renault down some 5%. >> yeah.e been reading a lot of these analyst's notes saying this is not your usual recall issue because it might stem deeper, right? what does it say about corporate governance and the mindset over at vw. the u.s. environmental protection agency has accused volkswagen of fitting half a million cars with these devices to cheat on emission tests. it says that the german car maker could face a penalty if you calculate it, 38,000 dollars per vehicle. that comes up to $18 billion. $18 billion is a lot of money. people say we're probably going to be in the billions but not that much. >> yeah, we'll have to wait and see, won't we? a lot of uncertainty. the ceo has issued an apology on sunday saying he's called for an external investigation. volkswagen says it will halt u.s. sales of some of the affected diesel models. bernstein's team stating that this is not a usual recall issue and could impact earnings by up to 35 euros per share. as we said at the top, this does seem like a much more complicated

. >> well, you know, as ceo of renault which has no presence in china, the fact that the chinese market instead of growing at 8, 9% is forseen to be growing at 3 or 4% is no concern. for us, china is just an opportunity. no matter what the market will do. this is a market of 20 million cars on which we have no presence. so we cannot be worried about the market where we have no presence. however we're very optimistic because finally we'll be able to come with cars to compete on the market. >> it's a different story. obviously we have never planned for a very strong growth on years to come. we know when the market was growing that double digit was just temporary and we'll be falling down where the growth is much more moderate. everybody loves the strong growth but practically the norm that we were foreseeing for the next year. now, 5%, 6% growth in the market of more than 20 million cars it's a substantial growth. >> nevertheless you have a plan in china, is that still on track for 2016. >> we have our capacities in place. obviously we will adapt our capacity to the rate of growth of the

hay que saber que renault tiene uno que tomar.l, vanessa sandoval responderÁ preguntas. vanessa: las personas que han sufrido problemas extrajo tienen derecho pero todo depende del tipo de uso que sufriÓ uno en el trabajo ligados al ser un delito de clasificar a uno de lo que sea la vista u en ese periodo la consulta de situaciÓn en tu caso. hacer si este es tu caso. marÍa: recuerde que puede escribir su consulta son obesos y alta. f la comisiÓn organizadora dio inicio la temporada con un concierto gratuito en la plaza justin germÁn dehesa mÉxico es parte de un evento que marcarÁ la prensa. marÍa: para y vimos que hay en el Ámbito de los deportes. >> saludos a todos en casa sigue la novela y los lÍderes luego de que el caso fuera a favor de alan. gary quiere seguir con su sueÑo en europa y quiere disfrutar partido de la champions league pero ya se rumoreaba que el equipo de nuevo leÓn ofusca pero que pueda volver ver con esa manera cumplir su contrato que vence en julio de 2006, jugador ha dicho que no tiene interÉs en volver al f

renault? really is key for us is building a vibrant business and a profitable business, sustaining that profitability in good and bad times. that is the most important thing for us here in europe. to have models and products and services that people love. that is the key. to have that vibrant business. as far as where that works out as far as brand sales, that is not key. anna: how will that play out for you in russia? troubles you face there. how much pain is too much pain in russia? we you be there if you did not have a joint venture partner. other competitors are pulling out. >> we really think that russia provides a great long-term growth opportunity for us in europe. even this year, at 1.6 million units, russia will be among the top five markets in europe. we are well-positioned. we watched four new products. in our-- we have seven lineup. we're working on localization. a lot of adjustments to the business based on the current environment. we really believe in russia as the market. you ha

renault down to 6%. you can see that on the frankfurt stocks there. partly down to carmakers. and containing the fallout of scandal, hoping not to tarnish the broader industry. >> volkswagen, the people's car, and a symbol of german innovation. the 78-year-old company struggles with an new emissions scandal, the government is trying to limit damage to the broader industry. >> i think despite the scandal, we should be careful not to cast doubt on an entire industrial sector. or the company that is involved. on its capacity for innovation and its importance to our country. >> on oh manufacturing is a key driver of the german economy. volkswagen, mercedes-benz, and country'sent the largest industry sector. it accounts for 20% of german exports, including 800,000 people. some 300,000s employees across 29 plants across the country. the are the cornerstone of german auto industry. >> this must never happen again in volkswagen, and we want to make sure that we do everything so that confidence in the country is quickly restored. >> restoring consumer confidence and rebuilding a brand

the pontiff led prayers in a renault path st patrick's cathedral. he was the first pope to chair a joint meeting of congress. >>> 700 people during hajj pilgrimage killed. investigations begin. >> president barack obama hosted xi jinping for a private dipper at the white house. >> cyber security and the south china sea is among the issues to be discussed by the two leaders. >> german chancellor angela merkel has been hosting a refugee summit with provincial leaders in berlin. telling reporters the government will pay regional states 740 million. 800,000 are expected to arrive in germany this year alone. >> translation: i am deeply convinced that europe needs a punctual distribution and a permanent system. the german government supports the xropsal. meaning that we have seen a first step. but we are far from where we want to get. >> hungary and the czech republic, slovakia have opposed a plan to distribute refugees. >> it may not seem like it, but in little places like this in southern hungary, the european vision of unity in dealing with the refugee

honda, toyota and, renault saying they don't use anything like those devices, software implanted in dee'sehicles by volkswagen in order to pass emissions tests, but then actually when the when the vehicles were on the road they were emitted pollutant at sometimes 40 times the levels that they were appeared to be emitted the test. >> do we know how this scandal was uncovered? how were they found out 123467 there was suspicions by some european environmental agencies and by the environmental protection agency in the united states. they then went to a specialist laboratory at the university of west virginia that did tests of the diesel vehicles in real conditions on the road as well as during the testing where you might take your car in for an emissions test that, sort of thing, and they found this discrepancy. and then they were able to trace this to a bit of software in the complex computers that drive modern cars in the volkswagen vehicles that essentially turned off the pollutants during testing, but then turned them back on in order to give the car better performance in it was on the ro

ofare talking to the ceo renault nissan. nissan has been trying to sell a lot of cars to china. guy johnson. airline the low-cost congress in london. jonathan: who knew that existed? to gettingok forward appearances on bloomberg tv. i try to reconcile the call of citigroup for recession. the fed hike this week. francine: i don't know where we i will be interested to have his take on whether the fed will hike this week. if it stays at this kind of level for six months. jonathan: francine lacqua coming up in three minutes time. do not miss that show. 56 minutes into the trading desk into trading this morning. .3%.tse 100 down by the dax holding its ground. the dax up by .1%. we are 30 minutes away from uk's cpi for the month of august. 0%, aed to drop back to 20th straight month of lows. look out for that. that is at 9:30 u.k. time. at 10:00, the germany's e w. 1:30, u.s. retail sales coming up at 1:30 u.k. time. that comes before the fed's big decision on thursday. on wednesday night, the interview with ray dalia, the six clock p.m. new york, 11:00 p.m. here in london. that is it

renault is at the top seller. all car sellers getting a boost this morning why? chinese sales.an get away from that part. back to you. jonathan: caroline, thank you. they will buy the world's largest platinum producer. $331 million. for more, i am pleased to say we can welcome neal john froneman. the first question for me and make sense, why are they entering the platinum sector? question.'s a good good morning. about being as yield player or player. we look at opportunities where upstart and ensure that our dividend is sustainable. we have a gold base and looking at these operations, we can see opportunities optimizing. view ofion, we have a the platinum sector. [indiscernible] duncombe neal, we'll talk about the assets. i want to talk about the dividends here it is it safe for them with these acquisitions? if you saw a gold miner going to platinum, you might think that dividend is still at risk. neal: the way we structured the transaction -- i took notes on the way you find it -- we are billion rand. in fact in the first three years, american platinum has agreed to sponsor [i

. -- and renault. the former stronghold of china, brazil and russia are not so strong now.o is one of the few industries -- industry groups rising today. that's it for me. francine: thank you so much, mark barton with the very latest on these markets. the world's largest car show, the frankfurt car show is kicking off today. let's cross live to hans nichols who is joined by the opal c.e.o. hans? hans: i am joined by carl thomas newman. e is the c.e.o. of opel. you're going to help return to profitability in europe? >> we designed it from scratch. it has innovations in it and features that apoint ins the upper class. hans: the upper class. the rolls-royce crowd. they are going to think they are ? ssing something on the table >> exactly. we bring luxury to standard ordinary cars like massage seats. safety features. we have a new light system that doesn't glare to oncoming traffic. hans: the new system won't annoy the chauffeur of the rolls-royce. won't get into that. give us an update of when you'll return to profit. >> we didn't change the entry price but we hope and think w

another person weighing in is the renault-nissan ceo that said a lot of people would have known about the emissions issue. he said it would have been hard to hide such an effort to falsify data. he urged the industry to be extremely open. >> let's continue with some other top stories. the chief executive has told nbc he will lower the price of a pill at the center of a drug fire storm. hillary clinton sparked the sell off when she accused the sector of price fixing. her comments were in response to the fact that they raised the price from $13.50 to $750 a pill overnight. the ceo said he would decide on the exact price cut over the next few weeks. >> yes, it's absolutely a reaction. you know, i think that there were mistakes made with respect to helping people understand why we took this action. i think that it makes sense to lower the price in the response to the anger felt by people. it's large to see a large drug price increase but when you find out the company isn't really making any money. what does that mean? it's hard stuff to understand. >> shares of goldman sachs closed down a

we talked earlier today on fox business network, carlos ghosn, the ceo of renault and nissan. he says he thinks this is one-off peculiar to vw. >> the whole industry has been down because there is, suspicion that the problem is much bigger than what you're seeing so far. but so far the facts are pointing to a specific isolated incident. >> reporter: yes, but, i add to this to you, deirdre, we learned at fox business network this is not the first time major automakers have been sanctioned this way. back in 1998, both ford and honda paid multimillion dollar settlements for installing same sort of defeat devices on their cars. in '95 gm paid out 45 million-dollar settlement doing it to half a million cadillacs. also big truckmakers also charged with doing same sort of thing. this may not be as new and crazy as we think. deirdre. deirdre: jeff flock, thank you so much, joining us there from fox business. well as a result of alleged lying, volkswagen now subject to epa probe and a u.s. criminal investigation. the government paying out as many as $51 million in green subsidies for c

investigation into the automotive industry, and that's another reason why you see daimler and feeat and renaultnd bmw down. there are very few members of the europe stock 600 that are in positive territory. now it's over to mario who tomorrow as ecb president will actually be in front of the european parliament. if he takes the opportunity to talk with expanding qe or either through the date or through the intensity, this would be the opportunity that he might take. we'll be talking about that tomorrow morning. guys, back to you. >> thank you very much. when we come back, the next generation of microsoft office is out today, and it's all about the cloud. one of the top voices of microsoft will join us to break it all down. dow down 269. there's a difference when you trade with fidelity. one you won't find anywhere else. one-second trade execution. guaranteed. did you see it? in one second, he made a trade, we looked for the best price, and the trade went through. do the other guys guarantee that? didn't think so. open an account and find more of the expertise you need to be a better investor. t

and it implicates bmw, mercedes, gm's opal unit as well as renault and other manufacturers as well. quick to come out with a denial. i put the statement from them up there which says, there are no specific activities or technical provisions which influence the emissions recorded during the test mode. fancy way of saying, no, we don't do that, but serious questions being asked today, trish. this could be the tip of the iceberg. trish: all right, jeff, there are those questions for sure. now we'll wonder about a lot of these european vehicles. but let's talk also about the company. it has a new ceo, i understand, the former chief of porsche who will try to fix it all? >> not official yet but multiple reports say mathias mueller, some years head of porsche, formerly worked at audi. close associate of martin winterkorn, the ceo who resigned yesterday. this would be another insider. some people think vw needs to go outside to bring somebody new in to change the culture that spawned this whole thing. but it appears at tomorrow's board meeting. i don't think we'll have anything official un

bmw, renault, daimler and morning star said two potential u.s. winner, gm as it reinvents the brand and invests in the cadillac and the ford which is trying to do the same thing with the lincoln brand. while market pros estimate the global impact of the scandal, these may be some names to keep an eye on. >> seema, thank you. back at headquarters. and the key volkswagen story is they've been trying to gain a foot hold in north america but they want to be stronger here in the u.s. so if all of a sudden the reputation is at risk, could ford or gm step in, not just auto -- just toyota with an ev. >> i'll give you one other. how about this -- tesla. >> there you . >> any clean car. because people are clean diesel people. >> and take a look at the way the stock reacted. in august it plummeted, got back to 220 and bounced above the bay at 230 and held the 50 day today and finished in positive territory in a negative tape where we see the auto manufacturers going lower. and i think very interesting and i think you go the electric route and with the volat

but we know, for example, if you go on twitter and you search #volkswagonscandal, a renault ad pops upaking advantage of this moment of weakness for volkswagon to try to market itself. it makes a lot of sense, even though some might feel it's a pretty aggressive move. >> now the president of the company before he stepped down said, look, i wasn't aware of wrongdoing, i will step down anyway. what is the reaction from the troops to say i wasn't aware of it? >> here's the issue with him. the culture ought volkswagon where the ceo is supposedly all knowle. people say he is dammed if he knows, he is dammed if he doesn't. if he knows, obviously, that's horrible. and this will be more than a couple rogue people inside of the company. if he doesn't know, they say culturally that means his eye was off the ball. so this is not a good story for him either way. it will be interesting to see what happens with the criminal investigations launched. in germany, can you not indict a company, you can only indict individuals. >> messages, emissions standards are real. they're there for a real. yeah. >>

rep in so many auto industry scandals we just can't -- carlos stone, the first time -- pimm: nissan renault no. we asked him about gm, chrysler, i'm asking him about volkswagen. different day, same question. what is going on in the auto industry? he that joe said "we do not use defeat devices." they do not use them. you are going to get answers like that from automakers across the industry. we need to before we know any and all of them are not gaming the system. pimm: shares of volkswagen hire a little bit today, but down 20%, 25% -- matt: that is because they are happy they got rid of martin winterkorn. now who they will bring in to replace him? brought mueller may be in from porsche, but he has been there all along as well. pimm: culpability. all right. thanks very much. i will see you later this afternoon. that was matt miller speaking with joe heinrichs, the head of ford america. still ahead on the bloomberg -- rahm emanuel trying to fix chicago for budget. but it's not going to be easy. ♪ pimm: this is the bloomberg market day. fox.pimm a new chief executive selected for volkswagen. he

analysts citing brand reputational risk to bmw, ren kno renault, and daimler, all down. that's caused the etf to tumble 20% from the 2015 high hit on april 27th. analysts at citi say they're awaiting further information to accurately estimate the global impact of this scandal as ts possibit is possible reviews and investigations could begin in other regions. jpmorgan writing we could see stricter co2 emission controls going forward. as people try to get their head around this story, investors hitting the sell button on many of these auto related names. >> thank you very much for giving us the rundown there. this is a space that will keep on watching. we have a news alert in the bond market right now with five-year notes up for auction. rick santelli has been watching all that action. yesterday you gave the 2-year note auction a "c" grade. what about today's 5s? >> we are improving. this one is "b," "b" as in boy. definitely above average auction. let's go through it. $35 billion in 5-year notes. makes $61 billion in supply thus far. tomorrow $29 billion 7s. dutch action

. >> and cheap euro as well if you look at what dagen does nestle flagon and renault and the age of autoignificantly old and. south korea and switzerland also coming to the table saying they are going to investigate further so this is open ended but the valuations the jeep and a enough to start to become appealing at some point because i don't think this possibly is as widespread. sandra: we are talking about obama auto sector in the u.s. and globally. in germany the dax off 3%, auto shares leading the sell-off, france down 3.5%, par shares leading the drop so the auto sector is leading the global sell-off. dagen: the justice department is investigating what volkswagen did in this country. this is going to be a horror show for that company. sandra: thank you for joining us on set this morning and start your day with nicole petallides, lauren simonetti and "fbn a.m.," getting you ready for your day. they have just about everything you need when you wake up in the morning. once a gop front runner scott walker is bidding farewell to the white house. scott walker supporter anthony will weigh

your partner, could you be replaced by a renault? carlos: that is open for discussion. when you look at the open market in iran, how big is it and when can you start selling? carlos: we are going to start selling premium cars in iran very soon. we should never forget that on the iranian roads, we have 6 million units in operation, and we are committed to that market and we are committed to those , not only to service their cars, but also to bring brand-new technologies to the market, and brand-new products. we believe we will of course find the appropriate partner. we are eager to benefit some of this. china is 1.5al for million units by 2020. are you backing away from that? carlos: not at all. we know the growth in the chinese market is going to happen. the recession rate of china is 1/6 of other areas of the world, which means that the growth will continue, but with some bumps in the road. but ultimately the growth will be back. hans: so china is a bump in the road. describe brazil. carlos: we are talking about the fundamentals of the countries in terms of stability,