Volkswagen has agreed the terms of a 20 billion euro ($21 billion) bridging loan with banks to help shoulder the costs of its emissions scandal, three people familiar with the matter told Reuters on Wednesday.
A 15-year high for tech stocks on the Nasdaq helped world shares to a 2-1/2 month peak on Tuesday, though more engine trouble for Volkswagen and a $5.1 billion cash call by Standard Chartered left Europe feeling flat.
Volkswagen used devices to cheat air pollution tests in diesel luxury vehicles in model years 2014 through 2016, U.S. and California environmental regulators said on Monday, widening their investigation into the carmaker's emissions scandal.
Stocks fell sharply on Friday, reversing earlier gains, on the back of a very disappointing U.S. jobs report; Earlier on Friday, gold was down for the sixth consecutive trading day and looked like it would be heading further lower.
The big three U.S. automakers - General Motors Co, Ford Motor Co and the U.S. operations of Fiat Chrysler Automobiles NV - reported a jump in September sales on Thursday as cheap gasoline and ultra-low interest rates drove demand for sport utility vehicles and pickup trucks.
Volkswagen has admitted to cheating diesel emissions tests in the United States, sending shares in Europe's largest carmaker down more than a third in value and sparking the biggest business crisis in its 78-year history. Following are some of the costs the company could have to pay, excluding any potential drop in car sales or prices.
A survey of 62 institutional investors by Evercore ISI shows that two out of three believe it will not be possible to invest in Volkswagen over the next half year if the financial risks linked to its emissions scandal remain unclear.