Business live: Volkswagen names new boss

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

Live Reporting

Richard Anderson

The waiting continuespublished at 16:25
An update from our man in Wolfsburg:
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Journalists gathering at VWpublished at 16:03
Theo Leggett, BBC business reporter tweets:
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VW press conference imminentpublished at 15:58
VW is set to give a press conference. Chairs are empty but journalists are starting to gather.
Hyundai recalls half a million carspublished at 15:48
South Korean carmaker Hyundai is recalling 470,000 cars in the US due to an engine defect that may cause it to stall. The Sonata models are from 2011 and 2012, with 2.0 or 2.4 litre petrol engines.
Hyundai said there had been no reports of any crashes or injuries caused by the defect.
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Greek bank deposits risepublished at 15:32
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Greek bank deposits rose 0.25% in August compared with July. Big deal, you might think, and you may be right, but it does end a 10-month decline for Greek deposits. Business and household deposits rose by €305m to €121.14bn, according to data from the country's central bank. We are still at decade-lows, however.
VW shares sinking againpublished at 15.16
VW shares are starting to slide again. They are now down more than 5% in Frankfurt. Quite a turnaround from this morning's opening.
Wall Street makes strong early gainspublished at 14:59
Wall Street has opened sharply higher on the back of those revised economic growth figures, and comments from US Fed Reserve head Janet Yellon that she anticipates an an interest rate rise this year.
The Dow Jones index climbed 172 points, or 1.1%, to 16,374 in early trading.
Sportswear giant Nike led the way, rising more than 7% after posting strong results late on Thursday.
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Vauxhall chairman steps downpublished at 14:43 British Summer Time 25 September 2015
More strange goings on at carmakers. Tim Tozer, managing director and UK chairman of Vauxhall, has left company. He'd only been in the job since February last year and no reason has been given for his unexpected departure.
He will be replaced by Rory Harvey, previously executive director of sales at Opel Europe.
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Almost three million VW's 'manipulated' in Germanypublished at 14:28
Joe Lynam, the BBC's business correspondent tweets:
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US growth revised upwardspublished at 14:17
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The US economy grew at a faster pace between April and June than previously thought - an annual rate of 3.9%, rather than the 3.7% estimated last month.
The Commerce Department said this was due in part to higher consumer spending.
Market updatepublished at 13:59
Elsewhere, UK shares on the FTSE 100 Index up 2.5% at 6111.16 on the back of recovering commodity prices and comments from US Federal Reserve head Janet Yelle yesterday which appear to have calmed investor jitters.
Rising prices of metals and oil helped to boost mining and energy shares.
VW shares fall furtherpublished at 13:53
The length of time the supervisory board meeting at Volkswagen is taking is beginning to make investors nervous it would seem. Shares in the German car giant are now down 1.16% at €110.85. Remember they started the day by rising 4%.
VW board considering new corporate structure?published at 13:38
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Could Volkswagen's supervisory board be discussing a new corporate structure? According to Reuters they are doing so right now as well as choosing a new chief executive to replace Martin Winterkorn, who resigned on Wednesday. The news agency cites three people familiar with the matter. Two of its sources say the meeting is taking longer than expected.
Daimler fends off emissions allegationspublished at 13:22
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Daimler has denied allegations by lobby group Deutsche Umwelthilfe (DUH) that it has rigged emissions data for its vehicles. DUH said on Thursday that tests had shown vehicles made by German car manufacturers including Daimler significantly exceeded limits on nitrogen oxide emissions.
Quote Message
We sharply deny the allegation that we manipulated our cars during emissions tests. We never did and do not now use a defeat device
Daimler statement
Daimler says it is unaware of any data showing its vehicles have breached legal limits and that it is willing to have any of its vehicles tested.
Golden ticket?published at 13:15 British Summer Time 25 September 2015
BBC transport correspondent tweets
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Who knew what and when?published at 13:08
The Times reports that, external ministers were sent evidence that diesel cars had been manipulated to pass emissions tests almost a year ago.
Quote Message
Ministers must come clean and admit when they were first told about the diesel emissions scandal. ‎The International Council on Clean Transportation, the body which helped to expose the problem, warned a year ago that dangerously high levels of nitrogen oxide emissions were not confined to America. It is unacceptable that the government waited this long to take action... Poor air quality is a growing problem in our towns and cities but the government is in chaos on this issue, and it is becoming increasingly clear that real leadership was needed on this issue at least a year ago.
Lilian Greenwood MP, Labour’s shadow transport secretary
Waiting outside VW HQpublished at 13:06 British Summer Time 25 September 2015
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Blackberry losses easepublished at 12:39
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Turning away from Volkswagen for a moment, Blackberry (remember them?) has reported a second-quarter adjusted loss as its latest turnaround continues and it attempts to build revenue from its software division. Excluding one off items, Blackberry reported a quarterly loss of $66m in the three months to to 29 August. That compares with a loss of $207m a year earlier. Quarterly revenue fell 46.5% to $490m
Norway opens criminal probe into VWpublished at 12:26
Norway's economic crimes unit has said it has opened a fraud probe into VW to see if cars sold in Norway had been equipped with its emission test cheat devices.
Quote Message
In light of the so-called Volkswagen affair in the US and Europe, where (the company) has admitted extensive cheating, Okokrim wants to investigate whether any crime has been committed in Norway and whether the fraud has had any effect on the cars imported to this country
Norwegian police statement
Norwegian police said they would cooperate with customs and transport officials in the investigation. It did not indicate the type of penalty Volkswagen could face.
VW share price turns negativepublished at 12:17
Volkswagen shares have turned negative. Only just - they're 0.04% lower than the closing price yesterday at €112.10 but nonetheless it's still worth noting given they've been recovering since Wednesday and started today by climbing 4%. Have investors got wind of something they don't like?