VW takes almost $3B extra charge for fixing scandal-tainted United States diesels
30 September, 2017, 15:50 | Author: Barbara Daniel
Munich prosecutors arrested a former board member of Porsche in connection with the emissions scandal at Audi, a source said on Thursday.
Volkswagen's USA division on Friday introduced a new six-year/72,000-mile warranty on most new VW vehicles sold in the United States. The software was installed on 2-liter diesel engine VW cars and 3-liter diesel Audi, Porsche, and larger VW vehicles.
The additional provisions will hit operating results in its third-quarter report, due October 27, the Wolfsburg, Germany-based company said Friday in a statement.
German auto maker Volkswagen will pay an additional €2.5 billion ($3 billion) fine for installing emissions cheating software in its diesel vehicles.
The diesel cars in the USA affected by scandal only represent a small part of the 11 million rigged cars globally.
Four months later, the U.S. Justice Department said it had charged a former Audi manager with directing employees at the company to design software to cheat U.S. emissions tests in thousands of Audi diesel cars.
The total cost to the company from the scandal is now near $30 billion.
Being the head engine developer for Audi up until 2007 places a lot of blame on Hatz, with Audi admitting in 2015 that its 3.0-litre turbo-diesel V6 had been fitted with illegal software to cheat its way through emissions tests. The fix is taking longer and some cars had to be worked on a few times.
While it's likely that VW is hoping for some good press after the diesel cheating scandal of two years ago, company headquarters in Germany issued a terse, two-sentence press release Friday announcing that the company will take a third-quarter charge of €2.5 billion ($2.9 billion) to boost its provision for North American buyback/retrofit programs related to the diesel scandal. Net liquidity was EUR23.7 billion at the end of June, down 17.5% from a year earlier.
The new charge comes 15 months after Volkswagen and USA regulators and law enforcement agencies agreed on a program by which the company agreed to buy back or fix about 50,000 Volkswagen and Audi models.
"Volkswagen remains very liquid in terms of its financial position and the risk of a capital increase is low", said Metzler's Pieper.
Hundreds of police reinforcements, including the national Civil Guard, have been brought into Barcelona and other cities. But the US President became more ambiguous hinting the Catalans would not stand for their referendum vote to be blocked.
Trump has repeatedly vowed to pull USA backing from the deal; he has also called for including Iran's missile program. The JCPOA is a 2015 agreement negotiated between the Obama administration, Iran, and other world powers.
The higher price of oil is also expected to translate into higher prices at petrol pumps, which could push inflation above 3%. Part of the reason for the improved outlook in the oil market is the result of OPEC's recent performance.
They also sat together in the front row, talking, laughing, and applauding the athletes, who are all injured military personnel. We've been waiting so long to see Meghan Markle and Prince Harry together and the first photos of the pair do not disappoint.
It wasn't immediately clear what happened that Kushner was registered as a woman, and was an active voter as of this November. It was revealed that Steve Bannon, Trump's daughter Tiffany, Sean Spicer and Steven Mnuchin also had multiple registrations.
It's surprising that Mourinho even agreed to the photograph - although, in fairness, he doesn't look particularly happy in it. With Belgium already qualified for the World Cup, Mourinho hopes Fellaini will be rested during the global break next week.
A delegation led by deputy president Cyril Ramaphosa made the official presentation in London on Monday to host the event. The World Rugby board will announce the victor on October 31, with the decision to be ratified on November 15.
The leader will be announced at the party conference in Torquay, which, according to reports, Nigel Farage will not be attending. UKIP should not become a one-issue party centred around Islam, the party's leader in the Welsh Assembly Neil Hamilton has said.
Apple is selling their iPhone 8 for $699 and the iPhone 8 Plus for $799, so the company is making a healthy profit on each device. Meanwhile, the battery inside the "all-screen" gadget is touted as capable of lasting "up to 2 hours longer than iPhone 7".
Orava, who recently helped injured Barcelona star Ousmane Dembele, is set to hold talks with Pogba over his rehibilation. After the two-week lay-off, United face four away games in a row against Liverpool, Benfica, Huddersfield and Swansea.
Dyson commits £2 billion to developing electric cars
Aston Martin's former product development director Ian Minards made the same move in September past year . Dyson recently hired a new chief spokesman, Ricardo Reyes, who used to lead communications at Tesla Inc.
Nerve stimulation restores patient consciousness
Still, Hae said, if the French research team can replicate their outcomes in a larger study, the implications would be profound. The man was now closer to a state scientists would classify as minimal consciousness after years in a vegetative state.
Turkey threat to shut tap on Kurdish crude lifts oil price
This recent price jump suggests these efforts to rebalance the oil industry by cutting production through early 2018 are working. There were no caps imposed on Libya or Nigeria but they pledged to contribute to supply cuts when their production stabilises.
Saudi Arabia to lift ban on women drivers
The more affluent have male drivers and more recently, in major cities, women could access ride hailing apps like Uber and Careem. State Department spokesperson Heather Nauert said of Saudi's decision to end the ban, "We're certainly happy to hear that".