Nifty In Opposing Feel Again And Stock Trading Tips

Nifty In Opposing Feel Again And Stock Trading Tips

Submitted by: Kiran Kumar Reddy

Indian stocks wrecked higher on Tuesday after Finance Minister yesterday announced a fiscal shortfall target of 4.1 percent of the Gross Domestic Product, and a gross market scrounge of 5.97 trillion rupees, below market expectations. The Bombay Stock Exchange Sensex closes at 20635 were up by 171 points or rose 0.83 percent. Bse Mid cap Index ending by 0.71 percent rose and the Bse Small Cap Index were gained by 0.80 percent on today Day Intraday Trade Closes.

Sensex Major Resistance on Upside at 20732-20828-20924

Sensex Major Support on Downside at 20490-20344-20248

Trend Deciding Level at 20586

Nifty Index Major Resistance on Upside at 6164-6200-6236

Nifty Index Major Support on Downside at 6069-6010-5974

Trend Deciding Level at 6105

Major Headlines

Vote on Account 2014-15: High on intent, as expected’

ABB zooms on strong Q4, FY13 nos

GSK Pharma FY13 consolidated net profit down 14% (YoY)

[youtube]http://www.youtube.com/watch?v=IyO1WURjHLI[/youtube]

Bangladesh inks exploration deals with Oil India, ONGC

Force Motors promoter acquires 6.3 lakh shares on spot delivery basis on February 17, 2014

Kolte-Patil says signed 2 re-development projects in Mumbai

GMR Infra completes divestment of GMR Ulundurpet Expressways

Alstom India gets project worth of 25 m from NTPC

Indian Indices

The Nse Nifty Index closed in the positive note today, were up by 53 points and closes at 6127. In excess of the next couple of days it is expected to trend is down till 6000. In this period the key support will be at 6071 and resistance will be at 6150.

In the daily chart the index is trading around the Twenty-Daily moving averages (DMA) and the Forty-DMA, ie 6103 and 6136 correspondingly. The momentum pointer is trading in positive mode.

In the hourly chart, the Nse Nifty is trading above the Twenty-hourly moving average (HMA) and the Forty-HMA, ie 6071 and 6071 correspondingly, which are vital intra-day levels. The hourly impetus indicator encompass turned positive. The market duration was turned positive mode today with 817 advances and 591 declines on the National Stock Exchange.

Nifty Future Major Resistance on Upside at 6170-6201-6232

Nifty Future Major Support on Downside is at 6095-6051-6020

Trend Deciding Level at 6126

Bank Nifty Major Resistance on Upside at 10691-10809-10927

Bank Nifty Major Support on Downside at 10384-10195-10077

Trend Deciding Level is at 10502

5 Daily Moving Average @ 6066

50 Daily Moving Average @ 6188

200 Daily Moving Average @ 5979

5 Days Relative Strength Index @ 67 and 14 Days Relative Strength Index @ 50 INDICATES NIFTY PLACED IN TRADING ZONE, WITH BULLISH MOMENT.

Global Trends

Gold Trading Around 1300-1321

US Dollar Index Trading Around 81-80.01

Nymex Crude Trading Around 100-101.24

DOW Future Trading Flat on Tuesday

Bullish Global Trend Seen

Stock Trading Tips

Buy Nifty Fut January Intraday above 6160 sl 6135 Tgt 6180-6205 {Or} Sell Below 6110 sl 6135 Tgt 6090-6065

Buy Bank Nifty January Intraday above 10600 sl 10550 Tgt 10650-10700 {Or} Sell below 10500 sl 10550 Tgt 10450-10400

Amazing

Sree Padmanabha Swamy Temple in Trivandrum, Kerela, is the world s richest temple. The recent discovery of treasures worth over Rupees one lakh crore in the secret vaults of the temple that have remained unopened for centuries, has stunned the world.

Article Source: http://www.charanwings.com/blog/post/Nifty-in-Opposing-Feel-Again-and-Stock-Trading-Tips

About the Author: Mr. Kiran Kumar Reddy, Technical Analyst and Founder of Charanwings Advisory Services providing trading advisory services in Equity, Derivatives and Commodity. He provides advisory services to large number of retail as well as Institutional Investors and traders and His advisory services giving back support to various broking houses and product support in Stock Futures, Commodity Tips to Dalal Street Investment Journal (dsij.in) since May 2012. He is also having good command in elliot wave theory his articles have also been published in various financial websites and he is also contributing daily news letter on equity market, which were published in Indian notes website. He also made a guest appearance in various workshops which were conducted on stock market awareness Fore More Articles Log on to

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<div class=Anti-junta demonstrations grow in Bangkok
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Anti-junta demonstrations grow in Bangkok

Monday, June 11, 2007

Anti-junta demonstrations in Bangkok reached their largest point yet on Saturday night, when between 10,000 and 15,000 protesters marched from Sanam Luang to the Royal Thai Army headquarters to call for the resignation of Council for National Security chairman General Sonthi Boonyaratglin.

Yesterday, Sonthi, the leader of last year’s coup d’état, rejected the protesters demands, saying he would remain as chairman of the military’s governing body in the best interests of Thailand, and that he wasn’t doing the job for personal gain.

“And I doubt the motives of these people who are organizing the rallies,” Sonthi was quoted as saying by The Nation newspaper.

The demonstrations continued yesterday, albeit smaller, with crowds estimated at 3,000. The organizer is People’s Television (PTV), a satellite television station that supports ousted prime minister Thaksin Shinawatra. Organizers have vowed to continue the demonstrations until the junta gives up power.

The protest movement has grown over the past two weeks, after the junta partially lifted the ban on political activities, and since a Constitutional Tribunal ruling that dissolved the former ruling Thai Rak Thai party, which was led by Thaksin, and banned 111 of the party’s officials from politics for five years.

The government has tolerated the protests, if only just barely. Text messages were sent out by the junta to mobile-phone subscribers, asking them to stay away from the protests. Police have surrounded the demonstration venue, Sanam Luang, an open field near the Royal Palace in Bangkok, an in effort to keep the demonstration contained.

But Saturday night, the 1,000-strong riot force, using only shields and no other weapons, was unable to keep the crowd, estimated at up to 15,000, in place. “We could not repel them and that has to be fixed,” Manit Wongsomboon, commander of Metropolitan Police district 1, was quoted as saying by the Bangkok Post.

Sonthi said he did not view the situation as serious or see a need to impose a state of emergency.

“There is nothing to worry about, they [protestors] can come, but everything will be within the rule of law,” he was quoted as saying by the Thai News Agency.

General Pongthep Thetprateep, spokesman for interim Prime Minister Surayud Chulanont, said the premier agrees.

“The PM is following the situation closely. No one wants to impose a state of emergency. It is the last resort. If they do not listen and assault officials and destroy things then it may be necessary. There is a better way out right now,” Pongthep was quoted as saying by The Nation.

Surayud, the head of the military-installed government, yesterday appealed for acceptance of the Thai Rak Thai’s dissolution by the public. He said several major policies implemented by the populist government of Thaksin would continue, including a low-cost medical scheme.

“We must thank the Thai Rak Thai party for creating and implementing projects which benefit poor people, but at the same time we must accept the verdict of the Constitution Tribunal on dissolving this party because it had committed several political blunders,” Surayud said in an address on television and radio.

Surayud had harsh criticism for Thaksin.

“The rule of law came under fierce attack from the powerful, the rich and cronies. Corruption washed through our government,” Surayud said. “Even Thaksin accepted that this was the case when he told Time magazine’s readers around the world a few months ago that ‘corruption in Thailand won’t go away, it’s in the system’. What shameful words for any ex-prime minister of our country to say, especially one who had promised to wage a war against corruption.

“I would like to ask you this: Do we want to allow those people with ill intentions to steal our nation’s wealth day-by-day? I don’t think we do.”

At the Sanam Luang rally on Saturday night, former senator Kraisak Choonhaven was attacked by around 70 demonstrators.

“You are not on our side. Go away,” one of the demonstrators shouted at Kraisak, according to a report in today’s Bangkok Post, which also published photos of the attack, showing one demonstrator launching a flying kick at the senator as he was rushed away by aides. The senator, a critic of ousted premier Thaksin, received some bruises.

“This is the rudest demonstration I’ve ever seen,” Kraisak was quoted as saying at a press conference by the Post. “Crowd control police had to exercise extreme patience in dealing with such a misbehaved mob.”

A new constitution, which the Constitutional Drafting Assembly began debating today, is being drawn up. One of the provisions of the draft charter is that once it is enacted, the Council for National Security will be no more.

The drafting assembly, which has been fractious, must approve or reject the draft in 25 days. If the draft is approved, a national referendum, scheduled to be held in mid-August, will be held. If the draft is rejected, the Council for National Security could choose a an old constitution. Most likely, that would be an amended form of the 1997 “people’s constitution,” a military spokesman was quoted as saying on Radio Thailand by the Bangkok Post.

Among the controversial points in the draft charter, is a provision to make Buddhism the state religion, a move that critics say could further galvanize Muslim insurgents in southern Thailand.

The drafting body disagreed on motions about Buddhism and the creation of a national crisis council, and the motions were dropped.

As the constitutional assembly begins, a hunger strike is taking place by Buddhist monks outside Parliament House.

The Constitutional Drafting Assembly chairman, Noranit Sethabutr, told the Thai News Agency that the body “would have to find the best and most peaceful way to push through the draft.”

In the wake of the dissolution of the Thai Rak Thai, a new anti-junta party has formed, with around 60 former Thai Rak Thai lawmakers as leaders.

The movement has been referred to by various names, including Khon Rak Thaksin Mai Oaw Padejkarn (Supporters of Thaksin Against Dictatorship) or literally, “Love Thaksin, No Dictatorship,” or simply, Democratic Alliance Against Dictatorship.

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<div class=CanadaVOTES: Christian Heritage Party leader Ron Gray running in Langley
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CanadaVOTES: Christian Heritage Party leader Ron Gray running in Langley

Friday, September 19, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. Christian Heritage Party candidate Ron Gray is standing for election in the riding of Langley.

Wikinews contacted Ron Gray, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

Mr. Gray has been leader of the Christian Heritage Party since 1995. He first ran for office in 1988.

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Repairs To Your Sump Pump In Naperville Il

Repairs To Your Sump Pump In Naperville Il

byadmin

Many people suddenly wake up to the smell of waste water in the basement and discover that they need to call a plumber for sump pump repair in Naperville IL. The stench and waste water mean that you may have to find an emergency plumber to have an entire sump pump installation done. Not many people know about the importance of the sump pump in Naperville IL, where it can be found in the home and what to do when it stops working.

Sump Pump Naperville IL Facts From An Emergency Plumber

When you’re buying a new home, the plumbing is one of the aspects that you need to take into consideration. This is quite hard because most of it is hidden behind the walls and underground, but if you do get the chance to have a real search round the house, then head to the basement to have a look at the sump pump: One of the most important plumbing parts you ever need.

[youtube]http://www.youtube.com/watch?v=PPc1nvSytkA[/youtube]

* A sump pump in Naperville IL plays a vital role and is used in most homes to pump away water that has built up in the water accumulation sump pit.

* Mostly located in the basement of the home which is the lowest part of the home. The reason for this is that water, and plumping follows the basic laws of gravity.

* Water flows down, so having a sump collection pit and a sump pump in your basement is vital to the smooth running of your entire plumbing system.

* Water enters the collection pit via the natural ground water in the area, when it rains or from the basement drains funneling into the sump collection pit.

* Sump pumps are designed to get the waste water out of your home and into the city and municipal drainage system where it belongs.

What Happens When It All Goes Wrong With Your Sump Pump in Naperville IL?

Plumbing systems can be fickle, and you just never know when they’ll decide to stop working. With much of the plumbing hidden from view, the first sign that there might be a problem is when you step out of bed and into a foot of water. Having a plumber for the repair of your sump pump in Naperville IL is essential and could save you time and money.

Your plumber for repair and installation of a sump pump in Naperville IL is there to make sure that you don’t have to worry about things like your sump pump installation or any aspect of your home plumbing. As your home ages, natural wear and tear become a part of your home maintenance budget and having your sump pump checked regularly and replaced when need be, can save you the huge expense of having your basement flooded and repairs done to the foundations of your home.

Plumbers to handle the repair and installation of your sump pump Naperville are there for instant repair work and long term replacement and installation of all plumbing components. Call thegreatestplumber.com to have your sump pump checked.

<div class=UN calls on international community to increase aid for Iraqi refugees
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UN calls on international community to increase aid for Iraqi refugees

Sunday, July 8, 2007

The United Nations High Commissioner for Refugees (UNHCR) called on the international community to increase aid and assistance to the two countries shouldering the bulk of displaced Iraqis. Syria and Jordan have received the largest number of Iraqi refugees and are having difficulty coping with the numbers.

The appeal was made by UNHCR spokesman Ron Redmond at a press conference on Friday at the Palais des Nations in Geneva, Switzerland. He criticized governments for earlier expressing concern and pledging support for the refugees but not following through on promises. “Syria and Jordan have still received next to nothing in bilateral help from the world community,” said Redmond.

There are an estimated 2 million Iraqi refugees total in Syria and Jordan with the numbers increasing daily. Each day, Syria receives approximately 2,000 Iraqis and, of those, about 1,000 will stay for an extended time. There are a further 2 million displaced Iraqis who move and settle in safer areas within Iraq.

The large numbers of refugees is putting pressure on the infrastructure of the host countries, resulting in difficult living conditions for the inhabitants. Ron Redmond acknowledges that some US$70 million in donations have been received by the UNHCR, and a further $10 million promised since the Iraq displacement conference in April, 2007. He points out, however, that much more is required. “We stressed then and we say it again, donors must provide direct bilateral support to these host countries whose schools, hospitals, public services and infrastructure are seriously overstretched because of the presence of millions of Iraqis they have so generously welcomed,” said Redmond.

It is unconscionable that generous host countries be left on their own to deal with such a huge crisis. We strongly urge governments to step forward now to support them in dealing with this situation…

Schools are particularly difficult to set up and staff in a refugee situation. Syria has currently hundreds of thousands of Iraqi refugee children, but only has resources for 32,000 students. Syria offers free access to public schools for refugees, but doesn’t have the infrastructure to cope. Some 14,000 Iraqi refugee children in Jordan attend school, out of the possible 250,000. The refugee children in Jordan don’t have access to public schools and instead go to private schools. UNHCR is partnering with UNICEF to provide 150,000 classroom spots in Syria, Jordan and Lebanon, but the coordination of the required resources, such as buildings, teachers, and school supplies is proving difficult.

Health issues for the refugees is also a concern. UNHCR has set up three primary care medical facilities in Syria, with two more in the works. But approximately 10,000 Iraqis per month require a doctor’s attention, 3,000 of which require serious medical treatment.

Refugee situation in numbers
  • 2,000,000 in Jordan and Syria
  • 2,000,000 internally displaced
  • 750 in the United States
  • 14,000 out of 250,000 children in Jordan attend school

“It is unconscionable that generous host countries be left on their own to deal with such a huge crisis,” said Ron Redmond at the press conference. “We strongly urge governments to step forward now to support them in dealing with this situation and renew our call for international solidarity and burden sharing.”

The president of Refugees International, Ken Bacon, agrees that a more comprehensive approach to the situation is required and believes that it would be good investment for the United States to increase its aid to the region. “The United States ought to be pumping money into Jordan and Syria,” Bacon suggests. He feels that the sheer numbers of refugees can have a destabilizing influence in the Middle East. However, the complicated diplomatic relationship between the U.S. and Syria has resulted in slow progress, according to Bacon, as bilateral discussions have not taken place and the UN is forced to mediate.

Both Jordan and Syria have put in place new entry and residency conditions, which has resulted in thousands of refugees being stranded on Iraq’s borders. Families have been separated based on a person’s age and type of passport held. Jordan and Syria have not signed on to the UN Convention Relating to the Status of Refugees.

The non-governmental organization Human Rights Watch has been critical of Jordan and Syria on their policy of returning refugees, saying they “are violating on a daily basis the most fundamental principle of refugee protection – nonrefoulement, which prohibits the return of refugees to persecution or serious harm.”

To gain access to Jordan, Iraqi refugees must be over 40 or under 20, and must prove they have sufficient funds to support themselves in the country. They must also be in possession of a new generation passport.

Nasser Hikmat Jaafar drove 900 km from Baghdad with his family to reach Jordan in mid-June, 2007. Half of his family was refused entry to Jordan. “They allowed entry just for my wife and two daughters and denied me and my three sons. They didn’t tell us the reasons, but just said they are fed up with men of such ages [between 20 and 40 years old],” said Jaafar. He changed plans and traveled with all his family to the Syrian border, a distance of approximately 500 km from Iraq’s Jordanian border.

Syria has less restrictions on gaining entry, but has imposed residency conditions. Refugees can only stay up to three months and must then leave Syria and re-enter to be eligible to stay for another period.

The United States government has a program set up for Iraqi asylum seekers in Jordan who meet specific criteria. If they meet the requirements, listed below, they may be eligible for resettlement under the United States Refugee Admissions Program (USRAP).

Interested asylum seekers are encouraged to apply directly with the U.S. Overseas Processing Entity (OPE) in Amman, Jordan, which is operated by the International Organization for Migration (IOM). Individual Iraqis and their immediate family that meet one of the conditions below may seek access through the direct program:

  • Individuals who worked on a full-time basis as interpreters/translators for the U.S. Government or Multi-National Forces (MNF-I);
  • Locally Employed Staff (LES) engaged by the U.S. Government under the authority of the Chief of Mission or the Coalition Provisional Authority (CPA); or
  • Surviving immediate family members of interpreters/translators or LES.

According to the U.S. government information on the process, those individuals initiating a case with the OPE will not be guaranteed an interview for resettlement in the United States. Applicants would be screened for eligibility as per the requirements listed above and are subject to approval.

In a February 14, 2007 press briefing, U.S. Under Secretary for Democracy and Global Affairs Paula J. Dobriansky addressed the Iraq refugee crisis. “Our key immediate objectives are to assist internally displaced Iraqis and Iraqi refugees by building up the capacities of UN agencies and NGOs,” said Dobriansky. “This includes increasing opportunities for permanent resettlement for the most vulnerable Iraqis, to establish specialized programs to assist Iraqis who are at risk because of their employment or close association with the United States Government, to work diplomatically with regional governments through bilateral and multilateral channels to uphold the principle of first asylum,” she continued.

In the February press briefing, the U.S. committed to receive 7,000 Iraqi refugees by fiscal year end, September 30, but clarified that perhaps only half that number would be “travel-ready” subsequent to the interview process as described above. The U.S. could accommodate 20,000 to 30,000 Iraqi refugees per year without difficulty, according to Ken Bacon of Refugees International.

To date, the U.S. has allowed 750 Iraqi refugees into the country.

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<div class=Basketball: Djordjevic’s farewell game to be played July 3
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Basketball: Djordjevic’s farewell game to be played July 3

Friday, June 24, 2005

Popular Serbian basketball player Aleksandar “Sasha” Djordjevic will play his last game in Belgrade on July 3. More then 60 players and coaches who worked with Djordjevic throughout his career will attend the game, and all ticket proceedings will go to the UNICEF “School without violence” program.

Djordjevic played in the Yugoslavian, Italian, Spanish and NBA leagues, as well as for the Yugoslavian national team. The 38 year-old won two European Championships and one World Championship. He is retireing as a player of Armani Jeans Milano and an MVP of the Lega A Basket.

“Everything hurts: my shoulder, elbow and joint. Everything ends, and so does a basketball career. They still have to invent medicines that would ease this pain,” said Djordjevic.

Croatian basketball player Dino Radja decided not to come to Belgrade. He told Djordjevic that he doesn’t want any booing, which would ruin the farewell game.

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<div class=State of emergency declared in New York over H1N1 swine flu virus
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State of emergency declared in New York over H1N1 swine flu virus

Thursday, October 29, 2009

According to US health officials, New York state governor David Paterson has declared a state of emergency in the state as a result of the H1N1 swine flu outbreak.

The Associated Press news agency reports that the six-page declaration was issued because at least 75 people have died of H1N1 related illnesses in New York since April. Three have died from H1N1 related illnesses just this past week. The declaration also says that human cases of the virus are on the rise.

Paterson says he issued the declaration because “a disaster has occurred throughout New York State, for which the affected local governments are unable to respond adequately.”

The declaration will allow health officials more access to the H1N1 vaccine and the seasonal flu shot. It will also allow for an increase in the number of vaccine doses available in the state and will allow more health care facilities to administer the vaccine, including dentists and pharmacists. Schools with health centers will also be allowed to administer both vaccines.

Despite the declaration, officials stressed that there is no reason to worry. A spokeswoman for the New York State Department of Health, Claire Pospisil, said that “it [the declaration] helps us to be more prepared.”

The order came shortly after US president Barack Obama declared a national emergency last Saturday, a response to the spreading of the virus, which has now been circulated in 46 states.

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Dow Jones Cheers Jobs Data

Dow Jones Cheers Jobs Data

Submitted by: Trader J Howell

There may be a deal coming through in a week between the Republican president and the United States President Obama. This is helping the markets to be in the positive territory. John Canally, investment strategist and economist at LPL Financial said, “Everybody is paying close attention to the soap opera in Washington.

Yesterday was a good day. But we’ll probably have a lot of bad days before we’re through.” He feels that there may be rough days coming forward as there is this Fiscal cliff worry and tensions President Obama and the Republican President.

Technical Analysis:

The index remained flat today with a positive bias; Dow Jones rising by around 0.3 percent. This whole week has seen choppy moves by the index and that s quite disturbing. Anyways, the index is above the important psychological mark of 13000 and there is something to cheer for the investors.

[youtube]http://www.youtube.com/watch?v=eqTpi9-oQOg[/youtube]

The Dow Jones closed at 13074 yesterday and it is slowly inching towards the important resistance level of 13500. Once, that level breaks, it becomes easier for the Dow Jones to break that mark of or all time high of 14000. Unemployment data, too, fell sharply indicating that the economy is in a bad position.

But, that has partly to do with the hurricane Sandy, which came in last month. Because of that, most people were not able to apply for unemployment benefits. Applications for unemployment in the United States dropped to 25000 this week.

Important stocks to watch out for:

Netflix is in the news today after the SEC issued notices to the video board of the company and its CEO, Hastings. This note is regarding the company violating Regulation Fair Disclosure. Meanwhile, Hastings said, “We remain optimistic this can be cleared up quickly through the SEC’s review process.”

Honda said that it has crossed the one million mark in production of its cars yesterday. The North American plants of Honda will be able to make around 1.63 million vehicles per year and the Honda says that it will raise that figure to around 1.92 million per year by the year 2014. Because of the strong Yen, Honda s selling in Japan is not as much as it does in America.

Sirius satellite radio is also in the news today after the company announced a special dividend which is 5 cents a share and a stock repurchase scheme of $2 billion. Most of the money will go in to Liberty media, which has been the company s largest shareholder. The company was trading flat at $2.80 last time, we checked.

Forecast:

The index is slowly inching up towards the important resistance levels of 13500 and then, 14000. Meanwhile, on the down side, there is quite a strong support at that 12500 mark and that will act as a cushion for the markets going forward.

We need to watch out for the comments by the President in the next week about him clearing the deal about the Fiscal cliff. The markets traded in a narrow range this week due to that worry.

About the Author: Grab you free Interview with a trader who turned $5000 into 3 million in just 5 years –

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<div class=Volkswagen emissions scandal may affect thousands more cars
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Volkswagen emissions scandal may affect thousands more cars

Wednesday, November 4, 2015

The Volkswagen emissions scandal continued yesterday with the company announcing 800,000 mainly diesel vehicles may also be affected by carbon dioxide emissions problems.

The company stated “the safety of the vehicles is in no way compromised”. They estimated potentially this could cost them €2bn on top of the €6.7bn set aside to pay for the cost of correcting 11 million cars affected when the scandal broke, in addition to fines by regulators.

the safety of the vehicles is in no way compromised

This follows Monday’s revelation that the emissions scandal has affected up to 10,000 vehicles sold in the USA by brands in the Volkswagen group, although the company refutes the allegation. The United States Environmental Protection Agency (EPA), the regulatory body which has been investigating Volkswagen, claims the company fitted a number of recent Audi, Porsche, and Volkswagen models with technology that initiates secret components during emission tests to ensure the results are favourable.

The scandal began with damaging revelations that the car manufacturer has been using illegal software to enable diesel cars to cheat on mandatory emissions tests. This lead to a public apology on September 20 by then-chief executive Martin Winterkorn and the promise of an outside inquiry. He then resigned on September 23, and was replaced by Matthias Müller. The new allegation about Porsche is of particular concern for Müller, because he had previously been in charge of Porsche.

The company is expected to foot the bill for the recall of close to 500,000 VW and Audi cars affected at the time. There is also the possibility of Volkswagen having to pay federal fines of up to US$18 billion dollars because the US Clean Air Act sets a maximum fine of US$37,500 for each vehicle that contravenes the requirements of the Act.

An investigation into alleged breaches of environmental law was originally initiated on the advice of the International Council on Clean Transportation, a European non-governmental organisation. The EPA requested tests be carried out by West Virginia University, where the secret software was discovered.

The software, known as a “defeat device”, enabled cars to identify when they were being tested and to switch on the emission control system. The devices may have been adding urea to the car exhaust because that would reduce the amount of nitrogen dioxide. The car would release a fraction of the nitrogen oxide compared to when they were being driven normally. Emissions of nitrogen oxide contribute to smog and are thought to have caused a rise in respiratory illnesses like asthma.

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<div class=Australian Parliament hears reply to Budget
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Australian Parliament hears reply to Budget

Thursday, May 11, 2006

The Australian House of Representatives heard the traditional right-of-reply to the Budget released May 9, from the Australian Labor Party, led by Kim Beazley (Labor, Brand), plus Budget replies from minor parties in the Australian Senate.

While the Budget is politically popular, having as one of its main features significant tax reform, Beazley focused on the omissions in the Budget, such as the failure to address a skills shortage.

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