Business

German Transport Minister Alexander Dobrindt on Thursday announced a recall of Porsche 3-liter Cayenne cars after finding illegal emissions controlling software in the vehicles. Dobrindt told reporters he was withdrawing certification for the vehicles, and Porsche would bear 100 percent of the cost of the recalls. Volkswagen CFO Frank Witter had no immediate comment on an earnings call. (Reuters)

The Swiss franc’s fall to its weakest since the collapse of an official cap in 2015 dominated major currency markets on Thursday, and the dollar recovered from a fall to 2-1/2 year lows. The franc had already fallen almost 2 percent this week. It sank by as much as another 1 percent against the dollar and the euro in morning trade in Europe, while other major currency pairs were broadly steady. By 1020 GMT, the franc had steadied a little to trade 0.6 percent weaker at 1.1231 francs per euro. It lost 0.9 percent to 0.9587 francs per dollar. By late morning in Europe, the dollar had gained 0.2 percent on the day at $1.1713 per euro, having hit a low of $1.1777 in Asian trading. (Reuters)

Sterling hit a 10-month high against a broadly weaker dollar on Thursday, after the US Federal Reserve left policy unchanged and appeared less confident about inflation picking up, which investors took as a sign rates could be kept low for longer. With the dollar skidding across the board, the pound took advantage, hitting as high as $1.3157, its highest since mid-September. By 0810 GMT on Thursday it had eased back to $1.3138, up 0.1 percent on the day, but that still left it around 1 percent stronger than before the Fed. As the euro has rallied, the pound has fallen to eight-month lows in recent weeks. It was slightly higher on Thursday but still less than a cent away from that low, at 89.18 pence per euro. (Reuters)

Hong Kong shares gained for a fourth straight session on Thursday as investors took heart from Wall Street, where shares climbed to record highs after the US Federal Reserve kept interest rates unchanged and on strong corporate earnings. The benchmark Hang Seng Index ended 0.7 percent higher at 27,131.17, a new 2-year high, helped by gains in technology and financial shares. The Hang Seng China Enterprises Index was up 0.3 percent at 10,858.19. Technology sector heavyweight Tencent Holdings’ 2.5 percent rise single-handedly pushed the sector up. (Reuters)

The Bank of Korea says South Korea’s economy grew at a 2.7 percent annual pace during the April-June quarter. The central bank said Thursday that Asia’s fourth-largest economy saw lower exports but a big jump in capital spending and improved consumer spending supported growth. The economy grew 2.9 percent in the previous quarter. On a quarterly basis, the economy grew 0.6 percent from the January-March period. Earlier this week, the government upgraded its forecasts for growth in this year to 3 percent, citing strong exports led by semiconductor companies that sharply increased capital spending. (AP)

British Foreign Secretary Boris Johnson said on Thursday that he supports a proposed free trade agreement between the UK and Australia, as his country looks to strengthen its relationships with allies ahead of Britain’s departure from the EU. Johnson and his Australian counterpart, Foreign Minister Julie Bishop, announced the two nations would boost their trade, intelligence-sharing and military ties following an annual meeting in Sydney. “We are going to widen our horizons and work even more closely,” Johnson said. “We have today reaffirmed our shared goal of concluding a free trade agreement as soon as possible after we leave the EU.” (AP)