Furniture giant Ikea said Tuesday it would recall its hugely popular Malm model of chest of drawers in North America after six children were crushed to death when the chests tipped over. "Today, IKEA US and IKEA Canada will launch a local recall of chests of drawers in North America only," a spokeswoman for the Ikea group, Kajsa Johansson told AFP. US media reported that 29 million chests of drawers were being recalled.
European stocks rose for the first time on Tuesday since Britain's shock vote to quit the EU and the pound rebounded as investors cautiously returned to the markets which remained jittery. "Today's rebound is likely just investors searching for the lows," Spreadex analyst Connor Campbell told AFP. The outcome of the June 23 referendum also caused an earthquake in British politics, forcing Prime Minister David Cameron to resign and leaving opposition Labour leader Jeremy Corbyn fighting for his political life.
By David Shepardson WASHINGTON (Reuters) - Volkswagen AG's settlement with nearly 500,000 U.S. customers and government regulators over polluting diesel vehicles is valued at more than $15 billion cash, two sources briefed on the matter said on Monday. The settlement, to be announced on Tuesday in Washington, includes $10.033 billion to offer buybacks to owners of about 475,000 polluting vehicles and nearly $5 billion in funds to offset excess diesel emissions and boost investment in zero emission vehicles, the sources said. A separate settlement with nearly all U.S. state attorneys general over excess diesel emissions will be announced on Tuesday and is expected to be more than $500 million and will push the total to over $15 billion, a separate source briefed on the matter said.