Mercedes-Benz admits its G-Class EV is a "complete flop"
This bad publicity over weak demand for the G-Class EV follows the response to the plug-in hybrid Mercedes-AMG C63 S E Performance, which has been dogged by reports of weak demand and heavy discounting in markets like Germany, as well as repeated rumours of a return to V8 power (or at least the adoption of a turbocharged inline six) for AMG's arch-rival to the BMW M3.
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The Age
2 hours ago
- The Age
‘Ghost cars', a missing $10 million and the question: victim or fraudster?
Was An Chen part of a group of alleged swindlers, helping to clear $3.8 million worth of fraudulently obtained car loans? Or was the 25-year-old a victim of the same group, yet another innocent person duped by scammers in pursuit of millions of dollars? This is the question that will need to be answered by the courts, after Chen became the sixth person charged by detectives looking at an alleged luxury car fraud racket. Police say the group took over $10 million worth of loans from a western Sydney car financing group in the names of at least 33 individuals. The only problem? These individuals hadn't taken out car loans and never saw the dozens of Teslas or Mercedes-Benzes that were bought using their stolen identity documents. The money from the so-called 'ghost car' loans was then laundered by members of the syndicate, police say. The $10 million remains unrecovered. An employee of the financing group, and Chen, a 25-year-old Chinese national in Australia on a protection visa and with no local family, are among the half a dozen charged over the alleged fraud. Over a nine-month period in 2023, a company bank account allegedly received a total of $3.8 million across 15 transactions worth hundreds of thousands of dollars each. Police documents tendered to the court claim Chen was the sole signatory on the bank account and is the sole director of the company. He now faces 15 counts of recklessly dealing with the proceeds of crime.
Sydney Morning Herald
2 hours ago
- Sydney Morning Herald
‘Ghost cars', a missing $10 million and the question: victim or fraudster?
Was An Chen part of a group of alleged swindlers, helping to clear $3.8 million worth of fraudulently obtained car loans? Or was the 25-year-old a victim of the same group, yet another innocent person duped by scammers in pursuit of millions of dollars? This is the question that will need to be answered by the courts, after Chen became the sixth person charged by detectives looking at an alleged luxury car fraud racket. Police say the group took over $10 million worth of loans from a western Sydney car financing group in the names of at least 33 individuals. The only problem? These individuals hadn't taken out car loans and never saw the dozens of Teslas or Mercedes-Benzes that were bought using their stolen identity documents. The money from the so-called 'ghost car' loans was then laundered by members of the syndicate, police say. The $10 million remains unrecovered. An employee of the financing group, and Chen, a 25-year-old Chinese national in Australia on a protection visa and with no local family, are among the half a dozen charged over the alleged fraud. Over a nine-month period in 2023, a company bank account allegedly received a total of $3.8 million across 15 transactions worth hundreds of thousands of dollars each. Police documents tendered to the court claim Chen was the sole signatory on the bank account and is the sole director of the company. He now faces 15 counts of recklessly dealing with the proceeds of crime.
Sydney Morning Herald
2 days ago
- Sydney Morning Herald
Want a secure, high-paying job? Don't expect university to get you there
I often debate with my university friends whether the debt and opportunity cost of going to university was worth it, especially now that the rise of non-degree workers is impossible to ignore. Recently, a friend I hadn't seen since high school pulled up to our running club in a brand-new Mercedes. No surprise, he went into real estate. Another casually mentioned dropping $500 on a night out at Crown. You guessed it, he's a sparky. It makes me wonder if I were finishing high school today, would a university degree offer the same clear-cut value proposition it did a decade ago? Why spend years studying when you can make six figures in construction straight out of school. In Australia, construction wages have outpaced the broader economy over the past decade as a result of increasing labour shortages, mirroring trends in the US, where blue-collar workers have seen significant wage gains post-pandemic. 'The median income of men in their 20s with a vocational qualification is higher than for those with a bachelor's degree,' says Andrew Norton, a professor of higher education policy at Monash Business School. Loading But he adds: 'Income growth in trades tends to stall in their 30s, while it continues for graduates.' According to The Wall Street Journal, young Americans are increasingly choosing trades over higher education, perceiving that they offer better job prospects in a future where artificial intelligence threatens white-collar graduate roles. Some employers are now offering highschoolers $US70,000 ($107,000) jobs to take up a trade. Increasing economic uncertainty and fears of recession are also causing companies to retain existing workers longer, while reports from the UK and US reveal graduates are struggling to find work as entry-level positions disappear.
