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Milan stocks down 3%, Fiat Chrysler shares fall more than 6%

Milan - Arab Today

Milan's FTSE Mib index fell more than 3.0 percent on Tuesday, with shares in Fiat Chrysler dropping over 6.0 percent as European markets slumped on the bleak outlook for China and Volkswagen's emissions scandal. At 1245 GMT the FTSE Mib was down 3.27 percent to 21,043 points, while Fiat Chrysler shares tumbled 6.37 percent to 11.91 euros.

Merkel urges full transparency from VW in cheating scandal

Berlin - Arab Today

German Chancellor Angela Merkel pressed auto giant Volkswagen Tuesday to assure "full transparency" in a spiralling scandal over pollution test cheating. "In view of the difficult situation, it is now key to show full transparency (and) clear up the entire matter," she told reporters. "The (German) transport minister (Alexander Dobrindt) is in close contact with the company, VW, and I

Italy opens probe over VW emissions scandal

Milan - Arab Today

The Italian transport ministry said Tuesday it will open an inquiry over the Volkswagen emissions scandal and demand explanations from the German auto giant. The ministry said in a statement it was "concerned" about the matter, and needs to know "whether the same illegal actions that were uncovered in the United States" showing that Volkswagen had equipped diesel cars with

German stocks fall more than 3%, pulled down by Volkswagen

Frankfurt - Arab Today

Share prices on the Frankfurt stock exchange fell more than 3.0 percent in midday trading on Tuesday, pushed down by index heavyweight Volkswagen, as it ploughed ever deeper into a pollution cheating scandal. Frankfurt's blue-chip DAX 30 index tumbled 3.2 percent to an intraday low of 9,627.10 points, dragged down by a 20.42-percent drop in Volkswagen's share price to 105.20

EU: Pmature for Volkswagen scandal probe

Brussels - Arab TodayThe EU on Tuesday said it was too early to launch a European investigation into whether Volkswagen has cheated in pollution measuring tests after shock revelations in the United States. "We are taking the matter very seriously," Euro

The EU on Tuesday said it was too early to launch a European investigation into whether Volkswagen has cheated in pollution measuring tests after shock revelations in the United States. "We are taking the matter very seriously," European Commission spokeswoman Lucia Caudet said in an email to AFP, adding that Brussels was in touch with Volkswagen and US authorities. "Investigations

Paris stocks plunge more than 3% over cars, mining

Paris - Arab Today

The Paris stock exchange sank more than three percent on Tuesday on a mix of investor concerns about the automobile sector in the wake of the Volkswagen emissions scandal and sliding mining shares. Around midday, the CAC 40 lost 135.40 points to stand at 4,450.50. On Tuesday the index had closed up 1.09 percent.

French carmakers back call for Europe probe into emissions measures

Paris - Arab Today

French carmakers on Tuesday backed proposals for a European probe into the monitoring of vehicle emissions systems in the wake of the scandal rocking Volkswagen. Such an investigation "will allow us to confirm that French carmakers respect the procedures for approval in all of the countries where they operate," the French carmakers' federation CCFA said.

Volkswagen: 11m cars worldwide have pollution cheating software

Frankfurt - AFP

German auto giant Volkswagen said Tuesday that as many as 11 million diesel cars worldwide were equipped with a particular engine type that could skew emissions data, as the pollution cheating scandal snowballed. The automaker also said it was setting aside 6.5 billion euros in provisions in the third quarter to cover potential costs resulting from the scandal and it

Volkswagen shares continue to slide in opening trade

Frankfurt - Arab Today

Shares in the auto giant Volkswagen continued to slide in early trading on the Frankfurt stock exchange on Tuesday, after skidding more than 17 percent the day before. The VW share shed as much as 5.3 percent to hit an intraday low of 126.60 euros in the first hour of trading. At 0740 GMT, it was showing a loss of

French finance minister urges Europe-wide probe after VW scandal

Paris - Arab Today

France's finance minister on Tuesday called for a "Europe-wide" probe after revelations that hundreds of thousands of Volkswagen diesel cars had software that secretly thwarts US pollution tests. Michel Sapin told French radio that in order to "reassure" the public, it seemed "necessary" to carry out checks on cars manufactured by other European carmakers.

Seoul summons VW over cheating emissions tests

Seoul - Arab Today

South Korean officials summoned Volkswagen representatives to discuss emissions tests after the German auto giant was accused of cheating on US air pollution standards, the Environment Ministry said Tuesday. "We've called in Volkswagen representatives and engineers to the ministry for a meeting on Wednesday afternoon," Deputy Director Park Pan-Kyu of the ministry told AFP.

US expands VW pollution-skirting probe to other carmakers

Washington - Arab Today

The US government has expanded its investigation of pollution-skirting devices in diesel vehicles to other manufacturers after Volkswagen admitted it used them to thwart US environmental standards. The Environmental Protection Agency said it will test for so-called "defeat devices" in diesel vehicles produced by other manufacturers and in use. The California Air Resources Board is a partner in the investigation,

Berlin orders 'extensive tests' on all Volkswagen diesel models

Berlin - Arab Today

The German government has ordered extensive tests on all Volkswagen diesel models, Transport Minister Alexander Dobrindt told Bild on Monday, after it was revealed the company had programmed software to thwart US pollution control tests. "I asked the Federal Motor Transport Authority to immediately have specific and extensive tests conducted on all Volkswagen diesel models by independent experts," Dobrindt told

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Milan - Arab Today

Berlin - Arab Today

Milan - Arab Today

Frankfurt - Arab Today

Brussels - Arab TodayThe EU on Tuesday said it was too early to launch a European investigation into whether Volkswagen has cheated in pollution measuring tests after shock revelations in the United States. "We are taking the matter very seriously," Euro

Paris - Arab Today

Paris - Arab Today

Frankfurt - AFP

Frankfurt - Arab Today

Paris - Arab Today

Seoul - Arab Today

Washington - Arab Today

Berlin - Arab Today