Huawei CEO Ren Zhengfei laid out plans to bring more efficiencies to the organization. This included simplifying the reporting structure, cutting down on surplus staff, axing...Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
Chinese overseas investment growth will likely slow or even decline in the next few years as risks around the world increase, according to new research by Moody's Investors...China Economyread more
The two countries want to smash the civil aerospace duopoly enjoyed by Airbus and Boeing.Aerospace & Defenseread more
Alibaba held a board meeting before its latest quarterly earnings release last week, during which the board decided to postpone the Hong Kong listing, Reuters reported.Technologyread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.Technologyread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
FRANKFURT, May 31 (Reuters) - Volkswagen Chief Executive Herbert Diess told German daily Tagesspiegel that he did not fail in his duty to inform markets about the gravity of VW's diesel cheating scandal in 2015, when he was still VW's brand chief.
Prosecutors in Braunschweig, Germany are investigating whether VW executives including Diess and Chairman Hans Dieter Poetsch should have made a regulatory disclosure to inform investors about an emissions cheating scandal in summer 2015.
"I believe that the allegations made against me are unfounded. This is also the result after the viewing of files," Diess told the paper. VW confirmed Diess had made the remarks.
VW has consistently denied wrongdoing by its executives and Diess, who has since been promoted to group chief executive, made the remarks after prosecutors granted defendants access to files which will be used in court.
Shareholders sued the carmaker citing a violation of disclosure rules, arguing that VW failed in its duty to inform investors about the financial impact of the scandal, which became public only after the U.S. Environmental Protection Agency (EPA) issued a "notice of violation" on Sept. 18, 2015.
A failure to make a regulatory disclosure could also amount to an offence of market manipulation.
VW shares lost up to 37 percent of their value in the days after authorities exposed VW's illegal pollution levels but the carmaker said its managers could not have foreseen the financial scope of the scandal that has cost the carmaker more than 30 billion euros so far.
VW insists that the U.S. EPA's issuance of the notice of violation was not in keeping with how U.S. authorities had handled similar cases involving other carmakers.
Because other carmakers had reached a settlement for emissions cheating without an EPA notice of violation, and because VW was at the time engaged in settlement talks, VW's board did not see the need to inform investors, the carmaker said in a filing with the Braunschweig court.
VW had already made substantial provisions in late 2015 to cover other vehicle recalls, and because previous fines by U.S. authorities for similar violations were below $200 million, there was no need to issue an ad-hoc disclosure notice under German law, the carmaker said in the filing.
Volkswagen says board members at the time, including Diess and Poetsch therefore did not violate disclosure rules, according to the VW defence document filed with the court. (Reporting by Edward Taylor; editing by David Evans)