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.
The Supreme Court declared Astra Bank insolvent, the press service of the National Bank reports. By its decision, the Supreme Court overturned the decisions of the Kyiv District Administrative Court and the Sixth Administrative Court of Appeal, which found the central bank’s actions illegal. The NBU reminded that Astra Bank is the only bank that […]
The Supreme Court did not satisfy the cassation appeal of Sberbank of Russia and recognized the Ukrainian state Оschadbank as the legal owner of the Sberbank trademark in the country. “The Supreme Court did not find grounds to satisfy the cassation appeal of Sberbank of Russia and upheld the decision of the Northern Commercial Court […]
The National Bank did not go out this week with interventions on the interbank market, according to the press service of the regulator on Friday, November 27. The Central Bank has been refusing to buy or sell currency for three weeks in a row. At the same time, since the beginning of the year, the […]
Residents of the United States spent a record $ 9 billion on shopping in online stores on “Black Friday” – a day of big sales, which follows Thanksgiving celebrated on the fourth Thursday in November. This was reported by the Associated Press, citing data from Adobe Analytics, which analyzes information from 80 of the 100 […]
Company representatives, who engaged in the design, construction and equipment for solar power plants, note a significant decline in demand for their services. This is due to instability of the industry and growing debts for “green” electricity. “We are talking about 1260 MW of RES generation that has been launched in the first three quarters […]
Tesla CEO Elon Musk wants to turn the Tesla plant near Berlin into the world’s largest factory for the production of batteries for electric vehicles. The businessman stated this on Tuesday, November 24, speaking via video link at the European Conference of Battery Manufacturers. The plant near Berlin will be one of a kind as […]
Shares of US electric car manufacturer Tesla continue to rise sharply amid news of the company’s future accession to the S&P index. On Tuesday, November 24, the market value of Elon Musk’s company crossed the $ 500 billion mark for the first time. Tesla shares are said to have risen nearly 550 percent this year, […]
The Dow Jones and S&P 500 stocks hit record highs on Tuesday, November 24 amid official news of the transfer of power in the United States and progress in the development of coronavirus vaccines. In particular, the Dow Jones industrial index rose by 1.5% and for the first time in history exceeded 30,000 points. According […]
Khmelnytskyi regional territorial office of the Antimonopoly Committee of Ukraine has fined the privately-operated enterprise “Prometey consulting firm” in the name of the branch “Slavutskyi Butter Plant”, “Ryhalsky factory of the desiccated milk ” LLC, “Bimol” LLC, “Biscuit-Milk” LLC for 36.828 thousand UAH for anticompetitive concerted actions in the milk procurement market for industrial processing. The Regional territorial office found […]Next
Taxes is some kind of insurance which the person shall pay for the sake of the own benefit and social security in the future. How fine is a line between fair and unfair taxes? How to understand when does the state demand from us superfluous? What of the countries are succeeded in it more than […]Next
The American corporation Microsoft has received permission from the New Zealand Department of Foreign Investment to build data centers in Auckland. This is stated in a statement issued by the agency on Wednesday. “New Zealand subsidiaries of Microsoft Corporation received management’s approval of foreign investments to purchase business assets, including various land, to further creation […]Next
The manufacturer of on-board cable systems is ready to increase the number of workers from 900 to 5000 people. A foreign investor, a manufacturer of cable networks for automobiles – Kromberg and Schubert has invested in the production of automotive components plant in Zhitomir € 10 million, and it plans to double its investment and […]Next
On Tuesday, Chinese Foreign Minister Wang Yi presented the government’s initiative to implement global data security standards, “golden rules” which should be applied by Chinese and other companies around the world. Among a number of points, the key ones are: preventing the illegal receipt of confidential personal information, ensuring the storage user`s data on the […]Next
In the course of the global restructuring, ASUS in Ukraine closes entity which hasn’t worked for several years. Asus Technology PTE Limited Company (registered in Singapore) announced the cancellation of registration through the liquidation of its office Asus Technology PTE (Kiev). This is stated in a message of the government publication Governmental Courier. The head […]Next
The professional jury will select three winners who will receive UAH 100,000 for the development of their own businesses. The first-place winner will present products in her own “corner” in one of the two Vsi. Svoi stores on Khreshchatyk. All three winners will present their products at the online platform vsisvoi.ua and will receive mentor sessions […]Next
In Ukraine, will disappear one more channel: it is talking about the information media resource UBR (UKRAINIAN BROADCASTING RESOURCE), a member of the Ukrainian Media Invest Group. According to the statement issued by Sergii Shynkar editor, which he did on his page on the social network Facebook, this decision is forced by the lack of […]Next
The officials of the mobile operator “Kyivstar” deliberately evaded of the payment of taxes in the amount of over 2.3 billion UAH by the fictitious business operations in 2014, testify the conclusions of the inspection. This is stated in the message of the management of public relations and mass media to the General Prosecutor of […]Next
JPMorgan shares increased because of the announcement of financial results for the 2nd quarter ended on June 30. Since the beginning of the year, JPMorgan shares have lost almost 30% because the global COVID-19 pandemic has hit the global economy, and the US Federal Reserve has cut rates to zero greatly reducing the profitability of […]Next
Chinese Internet company Alibaba will buy more than a fifth of the shares of its division, specifically of a fin-tech company Ant Group, as part of its future IPO on the stock exchanges of Hong Kong and Shanghai, Alibaba said in a release. “Alibaba has agreed to subscribe for 730 million shares of the initial […]Next
For the year Ukraine dropped 13 points lower in the world ranking by business publication Forbes «Best Countries for Business”: from 61 to 74 place. According to the research, which included the analysis of the basic conditions for doing business in different countries of the world, since the beginning of 2016 Ukraine’s index dropped significantly. […]Next
Polish investors headed by the Aviva Investors Poland bought more than 3% stake of the “Astarta-Kyiv” agro-industrial enterprise. This is stated in the issuer’s announcement on the Warsaw Stock Exchange site. According to the report, the Polish investment funds headed by the Aviva Investors Poland SA concentrated 3,002% of shares of Astarta Holding N.V. (Netherlands) – […]Next
The director of a large state enterprise telecommunications, China Telecom was accused by the Chinese government in corruption. In particular, the government accuses the CEO Chang Xiao Bin in the “global misconduct of the party”, – reported on the website of the Chinese government. The Central Disciplinary Commission opened an investigation into the case. It […]Next
Oil becomes cheaper due to a sharp increase of reserves in the US and an increase in the number of coronavirus cases, which has raised fears of oversupply and weakening demand. This is evidenced by the data of stock trading on the site Investing.com published on Wednesday, October 28. In particular, the price of December […]Next
The Roshen Confectionery Corporation plans to invest € 25 million in the construction of the second stage of the Vinnytsia dairy plant. This was announced by the director of the plant Dmitry Roshupkin, – writes the “Interfax-Ukraine”. “We have already started designing the second stage, the first piece of equipment has been already in order. […]Next