“Volkswagen has chosen to wipe out PSA,” said a source in President Hollande’s entourage. PSA Peugeot Citroën, Europe’s second largest automaker, is teetering. Volkswagen Group, Europe’s largest automaker, is an invincible giant—that wants to reduce overcapacity in Europe “on the backs of the French,” the source said. Hence a secret plan, a desperate, misbegotten, and taxpayer-funded deal.
Monthly Archives: January 2013
Corruption At “Decontaminating” Radioactive Towns In Japan
by Wolf Richter • • Comments Off on Corruption At “Decontaminating” Radioactive Towns In Japan
On Friday, the mayor of Futaba, a ghost town of once upon a time 7,000 souls near Fukushima No. 1, told his staff that evacuees might not be able to return for 30 years. Or never, for the older generation. He spoke in Kazo, Saitama Prefecture, where the town’s government has settled. It was the first estimate of a timeframe. But it all depends on successful decontamination. And that has turned into a vicious corruption scandal.
Argentina’s Bonds, Defaults, and Vultures
by Bianca Fernet • • Comments Off on Argentina’s Bonds, Defaults, and Vultures
As Cars Burn In France, The Industry Of Hope Booms
by Wolf Richter • • Comments Off on As Cars Burn In France, The Industry Of Hope Booms
New Year’s Eve is the main event: 1,193 vehicles were set on fire. But it’s a year-round passion, with over 40,000 vehicles going up in smoke. A tradition no one has the balls to explain. In a country whose unemployment is climbing with incessant brutality, and whose automakers are bogged down with uncompetitive products in a morose market. But there’s an industry that is booming. The lottery.