potential successors include the porsche chief and volkswagen new brand chief. zero, get off now, that is the advice that bill gross is giving to federal reserve officials. in a new report he argues that if zero rates become the norm, the economy will soon run on empty. china's president is pushing ahead with pushing ahead with trade ties. xi jinping, came at a meeting in seattle attended by a group of u.s. and chinese business leaders representing $3 trillion in market value. u.k. chancellor will use his trip to china to open the bidding process for the first stage of britain's high-speed rail link to. companies will be able to bid on at least seven new contracts valued at almost 12 billion pounds. construction of the first part is scheduled to start in 2000 -- 2017. at 6:00 u.k. time on monday we will bring you a special debate on the u.k. and europe. that is in partnership with the city of london corporation. we will be bringing that to you on monday. that is part of some programming i will be doing from the labor party conference. that takes place in the earl

news with stephen carroll. we are starting with the latest on the emission's scandal at volkswagen. stephen: we are getting a new desk getting new information customers will get details in the coming days on which of the diesel models need to be recalled and what they have to do to have the software that was fitted to cheat those emissions tests changed. volkswagen needs to have this planet place before next week to satisfy regulators. our correspondent has more on this story. taking the drivers seat to steer volkswagen through its biggest scandal in history. during a meeting monday night, vw's new boss unveiled a plan that -- customers will be advised in the coming days which cars have to be refitted. 11 million vehicles are expected to be recalled, including vw, audi, and fiat. he also wants to separate vw, which is struggling with low profit margins, from others in the group, like its porsche and audi brands. first stepis the toward modernizing the company. with a long trudge ahead, he called it, to repair the damage from last week's scandal. the german carmaker admitted to cheati

>> look at the euro today, it rallied against the dollar despite volkswagen news. alix: there is optimism around that. >> think about, remember the ford pinto? joe: i don't. i recall reading about it. >> and just yesterday somebody was indicted for selling food, knowingly contaminated with salmonella. i think that the more interesting story is why is it that we hope that cold --individuals to a moral standard, but we are finding with companies that are violations, it undermines trust in authority, whether it is the bank, the government, and companies. alix: we have seen volatility across the currency markets and if you look at the terminal, you can see what has done to currency. this is turning volatility for the last week between emerging market currencies and the dollar, this is serious volatility. >> i don't think that it had to do with full wagon, it had to do with china. emerging markets, that fascination last a decade. there are four things, you need to have strong world growth, you have had easing, a weaker dollar, trending higher and you need to see higher

they even spoke about new corporate structures that might come today, so work has just begun. i think the difficult road lies ahead of volkswagen and of the new c.e.o. it will take years until the road will be smooth again for volkswagen. >> briefly, what does the upper about emissions say about testing seizures around the world -- testing procedures around the world? >> i believe they will get much tougher now. >> thank you very much. the shockwaves are spreading wider and gathering strength. now switzerland says it is temporally banning the sale of volkswagen diesel models. the man affects diesel vehicles potentially fitted with the device. the ban could affect up to 180,000 vehicles. it only affects cars not yet sold or registered and not used car sales. the vw scandal was in earth in the united states. we go now to our new york financial correspondent for reaction thereto this latest news. what are people in new york saying about the appointment of matisse more to c.e.o. of volkswagen? >> in general, people are happy it did not take long to find a successor, that it was but she is more was widely expected so it did not come

the other suit was filed by a dealer seeking damages over the loss of value of used volkswagens. >>> new leads this morning on the mystery of a missing family from benicia. adam buchanan, his wife and their 7-year-old son haven't been seen in almost a week when they went to their cabbie in the sierra foothills east of auburn. the cabin burned down and human remains were found inside. joe vazquez has newinsight into the case. >> reporter: the cabin was burned to the ground almost unrecognizable now rubble on a foundation in the backwoods in el dorado county. while investigators work to formally identify the remains of the three people found inside the cabin, kpix 5 has learned investigators are also focusing on a family member who is alive and well. adam buchanan's 16-year-old son was at home in the bay area at the family home in benicia when investigators arrived with a search warrant. detectives impounded a white pickup that was parked out front. the sheriff's department says the teenager was detained for a short while, while detectives searched for evidence. >> i can disclose that our

volkswagen remains front and center for many people. still waiting the result of the supervisory board, the new ceo, and who is getting sacked. volkswagen has turned down on the session. it was higher earlier. for the week volkswagen is down 34%. by my calculations, that is a loss of $39 billion of market cap. i mentioned daimler. daimler has had to come out and categorically deny that it's had manipulation of its own results as everyone gets caught up in the swell of the automotive industry. it huts a lid on europe. those that would be quite price sensitive like airbus or l'oreal. you have seen the luxury goods advance for a similar reasoning across europe. carried, which owns gucchi, and cartier. some of the chips at least. army is up 6%. initiating a buy there. you can see other semiconductors have done well. interesting, a lot of the asset managers and big insurers have done well as well today. when you see asset managers moving higher, that's a good view as to where the markets might be going. acon a top. morgan stanley initiating that one other than overweight. guys, we also, of course, this weekend have an election in c

. >>> greek prime minister alexis tsipras declares a new mandate after winning his second election in a year. and volkswagen faces new charges as to whether it rigged emissions tests in europe as well as the u.s. hello. burkina faso army is marching on the capital, ouagadougo. the transitional president michel kafando was forced out of the office. >> this is waga 2000. normally a quiet neighborhood. soldiers turned it into a battle ground. soldiers are overrunning and people are afraid of them. they shoot indiscriminately. francois and his neighbors have had enough. >> translator: we don't people in control. all we want is peace. >> reporter: playing role in the last three coups in burkina faso, he wants to control people on the streets. this is what we have seen on the streets, burning tires, firing rapid machine guns. their negotiations continue. after three days behind doors, the u.n. envoy and diplomats call for civilian rule, nothing coup leaders would agree to. >> second option is n one that o one wants. chaos. >> the officials are uncomfortable. >> let's be clear the men behind the coup are shooting

sales of the 2015th diesel cars after regulators said volkswagen new software to give false mission data it was good when it wasn't. the four-cylinder bw and cars nearly half a million from the model year 20,922,015 will be recalled. the violation could be up to a. $18 billion. the stock is down 18% abroad, but basically the software basically goes on and only during the test and then it is clear. nicole: coming up at the box office, the sequel scorches the competition. >> you want to know why this all happened. so close to the truth. >> the young adult film beating out johnny depp as whitey bulger. karen rogers and the green bay packers and the cowboys when over the eagles but loose tony romo. coming up with a check on stock market futures hit the market selloff of 39 points. you are watching "fbn:am," your first look at morning markets and breaking news. ♪ nicole: let's look at your stock index futures. the dow up 27 comments as economic news. home sales throughout the week. arable goods and revise gdp. lauren: or much of the activity in china. aaron rodgers served for two touchdowns i

volkswagen. tom vacar, ktvu fox 2 news. >> this is far from over. thank you. >>> in the wake of the emissioning scandal volkswagen -- emissions scandal volkswagen appointed a new ceo. volkswagen ceo martin winterkorn stepped down earlier this week. they plan to test other models to determine if other car makers are rigging the tests. >>> coming up, pope francis addresses world leaders and makes a visit to the 9/11 terror attacks. >> the breeze is back and taking the edge off the heat this fron. we will check in on your current -- afternoon and we will check in on your current conditions. >> beautiful shot. the golden gate bridge. highway 101. not too bad on this friday afternoon. the four on 2 will be right back. >>> another busy day for pope francis. he spoke before the united nations general assembly and visited the 9/11 memorial and museum and right now a live look. the pope is leading mass inside madison square garden in new york city. the pope shared words of solidarity at the memorial site in morning. he joined leaders for the service. >> peace

david: got new details on volkswagen's cheating scandal. u.s. wmakers calling for all documents related to the rigsed emissions software. this coming as the company's new ceo took office. announcing that volkswagen will have a gameplan for its 11 million recalled diesel cars by end of october. will it come too late to save its image? jeff flock with very latest from chicago. jeff? >> reporter: nothing said, david, anybody said today will make a vw owner happy. the focus is on these engines. i don't know if you have seen these before. these are ea-189 diesel engines. they go in the tdi, clean diesel vehicles, 11 million around the world. the question, how do you fix those to make them comply with regulations? today vw set out a plan but they didn't give out details. they said quote, they will refit, 11 million diesel vehicles. they didn't say how they will do that but by the end of october. it appears according to vw, service procedure will be needed for at least five million. bring it in. there is some sort of a hardware fix. the rest potentially

this is a case where volkswagen new the rules, all knew the rules, and saw an opportunity to go in and blatantly know the rules hopefully where no expectation of being caught. is this solvable. reports say some of the cars would have emissions that are a dozens of times worse than what are allowed. >> it is solvable. it's not going to make consumers, owners taking cars there to be fixed. it will not make them happy. you reprogramme the engine's computer, and most expect if that's the avenue they take, they'll lose it. the drivers will notice - there'll be noticeable decrease in power, engine response. another fix is adding - many of the cars not have a tank of additive in the systems. volkswagen said that it is expected if they add this, this is costly to the car, it's the adding of an extra tank. it's not chapt. it will be in -- cheap response. it will be in the trunk space. >> in addition to those costs, can the company survive a blow like this. in addition to those costs, who knows what level of fines it will face. >> volkswagen opened the door by admitting fault off the bat. i woul

news conference with president obama. cybersecurity is expected to top the agenda. nicole: volkswagen expected to announce a new ceo, nominating porsche's ceo mueller, to. first look at today's markets, latest breaking news and what to expect for the friday ahead. lauren: we'll certainly talk about janet yellen because the federal reserve is on track to raise interest rates to record lows by end of the year. fed chair janet yellen laying out federal reserve's plan at a university of am mers. >> most of my colleague and i are likely conditions to raise interest rates over quite gradual pace over next few years. it is important to emphasize, however, the timing of the first rate increase and any subsequent adjustment to our rate target will depend how developments in the economy influence the committee's outlook towards progress towards maximum employment and 2% inflation. lauren: she is the fifth fed member to allude to some sort of rate hike. that is, sparking futures to the upside. at end of the speech, yellen faltered took long pauses and several times before she tried to finish. >>

volkswagen has a new boss in the driver's seat. after naming mattias muller. veteran of almost 40 years. the auto giant has admitted to an emissions rigging scandal involving 8 million cars. rob reynolds has more from berlin. >> hard on the heels of the volkswagen emissions testing scandal comes a new report showing that the few efficiency of european made cars is far lower than what their manufacturers claim. >> translator: consumers are being lied to for many years already. and within the last few years the discrepancies is getting larger. >> reporter: the international council on clean transportation reports says the difference between the sales brochure figures and the real world has reached an all time high. with normal road and highway driving consuming 40% more fuel than under car makers' laboratory conditions. the gap between laboratory test results and real world driving is explained by vehicle manufacturers exploiting loopholes in the current regulation the report says. lab test efficiency figures can be manipulated by using special over inflated tir

we've got new details for you emerging about a major german automaker, volkswagen found to have cheatedtests duping taxpayers out of millions of dollars, and jeff flock joins us live with the latest. jeff. >> liz, the stock today in the tank as well it maybe should be. take a look at the u.s. version of the vw stock, down 15% today. in europe, the stock has lost a third of its market capitalization over the course of just the past two days. but what could help it? fox business has learned that actually vw is not the first automaker to have these kind of problems. in 1998, we have learned that seven big truck makers, diesel truck makers spent a billion dollars to settle with the government over similar charges that the trucks were outfitted with the same software that would dodge the epa regulations. in addition earlier that year, honda and ford spent $275 million in total to settle with the government over a similar charge and three years before that, gm had done the same thing because they put that device on 50,000 of its cadillacs. maybe that news is some to the ceo of vw who said tod

guy: we are watching for news from volkswagen's meeting today. we think this is the executive committee meeting. we think it will be this evening. we are watching to see what happens there. it could be a difficult day. another. dropped.ir stock has apologizes -- will it be enough to contain the scandal and save his that is best position -- save his position. sorry we have disappointed the trust, i apologize to the customers, authorities, and everyone associated with our business. ♪ anna: welcome back. it is 6:18 in london. here are the stories you need to know. guy: more evidence that the slowdown in china's economy has sent shares lower this morning. the manufacturing sector fell to the lowest in six and a half years. anna: the chinese president did his best to talk up the country's economy in the first major event in the u.s.. xi jinping emphasized the government determination to maintain stable economic growth will reforming markets. ceo's jobolkswagen hangs in the balance today. the executive committee of the world as carmaker meets today. th

what exactly do you expect from the new ceo of volkswagen? what specific steps do you want to see him take? >> i think he needs to basically put everything on the table as quickly as possible. he needs to say who was the culprits here and that's one thing and what are the costs going to be associated with the whole mess to get it sorted out. >> steve, let me bring you in here. i would say that vw has been acting very quickly here. they replaced their ceo in a week. they set aside 6.5 billion euros. from the pr standpoint you can't accuse them of moving quickly enough. what about the dealers? what about the consumers? do they have enough transparency? have they seen quick action? >> they haven't. the management actions are taking financial charge, there's still a great deal of confusion about how many vehicles are affected and which markets, 400,000 in the united states and 11 million in europe. >> christian, let me get back to you. there's an article in the "financial times" that say this is worse than enron. it's about health matters and the

right now an international cloud of controversy is swirling around volkswagen. first news that broke that the carmaker had cheated emissions testing, now a driver from new jersey is making his displeasure known. >>> you got to see this one. a fight breaks out inside this costco, a 78-year-old man was punched in the face. police say nutella is to blame. >>. >> it's 4:15. in texas two high school football players accused of attacking a referee during a game, this hit here, will attend a disciplinary hearing. one player knocked the ref down, another jumped on top of him on the ground. if found guilty punishments could range from being assigned to an alternative school to expulsion. the player said an assistant coach told them to hit the ref. >>> more fallout after volkswagen admitted to faulty software, intentionally doing that that allowed the vehicles to get around air safety standards. they dlim sell environmentally friendly vehicles. the company admits that the practice was dishonest saying we have totally screwed up. the software allowed emissions of a green house gas th

ben: volkswagen's new boss is promising a fix by next month, mueller says the company plans to replace the software which is designed to g.d. emissions tests that affects 11 million cars, it could cost the company in a range of $6 million, that doesn't count the fines they could receive and the lawsuit. in the united states affects 5 funded thousand diesel vehicles including volkswagen models and audis, the a 3 with the clean diesel engines. >> we told you about jack pocket and new smart phone apps to buy lottery tickets, lawmakers say they will invest -- investigate. anyone who needs to sell tickets has a license to the gaming commission, he says he does not think this apps is legal. the apps founder told the paper has legal opinions that concluded nothing was against the law. it seems 3d movies technology has gotten so good it is making some people sick. ben: the new 3d movies the what is about real life daredevil philip at starring joseph gordon leva. a lot are experiencing vertigo and nausea. the 3d effects show him walking a tight rope between the two world trade center towers wit

. >>> volkswagen faces new inquiries whether it rigged

porsche brand chief committee of named volkswagen new had.l investigation found that about 5 million passenger cars were affected. mueller adjust the crisis a short time ago. >> i am taking on this responsibility at time when our company is faced with unparalleled changes. i have agreed deal of recognition, but i assume this responsibility with confidence and will do everything to regain the trust of our customers, employers, partners, and investors, and the whole public. we stand by our responsibility. brendan: he replaces martin winterkorn, who resigned wednesday. scarlet: 5 million vehicles, one of which is yours. brendan: no, i have a 2005 passat, no 2009. that car will continue to be an unimproved lemon. scarlet: volkswagen may have that is under scrutiny. that is according to the germany transportation minister. they are under probe. brendan: the epa's taking steps to counter future emissions chief of announcing changes on how they test emissions for a diesel powered cars. on road test will be added. vw software has been tricking testin

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a lot of news focused on the auto sector given the volkswagen news. u.s. auto stocks having feeling the pressure on the heels of what has been taking place on the emissions skanldz. dom chu with a look at the names. they've been down since the news broke. >> they have been, but to be fair, if you look at the charts, it's a little different here. they've been in some down trends for a while. the automakers of course, with what's happening with the diesel scandal and taking a part in dragging down some of the u.s. ones too. general motors, fee at, chrysler, ford and gm are now really like the market. off the worst levels today. down by a percent to two. trying to bounce off the levels. fee at chrysler, it is off its worst levels, but still down 5% to 6%. that could be a factor. again, to be fair, some of the stocks, ford, gm, fee at, chrysler, if you look at the charts, have been down over the course of the past six months. these stocks have been feeling the pain. of course, fiat pricing. >> thank you so much. want to stick with the auto trade now. our next g

"moneywatch." >>> volkswagen is expected to meet tomorrow to expect in a new ceo. the ceo resigned from his after volkswagen admitted it rigged diesel cars to pass emissions test. he said he didn't know about the scandal but took full responsibility. >>> the dow lost 50 points on wednesday. the s&p fell 4. the nasdaq lost four points. >>> microsoft is planning to sell new smartphones. the new windows powered devices will be premium priced phone and reportedly be sold for ruffle the same price as the iphone 6s and 6s plus. the microsoft may introduce the phones at a new event next month. >>> anheuser-busch has acquired the largest craft brewer in los angeles county. it was formed in 2011 and expects to sell 45,000 barrels of beer this year. anheuser-busch has spent millions of dollars buying up >>> and super heroes are able to get copyright protection. the ninth u.s. circuit court of appeals ruled in a lawsuit against the company that produced replicas of the bat mobile. the company made $200,000 by selling them. >>> jill wagner at the new york stock exchange,

. >>> volkswagen appointing a new ceo. there will be no speedy end to the crisis. >>> and the last british resident at guantanamo bay is now to be sent home. he's been detained since 2002 but never been charged. >>> in sport, argentina have claimed their first win at this year's rugby world cup. the south americans running in seven tries against georgia in a convincing 54-9 victory. >>> well, sepp blatter is facing criminal proceedings in switzerland. the head of football's world governing body is being questioned by swiss officials four months publicly announcing that he would step down as fifa president after allegations of corruption in the organization. more from our sports correspondent lee wellings. >> reporter: the net of the criminal investigation has been closing around fifa headquarters. the question has been when the investigation would reach the president. the answer came on the day sepp blatter chaired an executive committee meeting. behind closed doors he was interrogated by swiss officers and data seized. me

the epa is taking new steps to stop emission test cheating after volkswagen was caught cheating the last seven years. they want to step up road tests of all new and used cars. they also began to test -- will want to begin testing for all light vehicles on the road to check for similar violations. as the epa increases oversight, volkswagen is cleaning house, appointing a new ceo. kimberly suiters has the details on what you can do if you have one of the cars in question. from the college park physical therapist thrilled to buy the car of the year -- >> i feel like they made it up. kimberly: and the person thought they were going green. repairfalls church car shop that services and sells them, will this make it harder for you to sell? >> absolutely. three local people out of hundreds of thousands of diesel drivers nationwide now wanting volkswagen to pay. the change.org petition demanding a no fee buyback program. that would satisfy this person he was holding a $20,000 carlin. >> i want them to purchase the car back. kimberly: the first class-action suit for consumers has been filed by a f

. >>> volkswagen has a new ceo in the wake of the scandal. lkswagen today appointed the head of its porsche division as the new ceo. he's pledging to do everything to win back the trust of the public. vw's former ceo, martin winterkorn stepped down saying he was taking responsibility for the cheating scandal. last week, the epa revealed that the software allowed diesel engines to run cleaner during emissions tests. >>> we're learning that all four people killed in the collision between a duck boat and charter bus in seattle were college students from overseas. we showed you the pictures. they were live yesterday from right above the scene. officials say the bus was carrying about 50 studentses from north seattle college's international program. witnesses say the duck boat suddenly swerved and crashed into the oncoming bus. >> coming around the curve. pointing out the harbor, the next thing i know the traffic slowed down and veered out of the control and hit the bus here and to spin around and people were being thrown out of the duck. >> people

bashed volkswagen for manipulate these omissions test. very, very serious bad news for volkswagen. angie: it is bad news, but what are the defeat devices that they admitted to putting in the cars, and how is the doj going to take this case? del: what folks wagon did was it installed -- volkswagen did was it installed software on hundreds of thousands of vehicles which reduce the amount of pollution coming from the vehicle during emissions tests. you take it to the dmv and they run a test to see how much pollution is coming out of the vehicle. particles and carbon dioxide and other pollutants. what they did is the software dampened that and made them a lot less. when they weren't being used, the independent group tested the vehicle and they were 10-40 times worse when they ran the test. that is a pretty serious violation. it is not just a mistake. it is designed to do that. the justice department is going to investigate this. they have many tales to -- they have many ways to do it. warrants, search prosecutors from the environmental division of the justice department are leading the

he has a tough job ahead. >>> welcome aboard your own private jetta. >> reporter: volkswagen appointing a newin to pilot through a turbo-charged crisis. >> translator: i am sure that we will manage this crisis. >> reporter: matthias mueller faces the enormous task of steering volkswagen through an emissions cheating scandal that's spread from the u.s. to europe. he's spent his entire career in the volkswagen family. he started as an apprentice tool maker at audi and rose to become the head of porsche. >> mueller is well respected. he's gained massive gains during his tenure. >> reporter: the promotion comes as germany's ministry of transport confirmed that volkswagen's manipulated emissions on 2.8 million diesel vehicles in germany. he called the manipulation forbidden and illegal. just days ago, v.w.'s ceo resigned over the crisis. several people have been suspended, and more heads are expected to roll. now volkswagen may change its ceo, it can axe executives. here's the big challenge ahead -- it still needs to win back customers' trust. >> a lot of the owners now are worrying thinking, you

porsche brand chief is the mueller is the new volkswagen ceo.y are confronting an admission scandal that is the biggest crisis. he replaces the ceo who resigned yesterday. they are facing potential fines and a criminal probe in the united states. joe: pope praised iran's accord and called for the elimination of all nuclear weapons. he paid tribute to the victims of 9/11 with a prayer service. scarlet: the u.s. and china have reached a deal on broad hacking principles. the pact marks a first step towards resolving a major issue. they outlined measures to reduce global emissions. a state dinner is tonight. joe: one of the big headlines was the resignation of john boehner, one day after the pope addressed congress. boehner: we witnessed the awesome site of pope francis addressing the greatest legislative body in the world. i hope that we will all heed his call to live by the golden rule. last night i started thinking about this, and this morning i woke up and said my prayers as i always do and decided today is the day i will do this. it is as simpl

this ties back to what we heard from volkswagen over the weekend. the newted a huge shakeup, in the crux of the question is how do you regain confidence from the u.s. consumer? that is quite elusive for volkswagen at the moment and very difficult to get back on track. vladimir putin is in new york today for the united nations general assembly. while he is there he will meet with resident barack obama, their first face-to-face meeting in more than a year. with syria likely to be high on the agenda, putin set out his position in an interview. solutionis no other for the syrian crisis then strengthening effective government structures and rendering them helpless in fighting terrorism. but at the same time encouraging them to engage in positive dialogue with rational opposition and conducted form. francine: ryan chilcote is here with the latest. what can we expect from vladimir putin? he is going to be tough on the u.s. and at the same time want to get closer to the west. ryan: he is going to say that he has solution for the crisis in syria, and the world and t

and the board of directors of volkswagen, as they accepted winterkorn's resignation also said there was no evidence that they had, that he had any such knowledge. now, the new ceo of volkswagen group is from their porsche division, his name is matteas mueller, he has been with the company a number of years and obviously he has a very large job to do. volkswagen faces more than $18 billion in potential fines in the united states alone. and since news of the scandal broke it's share price has fallen off a cliff. >> sepp blatter says he will remain fifa president until february despite criminal investigations being opened against him. he says he has done nothing illegal or improper. the 79-year-old has been accused of making an illegal payment to uefa, but defended the payment as valid compensation for the organization as advisor. >>> researchers analyzed dark streaks that can be seen on the surface of mars. they believe those streaks are the periodic flow of salty water, the historic findings set the groundwork for research into signs of life on mars. >> when you look at earth, the water is a central ingredient in just about, not just about, everywhere we go

wintercorn said volkswagen needs a new start at the highest level of personal. we don't know who is going to replace him yet, the board is going to have some further consultations in the further days. >> thanks very much. >>> european nations are going to give extra $1 billion to agencies. it comes in a draft statement in brussels. it comes a day after they pushed through an agreement on how to relocate 120,00 refugees. arriving at the meeting, hungary's prime minister says they have clear-cut views on border issues. >> we set clearly how we have to do that so it's not a question of your question, it's an obligation so i have to -- if the prime minister say that i should not do that and there is no need to control the border, i can find a solution. now we have a clear-cut solution and they still exists which means i have to pull -- >> i understand that meeting is under way, what can we expect from that? >> reporter: hope for and what's expected won't be the same thing. there's a desire now, from the european commission, from the european council to have a show o

news now. volkswagen's woes deep in. the supervisory board will appoint a new ceo later today.ichols at their headquarters. hans, what are we expecting? we seem to have heard a lot from makers around the story but not a great deal from vw. hans: vw has been pretty quiet. but we know from people familiar is that mattias mueller will likely be the next chairman. crucially, he has support from the partial family -- from the porsche family, and also from the labor unions. may have a powerful representation on the board. we are expecting them to meet in the morning. they will likely sort through a lot of their issues and we are expecting some sort of announced, a press conference, and after that it gets into cleanup mode for volkswagen. this morning we are reporting that another 720,000 cars, according to a spanish newspaper, could have diesel problems in spain. that gives us an indication that he is not just the 482,000 cars that had been recalled in the states, but it is part of the 11 million that volkswagen has been talking about. getting bigger. the yield is encouraging all cou

what's also very important: volkswagen's image is severely damaged. >> reporter: the news for the makers of the people's car, the famous beetle famously remade could get much worse. >> they're ordering volkswagen to recall about half a million diesel powered vehicles, jetta, golfs and beetles primarily. epa is talking about a fine potentially $18 billion which would be the highest ever levied against an auto maker. >> 18 billion is an enormous amount of money. half a million recalled in the u.s. to return to proper functioning and the german government has just announced an emissions inquiry into vehicles sold in europe and you can see the potential for total catastrophe for volkswagen gets bigger and bigger. nor does it stop there. vw has set its proper courts on engines to use clean diesel, the very idea is cast into doubts. >> diesel has been shown to produce noxious gases, the viability of volkswagen, investing that much in clean diesel strategy, that will be a very material blow. >> it is colossally damaging for brand. what if everything was as viable as a vng? the ceo has been forc

commodities are falling on new concerns about china's slowing economy. pimm: the volkswagensays he is endlessly said 11d the company million of automobiles have emissions heating software. investors continue to sell stocks. do you dump your old iphone for a new one? three days before the new phone officially goes on sale. ♪ pimm: good afternoon. betty: let's check on how the markets are. we continue to hover at the lows of the session. we can see a selloff happening today. news happening in different industries. been leadings declines today with a drop of 2%. let's take it industry by industry. we talk about drugmakers and biotech. .et's talk about mosaic fertilizers, cutting its output forecast. we see crop prices decline as other commodities have declined. that means waning demand for fertilizer. commodities, we have a drop of metal today. oft pushes down prices material related shares. the maker of aggregates, construction materials also falling in today's is session. those materials, the worst-performing group in the s&p 500 today. we have been watching all the headlines

though. >> the lights are bright in here. >> and we're not making him stand. >> in corporate news volkswagens holding a news conference in germany. they're expected to announce new leadership. nancy is there with the latest. good morning. >> good morning, joe. and that's right, the vw supervisory board is meeting here at the campus as we speak and any minute now they are widely to announce that the new ceo will be the porsche ceo at the moment. this will be welcomed news for the community that has like all of germany and a large part of the industry been rocked by this scandal. he is a volkswagen veteran. he joined audi, 1977. he got training as a tool maker so he's a product guy and into design and porsche has a fairly good reputation in the united states and he managed to double sales since 2010. all of that is good news for a company struggling to repair it's images in the united states. but others is just what other names are expected to role. who will follow professor winterkorn out of the door. some names could be the rnd chiefs at porsche and audi and also that michael horn will have

time now for the cnbc news update. >> interesting watching those pictures of the mass. volkswagenw ceo on friday. earlier today, martin winterhorn resigned in the wake of the emissions scandal. the car maker says 11 million cars may contain software that cheated emissions tests. parts of fargo, north dakota, under water this morning. heavy rain came on too quickly and it was too much for storm drains to handle. cars were stalled in the flooded streets. we're told, though, that all the water has receded at this point. three schools in suburban chicago have been closed due to elevated levels of legion ella bacteria. no word on when those schools can reopen. and a new study says fidgeting in your seat may actually be good for you. british researchers say it could help offset the negative health effects of sitting for hours at a time. and they say that they see a strong association between sitting, fidgeting, and mortality. that means i can tell my son he doesn't have to sit still all the time. >> exactly. as i'm shaking my foot, playing with the pen, justification for all of it. >> m

>> this is "dw news" from berlin. shows a volkswagen plummet after it admits it rigged some of its cars to make it look like they met clean-air standards in the u.s. when they did not. our business correspondent tells us why. also coming up, another fence goes up in hungary sends in the army to stop the flow of migrants across its borders, as thousands more try and cross from croatia. and pope francis meets former cuban leader fidel castro as the pontiff continues his four-day tour of the island. i am swelcome to the program. a huge selloff of volkswagen stock on monday with investors erasing more than 13 billion euros from the company market share in a single trading session. business under daniel winter joins us with more. daniel: that's right, and people say volkswagen has polluted his reputation. the company has admitted to secretly rigging its cars to faking emissions test results some vw and audi models. apparently the u.s. justice department is conducting a criminal probe into this, too, and the company could face billions in fin

new pasaat. now, volkswagen could face criminal charges and $18 billion in federal crimes. >> the stock is down 30% catastrophic. if they try to pin this on lower level people, that may not fly. >> volkswagen says it's setting aside $7 million to cover this. >> the california resource form can soon get a program to make sure the affected volkswagens were seeing new emissions tests. it would require rars to be tested. cia director after vag an extramarital affair with his big ra fer and giving her access to classified documents. >> four years ago, i made a serious mistake. one that brought discredit on me and bringing pain to those closest to me. it was a violation of the trust placed in me and a breech of the values to which i've been committed throughout my life. there's nothing i can do to undo what i did. >> the attorney sends an apology before the office of recommendation on how to deal with the terrorist group isis. he suggested the iraqi security forces and recommended a harder stamp against syrian president. >> the kentucky court clerk jailed for issuing marriaging licenses to gay couples sa

news does matter. glencore and volkswagen. haven't got into a lot of that. dley is crossing the tape and sarah eisen is on the floor. >> a voting member one that's very close to janet yellen, new york fed president bill dudley talking. headline is the fed will likely raise interest rates this year. very much echoing what we heard from janet yell len. it is based on the data versus the calendar. on this wholedea of the fed watching international development something the fed told us in that last decision was one of the reasons it was taking it slow and being cautious here is what president dude lie said about those international considerations and why they care so much. >> we let the u.s. economy overheat because of international development that would be saying we're putting too much weight on international development. we care about international development not just for them schls but how it affects our economic outlook. at the end of the day what we do is based on what's the right thing to do achieve our mandate of full employment and price stability. not

and you may remember on monday michael horn is at a party for volkswagen in new york. he said the only way you could put it is volkswagen screwed up but it does not appear that brutal honesty is going to be at this stage. they announce how far they intend to go with a suspected criminal probe and who knew what and when and what took so long? even when you consider it all took off in the united states. most of the diesel penetration is right here in europe. definitely a lot of frustration and you might be able to tell, just behind me, we're starting to see demonstration from the like of greenpeace. just arrived here moments ago and on the top of volkswagen vehicles we have a giant pinocchio. nobody likes a cheat. >> head to our website cnbc.com and you'll find all the latest information and analysis of the diesel admission scandal as events develop. >> chinese president xi jinping will spend a second day in washington d.c. meeting with u.s. president barrack balm at the white house. they're expected to hold a joint press conference and xi will also be hosted at a luncheo

tests and the board of directors of volkswagen as they send his resignation also said there was no evidence that they had -- that he had any such knowledge. now, the newswagen group is from their porsche division. he is mattias mueller, he's been with the company for a number of years and obviously he has a very large job to do. volkswagen faces more than $18 billion in potential fines in the united states alone. and since news of the scandal broke, its share price has fallen off a cliff. >>> mexican immigration agents is rescued 150 migrants trying to reach the united states. they were found hid nene truck traveling in the state of. [ inaudible ] they had gone without food and water for four attorney hours and some were close to losing consciousness. >>> the mayor of a small brazilian town has turned herself in after being on the run for a month. the 25-year-old was accused of stealing more than $4 million from public funds. the second mayor in the same state is also being accused of miss appropriating funds set aside for school buses we have a report. >> reporter: in brazil's north eastern state, is the sort of quiet agricultural town of which not m

news. mark: volkswagen still in the news.etails on how wall street is doing on this autumnal equinox, first day of fall. betty: wow. matt: ooh, first day of fall. excellent. i'm still wearing flip-flops. [laughter] not huge losses, although we are seeing the markets move off the session lows. 89 on the dow, 60,240. nasdaq is moving back to basically unchanged at 4752. i'm want to go through some of the individual stocks that we are watching in this session and then i will touch on volkswagen. go pro has price target drops by analysts at talon and committee, sales growth or sales boom has not been as big as expected, just at the beginning of the cycle there. they say it is still top-ranked on amazon and top-ranked on best buy, and they don't expect apple to come in with an action camera that would really be a huge , buttition here downgrading the price target to $60 from $76. a mover today, a beginner yesterday on a big note from jeffrey's, which is said it is a looking from the acquisition target. big game yesterday, big drop

. >> reporter: now, volkswagen's ceo resigned amid the scandal. today they appointed a new ceo the former ceo of porsche. in belmont, julie watts, kpix 5. >> volkswagen has named that new ceo as she said. it hopes to pull the company out of a growing scandal on emissions cheating. he is the former head of the group's porsche group. because of the vw scandal the epa said today it is making sweeping changes to its diesel emissions testing. it will add on road tests to standard lab testing. the idea is to detect software and other methods automakers might use to cheat. >>> california air regulators today voted to strengthen the state's carbon emissions standards already considered the toughest in the nation. the plan calls for cutting carbon content and fuel 10% over the next five years. oil producers warn the strict new standards will drive up the cost of gas. the industry says drivers could pay an extra $25 a year in higher gas prices by 2017 and another $56 annually by 2020. the dmv announced today it's reached a historic milestone. it has issued 500,000 driver's licenses t

news. it will take the wheel and volkswagen with the latest on the environmental scandal that has forced the chief executive of the company to quit. vw cheated on emissions tests in europe. x for joining us on "france 24." i'm catherine norstrom. we start off with -- i am catherine norstrom and. at least 310 people have been killed in a stampede at the annual hajj pilgrimage. hundreds of other people have also been injured in that crush. you are seeing features of the chaos near mecca. our correspondent has the latest. >> tragedy and grief on this holiest of days. hundreds of pilgrims were killed in a stampede in mina on thursday, and more injured. the site is the last stage of the hajj pilgrimage to mecca and was particularly crowded for the festival of eid al-adha, the most important day on the islamic calendar. much of information has come from the saudi arabian civil defense agency, which had been tweeting regular updates regarding rescue operations and precautions for visitors. crowd control is a pressing concern during the high. this -- during the hajj. this comes two weeks after a cra