Bank of America, Morgan Stanley for ₹130 billion fiber assets sale
Posted on 19th July 2019
Vodafone Idea Ltd. has hired Bank of America Corp. and Morgan Stanley to help sell its fiber assets as India’s largest mobile carrier by users seeks to bolster its finances, people familiar with the matter said.

The bankers will initiate discussions with potential buyers for the fiber assets, which could be valued at as much as ₹130 billion ($1.9 billion), the people said, asking not be identified as the talks are private.


Sri Lanka signs agreement with India to upgrade railway lines
Posted on 19th July 2019
Sri Lanka has signed an agreement with India to upgrade tracks in a key railway segment connecting the north and south at a cost of $ 91.26 million.

This is the first time in 100 years that the 130 km-long-tracks, running from Maho town in the North Western Province to Omanthai in the Northern Province, are being upgraded.


L&T bags ‘significant’ orders from Damodar Valley Corporation
Posted on 19th July 2019
Infrastructure company Larsen & Toubro Friday said its power business has bagged “significant” orders from Damodar Valley Corporation (DVC) to set up flue gas desulphurisation (FGD) systems in three of its power plants.

DVC’s three plants where FGD systems will be set up are Durgapur Steel Thermal Power Station (2×500 MW), Mejia Thermal Power Station (2×500 MW) and Raghunathpur Thermal Power Station (2×600 MW) – in West Bengal, Larsen & Toubro (L&T) said in a regulatory filing.


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