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

  1. VW scandal could cost €65bnpublished at 12:05

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  2. CEO secretspublished at 11:55

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  3. Australia calls for VW clarificationpublished at 11:45

    VW CamperImage source, Getty Images

    The VW scandal widens further.The Australian government has now said it is seeking urgent clarification from Volkswagen over whether cars in the country are involved in a growing global scandal over rigged emission results. As we know by now VW has admitted that 11 million of its diesel cars are equipped with devices that can cheat pollution tests.

    Quote Message

    I expect advice from Volkswagen and Audi shortly and the government would then determine whether and what further action was required

    Australian government Minister Paul Fletcher

    It's worth adding that VW has said it will give an indication of where and how many vehicles are fitted with the cheat devices later today.

  4. Eurozone lending picks up a little in Augustpublished at 11:32

    ECB HQ`Image source, Getty Images

    Lending to eurozone households and corporations picked up slightly in August but a broader measure of money circulating in the eurozone dropped, European Central Bank data has shown. Lending growth to households rose to 1% in August from 0.9% a month earlier while lending growth to non-financial corporations rose to 0.4% in August from 0.3%  in July.

  5. Porsche-Volkswagen-Porschepublished at 11:12

    More fun facts! This time about Porsche. Volkswagen owns Porsche AG (which makes Porsche cars) and has done after finalising its takeover of the 911 manufacturer in 2012. Confusingly, however, a large chunk of VW itself - more than half the common stock, and therefore voting rights - is owned by a firm called Porsche SE, which is itself largely owned by the Porsche and Piech families. Another one for the pub quiz!

  6. VW shares up ahead of CEO announcementpublished at 10:56

    A model Porsche carImage source, Getty Images

    Volkswagen shares were up around 4% to €116.20 in early trading as investors await the announcement of VW-owned Porsche's chief executive Matthias Müller as the troubled firm's new boss. The stock is now up about 1.8%. It's worth saying we have no inside knowledge that Mr Müller will be named as the VW boss but that's the betting of most.

  7. Drax and blastpublished at 10:39 British Summer Time 25 September 2015

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  8. Bank monitoring buy to letpublished at 10:25

    House and moneyImage source, Reuters

    Bank of England policymakers say they are keeping a close eye on buy-to-let mortgages and fragile financial market liquidity, but currently believe there is no need to change regulations. Risks to Britain's financial stability have risen over the past three months, they say, partly as a result of the slowdown in the Chinese economy and other emerging markets. but at the same time UK banks' resilience to external shocks have improved, 

    Quote Message

    Overall, the FPC judges that the outlook remains challenging. While the resilience of the financial system has continued to improve, downside risks have risen

    Bank of England Financial Policy Committee

  9. Mission impossiblepublished at 10:10

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  10. Bargain hunt(er)published at 10:00

    BBC Breakfast

    Jennifer Drew

    Upcycling, recycling, reducing your energy and living sustainably is becoming increasingly popular. Visitor numbers at the Festival of Thrift - taking place in Darlington at the weekend - have nearly doubled in two years. At its heart, it's all about saving money. And one of the speakers who knows more about that than most is Jennifer Drew who has saved £17,000 since she start using coupons three years ago. She told BBC Breakfast a bit earlier her best bargain was getting a £140 food shop for 39p and that she spends at least an hour a day looking for deals.

    Her top tips: Use a dedicated email account for coupon-ing to avoid spam, and don’t be afraid to buy in bulk.

  11. Greenpeace VW demopublished at 09:52 British Summer Time 25 September 2015

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  12. Don't let 'weak' Germany dictate EU reformspublished at 09:47 British Summer Time 25 September 2015

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  13. Vorsprung durch Technikpublished at 09:37 British Summer Time 25 September 2015

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  14. Never meet your heroespublished at 09:19 British Summer Time 25 September 2015

    HerbieImage source, Getty Images

    Live page reader Denis Mills writes: "Thanks to Volkswagen, I now wonder if those Herbie films were at all true?"

  15. Rapid decarbonisation now priority for Draxpublished at 09:03

    Today Programme
    BBC Radio 4

    The government has removed a tax exemption for renewable power that is sold to industrial companies and businesses. Drax is the largest renewable energy firm in the UK and the day the government announced the end of the tax exemption it “suddenly removed” a stream of the company’s income, Dorothy Thompson tells Today. The removal of the tax exemption also meant the firm’s share price slumped by almost a third. She says that reduced the amount of cash Drax had to invest in carbon capture in the future.

    Quote Message

    We think it is very important technology so for us it is a very sad decision... We and our shareholders believe that the priority [now] needs to be on rapid decarbonisation.

    Dorothy Thompson, chief executive, Drax

  16. Greenpeace VW demopublished at 08:50

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  17. Market updatepublished at 08:40

    The FTSE 100 Index's topsy turvy week has taken another turn with shares up 1.5% in early trade to 6049.65. That's after mining shares dragged the index below 6,000 again on Thursday. Shares in mining giant Glencore are up 5% today to 103.60p, making it the FTSE's biggest gainer so far. That's after it was the biggest faller on Thursday with a fall of 9.6%, after Goldman Sachs cut its target price for the stock.

  18. Carbon capture 'not affordable'published at 08:25

    Today Programme
    BBC Radio 4

    DraxImage source, Getty Images

    The Drax Power company says it can no longer continue with a planned carbon capture and storage system next to its north Yorkshire power station, because of changes to the government's renewable energy commitments. Chief executive of Drax, Dorothy Thompson, tells Today carbon capture isn’t affordable. 

    Quote Message

    Ultimately investment is about choice and we are in a very different financial situation today to where we were two years ago when we decided to invest in the project

    Dorothy Thompson, chief executive, Drax

    She blames the dramatic movements in the commodity markets alongside the government’s change of heart on renewable energy.  

  19. Starbucks to offer staff home loanpublished at 08:10

    That's not all Starbucks is doing for its staff. It's also providing home loan assistance, developed with the homelessness charity Shelter. It means Starbucks will provide an interest-free loan to help its staff to pay rental deposits when they're moving into a new home. Starbucks says the scheme is the first of its kind to be launched by a private company in the UK, following the example of "government departments and the Co-operative." On the face of it, this certainly seems to be a generous offer. But we thought we would canvass public opinion. Tell us what you think at bizlivepage@bbc.co.uk or tweet us at @bbcbusiness, external

  20. China dollarspublished at 07:50

    Bloomberg reports that cash is leaving China faster than ever., external It estimates $141bn left China in August, exceeding the previous record of $124.62bn in July. The newswire has added up foreign exchange purchases by banks, deposits, and offshore earnings. All that money leaving could deflate the yuan, analysts reckon.