Nordea, the €190bn (£135.6bn) Scandinavian fund manager, has become the first major investor to signal it is preparing to sue Volkswagen over the carmaker’s manipulation of emissions tests.Nordea Asset Management told reporters over the weekend that it planned to join “several different class actions” against Volkswagen. The emissions fixing scandal has left investors with billions of euros of losses.
VW’s supervisory board is due to meet on Monday for the first time in a month, with the meeting chaired by new chief executive Matthias Müller, according to Reuters. The board includes a representative for the state of Lower Saxony, which holds a 20% stake in VW, as well as labor representatives and members of the founding Piëch and Porsche families.
VW’s share prices has plummeted almost 40% since the company admitted in mid-September to US regulators that it had installed software in 11m diesel vehicles which could cheat nitrogen oxide emissions tests.
A few days after the scandal broke, Stockholm-based Nordea banned its fund managers from making investments in VW for the next six months.
Sasja Beslik, head of responsible investments at Nordea Asset Management, told the Guardian: “As responsible investors we have the obligation to protect the interests of our beneficiaries and take measures that correspond with that responsibility.” He said no final decision had been taken on legal action.
The crisis widened dramatically last week when Porsche, owned by VW, became involved and VW admitted “irregularities” in the levels of carbon dioxide emitted by 800,000 cars sold mainly in Europe. This means that it could have to repay billions of pounds in tax to European governments.
Germany’s Bild am Sonntag reported that several VW engineers had admitted manipulating carbon dioxide emissions data because goals set by former chief executive Martin Winterkorn were hard to achieve.
Winterkorn declared at the Geneva auto show in March 2012 that VW would reduce its CO2 emissions by 30% by 2015. Engineers did not dare tell him that this would be difficult to achieve, according to Bild.
It reported that VW engineers manipulated tyre pressure and mixed diesel with motor oil to make cars use less fuel, a practice that began in 2013 and carried on until spring of this year.
Volkswagen’s UK sales fell by almost 10% after the emissions rigging scandal, according to industry figures, while other carmakers also posted steep declines. In South Korea, VW sales nearly halved in October from a year earlier.
In September 2025, the European Union paid the lowest amount since August 2023 for Russian pipeline and liquefied natural gas (LNG). This is according to data from Eurostat. In September, the EU imported Russian gas worth €830 million in total. Purchases of pipeline gas amounted to €478 million. In addition, EU countries paid €352 million […]
China may have bought ten times more gold in 2025 than it officially reported. The purchases were aimed at replacing U.S. dollars in its foreign exchange reserves and may have contributed to the rapid surge in gold prices, which have risen 55% since the beginning of the year, Financial Times reports. The World Gold Council […]
Most Indian oil refineries have halted purchases of Russian crude amid Western sanctions and ongoing trade talks with the United States, Bloomberg reports, citing sources familiar with the matter. Orders for crude oil for the following month are typically placed by the 10th of the current month. This time, five Indian companies declined to buy […]
Two senior Tesla executives responsible for the Cybertruck and Model Y programs have announced their departure from the company, InsideEVs reports. Siddhant Awasthi, who spent eight years at Tesla and most recently led the Cybertruck and Model 3 programs, revealed his resignation in a LinkedIn post.“It’s hard to summarize eight years in a few lines, […]
Shipments of Russian crude exported by tankers from seaports are increasingly left without buyers due to U.S. sanctions imposed on Rosneft and Lukoil, Reuters reports. According to the agency, two tankers carrying around 1.5 million barrels of Urals crude have been forced to anchor near the Suez Canal, effectively turning into “floating storage.” The tanker […]
Starting in December, the maximum capacity available for electricity imports to Ukraine and Moldova from neighboring EU countries will rise to 2,300 MW, according to Ukrenergo CEO Vitalii Zaichenko, who announced the decision during a press briefing. “We continue to work with our European colleagues on increasing electricity import capacity. At the moment, it stands […]
Ukraine’s total trade turnover for January–October 2025 amounted to $101 billion, according to data from the State Customs Service. During this period, imports totaled $67.8 billion, while exports reached $33.2 billion. Taxed imports accounted for $51.8 billion, representing 76% of the total import volume. The tax burden per kilogram of taxed imports between January and […]
Ukrainian citizens have started receiving National Cashback payments for August, which have reached a record amount since the program’s launch, according to the press service of the Diia app. The total payout amounted to ₴509 million, distributed among more than 3.6 million Ukrainians. These are funds citizens earned by purchasing domestically made goods — in […]
The Ukrainian economy will recover from the effects of the corona crisis in two or three years. This assessment of experts was published by the Ministry of Economy in a report on the impact of coronavirus on Ukraine. The agency reminded that last year the economy lost 4%, but this year GDP is expected to […]
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For Ukraine, wheat production expectations for the 2025-2026 marketing year (MY, July-June) have been lowered by 1 million tonnes compared to the June forecast, to 22 million tonnes (by 4.35%), while corn production expectations remain unchanged while for soybeans it has been increased by 1 million tonnes to 7.6 million tonnes (by 15.15%). These are […]
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A US court has ruled in an antitrust case against Google. District Judge Amit Mehta ruled that the company is not required to sell the Chrome browser and Android operating system. Instead, Google must share some data with competitors to increase competition in the search market. This was reported by Reuters. It is noted that […]
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Shares of Snap Inc. rose sharply on Friday, offsetting last week’s decline as investors praised its financial report. Key Snap figures for the 1st quarter of 2021 For the first three quarters of this year, Snap reported a break-even point per share, while analysts’ average estimates were reduced to a 6 percent loss per share. […]
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For the first time in 40 years, the American oil company ExxonMobil suffered an annual loss of $ 22.4 billion. Last year the company’s revenue fell by 30.7% to $ 46.5 billion. The agency notes that the company suffered billions in losses due to the coronavirus pandemic and falling demand for oil, as well as […]
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In the first quarter of 2021, the net outflow of foreign direct investment from Ukraine amounted to 301 million dollars. This was reported on the website of the National Bank. At the same time, negative reinvested earnings of $ 141 million were recorded. According to the NBU, investments in equity (excluding reinvestment of income) amount […]
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On Friday, Buffett’s Berkshire Hathaway announced that it has lost $2 billion on its IBM investment. That’s 15% of the more than $13 billion worth of IBM’s stock that Berkshire has purchased over the past four-plus years. Berkshire says it is still committed to IBM, calling the downturn in IBM’s stock “temporary.” “IBM continues to […]
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Revenue of French LVMH Moet Hennessy – Louis Vuitton for the first three quarters of this year fell by 21% year on year and amounted to 30.348 billion euros, according to the company’s report. The strongest decline in revenue in this period was recorded in the section “selective retail trade” and “watches and jewelry” – […]
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Volvo dropped several cars from a height of 30 meters for crash tests. According to the automaker, such tests are very important for training rescue services. Volvo lifted the cars to a height of 30 meters with a crane, and then smashed them several times. Such a test allowed to simulate damage to cars at […]
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Naftogaz announced a return to the practice of manual management of state-owned enterprises after the Cabinet’s decision to dismiss the head of the NAC Andriy Kobolev and the company’s supervisory board. The board of Naftogaz announced this on Wednesday, April 28. The company claims that the government’s decision is a legal manipulation. “The dismissal of […]
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Recently, it became known that the degrouping of the HarvEast company from its assets took place in March in Crimea, – says the press service of the company. “The decision to sell the assets of the HarvEast on the peninsula was rendered in 2013 due to the fact that this area belongs to the high-risk […]
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Foxconn, which manufactures electronic equipment, announced that it intends to invest $ 4,65 billion in the construction of a new factory in Guyame, China, the purpose of which is to create new modern LCD screens. Legally, the new venture will own the Century Technology Fund and Guyam city in China. Percentagewise the fund receive 76% […]
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During 5 years of its activity the HarvEast company invested 500 million UAH in the improving of soil quality (21 thous UAH was invested in each share). This was stated by the general director of the company,Dmitry Skornyakov, reports “SCM”. In addition, the company has invested 500 million UAH (20% of all investments in the […]
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Moldova has decided to halve its natural gas transit tariff to Ukraine for the 2025–2026 heating season, the National Energy Regulatory Agency of Moldova (ANRE) announced on its website. The approved changes stipulate that, for a period of six months — from November 2025 to April 2026 — the gas transportation tariff will be reduced […]
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Media Group will provide from 10 000 euros to 500 000 euros, depending on the stage of development of the project. One of the world’s largest media group Publicis decided originally to commemorate the 90th anniversary: to finance 90 StartUps from around the world, including Ukraine, – writes AIN. As the newspaper writes, the […]
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Ukraine’s Gas Transmission System Operator (GTSOU) plans to build the country’s first hydrogen pipeline infrastructure facility. “Our long-term ambition is to create a nationwide hydrogen transportation network. The company takes into account both security factors and commercial considerations — the priority is access to the developed EU market,” explained Oleksandr Haidin, Head of Strategy at […]
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