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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/sep/22/alexis-tsipras-forms-greek-cabinet-vw-emissions-business-live
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| UK calls for probe into VW scandal as Merkel seeks 'transparency' - as it happened | UK calls for probe into VW scandal as Merkel seeks 'transparency' - as it happened |
| (17 days later) | |
| 6.22pm BST | 6.22pm BST |
| 18:22 | 18:22 |
| VW chief executive Martin Winterkorn has not resigned despite the pressure on him after the emissions scandal, but his fate will be decided when the car maker’s board meet on Wednesday. | VW chief executive Martin Winterkorn has not resigned despite the pressure on him after the emissions scandal, but his fate will be decided when the car maker’s board meet on Wednesday. |
| And as we reported earlier, workers representatives on the supervisory board are keen that there are “personnel consequences” and not just among the rank and file. So despite his profuse apologies, Winterkorn may yet be one of those “consequences.” | And as we reported earlier, workers representatives on the supervisory board are keen that there are “personnel consequences” and not just among the rank and file. So despite his profuse apologies, Winterkorn may yet be one of those “consequences.” |
| On that note, it’s time to close up for the evening. Thanks for all your comments, and we’ll be back tomorrow. | On that note, it’s time to close up for the evening. Thanks for all your comments, and we’ll be back tomorrow. |
| 5.47pm BST | 5.47pm BST |
| 17:47 | 17:47 |
| US state attorneys general are forming a committee to probe Volkswagen over the emmissions scandal, Reuters reports quoting the New York attorney general Eric Schneiderman. | US state attorneys general are forming a committee to probe Volkswagen over the emmissions scandal, Reuters reports quoting the New York attorney general Eric Schneiderman. |
| 5.35pm BST | 5.35pm BST |
| 17:35 | 17:35 |
| Helena Smith | Helena Smith |
| Away from VW for the moment, and over in Greece it looks like former finance minister Euclid Tsakalotos will take that post in the new cabinet, set to be announced later, despite suggestions earlier he may have been reluctant. Helena Smith reports: | Away from VW for the moment, and over in Greece it looks like former finance minister Euclid Tsakalotos will take that post in the new cabinet, set to be announced later, despite suggestions earlier he may have been reluctant. Helena Smith reports: |
| The Oxford-educated academic will head the ministry; Giorgos Stathakis who was also at the national economy ministry will return to his post. But perhaps the toughest job will fall to another British-trained academic, the current interim finance minister Giorgos Houliarakis. Houliarakis will be elevated to the top post of a new ministry created with the express purpose of coordinating all the government departments that will be enforcing the internationally mandated fiscal consolidation policies and structural reforms. | The Oxford-educated academic will head the ministry; Giorgos Stathakis who was also at the national economy ministry will return to his post. But perhaps the toughest job will fall to another British-trained academic, the current interim finance minister Giorgos Houliarakis. Houliarakis will be elevated to the top post of a new ministry created with the express purpose of coordinating all the government departments that will be enforcing the internationally mandated fiscal consolidation policies and structural reforms. |
| The state-run TV channel said at least six other ministers would return to their previous posts, including the foreign minister Nikos Kotzias, the health minister Panagiotis Kouromblis, the justice minister Nikos Paraskeuopoulos and Panos Kammenos who is also head of the leftists’ junior partner in government, the small right-wing, nationalist Independent Greeks party. | The state-run TV channel said at least six other ministers would return to their previous posts, including the foreign minister Nikos Kotzias, the health minister Panagiotis Kouromblis, the justice minister Nikos Paraskeuopoulos and Panos Kammenos who is also head of the leftists’ junior partner in government, the small right-wing, nationalist Independent Greeks party. |
| Yiannis Mouzalas is expected to be reappointed as migration minister. | Yiannis Mouzalas is expected to be reappointed as migration minister. |
| Updated | Updated |
| at 5.39pm BST | at 5.39pm BST |
| 5.03pm BST | 5.03pm BST |
| 17:03 | 17:03 |
| European markets tumble | European markets tumble |
| Volkswagen shares have closed down 19.82% at €106, meaning some €26bn or so has been wiped off the value of the German carmaker this week. | Volkswagen shares have closed down 19.82% at €106, meaning some €26bn or so has been wiped off the value of the German carmaker this week. |
| The weakness in the motor sector came as investors feared the emissions scandal could spread beyond VW, and was one factor in a worldwide market slump. | The weakness in the motor sector came as investors feared the emissions scandal could spread beyond VW, and was one factor in a worldwide market slump. |
| But it was commodity companies which were the main reason behind the global falls, as base metal, coal and oil prices continued to weaken on fears of slowing worldwide demand, particularly in China. So the final scores showed: | But it was commodity companies which were the main reason behind the global falls, as base metal, coal and oil prices continued to weaken on fears of slowing worldwide demand, particularly in China. So the final scores showed: |
| On Wall Street the Dow Jones Industrial Average is currently nearly 270 points or 1.6% lower. | On Wall Street the Dow Jones Industrial Average is currently nearly 270 points or 1.6% lower. |
| Updated | Updated |
| at 5.17pm BST | at 5.17pm BST |
| 4.54pm BST | 4.54pm BST |
| 16:54 | 16:54 |
| Professor David Bailey of Aston Business School says it is “seriously dumb” to try and cheat a regulator and discusses whether Volkswagen could also be cheating in Europe: | Professor David Bailey of Aston Business School says it is “seriously dumb” to try and cheat a regulator and discusses whether Volkswagen could also be cheating in Europe: |
| 4.42pm BST | 4.42pm BST |
| 16:42 | 16:42 |
| Here’s Winterkorn’s statement, courtesy of Die Welt and Google Translate: | Here’s Winterkorn’s statement, courtesy of Die Welt and Google Translate: |
| “Ladies and gentlemen, the irregularities in diesel engines of our group contradict everything which Volkswagen stands for. Also I have not yet got the answers to all these questions at the moment. But we are about to uncover the background relentlessly. In addition at this time we will put everything on the table - as quickly, thoroughly and transparently as possible. And we will continue to work closely with the relevant state agencies and authorities. This quick and comprehensive information is a top priority. We owe that to our customers, our employees and the public. And to put it bluntly: manipulation at Volkswagen must never happen again. | “Ladies and gentlemen, the irregularities in diesel engines of our group contradict everything which Volkswagen stands for. Also I have not yet got the answers to all these questions at the moment. But we are about to uncover the background relentlessly. In addition at this time we will put everything on the table - as quickly, thoroughly and transparently as possible. And we will continue to work closely with the relevant state agencies and authorities. This quick and comprehensive information is a top priority. We owe that to our customers, our employees and the public. And to put it bluntly: manipulation at Volkswagen must never happen again. |
| Ladies and gentlemen, many millions of people around the world trust our brands, our cars and our technologies. I’m so sorry that we have broken this trust. I apologize to our customers... and the general public for the misconduct. Please believe me, we will do everything possible to make amends for any damage. And we will do everything to regain your confidence step by step. | Ladies and gentlemen, many millions of people around the world trust our brands, our cars and our technologies. I’m so sorry that we have broken this trust. I apologize to our customers... and the general public for the misconduct. Please believe me, we will do everything possible to make amends for any damage. And we will do everything to regain your confidence step by step. |
| In our group, more than 600,000 people are working to build the best cars for our customers. To our employees, I say, I know with how much effort and great real sincerity they do their work day after day. I am well aware that much is now questioned. I understand that. But it would be wrong if the hard and honest work of 600,000 people comes general suspicion because of the bad mistakes of a few. Our team does not deserve this. So we ask, I ask for your trust on our journey....We are working intensively on the necessary technical solutions, and we will do everything possible to prevent harm to our customers and employees. I give you my word, in all of this, we will proceed with the utmost openness and transparency. “ | In our group, more than 600,000 people are working to build the best cars for our customers. To our employees, I say, I know with how much effort and great real sincerity they do their work day after day. I am well aware that much is now questioned. I understand that. But it would be wrong if the hard and honest work of 600,000 people comes general suspicion because of the bad mistakes of a few. Our team does not deserve this. So we ask, I ask for your trust on our journey....We are working intensively on the necessary technical solutions, and we will do everything possible to prevent harm to our customers and employees. I give you my word, in all of this, we will proceed with the utmost openness and transparency. “ |
| 4.00pm BST | 4.00pm BST |
| 16:00 | 16:00 |
| Winterkorn said he was sorry “we betrayed the trust” of millions of people. He added: “Swift and comprehensive clarification has now the utmost priority. To make it very clear: manipulation at VW must never happen again.” | Winterkorn said he was sorry “we betrayed the trust” of millions of people. He added: “Swift and comprehensive clarification has now the utmost priority. To make it very clear: manipulation at VW must never happen again.” |
| 3.50pm BST | 3.50pm BST |
| 15:50 | 15:50 |
| VW chief executive Martin Winterkorn apologises but won't quit | VW chief executive Martin Winterkorn apologises but won't quit |
| VW chief executive Martin Winterkorn has apologised for the company’s misconduct, in his video statement which is now on the company’s website. | VW chief executive Martin Winterkorn has apologised for the company’s misconduct, in his video statement which is now on the company’s website. |
| But it appears he intends to fight to keep his job. | But it appears he intends to fight to keep his job. |
| Most important takeaway from #VW Winterkorn statement: He's going to fight for his CEO job. What's unclear: If he'll win. Next 48 hrs key. | Most important takeaway from #VW Winterkorn statement: He's going to fight for his CEO job. What's unclear: If he'll win. Next 48 hrs key. |
| Updated | Updated |
| at 4.11pm BST | at 4.11pm BST |
| 3.40pm BST | 3.40pm BST |
| 15:40 | 15:40 |
| Workers’ representatives on Volkswagen’s supervisory board will push for management changes after the emissions scandal, council chief Bernd Osterloh told employees. | Workers’ representatives on Volkswagen’s supervisory board will push for management changes after the emissions scandal, council chief Bernd Osterloh told employees. |
| In a letter obtained by German newspaper Bild and reported by Reuters, he said: | In a letter obtained by German newspaper Bild and reported by Reuters, he said: |
| I can assure you that we will do everything possible in the supervisory board meetings this week to ensure the matter is cleared up quickly and that personnel consequences are drawn. And that will not just affect the rank and file, I can assure you. | I can assure you that we will do everything possible in the supervisory board meetings this week to ensure the matter is cleared up quickly and that personnel consequences are drawn. And that will not just affect the rank and file, I can assure you. |
| 3.27pm BST | 3.27pm BST |
| 15:27 | 15:27 |
| Germany’s transport ministry is sending a fact-finding committee to Volkswagen this week to investigate the emissions scandal, Reuters is reporting. In a statement the ministry said: | Germany’s transport ministry is sending a fact-finding committee to Volkswagen this week to investigate the emissions scandal, Reuters is reporting. In a statement the ministry said: |
| Our committee will examine whether the vehicles in question were built and tested according to Germany and European rules, and whether that was done in accordance with vehicle registrations. | Our committee will examine whether the vehicles in question were built and tested according to Germany and European rules, and whether that was done in accordance with vehicle registrations. |
| 3.18pm BST | 3.18pm BST |
| 15:18 | 15:18 |
| Volkswagen has said it will post a video statement by chief executive Martin Winterkorn on its website at 15.00 GMT (16.00 BST). | Volkswagen has said it will post a video statement by chief executive Martin Winterkorn on its website at 15.00 GMT (16.00 BST). |
| Earlier the company denied reports he would be replaced by Porsche’s Matthias Müller. | Earlier the company denied reports he would be replaced by Porsche’s Matthias Müller. |
| Updated | Updated |
| at 3.30pm BST | at 3.30pm BST |