Good night one and allpublished at 21:30
That's it for today. Thanks for tuning in. We'll be back bright and early on Monday morning at 06:00 BST.
Summary
Volkswagen names Matthias Mueller as new boss
VW says emissions scandal "moral and political disaster"
European markets close sharply higher
Starbucks to pay National Living Wage
Good night one and allpublished at 21:30
Wall Street books modest gainspublished at 21:18
Image source, Getty ImagesA mid-afternoon slump took the wind out of what was looking like a strong day for US markets, buoyed both by comments from Fed chief Janet Yellon anticipating a rate rise this year and revised US growth figures.
Still, the Dow Jones index ended the day up 113 points, or 0.7%, at 16,314.
Switzerland 'bans sale of VW diesels'published at 21:00
Switzerland has temporarily banned the sale of Volkswagen diesel cars that could be fitted with the defeat devices used to disguise emissions during testing, reports AFP.
About 180,000 vehicles made by the company's Audi, Seat, Skoda and VW marques between 2009 and 2014 could be affected, the Federal Roads Office said, according to the agency.
Could other countries follow suit?
China growth 'healthly', says President Xipublished at 20:43
Image source, Getty ImagesChinese President Xi Jinping has tried to reassure those concerned about a slowdown in the world's second largest economy by saying his country would post "healthy" growth in the future, AFP reports.
He said the focus would increasingly move from "speed-based growth to quality-based growth".
"We call this the new normal of the Chinese economy and I'm confident going forward China will... provide a healthy growth that strengthens confidence," he added.
Fears about a slowdown in the Chinese economy have led to sharp falls in global stock markets in recent weeks.
Tesla calls for random emissions testspublished at 20:15
The boss of Tesla, billionaire Elon Musk, has called for random tests on diesel cars in light of the VW scandal.
"The obvious move is to pick cars at random and then test the emissions in transit," he said.
"Clearly, emissions-testing needs to be more rigorous."
Hardly surprising given Tesla makes all electric cars with no emissions, but not a bad idea nonetheless.
Image source, Getty ImagesDepartment of Justice helping VW investigationpublished at 19:51
The US Department of Justice has confirmed that it is helping the Environmental Protection Agency with its investigation. The DoJ said:
Quote MessageWe take these allegations, and their potential implications for public health and air pollution in the United States, very seriously."
Neymar tax allegationspublished at 19:31
Image source, Getty ImagesBrazilian judge Carlos Muta has confirmed the Neymar fine, according to AFP news agency.
The Barcelona star has been hit with "a special fine of 150%... requiring payment of 188,820,129,25 reals ($47.3m), of which 63,591,796 relate to income tax and the rest to fines and interest, with regard to events that took place in the calendar years from 2011 to 2013," Muta wrote.
Neymar assets frozenpublished at 19:12
Our business correspondent tweets:
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End of twitter postVW press conference in less than 20 wordspublished at 19:02
Or you could just ignore all the previous eight posts and read this, from our business reporter Theo Leggett, who attended the conference:
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End of twitter postVW brands split into different categoriespublished at 18:50
Image source, Getty ImagesIt also seems that the company is going to place each of its marques into four separate categories - volume, premium, sport and commercial vehicles - based on common components. So, for example, a Porsche brand group with Bentley and Bugatti will be established for "the sports car and mid-engine toolkit".
VW North America re-organisedpublished at 18:36
So the company's North America division will be re-organised, with the USA, Mexico and Canada "combined and significantly strengthened to form a new North America region".
The region will be led by Prof Winfried Vahland, formerly chairman of the board at Skoda.
Overall, the VW brand will "introduce a management structure with four regions, each led by a local CEO with a direct reporting line to the brand chairman, Herbert Diess".
VW outlines new structurepublished at 18:26
VW has given some detail on the new corporate structure it intends to implement:
“The new structure strengthens the brands and regions, gives the group board of management the necessary leeway for strategy and steering within the company, and lays a focus on the targeted development of future-oriented fields.”
So we're all clear on that, yes? Umm, perhaps not. We'll dig a little further...
More from Muellerpublished at 18:12
Image source, Getty ImagesThe new VW boss says:
Quote MessageMy most pressing task will be to restore confidence in the Volkswagen Group through an unsparing investigation and maximum transparency. Volkswagen under my leadership will make every effort to develop the most rigorous compliance and governance standards in the entire industry, and to implement them.
VW will be 'stronger'published at 17:59
Mr Mueller says the company will introduce "even tougher compliance rules'' and pledges to make VW "an even stronger company.''
But don't expect too many changes to happen quickly. "Being thorough is more important than speed," he says.
Image source, Getty Images'Moral and political disaster' say VWpublished at 17:50
VW says Mr Mueller will oversee a new corporate structure at the carmaker, where "problems are not hidden but communicated" to management. "All departments must work together", it says, suggesting this has not necessarily been the case up to now.
The company says the emissions scandal has been a "moral and political disaster".
New VW boss speakspublished at 17:46
Matthias Mueller says he is "grateful" to the VW board for the confidence it has shown in him. He says he will do everything he can to regain the confidence of employees and customers. "This should never happen again," he says.
VW appoints new bosspublished at 17:40
Volkswagen has announced Matthias Mueller, currently chief executive of Porsche, as the new chairman of the troubled carmaker.
European markets post strong gainspublished at 17:14
European stockmarkets have closed sharply higher on the day, after investors cheered comments from US Fed Reserve head Janet Yellon suggesting US rates will rise this year. Markets like certainty, as well an indication the Fed feels the US economy is strong enough to withstand a modest rise in rates.
Revised US growth figures simply boosted confidence further. Germany's Dax index was up 2.8% at 9,689, while France's CAC 40 was 3.1% higher at 4,481. The UK's FTSE 100 ended the day up 2.5% at 6,109.
Image source, Getty ImagesBlackberry shares slidepublished at 16:55
Blackberry shares have fallen by almost 5% to $6.70 after its disappointing results posted earlier today. Towards the end of last year, the shares briefly topped $12. The company is struggling to attract the business users it believes should be attracted to its products.
US to tighten emissions testingpublished at 16:39
US regulators have said they are tightening up emissions testing following the VW scandal.
The Environmental Protection Agency said it had written to all carmakers to tell them of the more stringent tests. These will now focus more on the kinds of so-called defeat devices used by VW to disguise emissions during lab tests.
Christopher Grundler, director of the agency's Office of Transportation & Air Quality, said:
Quote MessageToday we are putting vehicle manufacturers on notice that our testing is going to include additional evaluation and tests.We're not going to tell them what these tests are, they don't need to know.