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Senin, 15 April 2019

Former VW boss charged over diesel emissions scandal - BBC News

The former chief executive of the carmaker Volkswagen has been charged in Germany over his involvement in the company's diesel emissions scandal.

The public prosecutor in Braunschweig charged Martin Winterkorn and four other managers with fraud.

VW said it would not comment on the indictments.

Mr Winterkorn is already facing criminal charges in the US, but is unlikely to face trial, as Germany does not extradite its citizens.

The 71-year-old resigned soon after the scandal erupted in September 2015.

In a statement, prosecutors accused Mr Winterkorn of a "particularly serious" fraud, as well as a breach of competition laws.

They said Mr Winterkorn should have alerted car owners and authorities in Europe and the US about the manipulation of diesel emissions tests sooner.

They also accused him of approving a "useless" software update designed to conceal the true reason for the cars' higher emission levels.

If found guilty, the former executive could face a prison sentence of up to 10 years.

Prosecutors did not name the other four senior managers charged.

VW first admitted in September 2015 that it had used illegal software to cheat US emissions tests.

The devices, which allowed vehicles to perform better in test conditions than they did on the road, were installed on almost 600,000 vehicles sold in the US from 2009 though 2015 and millions more globally.

They came to light after a study of emissions by researchers at West Virginia University in the US.

The scandal sparked investigations in Germany and other countries.

To date, it has cost Volkswagen roughly €28bn, ($31bn; £24bn).

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https://www.bbc.com/news/47937141

2019-04-15 11:28:03Z
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Goldman Sachs quarterly profit falls 20 percent By Reuters - Investing.com

(Reuters) - Goldman Sachs Group Inc (NYSE:) beat quarterly profit estimates on Monday as the bank earned more from advising on M&A deals and expenses fell due to lower compensation costs.

The bank's total revenue, however, fell 13 percent in the first quarter and missed analysts' estimates, with three of its four main businesses recording a drop in revenue.

Total institutional client services, the unit that houses the bank's trading business, recorded the biggest drop as lower market volatility coupled with the longest U.S. government shutdown hurt equity and bond trading revenue.

Trading slowed considerably in the quarter as concerns over the U.S.-China trade war eased, and markets rebounded from steep losses in December 2018.

Trading revenue slipped 18 percent to $3.61 billion, with equity trading down 24 percent and fixed income, currency and commodities trading down 11 percent.

JPMorgan Chase & Co (NYSE:) on Friday reported a 10 percent decline in adjusted markets revenue. Its equities revenue, on an adjusted basis fell 13 percent, while fixed income revenue fell 8 percent.

"We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," Goldman Sachs Chief Executive Officer David Solomon said.

Investment banking was flat, hurt mainly by declines in the underwriting business, which includes initial public offerings.

A prolonged government shutdown at the beginning of the year resulted in skeletal staffing at the U.S. Securities and Exchange commission, resulting in the postponement of several IPOs in the quarter.

Financial advisory revenue was the only bright spot, rising 51 percent during the quarter.

Goldman's net earnings attributable to common shareholders fell to $2.18 billion, or $5.71 per share, in the quarter ended March 31, from $2.74 billion, or $6.95 per share, a year ago.

Analysts were looking for a profit of $4.89 per share, according to IBES data from Refinitiv.

Total operating expenses fell 11 percent to $5.86 billion.

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https://www.investing.com/news/stock-market-news/goldman-sachs-quarterly-profit-falls-20-percent-1836109

2019-04-15 11:37:00Z
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Goldman Sachs beats analysts' estimates for first quarter profit while markets impacted revenue - CNBC

Goldman Sachs posted first quarter profit that exceeded analysts' expectations, while company-wide revenue missed on tougher market conditions for two of the firm's main divisions.

The bank generated $2.25 billion of profit in the period, or $5.71 a share, compared with the $4.89 estimate. Meanwhile, revenue dropped 13% to $8.81 billion on lower results in the bank's Wall Street trading and Investing and Lending segment, below analyst's $8.9 billion estimate. Shares seesawed from losses to gains following the report.

"We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," Goldman CEO David Solomon said in the release. "Our core businesses generated solid results driven by our strong franchise positions. We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally."

The bank's board voted to increase its quarterly dividend by 5 cents to .85 cents per share.

It's only Solomon's second quarter running the bank, but analysts will have plenty of questions for him.

The investment bank, which historically counted governments, corporations and hedge funds as clients, took a notable step in its journey into consumer finance last month when its joint credit card with Apple was announced. Analysts will want to know what the economics of the deal mean for the New York bank.

Still, of the six biggest U.S. banks, Goldman is the most dependent on Wall Street activities, and that means analysts will want to know how the firm's trading operations fared in the quarter. J.P. Morgan Chase said last week that first-quarter trading revenue dropped 17 percent to $5.5 billion.

Solomon or his CFO Stephen Scherr might also provide updates on a strategic review announced in October and progress on the bank's $5 billion revenue-boosting plan, according to analyst Jason Goldberg of Barclays.

Another topic of discussion may be the bank's 1MDB scandal. Goldman's shares were battered last year in part because of the ordeal, in which an ex-Goldman partner admitted to helping a Malaysian financier loot an investment fund of billions of dollars.

The shares have partially recovered this year, climbing more than 20 percent.

Here's what Wall Street expected:

Earnings: $4.89 a share, down 30% from a year ago, according to Refinitiv.
Revenue: $8.9 billion, down 10% from a year earlier.
Trading Revenue: Equities $1.81 billion; Fixed income $1.77 billion, according to FactSet
Investing Banking: $1.65 billion

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https://www.cnbc.com/2019/04/15/goldman-sachs-earnings-1q-2019.html

2019-04-15 11:15:00Z
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Former VW boss charged over diesel emissions scandal - BBC News

The former chief executive of the carmaker Volkswagen has been charged in Germany over his involvement in the company's diesel emissions scandal.

The public prosecutor in Braunschweig charged Martin Winterkorn and four other managers with fraud.

Mr Winterkorn is already facing criminal charges in the US, but is unlikely to face trial, as Germany does not extradite its citizens.

The 71-year-old resigned soon after the scandal erupted in September 2015.

In a statement, prosecutors accused Mr Winterkorn of a "particularly serious" fraud.

They said Mr Winterkorn should have alerted car owners and authorities in Europe and the US about the manipulation of diesel emissions tests sooner.

If found guilty, the former executive could face a prison sentence of up to 10 years.

Prosecutors did not name the other four senior managers charged.

VW first admitted in September 2015 that it had used illegal software to cheat US emissions tests.

To date, the scandal has cost Volkswagen roughly €28bn, ($31bn; £24bn).

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https://www.bbc.com/news/47937141

2019-04-15 11:27:16Z
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Progress in U.S.-China trade talks spurs world stock rally - Investing.com

© Reuters. The London Stock Exchange Group offices are seen in the City of London, Britain

By Tom Finn

LONDON (Reuters) - European stocks rose moderately after progress in the U.S.-China trade talks buoyed sentiment and investors grew somewhat optimistic about the next batch of corporate earnings.

The recovered from earlier losses and rose higher, with gains in banks offsetting declines in miners.

Investors are focused on the U.S. earnings season to gauge the strength of corporate America in the face of major challenges to growth.

JPMorgan Chase & Co (NYSE:). posted strong first-quarter results last week, and Bank of America Corp (NYSE:). is due on Tuesday.

Equities in Asia approached a fresh six-month high, spurred on by markets in Japan and Korea, after the Bank of China released upbeat credit data.

U.S. Treasury Secretary Steven Mnuchin said he hoped U.S.-China trade talks were approaching a final lap.

That, combined with strong Chinese export and euro zone industrial production data on Friday, has lifted global equities, bund yields and the euro.

"It seems like bullish sentiment has decent grip for now and everyone is focused on the year to date performance of the equity markets," said Naeem Aslam, chief market analyst at TF Global Markets (UK) Ltd in London.

MSCI’s gauge of stocks across the globe gained 0.2 percent. The index is up nearly 15 percent for the year.

Investors this week will be scrutinizing data - including Germany’s ZEW survey and Chinese gross domestic product due on Wednesday - for signs of whether a global economic slowdown is turning around.

The optimism over progress in U.S.-China trade negotiations pushed investors away from safe haven assets such as the Swiss franc and toward riskier currencies.

The yen dropped toward its 2019 low on Monday and the Swiss franc hit its weakest in nearly a month.

The dollar also weakened slightly, allowing the euro to cement gains above $1.13.

Further spurring risk appetite, Reuters exclusively reported on Monday that U.S. negotiators have tempered demands that China curbs industrial subsidies as a condition for a trade deal after strong resistance from Beijing.

Equities and other risky assets have been volatile this year over worries of a slowdown in the United States and other major economies.

The European Central Bank maintained its loose policy stance on Wednesday, highlighting threats to global growth.

"The market is bearish Europe. Not enough growth, not enough inflation, too much fiscal inaction and too much ECB dithering for some people' taste," said Societe Generale (PA:) analyst Kit Juckes.

In commodities, oil provided big milestones last week, with Brent breaking through the $70 threshold and the U.S. benchmark posting six straight weeks of gains for the first time since early 2016. [O/R]

futures was last off 23 cents at $70.98 while crude futures, the U.S. benchmark, eased 33 cents to $63.34.

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https://www.investing.com/news/stock-market-news/asian-shares-buoyed-by-optimism-on-uschina-trade-talks-1835830

2019-04-15 08:36:00Z
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Europe markets mixed amid optimism over US-China trade talks; Publicis up 2% - CNBC

European markets were higher on Monday morning with investors reacting to acquisition news and developments in U.S.-China trade talks.

The pan-European Euro Stoxx 600 index was flat with major bourses and sectors pointing in different directions.

Market focus is largely attuned to corporate earnings, with several companies set to release their first-quarter results this week. Citigroup and Goldman Sachs report their numbers Monday with banking stocks in Europe up by nearly 1 percent in anticipation.

Advertising group Publicis' shares rose by 2% after news of a $4.4 billion takeover of marketing and data company Epsilon. Meanwhile, Norsk Hydro shares rose by nearly 4% after Brazil's public prosecutor made moves to lift a production embargo in the country,

Meanwhile, investors continue to monitor developments in the U.S.-China trade talks. Over the weekend, U.S. Treasury Secretary Steve Mnuchin said he was hopeful the talks would soon come to a close. He said Saturday that a U.S.-China trade deal would go "way beyond" previous agreements between the two nations, and that the two sides were "close to the final round" of negotiations, Reuters reported.

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https://www.cnbc.com/2019/04/15/european-markets-set-to-open-higher-as-us-china-trade-talks-near-end.html

2019-04-15 07:25:43Z
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Citi Bike Pulls New Electric Bikes Off Streets, Citing Safety Concerns - The New York Times

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A month ago, Jordan Wyckoff was riding an electric Citi Bike to work in Brooklyn when he slammed on the brakes to avoid a minivan that swerved in the bike lane. But when he hit the brakes, the front wheel locked up, sending Mr. Wyckoff over the front of the handlebars and onto the pavement.

The same thing happened to Dominik Glodzik when he tried to brake before a stop sign in Astoria, Queens about two months ago.

William Turton flipped over the front of an electric Citi Bike while trying to brake before an intersection on Bedford Avenue in Brooklyn.

In recent months, dozens of riders have reported injuries while riding electric Citi Bikes, prompting the company on Sunday to pull all of the approximately 1,000 electric bicycles from New York City’s streets amid safety concerns about the brakes. Lyft, which owns Citi Bike, took similar precautions with its other bike-sharing services in Washington and San Francisco.

“We recently received a small number of reports from riders who experienced stronger than expected braking force on the front wheel,” the company said in a statement on its website. “Out of an abundance of caution, we are proactively removing the pedal-assist bikes from service for the time being. We know this is disappointing to the many people who love the current experience — but reliability and safety come first.”

Lyft said it is working with its suppliers to understand the problem, while also working on a new electric-bike model that will be available soon. In the meantime, standard bikes will be installed to replace the pedal-assist bikes, the company said, noting it does not expect a service interruption.

Citi Bike had expected to have 4,000 electric bikes on the street by June. The bikes first arrived in New York in August, after the city approved new rules on electric bikes. The motor on the bikes, which require a rider to pedal to activate, can reach a maximum speed of about 18 miles per hour, a Lyft spokeswoman said. The city continues to ban throttle-controlled bikes, which are favored by delivery workers and can travel faster than 20 miles per hour.

In November 2018, Lyft, which began trading publicly on the stock market two weeks ago at an overall valuation of more than $24 billion, bought Motivate, the largest bike-share company in the United States.

Motivate operates Capital Bikeshare in Washington, Ford GoBike in San Francisco, among other companies across the country. A spokeswoman for Lyft said the electric bikes were only available in New York, Washington and San Francisco.

“The safety of New Yorkers is D.O.T.’s top priority,” Scott Gastel, a spokesman for the New York City Department of Transportation, said in a statement. “We expect Lyft to maintain a safe and fully operational fleet providing sufficient service and we will monitor as they investigate the cause of this brake issue.”

Citi Bike, which arrived in New York in 2013, has become an increasingly popular mode of transportation, with more than 145,000 members. On Sunday, avid users of the electric bikes expressed disappointment about their removal. Even some riders who were injured said they had used the electric bikes after crashes.

“It’s honestly tragic,” said Mr. Turton — in spite of his close call in Brooklyn two weeks ago. “I’ve been commiserating with my friends today who are also electric-bike enthusiasts.”

Mr. Turton said the electric bikes had cut his commute time in half.

Mr. Turton thought the crash he was involved in was his fault until he received an email from Citi Bike on Sunday morning that said the company was suspending the electric bikes because of issues with the brakes.

Marco Conner, the interim executive director of Transportation Alternatives, a bicycling advocacy organization, applauded Lyft for taking a proactive step in addressing potential safety issues before there were any deaths. Still, he added that he is looking forward to safe electric bikes returning to the streets in the near future.

“E-bikes have been shown to replace car trips, and in New York City where the average car trip is about 2 miles long, bike share and e-bikes are a great alternative to replace those short trips,” he said. “When you decide to take a bike trip instead of a car, you’re not putting your fellow New Yorkers in danger.”

Follow Tyler Pager on Twitter: @tylerpager.

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https://www.nytimes.com/2019/04/15/nyregion/citi-bike-electric.html

2019-04-15 07:00:05Z
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