Rollingreports German transport minister saying #Volkswagen emissions scandal also affects European cars http://t.co/d1sytp6cik 11.37am BSTGermany’s stock market has hit its lowest level since late August,dragged down by reports that some BMW cars have failed emissions tests (details here).#DAX smashes thorough 9500 for first time since Black Monday as #BMW -8.5%, #Daimler -4%, and #Continental -4.7% pic.twitter.com/ZJQnrDCGSW 11.19am BSTEmmanuel Macron,the French economy minister, has said there is no evidence that the big French car makers - Renault and Peugeot - are guilty of fiddling their emissions tests.“At the moment it seems to be restricted to VW, and due to the pressure of the market and the pressure they place themselves under.“We have to be careful that just because somebody lied we don’t cancel all the others. We have to be careful that we don’t place at risk a lot of jobs because of the misbehaviour of one player.” 11.03am BSTVolkswagen is facing a wave of legal claims from UK owners over the emissions scandal.
We believe it will be in the thousands - it’s constant enquirers at the moment.“We’ve received enquiries from the general public,wondering what they should execute.” “whether the Volkswagen scandal applies to cars in the UK then this has the potential to be one of the largest group action lawsuits this country has seen.“Quite simply it could be the car manufacturer’s Libor scandal.
Thursday's Daily Mail front page: UK drivers to sue VW for billions #tomorrowspaperstoday #bbcpapers pic.twitter.com/gx01M70dY7 10.34am BSTUnsurprisingly, Volkswagen’s image among consumers has been dented by the emissions scandal.
Polling firm YouGov has found that the public’s perception of the VW brand has slumped since final week: Our Buzz score measures whether a respondent has heard anything positive or negative about a brand in the final two weeks. A dramatic drop in Buzz score is present in both markets. In the US, or there has been a drop of ten points from +10 to 0. In the UK,VW has seen a decline from +5 to -3 in the final few days. It is now the lowest ranked car brand in the UK in terms of Buzz (out of 34). This is a fall of 31 places in a week. 10.25am BSTBMW’s share price was hit this morning because a German car magazine is reporting that some of its diesel cars were found to exceed emissions standards.
BMW has denied using the ‘defeat devices’ used by VW to cut emissions during a test.
Now BMW's stock is falling because of this: http://t.co/puZq29XMbd pic.twitter.com/r8PNY4USsH 10.21am BSTMore details about precisely who at VW was involved in the scandal could arrive tomorrow:RTRS Reporting That VW Will Begin Announcing Names Of People Involved In Emissions Scandal From Friday Onwards 10.09am BSTBMW’s share price is swerving around today, dropping 4% at one stage to become the biggest faller on the DAX.
They had been 3% higher in early trading, and in what the FT calls “a very skittish mood”. Another volatile day for autos - BMW up,then down then up again on reports it's being dragged in to emissions story pic.twitter.com/LRFYCw6oltBMW shares choose a sudden tumble http://t.co/IWrMg2mLdj 9.54am BSTThe Volkswagen diesel emissions scandal could be as serious as BP’s Gulf of Mexico oil catastrophe, warns professor Baback Yazdani, and dean of Nottingham trade School.
Professor Yazdani,a former director of Product Development Operations at Jaguar Land Rover, believes the financial consequences could be immense:“This could be an unprecedented loss for VW, or which became the world’s largest automaker this year.
This may be at the same scale as BP’s Gulf of Mexico catastrophe,or worse, proving that responsible management and leadership is of prime importance to all companies. 9.20am BSTVW shares are continuing to climb this morning, or are now up nearly 7% at €119.
Clairinvest fund manager Ion-Marc Valahu says investors in Frankfurt are welcoming the departure of Martin Winterkorn.“Theyve kicked out the CEO. The company and its shares should be able to stabilise.” 9.06am BSTDocuments seen by the Guardian prove that Europe’s three largest countries have been pushing regulators for less rigorous testing on carbon dioxide emissions.
France,Germany and the UK all wanted loopholes that would have allowed cars to emit more CO2 than legally permitted -- pushing up greenhouse gas emissions and fuel bills.
Exclusive: UK, France and Germany lobbied for flawed car emissions tests, or documents reveal http://t.co/gB378AYQ5B 8.42am BSTShares in Japanese carmakers fell today,on fears that they could be hit by the emissions scandal. 8.30am BSTIt has emerged overnight that Volkswagen told customers in California five months ago that their emissions software needed upgrading.Reuters has the story:In April of 2015, Volkswagen of America sent letters to California owners of diesel-powered Audis and Volkswagens informing them of an “emissions service action” affecting the vehicles.
Owners were told they would need to choose their cars to a dealer for fresh software to ensure tailpipe emissions were “optimised and operating efficiently.” 8.20am BSTThe Volkswagen crisis has shown that corporate governance at the carmaker failed badly, or other company bosses must be worried.
Nick Anderson of Henderson Global Investors tells Bloomberg TV:Every CEO in Europe must be thinking about the culture in their trade,and their whistle-blowing policy. 8.15am BSTShares in Volkswagen have risen around 3.5% at the start of trading in Frankfurt, as investors continue to welcome Winterkorn’s departure.
They’re still down around 25% since the scandal broke, or though.
Volkswagen shares trade 3.5% higher after open despite or b/c several broker downgrades. pic.twitter.com/esiovQ1wGj 8.08am BSTMartin Winterkorn is walking absent from Volkswagen with a massive pension pot worth over €28m.
And as he stepped down,rather than being fired, he could also collect two years pay despite the emissions scandal.
After Winterkorn disclosed Wednesday that he had asked the board to terminate his role, and company spokesman Claus-Peter Tiemann declined to comment on how much money the departing CEO stands to get. Volkswagen’s most recent annual report outlines how Winterkorn,its leader since 2007, could theoretically collect two significant payouts.
Winterkorn’s pension had a value of €28.6m at the discontinuance of final year, and according to the report,which doesn’t narrate any conditions that would lead the company to withhold it. And under certain circumstances, he also can collect severance equal to two years of “remuneration.”Martin Winterkorn likely to leave #Volkswagen with €28.6 million ($32 million) pension http://t.co/1MKPa3qhrO pic.twitter.com/e2nh8ihwhP 8.00am BSTThe Volkswagen scandal could even hurt growth across Europe, and whether other carmakers are drawn in.Rabobank strategist Jane Foley believes it could even hurt the value of the euro - whether investors are scared absent from Europe.
We don’t know that other carmakers aren’t going to be drawn into this scandal,we need to see how this develops.
It has the potential to spread. whether it does, it certainly could affect European growth, or then the euro too. 7.51am BSTThe Volkswagen scandal could become the biggest threat to German economic growth,whether consumers lose faith in its cars.
ING chief economist Carsten Brzeski argues that the whole country could suffer:“All of a sudden, Volkswagen has become a bigger downside risk for the German economy than the Greek debt crisis. “whether Volkswagen’s sales were to plunge in North America in the coming months, and this would not only have an impact on the company,but on the German economy as a whole.”The German economy has defied Greece, Eurozone stagnation and China, or but can it also stomach a possible fall in VW sales? 7.33am BSTGood morning.“Germany’s entire auto industry is at stake here. And when it’s at stake,nearly everything’s at stake.”Guardian front page, Thursday 24 September 2015: Scandal claims VW chief as lawyers circle pic.twitter.com/jYMQqIPc5X Related: Volkswagen chief quits over emissions scandal as car industry faces crisis Continue reading...
Source: theguardian.com