European Automakers Hit by Unemployment

Eurozone unemployment is expected to have picked up 11.8 percent in December, the highest rate since records began. One of the sectors hardest hit by job cuts is the auto industry. Bloomberg's Mark Barton and Ryan Chilcote explain.
VW Faces Costly Fixes as it Seeks to Cut Spend
16:32 - 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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