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Dieselgate trial gets underway at High Court![\"Gwyn](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2025\/10\/Gwyn_Topham,_L.png\")
Gwyn Topham<\/p>\n
Before we go:<\/p>\n
Car manufacturers decided they would rather cheat to prioritise \u201ccustomer convenience\u201d and sell cars than comply with the law on deadly pollutants, the first trial day of the largest group action in English legal history has been told.<\/p>\n
More than a decade after the original \u201cdieselgate\u201d scandal broke, lawyers representing 1.6 million diesel car owners in the UK argue that manufacturers deliberately installed software to rig emissions tests<\/a>.<\/p>\n They allege the \u201cprohibited defeat devices\u201d could detect when the cars were under test conditions and ensure that harmful NOx emissions were kept within legal limits, duping regulators and drivers.<\/p>\n Should the claim be upheld, estimated damages could exceed \u00a36bn. The three-month hearing that opened at London\u2019s high court on Monday will focus on vehicles sold by five manufacturers – Mercedes, Ford, Renault, Nissan and Peugeot\/Citroen – from 2009. In \u201creal-world\u201d conditions, when driven on the road, lawyers argue, the cars produced much higher levels of emissions.<\/p>\n The judgment on the five lead defendants will also bind other manufacturers including Jaguar Land Rover, Vauxhall\/Opel, Volkswagen\/Porsche, BMW, FCA\/Suzuki, Volvo, Hyundai-Kia, Toyota and Mazda, whose cases are not being heard to reduce the case time and costs.<\/p>\n Lawyers for the defendants will make opening statements later this week. The car manufacturers deny having used prohibited defeat devices.<\/p>\n Share<\/a><\/p>\n Updated at\u00a010.44 EDT<\/p>\n Closing summary<\/p>\n On Wall Street, stocks have extended gains, with the tech-heavy Nasdaq rising by 2%, reversing some of Friday\u2019s heavy losses, when it closed 3.6% lower. Investor\u2019s fears over the US-China tariff war (which triggered the sell-off) have subsided somewhat, after Donald Trump adopted a more conciliatory tone on Sunday.<\/p>\n European markets have staged small gains, while Asian stocks tumbled overnight.<\/p>\n The global financial system is vulnerable to shocks amid a recent surge in the price of shares and other assets, Bank of England governor Andrew Bailey has warned.<\/p>\n Our other main stories:<\/p>\n Thank you for reading. We\u2019ll be back tomorrow. Take care \u2013 JK<\/p>\n Share<\/a>Greenpeace threatens to sue crown estate for driving up cost of offshore wind<\/p>\n Greenpeace is threatening to sue King Charles\u2019s property management company, accusing it of exploiting its monopoly ownership of the seabed.<\/p>\n The environmental lobby group alleges the crown estate has driven up costs for wind power developers and boosted its own profits, as well as the royal household\u2019s income, due to the \u201caggressive\u201d way it auctions seabed rights.<\/p>\n The crown estate, as the legal owner of the seabed around England, Wales and Northern Ireland, is responsible for auctioning offshore wind rights. It has benefited from the huge growth in the industry, commanding hefty option fees from renewable energy developers to secure areas of the seabed to build their windfarms.<\/p>\n It made a \u00a31.1bn profit in its financial year ended in March<\/a>, double its level just two years ago.<\/p>\n Will McCallum, co-executive director at Greenpeace UK, said the estate should be \u201cmanaging the seabed in the interest of the nation and the common good, not as an asset to be milked for profit and outrageous bonuses\u201d.<\/p>\n We should leave no stone unturned in looking for solutions to lower energy bills that are causing misery to millions of households.<\/p>\n Given how crucial affordable bills and clean energy are to the government\u2019s agenda, the chancellor should use her powers of direction to ask for an independent review of how these auctions are run. If the problem isn\u2019t fixed before the next round, we may need to let a court decide whether or not what\u2019s happening is lawful.<\/p>\n Share<\/a>Dutch government says decision to take control of chipmaker ‘exceptional’ The Dutch government has said its decision to take control of a local chip manufacturer amid concerns about possible transfer of technology to its parent company in China<\/a> was \u201cexceptional\u201d and did not come at the request of the US government.<\/p>\n The Dutch Ministry of Economic Affairs said its intervention in Nexperia was due to \u201cacute signals of serious administrative shortcomings and actions\u201d at the company.<\/p>\n It invoked never-before-used powers under a Dutch law known as the \u201cAvailability of Goods Act\u201d which does not give it ownership but gives it the power to reverse or block management decisions it considers harmful.<\/p>\n The move prompted a 10% fall in Wingtech\u2019s shares in Shanghai on Monday, and the firm said in a statement it was consulting with lawyers and seeking government support to \u201cprotect the legitimate rights and interests of the company.\u201d<\/p>\n Wingtech said in a stock exchange filing that its control over Nexperia will be temporarily restricted due to the Dutch order and court rulings, affecting decision making and operational efficiency.<\/p>\n Nexperia\u2019s Chinese chairman Zhang Xuezheng was suspended from Nexperia\u2019s boards by an Amsterdam court order on 6 October, and an independent non-Chinese person with a \u201cdeciding vote\u201d would be appointed in his place, Wingtech said.<\/p>\n Wingtech bought the firm, previously as subsidiary of Dutch giant Philips, in 2018.<\/p>\n It was placed on a list of potential national security concerns in the US last year but at the time it said it would comply with US rules arguing its Dutch operations were kept at arm\u2019s length from Wingtech in Shanghai.<\/p>\n Share<\/a>Wall Street rallies at the open<\/p>\n Wall Street has rallied at the open, after Friday\u2019s heavy sell-off, as fears over a new trade war between the US and China<\/a> eased.<\/p>\n The Dow Jones rose by 1%, the S&P 500 climbed by 1.2% and the Nasdaq jumped by 1.7% at the opening bell in New York.<\/p>\n With nearly a month to go before the deadline for the US and China to reach a deal in their trade war, goodwill between the two countries appears to have been swept off the table in recent days. China announced last week that it was once again restricting the export of critical minerals<\/a>, prompting the US president, Donald Trump, to announce tariffs of 100%<\/a> on US-bound Chinese exports. He then softened his language towards Beijing in a social media post on Sunday.<\/p>\n Share<\/a>Global financial system vulnerable to shocks amid recent market surge, Bank of England chief warns<\/p>\n The global financial system is vulnerable to shocks amid a recent surge in the price of shares and other assets, Bank of England governor Andrew Bailey has warned.<\/p>\n Bailey, chairman of the Financial Stability Board (FSB), the fiscal risk watchdog for the G20 group of nations, urged greater multilateral co-operation between nations to help support global financial systems.<\/p>\n In a letter to G20 ministers, he said that increased debt levels and a failure to fully implement agreed financial reforms would lead to increased vulnerability.<\/p>\n Bailey cautioned that there could be a \u201cdisorderly adjustment\u201d, i.e. a slump in asset prices from recent highs.<\/p>\n While most jurisdictions have seen a rebound in financial markets in recent months, valuations could now be at odds with the uncertain outlook, leaving markets susceptible to a disorderly adjustment.<\/p>\n His warning comes after Wall Street stocks fell at their fastest rate for six months following a strong period of increases. On Friday, stocks sold off after Donald Trump threatened new US tariffs on Chinese imports.<\/p>\n Jamie Dimon, the boss of JP Morgan, is among those who have warned that there is a significant risk of a slump in stock valuations in the next six months to two years. The chance of the US stock market crashing is far greater than many financiers believe, the head of America\u2019s largest bank said last week.<\/p>\n Ahead of the latest International Monetary Fund (IMF) meeting in Washington and the release of its global outlook, Bailey said reforms by the FSB are key to ensuring continued financial stability.<\/p>\n The reforms put in place by the FSB and other standard-setting bodies since 2009 have helped contain the fallout from more recent crises, including the Covid-19 pandemic, Russia\u2019s illegal full-scale invasion of Ukraine and the swift resolution of the 2023 banking turmoil.<\/p>\n The need for such global standards and co-operation is as clear today as it was 15 years ago – not just to prevent crises but because, ultimately, a resilient system allows for the efficient allocation of capital and supports G20 member economies in boosting growth.<\/p>\n Share<\/a>Trio win Nobel economics prize for work on technology-driven growth<\/p>\n Our top story: Three experts in the power of technology to drive economic growth have been awarded this year\u2019s Nobel prize in economics.<\/p>\n Joel Mokyr of Northwestern University secured half of the 11m Swedish kronor (\u00a3867,000) prize, with the rest split between two other academics: Philippe Aghion of the Coll\u00e8ge de France, Insead business school and the London School of Economics; and Peter Howitt of Brown University.<\/p>\n Announcing the prize against a backdrop of rapid development in artificial intelligence and fierce debate over its impact on society and living standards, the Royal Swedish Academy of Sciences said the trio had pioneered the explanation of \u201cinnovation-driven economic growth\u201d.<\/p>\n The award came as countries worldwide push to turn around years of lacklustre economic growth since the 2008 financial crisis, amid concerns over a slowdown in productivity gains, sluggish progress on raising living standards, and mounting political tensions.<\/p>\n Aghion, a French economist, warned that \u201cdark clouds\u201d were gathering amid increasing barriers to trade and openness fuelled by Donald Trump\u2019s trade wars. He also said innovation in green industries, and blocking the rise of giant tech monopolies would be vital to stronger growth in future.<\/p>\n \u201cI\u2019m not welcoming the protectionist wave in the US, and that\u2019s not good for world growth and innovation,\u201d he said.<\/p>\n Share<\/a><\/p>\n Here\u2019s some reaction to the Nobel economics prize.<\/p>\n Brian Albrecht, chief economist at the International Centre for Law & Economics<\/a>, said:<\/p>\n \ud83d\udea8 2025 Nobel Prize in Economics goes to Mokyr, Aghion and Howitt \ud83d\udea8<\/p>\n “for having explained innovation-driven economic growht”<\/p>\n The best prize in years! pic.twitter.com\/BNiw5VOq8N<\/a><\/p>\n \u2014 Brian Albrecht (@BrianCAlbrecht) October 13, 2025<\/a><\/p>\n Jostein Hauge, political economist and assistant professor at Cambridge University, said:<\/p>\n This year\u2019s Nobel Prize in Economics is a farce.<\/p>\n There\u2019s an entire field of innovation studies \u2014 building on Schumpeter\u2019s insights \u2014 that *actually* explains innovation-driven economic growth.<\/p>\n This field is full of brilliant economists. But apparently, they\u2019re considered too\u2026 https:\/\/t.co\/btd808RFXg<\/a><\/p>\n \u2014 Jostein Hauge (@haugejostein) October 13, 2025<\/a><\/p>\n The Rockwool Foundation in Berlin said:<\/p>\n We sincerely congratulate Philippe Aghion, Peter Howitt & Joel Mokyr on winning this year\u2019s #NobelPrize<\/a> in Economic Sciences! \u2014 ROCKWOOL Foundation Berlin (@RF_Berlin) October 13, 2025<\/a><\/p>\n Share<\/a>Lunchtime summary<\/p>\n Wall Street futures are pointing to a higher open, with the Dow Jones seen rising by 0.9%, the S&P 500 by 1.3% and the Nasdaq by 1.8%, as concerns over the US-China trade spat have eased, with Donald Trump softening his language towards Bejing yesterday. He is of course in Israel now, addressing the Knesset<\/a> at the moment, where he declared the end of the \u201cage of terror and death\u201d.<\/p>\n The German, French, Italian and Spanish stock markets have increased by between 0.3% and 0.5%, while the FTSE 100 index has dipped slightly. In Asia, shares tumbled on concerns over trade tensions.<\/p>\n Here\u2019s our full story on the markets:<\/p>\n Lloyds Bank has put aside an extra \u00a3800m to deal with possible compensation claims over the motor finance scandal, with its total provision rising to almost \u00a32bn.<\/p>\n Our other stories today:<\/p>\n Share<\/a><\/p>\n Updated at\u00a007.59 EDT<\/p>\n Turning to AI, Aghion was optimistic that it would help boost economic growth, and that it will ultimately be positive for employment, despite fears of massive job losses.<\/p>\n AI has a big growth potential because AI automates tasks, both in the production of goods and services and in the production of ideas.<\/p>\n The problem is to harness this potential\u2026 If we don\u2019t have appropriate competition policy, we will inhibit the growth potential.<\/p>\n Of course, there is a big fear that AI will destroy a lot of jobs, but that\u2019s why it\u2019s important to have a good education system because at school we learn to learn\u2026 We should emulate Sweden and Denmark on that front.<\/p>\n When you have a revolution like AI, there is the fear of unemployment, it\u2019s true that machines substitute for humans, but on the other hand, it allows you to become much more productive, and therefore it increases the world market demand for your products, and that allows you to increase employment.<\/p>\n Share<\/a><\/p>\n Aghion said he would use his quarter share of the prize money \u2013 a total of 11 million Swedish kronor \u2013 to fund projects at his research lab at the Coll\u00e8ge de France, where he and his team of younger researchers look at growth and artificial intelligence, green growth and R&D policy.<\/p>\n He said:<\/p>\n Tariff barriers, those things are obstacles to growth, because you need a big market to grow more. A bigger market means more grants for innovators, more possibilities to exchange ideas, you can transfer technologies, it means more competition. So openness is a driver of growth. Anything that gets in the way of openness is an obstacle to growth. So I see dark clouds currently accumulating, pushing for barriers to trade and openness.<\/p>\n He then addressed green growth and AI.<\/p>\n Okay, so that\u2019s one thing. The other, of course, concern is green growth \u2013 we want to reconcile growth with the environment. So how can we make sure that we will innovate greener? Firms do not spontaneously innovate green.<\/p>\n If they are used to innovating in dirty technologies, they will continue to innovate in dirty technologies. How can you redirect technical progress towards green carbon price, carbon tax, green industrial policy; how should we design these policies?<\/p>\n So that\u2019s a fantastic challenge in front of us, and AI has fantastic growth potential, but we know that with inappropriate competition policy, the same as with IT can happen. Some superstar firms may end up dominating everything and inhibiting potential entry of new innovators. So how can we make sure that today\u2019s innovators will not stifle future entry and future innovation?<\/p>\n Share<\/a><\/p>\n Updated at\u00a006.51 EDT<\/p>\n Nobel prize winner: US tariffs ‘not good for world growth and innovation’<\/p>\n The committee phoned professor Philippe Aghion, who said that it was \u201cquite a surprise\u201d and he was \u201cstill speechless\u201d. \u201cI did not expect it at all.\u201d<\/p>\n He was asked about about trade tariffs and their impact on economic growth. He said:<\/p>\n I\u2019m not welcoming the protectionist wave in the US, okay? And that\u2019s not good for world growth and innovation. But on the other hand, let\u2019s look at the bright side. European countries have to realise that we should no longer let the US and China become technological leaders and lose to them.<\/p>\n French economist Philippe Aghion speaks during a presentation ahead of a round table discussion on the \u2018The future of European competitiveness\u2019 at the College de France in Paris, 13 November 2024. Photograph: Teresa Su\u00e1rez\/EPAShare<\/a><\/p>\n Updated at\u00a006.38 EDT<\/p>\n The Royal Swedish Academy of Sciences explained:<\/p>\n Over the last two centuries, for the first time in history, the world has seen sustained economic growth. This has lifted vast numbers of people out of poverty and laid the foundation of our prosperity. This year\u2019s laureates in economic sciences, Joel Mokyr, Philippe Aghion and Peter Howitt, explain how innovation provides the impe\u00adtus for further progress.<\/p>\n John Hassler, chair of the committee for the prize in economic sciences, said:<\/p>\n The laureates\u2019 work shows that economic growth cannot be taken for granted. We must uphold the mechanisms that underlie creative destruction, so that we do not fall back into stagnation.<\/p>\n Share<\/a>Nobel prize for economics goes to Joel Mokyr, Philippe Aghion and Peter Howitt<\/p>\n This year\u2019s Nobel prize for economics is about \u201ccreation and destruction\u201d said Hans Ellegren, secretary general of the Royal Swedish Academy of Sciences.<\/p>\n It has gone to Joel Mokyr, economics professor at Northwestern University in Chicago, the French economist Philippe Aghion of Coll\u00e8ge de France, and Peter Howitt, economics professor at Brown University in Rhode Island, \u201cfor having explained innovation-driven economic growth\u201d.<\/p>\n The Sveriges Riksbank prize in economic aciences in memory of Alfred Nobel was awarded<\/a> \u201cfor having explained innovation-driven economic growth,\u201d with one half to Mokyr \u201cfor having identified the prerequisites for sustained growth through technological progress\u201d and the other half jointly to Aghion and Howitt \u201cfor the theory of sustained growth through creative destruction.\u201d<\/p>\n Mokyr is a Dutch-born American-Israeli economic historian, professor of economics and history and the Robert H. Strotz Professor of Arts and Sciences at Northwestern University.<\/p>\n Aghion is a professor at the Coll\u00e8ge de France, at INSEAD, at the London School of Economics<\/a>, and at the Paris School of Economics.<\/p>\n Howitt is a Canadian economist, who has done most of his research in macroeconomics and monetary economics. He is one of the creators of the modern \u201cSchumpeterian\u201d approach to the theory of economic growth.<\/p>\n The Royal Swedish Academy of Sciences said:<\/p>\n Joel Mokyr used historical observations to identify the factors necessary for sustained growth based on technological innovations, Philippe Aghion and Peter Howitt have produced a mathematical model of creative destruction, an endless process in which new and better products replace the old.<\/p>\n With the understanding of the mechanisms of creative destruction provided by the laureates and the follow up research, we have a better chance to make sure growth can continue and be guided in the direction that benefits humankind.<\/p>\n Share<\/a><\/p>\n Updated at\u00a006.47 EDT<\/p>\n You can watch the press conference live here.<\/p>\n WATCH LIVE: Join us for the announcement of the 2025 prize in economic sciences.<\/p>\n Hear the breaking news first \u2013 see the live coverage from 11:45 CEST.<\/p>\n Where are you watching from?#NobelPrize<\/a> \u2014 The Nobel Prize (@NobelPrize) October 13, 2025<\/a><\/p>\n Share<\/a><\/p>\n The Nobel prize for economics is due to be announced shortly.<\/p>\n Share<\/a>Big Yellow shares jump as Blackstone considers bid<\/p>\n Shares in Big Yellow Group jumped by more than 20% after the US fund manager Blackstone said it was considering a buyout of the UK self storage company.<\/p>\n New York-based Blackstone is in the early stages of considering a cash offer for the company, according to a statement. The move comes ahead of the budget on 26 November, it said.<\/p>\n Blackstone Funds\u2019 evaluation of Big Yellow is at a preliminary stage and Blackstone is considering, amongst other factors, the macro-economic environment including the potential impact of the upcoming UK budget as it relates to the self-storage sector.<\/p>\n Shares in Big Yellow jumped more than 20% to \u00a31.16, their biggest rise on record. The self storage company responded with a statement, saying:<\/p>\n The board of Big Yellow notes the announcement by Blackstone Europe that one or more of the investment funds advised by Blackstone or any of its affiliates is considering its position in relation to the company, which could include a cash offer for the entire issued, and to be issued, share capital of the company.<\/p>\n The board of Big Yellow notes the recent media speculation and confirms that it has held meetings with a small number of parties in relation to a range of potential options including a potential sale of the company.<\/p>\n The company is not in receipt of an approach and is not in discussions with any parties in respect of a potential sale of the company at the time of this announcement.<\/p>\n Blackstone has been on a buying spree in the UK, snapping up property assets.<\/p>\n The private equity firm bought Warehouse REIT (real estate investment trust) earlier this year and confirmed today that it taking a stake in Tritax Big Box REIT, which invests in \u2018big box\u2019 distribution centres, as part of a deal to sell a \u00a31bn UK logistics portfolio to the company.<\/p>\n Blackstone in Manhattan, New York City. Photograph: Mike Segar\/ReutersShare<\/a><\/p>\n Updated at\u00a005.34 EDT<\/p>\n![\"Lisa](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2025\/10\/Lisa-OCarroll-byline-004.jpg\")
Lisa O\u2019Carroll<\/p>\n
Research and innovation are the roots of renewal \u2014 enabling the welfare state to bloom anew and create progress for all! pic.twitter.com\/czo3JMlIOP<\/a><\/p>\n
https:\/\/t.co\/rD1qzzcxvI<\/a><\/p>\n