Investec Says France Budget to Face Spending Cuts

Sept. 15 (Bloomberg) -- Thanos Papasavvas, a fixed-income and currency strategist at Investec Asset Management, talks about the French budget for 2014 to be revealed today and the Chinese economy. He speaks with Francine Lacqua on Bloomberg Television's "On the Move." (Source: Bloomberg)
VW Faces Costly Fixes as it Seeks to Cut Spend
11:09 - Volkswagen AG Chief Executive Officer Matthias Mueller said the company will delay or cancel non-essential projects as pressure mounts to slash spending in the wake of the diesel-emissions scandal. Fixing about 11 million rigged diesel vehicles is a costly prospect. The 6.5 billion euros ($7.29 billion) Volkswagen already set aside for repairs won’t be enough to cover fines and potential legal damages as well, Mueller said. The company is exploring options from a simple software upgrade to outright replacing some cars. Fines may reach $7.4 billion in the U.S. alone, according to analysts from Sanford C. Bernstein Ltd.
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