he's been covering the vw story. how did this first come to light that the car company was engineering deceit into its engines? >> sure thing. this started about a year ago when a small group out in d.c. called the international center on clean transportation commissioned some researchers at the west virginia university to test these cars. they were expecting to find good results and they wanted to show that diesel could be a clean auto technology. obviously what they have found has really shaken that belief. and after a year of talking to california and federal regulators, vw admitted that some 11 million cars around the technology. >> they've already pulled the diesel cars out of their product lines. you can't find them there. what has the company said to american consumers who are driving around half a million strong in these vehicles? what do they intend to do? >> sure. that's a good question. basically they intend to fix the vehicles but the real question is how they'll go about doing that. they said actually to

who is driving vw?with his miller -- thias mueller could be the new boss. ♪ good morning to our viewers in europe and africa, good evening to those in asia. welcome to those just waking up in the u.s. google said to be under u.s. android. scrutiny over european regulators are looking into this. we were expecting something in the next couple weeks. first time i'm hearing that google may be under investigation over android in the u.s. under the u.s. antitrust regulator. we will see whether this has an impact on google related stocks. repercussions to fromof the other companies the software that google uses. the fed is back in focus after janet yellen said she is writing raise interest rates this year. speaking in massachusetts last night, the federal reserve chair said she intends to let the labor market run hot for a a while to heal lingering scars of the crash. markets are relieved. they seem to have a little bit more clarity than 4 days ago. clarity and certainty after a muddled message last thursday m

head of vw could be cut tomorrow as volt swag and -- as vw tries to weed out those who are responsiblethere are reports they have named a successor to winterkorn that will be announced tomorrow, but according to a business bring germany, it is likely to be miller, the well respected head of porsche who has been with the company for decades, heading porsche about four years. appointed,ted, if not yet confirmed, but whoever is appointed is expected to try to tackle the scandal had on moving forward and win back the lost trust in vw. markus: that was jessica from berlin. car making his germany's biggest export industry and there are fears the scandal could tarnish the image of german engineering. some are worried the damage may spread beyond germany. one analyst warned the scandal may sound the death knell for diesel engines, which may be a blow for the european car industry. claims of the lower emissions and higher efficiency once made diesel the fuel of the future. over the past two decades, european governments and car companies have touted diesel engines as a cleaner alternative to pe

vw is aiming to become the world's largest carmaker by 2018. worldwide, vw produces nearly 41,000 vehicles every day. the company employs 590,000 people. the group operates a total of 119 production plans, half of them located in europe. the other half in the americas, asia, and africa. it has been a troubling year for volkswagen. the carmaker is facing problems in its largest market, china. due to the country's economic struggles, sales of slowdown in the first half of the year. for years, and vw has tried to make inroads in north america, the world's second-most lucrative vehicle market. the recent scandal will make it harder for the company to compete with ford and gm or even toyota and bmw, companies that have been selling way more cars in north america than vw has been able to. daniel: let's talk to our correspondent in new york. what has been the reaction from there in new york? reporter: the story deftly got a lot of coverage on the radio, tv, or in print, and it was interesting to see as the markets for diesel-run cars in the united sta

let's ask about who is going to fill this top job at vw.wo potential candidates include herbert that joined from vw and a veteran as wellbeing rumored to be the possibility when it comes to ceo. he's the ceo of porsche. >> well done on the pronunciati pronunciation. japanese auto makers and part providers are feeling the pain after the nikkei reopened. shares closed the session lower with parts maker denso falling over 5%. let's get back out to nancy who has been camped out at the headquaters of the w. who is the front runner here? >> well, the feeling on the ground is that the front runner is as you suggested, the ceo of porsche. he is a volkswagen veteran and knows all 12 brands and he is also quite close to the porsche family so that's something they like and he's also of the right age given that he could be around a few more years to help with the turn around until someone like diess comes in and is a ceo of the longer run but there's a lot of questions still left unanswered after the supervisory board meeting yesterday. the press confe

would you buy vw stock? one company has banned his people from investing in vw for six months. >> the vw share price implies that there is zero value for the brand. rsche.alue for yothe po and zero value for the $30 billion of cash the company has. leaving aside all the trouble and the one-of expenses -- and e-off expenses which might prove to be temporary. i think it is an interesting story to look at, but you have got to look through, try to look through the current painful situation. in berlinon musk is today. is he in the right place at the right time? atwe think electric vehicles hybridization is in the right place at the right time. you have these stringent fuel economy requirements. in the u.s., we are expecting diesels to rise to meet those. that is out the window in terms of the u.s. market. those, emissions requirements in terms of corporate fuel economy are going to continue to get tighter over the next two years. lug-in hybrids, that starts to look like a better option that diesel has been on the

vw is aware of the scale of the damage to its image.n a video, martin winterkorn apologize for the scandal and promised change. [speaking german] >> please believe me, we will do everything to clear this up and win back your trust that by step. in his eight years at vw, martin winterkorn built it up to be the world's top-selling carmaker, a synonym for quality. his successor will be chosen on friday. >> 3diselgate is trending on twitter. -- 3diselgate is trending on twitter. >> many people are shaking their heads in disbelief. >> at the service station, vw diesel owners are angry about the cheating scandal. >> i am shocked that something like this could happen. now i am ashamed to be driving a vw diesel. >> it is a huge mess. it sets a bad example. the cheating was organized at such high levels on such a large scale. this is an example for everyone who uses diesel. >> vw owners aren't the only one s upset in germany. many art dismayed that a company would create such a scandal and ruin the reputation overnight. -- our dismayed that a co

he will continue to work closely with vw.ow shares in bmw are trading sharply lower on a report that the car maker is exceeding emissions limits. the company's diesel model the x-3 surpassed european nitrogen limits 11 fold in international road tests. a statement says at the bmw group there's no specific activities or technical provisions which influence the emissions recorded during the test mode. our exhaust treatment systems are active weather on the test bench or on the road. but volkswagen has seen it's stock reverse after ceo martin winterkorn re-signed. they're expected to announce more management changes and a new boss tomorrow. according to reuters they'll also start naming those responsible for manipulating emission tests. speaking at a press conference yesterday. the company will launch criminal charges. >> we think that criminal activities have played a role and will launch criminal proceedings as a company. we will make every effort to clear up the event internally and make sure that those responsible will pay.

where they wrote a letter to vw saying, whatever ceo fordon't can the vw north america.d in january, 2014. he is one of three executives after martin winterkorn that has been suggested will get fired, possibly as early as today. what these dealerships are saying is prior to his arrival, vw was selling an outdated, overpriced product in the united states, and he made it right. if you get rid of him just because you want to try and make the situation right politically and don't have any evidence that he was directly complicit in this cheating scandal, than that will cause catastrophic damage to the u.s. market. keep in mind, diesel sales in the nine states are miniscule. put that back in the european perspective -- half of all car sales this year were diesel. the dealerships here are very concerned about the direction the story is moving. anna: ryan, thank you. hans nichols. that brings us to our twitter question of the day. is the auto sector right for m&a? will that be one of the fallouts? you can find me on twitter if you want to join the conversation, #volkswagen. hash

do i think twice about buying vw ? yes.ues do need to about thelet's think culture of the company, where they really have to succeed. there was a culture that costs were being controlled. and that is coming frog right from the top. every chief executive in europe must be thinking about the culture of their business. anna: and asking questions about parts of the business that are doing better than they thought, in the same way you would ask about parts that are underperforming. nick: absolutely. checks and balances. we need confidence. the employees neede the shareholders needed. -- the employees need it, the shareholders need it. anna: where are the winners? does it bring forward the electric revolution? nick: i think there is the big question of diesel diesel has had to reduce emissions there is a lot of transformational, destructive technology. tesla is talking about a significant reduction. within the next three to four years. anna: thank you very much for joining us. ; 53 in london -- 7:53 in london. let's get to jonath

as part of germany is a vw. filled everydge car park.inding out the company was cheating has made many workers angry. ofthe people and employees martin winterkorn -- of extremely upset. have been working for full track and for third and fourth generations. that is why they are so angry and justifiably so. >> vw has spent decades building reputation for engineering excellence and trustworthy reliability. what does the scandal mean for its future? we still do not know for sure if any uk cars have been cheating on emissions. the managing director in darby thinks that vw can recover. >> volkswagen is known for their , quality, and reliability. it is the number one retailer in the u.k. and the world. it is the last party you would expect to have done such a thing . in order to restore brand integrity, volkswagen will have to move quickly to put things right. >> we do not know who knew what about the cheaaing device. the german government has denied accusations they were aware before the scandal broke. their ongoing investigations are ongoinge

vw says no cars made in china were affected. shery ahn has the latest. shery: it continues to expand. the deadline is nearing. told vw car regulator to have a plan for if and when their cars will meet national emissions standards. that deadline is october 7. that is next week, wednesday. that deadline is coming up. vw says they will present a plan in the coming days, but carsber, it is 11 million globally. vw says they will notify customers. still, it's a big issue here. both incars globally, china, saying 1900 volkswagen vehicles could be affected by this diesel engine issue. -- the w already bw has had to bang recalls. they risk losing consumer trust in their largest market. they have been struggling in china. dropping 5% through august. angie: how are they fixing this? shery: they're trying to do everything they can to vw,amline decisions within for example on friday, they had a board meeting that cap data capped a tumultuous week. they were trying to figure of whom know what and when

. >> vw shares are looking at the red. the ecb cutting off the car maker refusing to buy loans from the finance arms as rumors suggest maybe the company has known for years of the emissions chief. >>> separatists declare victory but do they really have a mandate for change. they fall short of an outright majority but win most seats in the parliament. >>> tieup talks are term nated. vodafone has ended talks with liberty mobile for an asset swap. >>> cheers to s.a.b. miller. the shares jump when $106 million could be paid for the brewer. >>> let's kick things off with our top story. two reports other the weekend say volkswagen already knew about the i will legalities. in 2011 a vw technician pointed out unlawful practices. the question is though what they knew, when they knew. we also, by the way, have a new volkswagen ceomathias mueller taking over volkswagen. the former chief executive of porsche says he vows to get to the bottom of the scandal. >> this is interesting, susan. the ecb is no longer including loans as part of

. >> vw shares looking in the red. the ecb maker cutting off the car maker refusing to buy loans from the finance arm as rumors suggest the group has suspended the heads of r and d and vw, audi and porsche. >> vodafone says it has ended talks with liberty global over an asset swap as they've refuse today agree the terms of the sale. >>> glencore plunging 10% as investec highlights the growing debt file. >>> i'm more hedged now than i've ever been. carl icahn tells cnbc why the fed has caused a looming catastrophe with the low rate policy. >>> all right. so after a lackluster session to finish off the week last week, it looks like u.s. markets fair value telling us we're going to be down when markets kick off. the s&p 500 looking at the implied open, 7 points below fair value at this point. dow jones industrials 26 points and the nasdaq should be down 12 points. as we anticipate, yes, it is the u.s. nonpharm payrolls. it's pretty lackluster. hong kong, south korea and taiwan. let's check on the ftse cnbc global 300. thi

this scandal has already hit vw in a big way.heir stock down more than 30% which is about $27 billion of market value, just erased since the scandal. we are not only talking about we are also talking about everyone involved. auto parts suppliers. they are falling the most in eight months. angie: that is huge. saw it put pressure on u.s. equities with auto shares going down. if winterkorn does not saw surv, who will replace him? -- this isy point is not the first time he has faced challenges to his leadership. in april, we saw his former speaking -- it failed because key figures in his company backed winterkorn. that is not happening this time around. since the scandal broke, we are not seeing key figures backing the ceo. a source is telling us that if he were to go, he could be replaced by matias mueller who is the head of the porsche brand. angie: thank you for that. it was a volatile ses sion in wall street thanks in part to vw as the commodities resumed. we have su keenan with all the details. su: macro uncertainty, as one str

vw's u.s. president. >> our company was dishonest. and in my german words we have totally screwed up. >> reporter: car owners are worried about the value of their vehicles, and how they will be fixed. criminal investigators are looking into this matter, and some are wondering, david, if this vw brand can actually survive. >> so many more questions to come. david kerley live in our washington bureau. david, thank you. >>> we turn now to that abc news exclusive tonight. kim davis, the kentucky county clerk, jaked for refusing to issue marriage licenses to gay couples. rejoicing as she walked free, but tonight, facing the real possibility of going back to court. because this evening, some couples are now questioning the legality of the new marriage lie senses now that davis has removed her name. it could land her back in jail, and this evening, davis telling our own paula faris, she is prepared to go there, if necessary. >> reporter: tonight, kim davis is standing firm, still not signing those marriage licenses. though her deputies are.

as a long-standing vw owner, this makes me sick. another complaint - vw made the cars test clean.s a vw owner, i can't express my outrage. >> eric, a crisis management consultant says the company needs to act fast. the problem that's happening is there's an element of premed face and mellay. this didn't happen by accident. in our business it's a character crisis. it's a legal crisis for the company. two class action suits have been find. the u.n. attorney launched a criminal investigation, so, reportedly has the u.s. department of jurisdiction. the environmental protection agency did its probe and could fine the company $18 billion. tyson slocum a consumer advocate believes it does not go far enough. >> reporter: should someone go to slal. >> absolutely, this is a comprehensive and complex fraud that i have seen in the united states. >> other countries, france and south korea are looking into whether volkswagen diesel engine with the deceptive technology violated their regulations >>> on capitol hill, a committee is promising a hearing into the scandal. no doubt the first of many.

vw is suffering from low profit margins. new companyf a structure is the first step toward modernizing vw. he also warned that there will be setbacks in what he called the long trudge ahead to repair the damage from last week's scandal. the german carmaker admitted to manipulating software in the diesel cars to cheat emissions s.st germany has opened a fraud investigation. three top engineers have been suspended. the group is facing up to $18 billion in fines in a scandal that has wiped out more than one third of its market value. it has also brought into question the viability of a clean diesel industry that has been promoted by several european carmakers. >> the company lost nearly one third of its market value in just one session. the roller coaster ride comes on concern of glencore's ability to serve its high debt at a time when oil prices, metal prices, and other commodities are low. glencore issued a statement saying it did not face any solvency issues. they are trying to push back at the losses we have seen so far thi

diesel models of five popular vw and audi vehicles were able to pass emissions tests they should have failed. while being tested the cars would enter a special compliance mode that reduced toxic emissions but the vehicles were rigged to bypass that mode when actually being driven. emissions increased ten to 40 times above acceptable epa levels. >>it's something that they deliberately did. >> reporter: clarence ditlow runs the center for auto safety. >> there needs to be criminal penalties. >> reporter: the models expand 2009 to 2015 versions of the beetle, gulf, jetta, passat and audi a3. the epa says the vehicles do in the present a safety risk to drivers. they can stay on the road till vw has a fix ready. the car maker could face billions in fines. kris van cleave, cbs news, washington. >> the car maker also says the emissions test scandal is

still, vw filed a complaint and they are looking into this.ere what the german prosecutors -- hear what german prosecutors had to say. >> in the framework of this examination, it shall also be clarified which person with any within the-- volkswagen crew were responsible for these. >> they said that this will not hurt the reputation of german-made cars, but this affects so many cars globally. take a look at some of the brands we are looking at. many cars have the cheating software installed and are all of the world, 5 million are from the vw brand and 2 million from audi. skoda with 1.2 million and other brands are also affected. in japan, we are hearing from the nikkei with orders for the new vw cars is now more than 10% below the expected level for this month. source close to the company, saying a that close to 150 orders have been canceled. vw japan does not sell the diesel cars affected by the scandal. angie: this sounds like this is a reputational hit here. i mean, if you own one of these cars, what can you do? >> so far, this is an emissi

whether vw has to shed some assets. they asked of lamborghini would be begging -- going back to italy. philippe: the message for the past seven years, it is built up a conglomerate and spent a lot of money on acquisitions. frankly, the returns have not been there. action -- we that don't know exactly what it stops, but it will continue. i want toto wrap up, gauge how difficult it is sitting on the south side and keeping a buy recommendation on a company you have such limited visibility for what this means. how difficult is it? ippe: it is difficult to convince investors were very scared. jonathan: what do they say back? ippe: let's do analysis, we lost 35% of the value, it seems right now the loss of value is a multiple of what this company might have to pay, especially if you adjust. i think at this stage if the business is finally broken, keep in mind this is an issue in europe but this is a company that makes 10 million cars, only 2 million are diesel. final question, if we find out that some regional contagion, this

we will be talking trouble for vw. joining a chorus of regional federal reserve president still talking up a rate hike for this year. have we learned anything new out of some of those speeches and statements from regional fed presidents? their president visiting for the first time. we will break down that agenda. guy: taking us toward the european market open which we think will be flat to slightly positive. it will bek like -- interesting to see how big of vw will do. isa: "on the move" next.have a good day, everybody. ♪ jon: good morning and welcome to "on the move." just moments away from the start of european trading. we have totally screwed up. chief executive up apologizes for cheating on emissions. team 2015. federal reserve official dennis lockhart giant -- joins a chorus of officials maintaining that rates will rise this year. beijing's recent market intervention high up on the agenda. are down a little bit lower. decks futures in for a little bit of a rebound. one stock that everyone will be watching as the w

vw is an outliar. it's an issue that you wouldn't have known.ne what the media and the newspapers, the periodicals, the barrons would all be saying. uh-huh, look at this. we lost 75 points. see what's going on? this is all about the fed. they shouldn't have done it. this is why it's so difficult to get a handle on anything when nobody in the investing community or in the community that's in charge of policy really has anything to impart on us as to where true rich and cheap is in any market. the fact they didn't do it, and they talked about it, and the notion to keep the door open, i think, just worked against that. if you look at the dax, and i started this in october, what really should jump out at you that in august there's a blip. they're at the lowest level should they close -- they did close. all the way down to 1,867. it's virtually the same. now, what has changed with interest rates is that inherent, and let's go to the chart. we had one test of 2%. the reason that is held in had market participants view is that the equity markets and th

as an vw owner i can't adequately express my outrage. a crisis management consultant said that the company needs to act fast. >> the problem with what is happening with volkswagen is that there is an element of premeditation and malice. this stuff didn't happen by accident. in our business we call that a character crisis. >> it is a legal crisis for the company as well. two class action suits have been filed. the new york attorney general has launched a criminal investigation, so reportedly hazard the u.s. department of justice. the environmental protection agency continues it's probe and could fine the company $18 billion. tyson slocum, a consumer advocate, said that it does not go far enough. >> should somebody go to jail? >> absolutely someone should go to jail. had is one of the most comprehensive complex fraud that i've seen in the united states. >> other countries including france and south korea are looking into volkswagen with it'sing technology violated their regulations. >> on capitol hill they promised to look into these heari

>> vw, and not just vw, but the entire european car industry.s are thinking the intellectual property of folks lik volkswage. i think investors are waiting to see how the investigation will kiwi will havele a great impact on european equities. it will be shifted by different events from the elections to the chinese slowdown, and now not to mention the crisis with balance seekers. obviously, investors are very nervous to make any long calls. we need thetime, same equity market to be increasing. that makes jobs of acti active stock seekers more difficult. anna: would it be fair to see that what we see unfolding in vw -- ana: absolutely. it is not just the impact on those 11 million cars that volkswagen mentioned. there is also risk, impact on futures, the brand issue. insulates the impact is much larger. and this is one of the major car companies selling to the chinese markets, that comply with chinese environmental laws alongside bmw. the impact of european equities will be quite significant. guy: do we understand the ripple effect of this? you c

do you think that this is wider than just vw? and do you think that we will get more regulation as a result of this incident? >> well, i think we'll both get more regulation and more stringent enforcement of current regulation, and maybe more of the latter than the former. in a lot of instances, the auto manufacturers are self-policing. certainly there's an audit function that epa does. car companies aren't just certifying themselves and going on off about their business. but there is somewhat of a cozy relationship between epa and the auto manufacturers. generally that's a good thing. they're sharing information, they're working things out to the betterment of the industry and the consumer. but in this instance, when epa is obviously circumvented by some technology that, you know, essentially is deceitful, then that whole game changes. and i think we're going to see much more stringent enforcement of epa rules going forward. >> jack, thank you very much, kelly blue book. >>> chinese president xi jinping was in seattle today for

clarification, i learned to etle, my a vw be father had a vw rabbit. there is our clarification on vw. a busy morning. here are top headlines. here is vonnie quinn. vonnie: china's president, jinping arrives in washington. he has defended the way he has handled the chinese economy. he said the government intervention was needed to deal with systemic risk. more problems for volkswagen. and face billions in fines repair costs for cheating on federal air pollution tests. the justice department is investigating vw for possible criminal violations. that could lead to charges against the company or its employees. the head of vw's operations in the u.s. admits the company "screwed up." ande must fix those cars prevent this from ever happening again and make things right with the government, the public, our customers, our employees, and also, very important, our dealers. vonnie: the follett has spread to asia. south korea has launched its own investigation. -- the fallout has spread to asia. south korea has launched its own investigation. the board of bank of

vw's widening scandal over cheating on u.s. pollution could take a toll of carmakers asia strategy, and hurt its global racer titled up. sales inmpt to revive its largest market, which is china. they have underperformed in china this year. analysts say any damage to bw's reputation and the brand could be a game changer for its competition with toyota. vw cheating onof emissions standards comes after recalls in china over the last two years. to another carmarker, gm may need to cut production in its south korean production if it can't sell the vehicles told there. vehiclesust 113,000 from that plant. operations have been struggling because they used to export to russia and europe. the korean factory has been left with fewer vehicles to build. other company which is willg challenges, groupon leave seven countries as part of a global structure. they cut 10% of their group work. tot of those charges relte employee severance for -- relate to employee severance. they got 35% of their sales outside of north america, but has struggled

>> i think vw got seriously busted here.this is confined to the tdi diesel technology, this is probably a vw specific problem. although it may affect europe. europeans are probably going to be taking a closer look on what's going on for emissions controls for other vehicles. >> the epa when it comes to gas mileage, not epa i'm sorry, when it comes to gas mileage others have cheated, right? so i guess -- i guess the real question is, are these car companies at work to try to figure out house to get around these regulations, is that their job and not get caught? >> to a certain extent it would appear to be the case but that is what they're doing. vw quite clearly has, if these allegations turn out to be true got a problem with this engine. they recognize they had a problem with this engine. they programmed the computer systems that govern the engine to be able to violate the relationregulations whether thes on the road but not when it's being inspected, it's terrible. >> take me inside vw, what's going on inside the corporate

let's rate the vw's scandal on alet's rate the vw's scandal on the timeline of scandals over time. we have a lot to choose from. in the last five years, we have got g.m., takata, toyota. lawrence, let's start with you. lawrence: it is hard to get perspective at the moment. it is such a hot issue. i would put it somewhere in the low top 10. we are talking previous scandals from ford pinto to toyota, injuries and fatalities, and no one has died here. perhaps a little lung congestion, and that is not a good thing. but right, it's a bad scandal. it is corrupt. and unseemlyness is driving it home for a company, a studious company, you picture of volkswagen, an intelligent german company with the following of educated car nerds. it is like a frat boy move, cheating on the test is the last thing you would've expected from volkswagen. erik: jeffrey, nobody has died and nobody will die as a result of this scandal, at least not directly because volkswagen cheated on its emissions test. at the same time, we are talking about tens of billions of dollars in potential penalties. we are talking c

not just over vw but over several vehicle manufacturers. so that will start to come back but in the short-term it's going to be something where the us. buyers will be looking at german manufacturers perhaps not in such a positive way. >> indeed and the whole european auto sector sold off significantly over the last couple of days. industry principle at frost and sullivan. if you're looking for a positive spin on this story head over to our website to find out three reasons why shares are a buy. that's on cnbc.com. having sold off again for the third day they bounced in the last half an hour or so. they're now up about 1.5%. >> the pope kicked off his us. tour in a modest fiat 500. his car was dwarfed by the comparatively large security vehicles flanking it as he made his way to the vatican mission in washington. what happened to the pope mobile? i loved that thing. tweeted #blessed as the pope got in the car after touching down for his first visit to the country. >> he has to do that for the italian auto makers, right? >> i would guess. i d

it is going to take a long time to address that issue inside of vw. but i think bringing in mueller is a good first step. to bring in culture from porsche that has been on the sidelines. actually, the way german companies are structures where you have a supervisory board comprised of 10 members representing workers and 10 members representing management, on that management side you have two px and two porsches. i think you will see them exerting more influence on the direction of the company. erik: can we raise another question about matthias mueller? why promote from within when it seems like the whole culture is so tainted by the width of the scandal? jamie: they have got to believe it is only a whiff. the air will blow clean. and it will all go away. they have promoted very much from within. they do have one who came from bmw not long ago. bmw had a scare today where there was a report saying they had a diesel car that tested worse on the road. that has since been retracted in the shares have rebounded. but it's just -- it's who they have. it could

you have this vw problem now. maybe a vw problem.ople are suggesting this could slow germany down which would slow europe down. do you buy into that? >> the issue is more serious than that, brian, for continental europe and particularly the eurozone. germany has absolutely been a star performer. if there's something like this situation that slows it down, i think it will be quite serious for europe. monetary policy and what governor draghi has done over the last three or four or five years has had a positive impact, but fiscal policy has not. labor reform, capital markets reform, banking reform. there's serious things need to be done -- >> we've seen none of that. >> none of it. 80% to 85% of the corporate loans are still on the balance sheets of the banks in europe. in the u.s. it's 10%, 15%, something like that. when there's a big drop in the oil price, the u.s. banks don't stop lending. >> do you see the potential for a multiyear qe-like scenario for europe as well? >> absolutely. i think they're fighting hard with monetary policy

vw's u.s.pologized for the dupe, and the admissions scandal -- this admissions the scandal is spreading. the french government said they should do their own pro and that is now being backed by french carmakers. the european justices and the european ministers will meet in a summit on how to tackle the ongoing refugee crisis. this as an oecd report released this our claims that europe will have to deal with up to one million asylum applications this year, and there are no signs of the current crisis easing. let's go straight to hans nichols in berlin. hans, what have we learned from this new report and how will that affect the debate in brussels? hans: well, we have learned how dramatic the number increase has been from 2014 to 2015. these oecd numbers, francine, which have 700,000 through this year through the european union, those are still shy of a lot of the estimates, even the estimates for germany alone, which they now expect one million refugees here. we are also getting a better picture

we have a wonderful guest to talk about vw.ert nardelli, who has immense experience in bad things happening to corporations. he has lived through good times and bad times for companies like general electric and chrysler and home depot. we are thrilled to bring you him in our 7:00 hour and we will address the w at that moment. and also we will get an update on money -- it is cheap, it is free. whether it is the bank of england said, money is dirt cheap. we will talk about the ipo market and a bit on mergers and acquisitions. and we will go to jonathan ferro. he is on the road with the ecb interview, but far more portly, these markets are most interesting. francine: jon did this great interview with one of the ecb governing council members. he was a lot less dovish than i was expecting him to be, and the ecb is saying that there is still divergence to in the fed and ecb. tom: well, it is one big punch bowl filled to the brim, and the dollar dynamics over the last few days are most interesting. when we don't have a strong euro and

vw off 5.5% today.0 also under pressure as a result of some of the declines in the mining stocks were off by 2% even though yesterday we too we saw nice gains for the european markets. >> we did, indeed. but let's switch focus. if you live in new york city or philadelphia you may not get your new iphone 6s in time for this weekend and you can blame pope francis. that's because ups is temporarily cancelling all deliveries in the area where is the pope is visiting this week for security reasons. fed ex is still operating but customers may face delays. the new iphone goes on sale and starts shipping on friday. it's been called one of the worst kept secrets in silicon valley. apple is pressing ahead with plans for an electric car. setting 2019 as a target shipping date. the project has been code named titan and apple plans to triple it's current 600 member team. a ship date doesn't necessarily mean the date customers would receive their car. it could also mean the day engineers sign off on the figure. apple

vw has set its course on engines to be run on clean diesel. the very idea is cast into doubt. >> very large noxious gases, the viable of diesel will come into question.for vw who has invested so much in clean diesel strategy it will be a material blow. >> it is colossally damaging for brand. this week the company's ceo has been forced to apologize to customers for breache breachingr trust. jonah hull, al jazeera, lon. >>> hungary who has been taking harsh line on refugees, hundreds are trying to board trains to take them to croatia. hungary president victor orban. >> are now managing to move them north through the continent. border crossings which had been packed with people are gradually emptying as the refugees are bussed towards slovenia and austria. lawrence lee reports. >> as chaotic as this summer's been it's now becoming clear that the refugees might hope that their journeys would be a little quicker a little less painful but this reception center in slovenia on the move towards austria and germany. are they happy? >> yes, these countri

. >>> vw shares plunges. they halt the sales of certain diesel cars as an investigation is launched into whether it cheated on emissions tests. >>> no longer unhackable. apple admits to a rare attack on some of its most popular apps in china as president xi jinping prepares to meet president obama to discuss cyber security. >>> fed fallout. president john williams says a 2015 rate hike is still in the cards after last week's, quote, close call. we'll be hearing from his colleague james bullard in just under 2 hours. >>> the gamble pays off. alexis tsipras emerges to secure 35% of the vote. >>> let's talk auto shares. volkswagen nearly 20% dragging the rest of the european auto set below. v w-21% it's now down. porsche, down 22%. renault down 5%. >> let's talk about the accusations. the u.s.e.p.a. accusing vw of fitting half a mill vehicles with these december devices to . it could have a penalty of $18 billion. that comes to 38,000 or so per vehicle. the ceo has been talking about this. >> he's issued an apol

vw's ceo says the company has ordered an investigation. the epa ordered the automaker to fix the cars at its own expense. vw also faces fines. we have had some fine weather this weekend, and we are happy about that. devon: yes, started off a little summery saturday, finishing off more fall like. and wee bit of a breeze, start to us are in cooler air tomorrow morning. it will be chilly in some spots. 82 degrees at reagan national. the high temperatures around the region, 70's to the midwest, the great lakes into the upper 60's. the heat and humidity bottled up to the south. 71 at reagan national, already 50's to the north. some of the local suburbs in the 50's as well. into the forecast, because we have the track of how cool it will be tomorrow, then it is about the rain. rain setting up around there, but we are watching the rain that is moving in with the shifting of the upper-level system. that will bring the rain that will be here. the wind already shifting northeast. cooler air runs in. putting together the upper-level week system, low-

. >> vw ceo is deeply, deeply sorry but his future hangs in the balance as the board holds an emergency meeting to tackle the fall out from the emissions scandal. >> millions of people all over the world trust our brands. our cars and our technology. i'm deeply sorry that we have broken this trust. >> no end in sight for china's economic slow down. pmi data for september surprises to the down side sending shares in asia sharply lower but europe shrugs off with a sector trading in the green. a bedrock of global stability. china's president urges stronger cooperation with the united states as he works to reassure business leaders amidst reform and cyber security. >> instagram tops with over 400 million people. >>> coming up on the show, find out how bank of america chief has held on to both his titles despite concerns of descent. a victory for hillary clinton. the pharma firm will drop prices but by how much? and new york yankees legend yogi berra passes away age 90. we take a look back at his stellar career and inspiring quotes. >> let's look ahead to the u.s. markets open. futures indic