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Meanwhile, Volkswagen chief executive Matthias Muller in an interview to Frankfurter Allgemeine Zeitung said the company will start recall of vehicles by January and fix the issue by the end of next year.

The gold price surged by almost $40 or over 3% on Friday, at its peak and is trading only slightly weaker at around $1,135 per troy ounce as the new week gets underway.

German Transport Minister, Alexander Dobrindt, has today revealed that VW DID use their defeat device software on emissions tests in the European Union, saying that, so far, it seems most of the manipulation was on VW Group cars with 1.6 and 2.0 litre diesel engines.

Days after Volkswagen admitted that half a million cars it sold in the US contained software enabling them to evade clean air laws, top Environmental Protection Agency officials said they are planning to toughen emissions testing for all automakers.

Embattled German automaker Volkswagen on Friday tapped an executive from Porsche as the group’s new chief – and pledged a major managerial shakeup as it tries to navigate the backlash over its attempt to get around us emissions regulations. He is head of Porsche,...

When the company admitted last month that 11 million vehicles were affected by software created to cheat emissions-testing, VW said it was setting-aside €6.5bn (£4.9bn) to cover costs.

“Therefore we are putting all planned investments under review”.

Matthias Mueller has officially been named the new CEO of the Volkswagen Group effective immediately the German automaker announced on Friday.

Audi’s orator said the difficulties of a given world’s nationally recognized homologation necessities managed to get it more hard to come across all along the suffering motor vehicles as quickly as these targeted.

This means there’s likely to be a big recall for those of you who drive diesel-powered cars with the VW brand, Audi, Seat and Skoda, and a few VW commercial vehicles.

Two weeks ago, the German automaker admitted that it cheated on emissions tests in the US.

VW’s executive board said yesterday it expected “further personnel consequences in the next days”, and that “all participants in these proceedings that has resulted in unmeasurable harm for Volkswagen, will be subject to the full consequences”.

Expectations of lower demand after revelations last month that Volkswagen falsified USA vehicle emission tests, which a few believe could affect demand for diesel cars, hit platinum prices.

USA stocks climbed Friday morning after three days of losses.

Volkswagen CEO Martin Winterkorn is resigning amid an emissions-cheating scandal that has rocked the German automaker since it was disclosed late last week.