Daily Management Review

Volkswagen Cars Are Equipped With ‘Pollution Cheating Device’


The automakers have disclosed that the amount of pollution cheating scandal of Volkswagen can involve as many as eleven million cars.

Following Volkswagen automaker’s information, the “pollution cheating scandal” of Volkswagen escalated further on the 22nd September 2015. As per the information, almost one third of company’s “market value” could get wiped off, as the automaker’s reveal almost “11 million cars” on a global scale could be affected by the cheating scandal. Moreover, it also threatens company’s chief executive to be toppled.
According to “a source” from the closer circle of probe, the government of the United States has initiated a “criminal investigation into Volkswagen”. In fact, AFP also notified that South Korean and French authorities will conduct independent investigations in order to prompt the company of Volkswagen to disclose the fact that “it was setting aside 6.5 billion euros” in provision, which would equate to $7.3 Billion. The said provision was kept aside for the “third quarter” of the year so as to compensate for the “potential costs of the scandal”.
However, Indian authorities are yet to investigate the matter as they kept vigil on the “developments” but so far have not conducted any investigations. An official from India stated:
"We are finding out if the models sold in the US are also on sale here."
Moreover, he also added that the legal mechanisms in India are different than that of the United States. The latter allows a “self-certification” of the companies whereas the former indulges in a “type of approval”, followed by which random sample tests are conducted. These tests are to still continue for Volkswagen in India, informed the official.
In the opening note of the share market, the company of Volkswagen lost seventeen percent of its market value on Monday the 21st September 2015. Subsequently, the share rates fell further by additional twenty three percent “of 101 euros”. The said loss occurred while dealing with a trade “on the Frankfurt stock exchange” which came as new revelations to the automakers. This scenario triggered the investors to recoil whereby issuing a “warning” to lower the company’s profit outlook.
Moreover, reports claim that the C.E.O of the company of Volkswagen, Martin Winterkorn, could be facing trouble in the near future, whereby some say that even his days of authoritative powers appear to be numbered. According to the “Tagesspiegel newspaper”:
“...unidentified sources on Volkswagens supervisory board, said the it would decide on Friday to replace Winterkorn with Matthias Mueller, the head of VW's Porsche sports car business.' A Volkswagen spokesman denied the report”.


Science & Technology

NASA’s Mars Mission To Make Use Of Cold War-Era Atomic Rockets

Israel Completes Mars Habitat Simulation Experiment

Just $24 Earned By Hackers From The Huge Cryptojacking Campaign Conducted Last Week

New Molecule That Quickly Fights Cancer Cells Identified By Swedish Scientists

The U.K.’s Health Sector To Integrate Israeli ‘Digital Health’ Technology

Cryptocurrency Mining Malware Infects Government Websites In Multiple Countries All Across The World

New Research Into Space Settlement And Space Habitation Will Be Supported By Seed Grants Launched By UAE

NASA Confirms Mystery Satellite To Be Its IMAGE Satellite

Facebook To Put A Ban On Cryptocurrencies Ads

Study Show An Early Sign For Alzheimer's Is Sleep Disruption

World Politics

World & Politics

Australia To Welcome Britain On The Latter’s Interest In Joining TPP

South African President Zuma Finally Resigns, New President To Be Elected Soon

13 countries with the best healthcare system

France is coming closer to Iran

India-Russia Develops Supersonic Missile Which Could Raise Concerns In China

Yet another serious political risk for Europe: Italian elections coming soon

Seven Weeks Time Period , Says Theresa May, For Agreement On Brexit Transition Deal

Germany on the brink of political chaos