NexusFi: Find Your Edge


Home Menu

 





VW scandal and impact on German economy


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one GFIs1 with 244 posts (381 thanks)
    2. looks_two rleplae with 50 posts (71 thanks)
    3. looks_3 SMCJB with 25 posts (53 thanks)
    4. looks_4 Fat Tails with 23 posts (51 thanks)
      Best Posters
    1. looks_one Fat Tails with 2.2 thanks per post
    2. looks_two SMCJB with 2.1 thanks per post
    3. looks_3 GFIs1 with 1.6 thanks per post
    4. looks_4 rleplae with 1.4 thanks per post
    1. trending_up 161,627 views
    2. thumb_up 759 thanks given
    3. group 21 followers
    1. forum 461 posts
    2. attach_file 28 attachments




 
Search this Thread

VW scandal and impact on German economy

  #251 (permalink)
 GFIs1 
who cares
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 6,933 since Feb 2012
Thanks Given: 6,196
Thanks Received: 15,588

From today all VW new to sell cars in South Corea are without any license.
Around 83 thousand cars of 80 VW models are taken out of the streets immediately.
A fine of 14.3 million $ is hitting VW in Germany.

Article:
https://www.theguardian.com/business/2016/aug/02/south-korea-halts-sale-of-80-volkswagen-models-over-emissions-scandal

GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote

Can you help answer these questions
from other members on NexusFi?
How to apply profiles
Traders Hideout
Increase in trading performance by 75%
The Elite Circle
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Better Renko Gaps
The Elite Circle
MC PL editor upgrade
MultiCharts
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Just another trading journal: PA, Wyckoff & Trends
31 thanks
Spoo-nalysis ES e-mini futures S&P 500
28 thanks
Tao te Trade: way of the WLD
24 thanks
Bigger Wins or Fewer Losses?
20 thanks
GFIs1 1 DAX trade per day journal
17 thanks
  #252 (permalink)
 GFIs1 
who cares
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 6,933 since Feb 2012
Thanks Given: 6,196
Thanks Received: 15,588

Small Bavaria (Bayern) in Germany is suing VW today: The region had invested into VW stocks
and lost 700 thousand € in their pension fund last september after knowing about the
diesel scandal and the tumbling stock price of VW stock.
Bavaria now wants this stock loss back from VW.
Of course the price for VW is not a real threat - BUT - others might follows this path...

MORE to come for sure
GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #253 (permalink)
 GFIs1 
who cares
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 6,933 since Feb 2012
Thanks Given: 6,196
Thanks Received: 15,588



GFIs1 View Post
Small Bavaria (Bayern) in Germany is suing VW today: The region had invested into VW stocks
and lost 700 thousand € in their pension fund last september after knowing about the
diesel scandal and the tumbling stock price of VW stock.
Bavaria now wants this stock loss back from VW.
Of course the price for VW is not a real threat - BUT - others might follows this path...

MORE to come for sure
GFIs1

....same today from Baden-Württemberg

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #254 (permalink)
 GFIs1 
who cares
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 6,933 since Feb 2012
Thanks Given: 6,196
Thanks Received: 15,588

According to The Wallstreet journal VW faces a new fine of 1.5 billion $.

"U.S. prosecutors and Volkswagen AG are negotiating a settlement that could result in significant financial penalties after Justice Department officials found evidence of criminal wrongdoing in the car company’s diesel-emissions cheating, said people familiar with the matter."

Full article:
U.S. Said to Uncover Evidence of Criminal Acts in VW Probe - WSJ

GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #255 (permalink)
 GFIs1 
who cares
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 6,933 since Feb 2012
Thanks Given: 6,196
Thanks Received: 15,588

As two companies delivering parts for the Motor and parts for the seats stopped delivery
VW faces now a stop on 5 production sites and 20000 workers with no work...
A lawsuit with the 2 delivery companies against VW has stopped the relationship.

In extremis VW wants to enter the factory sites of the opponents to "fetch" themselves
the needed parts.

Article (german)
VW droht Kurzarbeit in Wolfsburg und Kassel wegen Streit mit Zulieferer - manager magazin

GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #256 (permalink)
 GFIs1 
who cares
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 6,933 since Feb 2012
Thanks Given: 6,196
Thanks Received: 15,588


GFIs1 View Post
As two companies delivering parts for the Motor and parts for the seats stopped delivery
VW faces now a stop on 5 production sites and 20000 workers with no work...

Interestingly VW has won a short fight today :
A german judge allows now that VW may "fetch those parts in the delivery production" themselves.

THIS means that IS the FIRST time to practice so in german industry

In fact - VW did cancel the contracts this year with both companies and still makes
pressure on them... - lets see what happens...

At least this is a clear view on how a "too big to fail" car maker operates.

GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #257 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
Site Moderator
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
Posts: 5,972 since Sep 2015
Thanks Given: 15,487
Thanks Received: 15,382

As California regulators pursued Volkswagen to get to the bottom of its emissions scandal in the spring and summer of 2015, engineers at the carmaker who knew about the cheating were in a state of panic.

A US legal filing unsealed on Friday shows a group of VW employees attempting to cover up the cheating as questions from the California Air Resources Board became more and more detailed.

On April 28 2015, an unnamed VW employee wrote: “We only just need a plausible explanation as to why the emissions are still high!!!”

On May 12, one employee wrote about the emissions discrepancies between test conditions and real-world conditions: “We need a story for the situation!"

The emails are quoted in an indictment, dated June 1, against James Liang, 62, a veteran Volkswagen engineer who spent 30 years with the company. On Friday he pleaded guilty to a conspiracy to defraud US customers and regulators.

Full article on FT

Reply With Quote
Thanked by:
  #258 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
Posts: 3,633 since Dec 2012
Thanks Given: 17,423
Thanks Received: 8,425


xplorer View Post
As California regulators pursued Volkswagen to get to the bottom of its emissions scandal in the spring and summer of 2015, engineers at the carmaker who knew about the cheating were in a state of panic.

A US legal filing unsealed on Friday shows a group of VW employees attempting to cover up the cheating as questions from the California Air Resources Board became more and more detailed.

On April 28 2015, an unnamed VW employee wrote: “We only just need a plausible explanation as to why the emissions are still high!!!”

On May 12, one employee wrote about the emissions discrepancies between test conditions and real-world conditions: “We need a story for the situation!"

The emails are quoted in an indictment, dated June 1, against James Liang, 62, a veteran Volkswagen engineer who spent 30 years with the company. On Friday he pleaded guilty to a conspiracy to defraud US customers and regulators.

Full article on FT

On the way up everybody just wants a piece of the pie, facts don't matter. On the way down everybody needs a story. Sound familiar?

Travel Well
Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #259 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
Site Moderator
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
Posts: 5,972 since Sep 2015
Thanks Given: 15,487
Thanks Received: 15,382

The mayor of London has claimed Volkswagen should pay £2.5m for missed congestion charge payments following the emissions-rigging scandal.

Sadiq Khan said 80,000 VW engines fitted with "defeat devices" were registered in London.

The devices, which detect when an engine is being tested, changed performance to improve results.

VW, the biggest carmaker in the world, admitted about 11 million cars worldwide were fitted with the device.

Transport for London calculated the £2.5m figure from the number of owners of affected VW vehicles claiming a discount for which they were not entitled.

"If you don't ask you don't get. I'm a champion for clean air, I'm a champion for London," said Mr Khan.

"Londoners, in good faith, bought these vehicles. They weren't clean. We've lost revenues from the congestion charge, they've got a case to answer."

The cars affected include Audi A1 and A3, Skoda Fabia and Octavia, Seat Ibiza and Leon and VW's Golf and Polo vehicles.

In a statement to the Sunday Times, VW said: "Volkswagen products perform well in independent real-world emissions testing against new cars in general.

"It is therefore difficult to understand why our products might be singled out for pollution penalties."

The scandal was exposed last September when America's Environmental Protection Agency (EPA) found many VW cars with diesel engines being sold in the States had software that could detect when they were being tested, changing the performance accordingly to improve results.

The German car giant has since admitted cheating emissions tests in the US.



From BBC News

Reply With Quote
Thanked by:
  #260 (permalink)
 GFIs1 
who cares
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 6,933 since Feb 2012
Thanks Given: 6,196
Thanks Received: 15,588


VW announces today to no longer sell diesel cars in USA...

GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote




Last Updated on June 27, 2023


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts