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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
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I saw the [B]Netflix[/B] original series [B]"Dirty Money"[/B], episode [B]"Hard NOx"[/B], last night which is about the VW diesel scandal. It's probably 15 mins longer than it needed to be but it was very interesting. While it mostly focused on VW, even going back to it's ties with Hitler, it did mention Audi, Mercedes, BMW, Ford & GM and the NYT Monkey story above. It was interesting that at the time TDI was developed it said that US emissions standards were tougher than the EU. It also (very lightly) accuses the German Goverment and EU of being implicit in the scandal. Apparently the Germans have some rule that says that under certain circumstances "Defeat Devices" are allowed, and one of the conditions is 'to protect the engine' so it was alleged that that's what all the manufacturers claim. If you like documentaries and have Netflix, probably worth the watch. I gather its available in French, German and Spanish for our euro friends.
Daimler said ALWAYS they had NO cheating devices in their Diesel cars.
haha..
As we know today Daimler had 2 very efficient defeat devices installed in their Premium (sic!) cars:
There is one to shut down cleaning after exactly having reached 26km after starting engine and the
other one is reading the "slippage" when starting: on a test roll the speed is much more than the
same on the road - with weight etc. - thus the system knows exactly when the car is in test mode.
Daimler said that they were "cooperating" since 2 years with US.
But at the end this is all very ridiculous - yes?
Even boss Zetsche of Daimler will no longer travel to the USA - now we know why!
Of course Daimler will be fined by the USA for billions... Plus every client will get money back
...and the German client will get NOTHING.
Well - the "Bundesverwaltungsgericht of Leipzig Germany" was hesitating...
Means no vehicular DIESEL traffic bans in German towns were announced yesterday.
But the highest court in Germany concerning this matter wanted to have more
time until next Tuesday...
Whatever - there will be ban for Diesel Cars entering certain cities in Germany with
high NOx problems (measured for years)
see actual NOx map of Stuttgart town here REALTIME:
What does it mean for the Germand Diesel vehicle suppliers?
Not good news - things might have a bunch of unhappy clients of VW, AUDI, Skoda, Porsche, SEAT et al.
And car revamp of every Diesel model from German vendor might be a pain in the a..
VW group is having yearly assembly to show "golden numbers" with a highly earning rate for every stock holder.
BUT
Things are not developing well for the car maker - as so many things are not solved until now.
The "free" software" is not performing well on the vehicules recalled.
Some hardware option on the cleaning part (NOx) is needed - but VW is not ready to pay for those change
in every vehicle concerned. That means a cost of around 2000 € per car involved. Means xx billions for the
company.
Without those "upgrades" VW might have a nightmare to get their cars legally driving in countries and into
cities. If they will not find a regular answer - the company faces millions of owners with complaints very soon.
A razzia in Porsche premises brought up 100 persons to interview and many documents were brought away. Everything in the name of the Diesel scandal (motor manipulation) in Porsche cars.
Finally three people were arrested - one of them manager of Porsche.
Things will become clearer soon. After intense investigation.
GFIs1
The US government has charged Martin Winterkorn, the former chief executive officer of Volkswagen, with fraud in the company's diesel emissions-cheating scandal. Max 25 years of prison possible..
Ex CEO of VW group, Mr. Martin Winterkorn, is said to have "earned" more than 100 million € plus at least 30 million € feeding his pension fund. And he "earns" every day 3000 € still until who knows.
But now this seems to have finished: he can no longer visit his properties in Mallorca (Spain) nor all the others he has abroad because of the drowning US arrest crossing any border.
Even more worse: VW has accused him for the 25 billion desaster with the still not finished Diesel scandal. This might him cost such a bunch that he will need social support in the future. (Frankfurter Zeitung am Sonntag).
GFIs1
PS: German justice said that last preparations against M. Winterkorn are at stake - things will be published in June/July
German Minister Scheuer invited yesterday chief of Daimler, Mr. Zetsche to explain now how many cars are sold with one up to 5 defeat devices. Mr. Zetsche spoke from nearly 800000 in Europe - means for Germany only a total of 238000.
Scheuer has said to recall all of them as soon as possible for an update.
Daimler answered to react over justice to reject the recall which Scheuer did not accept.
