0P6N.IL - VOLKSWAGEN AG VOLKSWAGEN ORD SH

IOB - IOB Delayed price. Currency in EUR
140.10
+0.35 (+0.25%)
At close: 9:18AM BST
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Previous close139.75
Open142.30
Bid0.00 x 0
Ask0.00 x 0
Day's range139.70 - 142.30
52-week range99.28 - 184.40
Volume824
Avg. volume26,489
Market capN/A
Beta (5Y monthly)N/A
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • Coronavirus: Keeping car showrooms shut costs UK government £61m a day
    Yahoo Finance UK

    Coronavirus: Keeping car showrooms shut costs UK government £61m a day

    UK auto lobby calls on government to allow showrooms to re-open.

  • Volkswagen admits car advert racist, apologises
    Reuters

    Volkswagen admits car advert racist, apologises

    Volkswagen withdrew on Wednesday an advert posted on its official Instagram page for its Golf cars that it admitted was racist and insulting, saying it would investigate how it came about and draw consequences. The German car company, which has seen its reputation tarnished in the last five years after it admitted cheating diesel emissions tests, said it did not tolerate any form of racism. German television noted that the hand could be interpreted as making a "white power" gesture, while letters that appear on the screen afterwards briefly spell out a racist slur in German.

  • German court ends diesel case against Volkswagen CEO, Chairman
    Reuters

    German court ends diesel case against Volkswagen CEO, Chairman

    A German court said on Wednesday it was ending proceedings against the chairman and chief executive of Volkswagen AG after the carmaker agreed to pay a fine of 9 million euros ($9.9 million) over the diesel emissions scandal. CEO Herbert Diess and non-executive Chairman Hans Dieter Poetsch were accused of stock market manipulation for a delay in informing investors about the diesel scandal when it first came to light in 2015, and were each fined 4.5 million euros. VW in September 2015 admitted using illegal software to cheat U.S. diesel engine tests, battering its share price.

  • Volkswagen pays 9 million euros to end proceedings against chairman, CEO
    Reuters

    Volkswagen pays 9 million euros to end proceedings against chairman, CEO

    Volkswagen AG has agreed to pay 9 million euros (8 million pounds) in a deal with a German court to end legal proceedings against its chairman and chief executive, who were accused of holding back market-moving information on rigged emissions tests. The court in Braunschweig was hearing charges of stock market manipulation against CEO Herbert Diess, as well as non-executive Chairman Hans Dieter Poetsch. VW in September 2015 admitted using illegal software to cheat U.S. diesel engine tests, battering its share price.

  • Reuters - UK Focus

    Past its peak? Battered oil demand faces threat from electric vehicles

    Oil companies may be facing uncertainty as the coronavirus pandemic triggers a collapse in demand for their products, but auto makers are betting the crisis will help accelerate an electric future. With economies reeling from lockdowns to curb the virus, the sharpest plunge in oil prices in two decades has slashed the cost of filling up a tank of gas, eroding some of the incentive to make the switch to cleaner fuels. Looking ahead, cuts in capital spending forced upon energy companies as their revenues crumble could tighten supply enough to cause a spike in oil prices, making electric vehicles more attractive just as automakers ramp up production, analysts say.

  • European Lockdowns Knock Car Sales Into Record Monthly Drop
    Bloomberg

    European Lockdowns Knock Car Sales Into Record Monthly Drop

    (Bloomberg) -- European car sales virtually stopped in April, dropping the most on record after the coronavirus halted production and closed dealerships from Spain to Germany.Passenger vehicle registrations in the European Union, the European Free Trade Association and the U.K. fell 78% year-over-year. Companies sold just 292,182 cars -- the lowest number since data-gathering began in 1990, and a further drop from March, itself a month of plummeting sales, the European Automobile Manufacturers Association said Tuesday.Carmakers from Ford Motor Co. to Volkswagen AG have warned they’ll lose money because of the pandemic, which has shuttered factories and showrooms for weeks. European governments are slowly relaxing lockdown rules and factories are firing up again, fueling hopes that April will mark the trough.While visibility remains low, auto sales rebounded in China last month, an encouraging sign for the rest of the world. German Chancellor Angela Merkel on Monday proposed a recovery fund that would soften the region’s economic blow.Nevertheless, European consumer behavior remains uncertain because of shaky investor confidence and concerns that restrictions could be tightened again in the event of a second wave of infections.Sales have dropped about 40% during the first four months of the year, in a sign that a full recovery will take some time. European car sales are forecast to decline as much as 20% in 2020, according to Bloomberg Intelligence’s Michael Dean.The Stoxx 600 Automotive & Parts index was little changed as of 8:30 a.m. in London on Tuesday after gaining 8% a day earlier.Clean SweepEvery single European nation reported falling registrations last month, from a 61% drop in Germany, the region’s largest market, to a 97% plunge in Spain, where just over 4,100 cars were sold. The U.K., Italy and France posted similar declines.Manufacturers have also increased spending on electric vehicles required to meet tougher emissions regulations, investments funded by profits from conventional cars.The pandemic’s effects on the economy is forecast to give electric vehicles a boost in China, Europe and other countries that have prioritized a transition to batter-powered cars, according to a report released Tuesday by BloombergNEF. Overall, however global auto sales aren’t expected to recover for five years.PSA Group’s Citroen will make adjustments to its car-launch schedule over the next 18 months, said unit chief executive officer Vincent Cobee.“The last two months and maybe the next three or four are extremely challenging from a balance sheet point of view,” he said Tuesday at a conference organized by BloombergNEF.To counter the slump, Volkswagen has held back on a decision to build a new factory in Turkey, is temporarily idling some assembly lines at its largest factory in Wolfsburg and is offering customers improved financing conditions and protected rates should buyers lose their jobs.Fiat Chrysler Automobiles NV is negotiating a state-backed credit line of as much as 6.3 billion euros ($6.9 billion) to help shore up its balance sheet, the company said Saturday.Governments in Europe are debating how much help the auto industry should get -- while ensuring not to neglect other sectors facing similar problems. Merkel this month dashed the powerful German car industry’s hopes for immediate auto purchasing subsidies, with her government deferring a decision until June. French Finance Minister Bruno le Maire said his country would come up with support measures by the end of next month.Hope -- and a possible glimpse into Europe’s near future -- is coming from China, where authorities have controlled the pandemic and new consumer trends are emerging.Demand in the world’s largest auto market is recovering as many first-time buyers look for new ways to get around while staying off buses and trains that could expose them to the virus, Volkswagen’s China chief said earlier this month.(Updates with auto executive comment from 11th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Coronavirus: New car sales in the EU crashed by 76% in April
    Yahoo Finance UK

    Coronavirus: New car sales in the EU crashed by 76% in April

    Free movement, factories, and dealerships came to a complete halt last month in Europe.

  • Coronavirus: Carmakers struggle with collapse in demand
    Yahoo Finance UK

    Coronavirus: Carmakers struggle with collapse in demand

    'Consumers lack the money and the courage to buy new cars.'

  • Ex-Tesla Worker’s Startup Bets Commuters Will Skip the Bus
    Bloomberg

    Ex-Tesla Worker’s Startup Bets Commuters Will Skip the Bus

    (Bloomberg) -- The former Tesla Inc. worker who founded electric-car charger maker Wallbox Chargers is betting commuters will skip crowded buses and trains when lockdowns end.Initial trends out of China show that the pandemic led to “a rejection of public transport as a means to get to work, and an increase of demand for using private cars,” said Chief Executive Officer Enric Asuncion. This trend complements green policies in Europe and China already in place before the pandemic, he said.The auto industry has been particularly damaged by the pandemic, with lockdowns shutting dealerships and factories and crimping supply chains. Several large automakers threw out forecasts for the year, unsure of how long the impact would last. Still, as drivers return to work in China, road traffic is up and subway use is down in major cities, according to BloombergNEF. Demand for electric cars in the country is likely to follow, recovering in the second quarter, BNEF analysts said in a forecast.Read More: The Car Is Staging a Comeback, Spurring Oil’s RecoveryIberdrola SA, Spain’s largest utility, and local venture capital firm Seaya Ventures took part in an expanded 23 million-euro ($25 million) funding round for Wallbox last month. The company’s going to use the funds to hire about 100 workers, increasing staff numbers by 50%, to expand in China and to break into the U.S., Asuncion said.Asuncion was working at Tesla in 2015, overseeing charging installations in Europe, when he and fellow engineer Eduard Castaneda decided to found Wallbox.“I realized everybody -- carmakers, utilities and suppliers -- were focused on chargers for public spaces. But nobody seemed to be thinking about residential chargers,” Asuncion said. “We are seeking to fill that niche.”Read More: German Venture Capital Firm Redstone Raising $217 Million FundWhat makes Wallbox unique is that it has developed a bi-directional charger, able to send excess power from a battery to a residential circuit, making the company particularly attractive to utilities. A fully charged Nissan Leaf can power a house for almost a week, he said.Wallbox works with major carmakers including Nissan Motor Co. and Volkswagen AG. About 80% of sales come from outside Spain, in countries ranging from Germany to Norway, its largest market. The company also has a joint venture in China with Changchun Fawsn Group.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • China Is Exempting Some Foreign Executives From Travel Ban
    Bloomberg

    China Is Exempting Some Foreign Executives From Travel Ban

    (Bloomberg) -- China is allowing executives from some foreign companies to enter the country despite a coronavirus travel ban as it seeks to restart the economy, according to people familiar with the matter.The Ministry of Commerce told some key foreign companies they can apply for exemptions to the entry ban if they want to get executives back into China, the people said, asking not to be identified because the matter hasn’t been made public. They would still serve a mandatory quarantine, one of the people said.The move is the latest sign that China, which has banned almost all foreigners from entering since late March, is taking steps to reopen its borders for business. China has had some success in containing the outbreak, which first emerged in the central city of Wuhan, and businesses such as Shanghai Disneyland reopened on Monday, with health checks and social-distancing measures.“China will establish fast-track channels for business, logistics, production and technical services professionals from some countries to travel to China under the premise that safe epidemic prevention is ensured,” the Ministry of Foreign Affairs said in a statement in response to Bloomberg News query.After first-quarter gross domestic product had its worst slump since the 1970s, officials are focusing on normalizing the economy. Rising unemployment and a collapse in global demand mean the risk of a second quarter of contraction persists.China and South Korea agreed to simplify entry for essential business travelers from the start of May. The “fast-track” arrangement allows South Korean businesspeople to travel to 10 Chinese provinces and cities after their visas are approved. Health-screenings and quarantine procedures remain in place, though the length of quarantine in China is up to two days, compared with the standard 14 days. Chinese travelers to South Korea need to apply for quarantine exemptions and pass health tests.The goal of the agreement is to expedite entry for people urgently needed for the resumption of essential work and production, while keeping supply chains between the two countries stable and unimpeded, China Foreign Ministry Spokesman Geng Shuang said at a news briefing on April 30. China would like to establish fast-track agreements with other countries, he said, without elaborating.Some German companies are awaiting feedback after applying for exemptions, one of the people said. One person who got in was Volkswagen AG’s executive vice president for research and development, Thomas Muller, who entered China from Germany recently, according to Volkswagen.There are still some uncertainties about the fast-track process and logistical complications. Foreign travelers would need to show they aren’t infected before making their trips, which would include getting tested at approved centers, some of the people said. There are restrictions within China too, with some provinces and cities requiring quarantine for people who have traveled from places designated as more at risk to the virus.There are potholes along the path to recovery though. The city of Shulan in northeast China’s Jilin province is under lockdown after an increase in coronavirus cases over the weekend, while new infections have emerged in Wuhan for the first time in over a month. In total, China has reported 82,919 confirmed cases and 4,633 deaths from the virus.(Updates with ministry comment in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Here's how GM will practice social distancing at car factories once they reopen
    Yahoo Finance

    Here's how GM will practice social distancing at car factories once they reopen

    GM has put in a litany of protocols to keep workers safe as they return to manufacturing plants later in May.

  • China's Geely reports 2% rise in April sales as market rebounds
    Reuters

    China's Geely reports 2% rise in April sales as market rebounds

    China's Geely Automobile Holdings Ltd said on Wednesday that it sold 105,468 vehicles in April, 2% higher than the same period last year, as world's biggest auto market recovers from the coronavirus. As global auto industry hit hard by the coronavirus epidemic, China has become one ray of hope for automakers including Volkswagen and General Motors. Geely said in March that 2020 may be one of its toughest years yet, as pressure stemming from the coronavirus outbreak on production and sales persists, but it planned to go ahead with global expansion.

  • Volkswagen sees multi-speed coronavirus rebound led by China
    Reuters

    Volkswagen sees multi-speed coronavirus rebound led by China

    Volkswagen sees demand rebounding in China, helped by new buyers switching from public transport and sales of premium vehicles, but warned business would not recover from the coronavirus crisis as quickly in other parts of the world. Sales of passenger cars in China were above year-earlier levels in the last week of April, Volkswagen executive Juergen Stackmann, who is responsible for passenger car sales and marketing at the VW brand, said on Wednesday. "It is clear to see that China will go through a V shape (recovery)," he said.

  • VW sees multi-speed coronavirus rebound led by China
    Reuters

    VW sees multi-speed coronavirus rebound led by China

    Volkswagen sees demand rebounding in China, helped by new buyers switching from public transport and sales of premium vehicles, but warned business would not recover from the coronavirus crisis as quickly in other parts of the world. Sales of passenger cars in China were above year-earlier levels in the last week of April, Volkswagen executive Juergen Stackmann, who is responsible for passenger car sales and marketing at the VW brand, said on Wednesday. "It is clear to see that China will go through a V shape (recovery)," he said.

  • Volkswagen to start sales of first-edition all-electric ID.3 hatchback in June
    TechCrunch

    Volkswagen to start sales of first-edition all-electric ID.3 hatchback in June

    Volkswagen plans to start selling the launch edition of its ID.3 vehicle next month to customers who placed pre-orders of the all-electric hatchback. Customers who made reservations for the launch edition, known as ID.3 1st, will be able to order their vehicle starting June 17, according to a tweet posted by Volkswagen board member Jürgen Stackmann. Volkswagen has registered more than 37,000 reservations for the first edition, which will be limited to 30,000 units.

  • Judge questions VW's defence in landmark case over diesel damages
    Reuters

    Judge questions VW's defence in landmark case over diesel damages

    A German federal court judge cast doubt on Volkswagen's reasoning after the carmaker urged the court to dismiss a claim for damages brought by an owner of a diesel powered VW Sharan family van. Tuesday's proceedings were the first time that Germany's Federal Court of Justice, or Bundesgerichtshof, heard arguments from a plaintiff seeking damages from VW because it had sold vehicles with manipulated diesel engines. In the United States, authorities banned VW cars from roads after the Environmental Protection Agency discovered that engine management software had been installed to mask excessive levels of pollution, triggering claims for compensation.

  • Judge questions Volkswagen's defence in landmark case over diesel damages
    Reuters

    Judge questions Volkswagen's defence in landmark case over diesel damages

    A German federal court judge cast doubt on Volkswagen's reasoning after the carmaker urged the court to dismiss a claim for damages brought by an owner of a diesel powered VW Sharan family van. Tuesday's proceedings were the first time that Germany's Federal Court of Justice, or Bundesgerichtshof, heard arguments from a plaintiff seeking damages from VW because it had sold vehicles with manipulated diesel engines. In the United States, authorities banned VW cars from roads after the Environmental Protection Agency discovered that engine management software had been installed to mask excessive levels of pollution, triggering claims for compensation.

  • Volkswagen's Skoda braces for second-quarter hit after earnings drop
    Reuters

    Volkswagen's Skoda braces for second-quarter hit after earnings drop

    Czech carmaker Skoda Auto, part of the Volkswagen Group, reported a 25% drop in first-quarter operating profit on Monday, but said the biggest hit from the coronavirus outbreak would come in the second quarter. Skoda, the Czech Republic's largest exporter which counts China as its biggest individual market, started feeling the impact of the coronavirus crisis during the first three months of the year as its global sales fell by a quarter and it shut its domestic factories for 39 days beginning in March. First-quarter revenue fell 1.4% to 4.85 billion euros, while worldwide deliveries tumbled 24% to 232,900 vehicles.

  • VW's Skoda braces for second quarter hit after earnings drop
    Reuters

    VW's Skoda braces for second quarter hit after earnings drop

    Czech carmaker Skoda Auto, part of the Volkswagen Group , reported a 25% drop in first-quarter operating profit on Monday, but said the biggest hit from the coronavirus outbreak would come in the second quarter. Skoda, the Czech Republic's largest exporter which counts China as its biggest individual market, started feeling the impact of the coronavirus crisis during the first three months of the year as its global sales fell by a quarter and it shut its domestic factories for 39 days beginning in March. First-quarter revenue fell 1.4% to 4.85 billion euros, while worldwide deliveries tumbled 24% to 232,900 vehicles.

  • Volkswagen Thinks It'll Still Be Profitable in 2020 Despite Coronavirus
    Motley Fool

    Volkswagen Thinks It'll Still Be Profitable in 2020 Despite Coronavirus

    As expected, German auto giant Volkswagen (OTC: VWAGY) reported a small profit for the first quarter of 2020, after its operations around the world were disrupted by the outbreak of the COVID-19 virus. As the largest-selling automaker in China, VW was hit early by the effects of the pandemic. VW's first-quarter net income fell 83% from a year ago, to 517 million euros, on an 8.3% decline in revenue driven by a 23% decline in global deliveries.

  • U.S. Cases Increase 1.2%, Slowest Pace This Month: Virus Update
    Bloomberg

    U.S. Cases Increase 1.2%, Slowest Pace This Month: Virus Update

    (Bloomberg) -- U.S. coronavirus cases increased at the slowest past of the month. New York’s all-day subway system will stop running overnight so cars and platforms can be disinfected. U.K. Prime Minister Boris Johnson said Britain is past the peak of the outbreak.Spain recorded steep declines in new cases and Germany is set to extend restrictions. The European Central Bank intensified its response as shutdowns pushed the region’s economy into a record contraction, and President Christine Lagarde gave a dour 2020 projection.FDA Commissioner Stephen Hahn said the agency is moving at “lightning speed” to review data on Gilead Sciences’ experimental treatment remdesivir. Gilead has more than 50,000 courses of the therapy ready to ship as soon as it’s authorized for emergency use.Key DevelopmentsVirus Tracker: global cases top 3.2 million; deaths 231,000Dueling data on Gilead treatment leaves many questionsDead coronavirus particles muddy outcome of test resultsChina data shows global slump undercut nascent recoveryWorld embraces contact-tracing technology to fight Covid-19Road to easing lockdowns is paved with economic trade-offsSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Florida Cases Rise 3.1% Before Partial Reopening (11:11 a.m.)Florida reported 34,728 cases on Friday, up 3.1% from a day earlier. Deaths among residents reached 1,314, an increase of 3.6%.Governor Ron DeSantis plans to start reopening much of the state on Monday, with the exception of the three worst-hit counties: Miami-Dade, Broward and Palm Beach.California Governor Targets Beaches (6:20 a.m. HK)California Governor Gavin Newsom has taken the fight against the coronavirus to a place nearly sacred in his state -- the beach.Newsom on Thursday ordered beaches closed in Orange County, south of Los Angeles, after a heatwave last weekend lured crowds of sunbathers there. He pointedly targeted just one coastal county, saying beaches elsewhere hadn’t seen the same numbers of people blatantly violating social distancing.The move comes as many Californians grow impatient with the state’s virus lockdown, now well into its second month. Although polls have shown a majority of California residents support the restrictions, they are eager to see them end. And yet, the number of coronavirus cases confirmed in the state experienced its biggest one-day jump so far on Wednesday, with 2,417 new cases reported. The virus also killed 95 people in California Wednesday, bringing the total death toll to 1,982.DOJ Looking into PPP Relief Fraud (5:10 p.m. NY)The Justice Department has begun a preliminary inquiry into how taxpayer money was lent out under the Paycheck Protection Program and has already found possible fraud among businesses seeking relief, a top official said.Assistant Attorney General Brian Benczkowski, who runs the department’s criminal division, said prosecutors have contacted 15 to 20 of the largest loan processors and the Small Business Administration, which oversees one relief program, as part of an effort to police the trillions of dollars in federal aid being pushed out hastily to blunt the economic impact of the coronavirus pandemic.The review has already turned up several red flags in the data prosecutors have examined over the past week, Benczkowski said Thursday in a telephone interview.“Whenever there’s a trillion dollars out on the street that quickly, the fraudsters are going to come out of the woodwork in an attempt to get access to that money,” Benczkowski said.Texas Reports Most Deaths in a Single Day (5 p.m. NY)Texas reported its deadliest Covid-19 day of the pandemic, less than 24 hours before Governor Greg Abbott’s reopening of the state’s economy was set to begin.The Lone Star state recorded 50 deaths from the virus, a 6.8% increase that pushed the death toll to 782, according to state health department figures. The surge in fatalities came as new cases jumped more than 1,000 for the biggest one-day increase in the raw number of detections since the peak on April 10.“Decisions will continue to be driven by data and doctors to provide the safest strategies to restore the livelihoods of Texans,” Abbott said in a tweet on Thursday. “Based upon this data, we can continue to open Texas businesses in ways that contain the spread of Covid-19.”Gilead Says Virus Clouds Outlook (4:30 p.m. NY)Gilead Sciences Inc. posted stronger-than-forecast results, but the drugmaker said there is significant uncertainty about how Covid-19 will affect its business even though its experimental treatment for the disease appears headed toward a swift U.S. authorization.There is ample enthusiasm for remdesivir, Gilead Sciences’ experimental medicine for Covid-19 that the Food and Drug Administration is rushing toward allowing on to the U.S. market after early clinical trials. But more broadly, Covid-19 could cause fewer patients to access treatments for conditions such as HIV, the company said.Amgen to Test Otezla for Covid Treatment (4:15 p.m. NY)Amgen Inc. will investigate the psoriasis drug Otezla as a potential therapy to treat Covid-19, the company announced during its first-quarter earnings.Otezla is a medication used to treat certain types of psoriasis as well as psoriatic arthritis. It’s being investigated to treat other immune system-related inflammatory diseases. In those Covid-19 patients that experience extreme symptoms, it’s believed that an overactive immune system may be at least partially to blame. Many critically ill patients experience hyper-inflammation, what’s known as a cytokine storm. It’s exploring if drugs that help temper the immune response may help to curb the severity of the illness.Amgen picked up the psoriasis drug Otezla in November from Celgene Corp. ahead of the company’s sale to Bristol-Myers Squibb Co. Amgen plans to begin clinical trials of the drug as a potential treatment for adults with Covid-19 within weeks.Otezla works by inhibiting the activity of an enzyme found in inflammatory cells in the human body. It is thought to modulate the production of inflammatory cytokines, which may prove helpful in inhibiting the inflammatory response associated Covid-19.U.S. Cases Rise at Slowest Pace This Month (4 p.m. NY)Coronavirus cases in the U.S. increased 1.2% from the day before to 1.04 million, according to data compiled by Johns Hopkins University and Bloomberg News. That was below the average daily increase of 3% over the past week and Wednesday’s 2.7% rise.New Jersey reported 460 new deaths, a record one-day increase, according to Governor Phil Murphy. Fatalities now total 7,228.California reported cases rose 5.3% to 48,917, the biggest one-day jump in new infections. It had 95 deaths, the most in eight days. Hospitalizations remained stable from a day earlier.Florida reported 33,690 cases, up 1.5% from a day earlier, according to the state’s health department. Deaths increased 4.1% to 1,268. Governor Ron DeSantis plans to start reopening the state on May 4.Nebraska had the biggest daily increase in cases, 9.1%, to a total 3,851.Medicare Eases Testing Rules (3:23 p.m. NY)People on Medicare will no longer require a doctor’s order to get tested for Covid-19, the Trump administration said Thursday.The move is aimed at expanding testing at “parking lot” sites, according to an announcement from the Centers for Medicare and Medicaid Services. The federal health programs will also cover certain antibody tests to determine whether people have had past exposure to the virus, and approved at-home tests that let people collect samples themselves.With the changes, Medicare beneficiaries should be able to get tested at doctors’ offices or hospitals, at their homes, at pharmacies or drive-through testing sites, the agency said. Medicare covers about 60 million older or disabled Americans.Portugal to Reopen Small Shops (3:15 p.m. NY)Portugal will allow small stores to reopen from Monday, while shops in malls and the largest stores will have to wait until June 1, Prime Minister Antonio Costa said in a presentation of the plan to gradually ease confinement measures during the next month. The government will continue to assess data on the outbreak and if needed “take a step back” in its plan to ease restrictions every two weeks, he said.Gates: Vaccine Possible in 9 Months (3:15 p.m. NY)Bill Gates doesn’t think life will return to normal until there’s a viable vaccine that can stop its spread, and said such work could be completed within nine months.Gates, whose foundation is focusing its efforts on fighting the virus, said in a blog post that he agreed with predictions by infectious disease expert Anthony Fauci that developing a virus could take about 18 months. “It could be as little as nine months or as long as two years,” Gates said.Even at 18 months, that would still be the fastest that scientists have created a new vaccine, Gates said, adding that he’s thinks eight to 10 of the 115 current Covid-19 vaccine candidates look promising.Georgia Seniors Ordered to Stay Home (3 p.m. NY)Georgia Governor Brian Kemp extended his state health emergency through mid-June and urged residents to stay home whenever possible, even as a his shelter-in-place order expires Thursday.Kemp, in a statement, also said he will sign an order requiring “medically fragile and elderly Georgians” to continue to stay at home through June 12. President Donald Trump last week rebuked Kemp, the first governor to ease restrictions, for allowing barber shops, tattoo parlors, bowling alleys and other businesses to reopen.Russian Premier Tests Positive (2:19 p.m. NY)Russian Prime Minister Mikhail Mishustin said he just learned he has tested positive for coronavirus and is temporarily stepping down, becoming the most senior Russian official to be diagnosed with the illness.“The tests I did for coronavirus came back positive,” Mishustin said in a televised video conversation with President Vladimir Putin. “As a result, I must observe self-isolation and fulfill my doctors’ orders, which is necessary to protect my colleagues.”NYC Subways to Halt Overnight (12:30 p.m. NY)The New York City subway system will stop running for four hours overnight, from 1 a.m. to 5 a.m., for disinfecting of cars and stations, Governor Andrew Cuomo said. The MTA plans to provide transportation during that time with buses, for hire-vehicles and “dollar vans” at no cost to essential workers, the governor said.Read more hereJohnson: U.K. Has Passed Peak (12:20 p.m. NY)Prime Minister Boris Johnson said the U.K. has passed the peak of the coronavirus outbreak, which has now killed more than 26,000 people and forced the country into an ongoing lockdown.In his first press conference since recovering from Covid-19, Johnson promised to set out details next week on how businesses can get back to work to revive the stalled economy.‘Months’ of U.S. Measures: DHS (12:15 p.m. NY)Americans will need to continue social distancing and using cloth face coverings for months, Acting Homeland Security Secretary Chad Wolf said. Mitigation measures will be “critically important” beyond next month or the month after, Wolf said during an Auburn University live video event on Thursday.“These measures and procedures will be with us for some time,” he said.Trump Noncommital After N.J. Plea (11:50 a.m. NY)President Donald Trump stopped short of committing to help New Jersey after Democratic Governor Phil Murphy went to the White House Thursday to press for federal aid.Murphy said the state has been crushed by the outbreak and told Trump he would appreciate “consideration” of further aid to states in the next round of coronavirus-related stimulus. Trump complimented Murphy’s leadership but didn’t explicitly commit to providing aid.Pelosi Expects $1 Trillion for Governments (12:10 p.m. NY)House Speaker Nancy Pelosi said the next aid package should provide $1 trillion just for states and cities. State governments have so far sought $500 billion, while local governments have a similar figure, Pelosi said. The funding could cover up to four years of expenses, the speaker said, adding that states and localities should be reimbursed both for virus expenses and revenue losses.Pelosi expects the House to return to Washington the week of May 11.Unemployment Strains State Accounts (11:05 a.m. NY)The record number of Americans drawing unemployment benefits during the pandemic is rapidly draining cash set aide by the biggest U.S. states, leaving them poised to borrow from the federal government.In April’s first two weeks, New York drew $1 billion from its account, or more than 40% of the total, according to U.S. Treasury Department data. California’s balance dropped by more than $2 billion since March 16, according to state officials. Texas, which had about $1.3 billion left in mid-April, has submitted a loan request to the Labor Department, as have Illinois, Connecticut and Massachusetts.When accounts run dry, states have to request an advance from the U.S. Labor Department. They have as long as 34 months to repay before the U.S. raises taxes on employers to recoup the money.Florida Cases Rise 1.5% (11 a.m. NY)Florida reported 33,690 cases on Thursday, up 1.5% from a day earlier. Deaths among residents reached 1,268, an increase of 4.1%.New cases rose 2.2% on Tuesday, the highest rate so far this week.Meat Plants Could Reopen in Days: USDA (10:10 a.m. NY)U.S. Agriculture Secretary Sonny Perdue says he expects meat plants to reopen in “days not weeks” under President Donald Trump’s executive order to keep them operating. Perdue anticipates the production shortfall, which he said is about 20% to 30%, to narrow to “10% to 15% within a week to 10 days.”In a telephone interview, Perdue said he expects slaughterhouse workers to immediately begin receiving protective gear and be tested.Macy’s Sets Reopening Schedule (9:55 a.m. NY)Macy’s said it plans to resume operations Monday at 68 locations in Texas, Georgia, South Carolina, Tennessee and Oklahoma, where lockdowns are easing.The retailer, which also owns Bloomingdale’s and Bluemercury, has added barriers at cash registers, shut most fitting rooms and adopted a no-touch policy in the beauty department. A second set of stores will open May 11, Macy’s confirmed on Thursday, with the intent to reopen all stores by mid-June.FDA Moving at ‘Lightning Speed’ on Gilead Drug: Hahn (9:26 a.m. NY)“We’re working with the company to emphasize the necessity of speed while at the same time to understand the data,” the FDA commissioner said in an interview. “There will be a lot of factors that go into all the regulatory decisions. We want to look at the totality of data to make sure that remdesivir is targeted to the right patients.”Anthony Fauci, the U.S. government’s top infectious-disease expert, said on NBC’s Today Show that he expected an FDA decision relatively soon. A vaccine could be available by January, he said separately.Reliance’s Profit Plummets on Oil Rout (9:23 a.m. NY)Reliance Industries Ltd.’s profit plunged nearly 40% from a year earlier, as lockdowns across the planet slammed demand for fuels, hitting its mainstay refining business.U.K. Bankruptcies Set to Rise After Lockdown Ends (9:16 a.m. NY)Bankruptcy experts say that the number of U.K. insolvencies is likely to rise sharply as further evidence emerged of the damage being inflicted by the lockdown.Prime Minister Boris Johnson’s spokesman, James Slack, told reporters on Thursday that 4.1 billion pounds ($5.1 billion) of government-backed lending has now been issued under the U.K.’s Coronavirus Business Interruption Loan Scheme.Two-thirds of U.K. firms have now applied for funds under the government program that pays 80% of the wages of furloughed workers, according to the Office for National Statistics.Portugal Has Most New Cases in Five Days (9 a.m. NY)Portugal reported the biggest increase in cases in five days, and the number of patients in intensive-care units rose after dropping for 11 days. There were 540 new confirmed infections, taking the total to 25,045, the government said. The number of deaths rose by 16 to 989.Later on Thursday, Portugal is set to announce which businesses can reopen from May 4, with confinement measures to be eased gradually every 15 days. The government hasn’t shut down the economy entirely, with industrial, construction and transport activities allowed to continue.Euro-Area Economy Could Shrink as Much as 12%: Lagarde (8:36 a.m. NY)The economy could shrink from 5% to 12% this year, Lagarde said during the opening statement of the ECB’s virtual monetary policy press conference in Frankfurt.The ECB unveiled a further facility to inject liquidity into the economy after data showed the worst three-month contraction in a quarter of a century of data. It delivered a new lending salvo that includes a so-called “PELTRO” measure to further assist growth, and will keep asset purchases and interest rates unchanged.The bank said the lowest interest rate on a program that gives banks incentives to lend to companies and households will fall to 50 basis points below the deposit rate, currently at -0.5%. Interest on the new, non-targeted facility will be 0.25% below the main refinancing rate that currently is zero.Singapore Cases Must Ease Before Economy Restarts (7:41 a.m. NY)Singapore Prime Minister Lee Hsien Loong cautioned that things won’t ever get back to the way they were before. He warned “significant structural changes” to the economy are likely even after the virus abates, with some industries disrupted permanently, companies having to change their business models to survive and some jobs simply disappearing. Many workers will have to accept pay cuts so their companies can survive, he said.When Singapore does reopen, it won’t happen all at once, Lee said. Rather, it will reopen step by step, with critical industries and those connected to global supply chains going first. Places that draw crowds, such as entertainment outlets and large-scale sporting events, will have to wait.Germany Sets Out Terms For Lufthansa Aid (7:35 a.m. NY)Deutsche Lufthansa AG is expected to accept a significant government stake and state veto rights in exchange for a multibillion-euro package of assistance, according to people familiar with the matter.While details are still being negotiated, the economy and finance ministries have ironed out disagreements that dragged on for weeks. The plan foresees Germany taking a least a 25% stake in the airline and receiving at least one seat on the firm’s supervisory board, the people said. The assistance could run to 10 billion euros ($11 billion).Children May Be Just as Infectious as Adults (7:30 a.m. NY)Children with the new coronavirus may be as infectious as adults, according to a study from Germany that recommends caution against an unlimited reopening of schools and kindergartens.While children have a lower risk of developing severe illness from Covid-19, they may be no less capable of spreading it. Levels of virus in the respiratory tract -- the main route via which the pathogen is transmitted -- don’t appear significantly different across age groups, Christian Drosten, director of the Institute of Virology at Berlin’s Charite hospital, and colleagues found.The WHO says more research is needed on the topic. For now, household transmission studies indicate that children are less likely to transmit Covid-19 to adults than the reverse, WHO epidemiologist Maria Van Kerkhove told reporters in Geneva on Wednesday.Conoco Deepens Production Cuts (7:21 a.m. NY)ConocoPhillips estimates that it will voluntarily curtail production by 420,000 net barrels per day. Cuts for May are estimated to be 230,000 barrels per day. Future decisions to curtail will be made on a month-to-month basis.Shell, Europe’s largest oil company, earlier cut its dividend for the first time since at least the Second World War and signaled demand may not fully recover once the pandemic is over.McDonald’s Flags ‘Dramatic’ Changes in Behavior (7:10 a.m. NY)The global crisis caused by the Covid-19 pandemic has significantly disrupted business, the company said. “The resulting operational impact brought on by several related factors, including restaurant closures, limited operations and dramatic changes in consumer behavior, led to a marked decline in sales during the second half of March and significantly affected the company’s first quarter results.”Nissan Sunderland Production Won’t Start Until June (7 a.m. NY)Vehicle Production at Nissan’s U.K. Sunderland plant will continue throughout May, and the company is currently planning a phased resumption of production in early June. Output has been suspended since March 17. The majority of employees at the plant will remain furloughed.That comes as manufacturers from Volkswagen AG to Renault SA and Daimler AG are restarting factories in Europe with little visibility about how much actual demand there will be once customers emerge from restrictions. Aston Martin said last week it intends to reopen its St. Athan factory in Wales on May 5, while operations at its main site in Gaydon, England, “are planned to resume later.”Japan’s Abe Signals Plans to Extend Emergency (6:45 a.m. NY)Japanese Prime Minister Shinzo Abe signaled that he plans to extend a national state of emergency, saying that current conditions make it difficult to stick to the current end date of May 6. Abe told reporters in Tokyo it would be difficult to return to the previous way of life on May 7. The country’s parliament passed a $240 billion extra budget for this fiscal year, securing part of the funding for a record stimulus package and clearing a major hurdle for aid getting to small businesses.Separately, Fuji News Network reported that Japan will call for creating a joint fund to combat the pandemic at a teleconference later in the day by Group of Seven finance chiefs. The fund’s main role would be helping make medicines and vaccines against the illness widely available in the world.Continental Shelves Unit Spinoff (6:36 a.m. NY)Continental AG said it’s postponing the planned spinoff of its Vitesco powertrain division due to market disruptions sparked by the coronavirus crisis. Continental won’t put the transaction up for a vote at its July 14 shareholder meeting, but still plans to pursue the spinoff at a later stage. Vitesco makes engine components, electronics and sensors.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • EU court adviser advocates broader definition of vehicle defeat devices
    Reuters

    EU court adviser advocates broader definition of vehicle defeat devices

    Technologies used by Volkswagen to rig vehicle emissions tests should be considered illegal, an adviser to the EU's top court said, advocating a broad definition that lawyers said could open the group to more legal challenges. The Court of Justice of the European Union has been asked to rule in a French prosecution against the carmaker for allegedly deceiving purchasers of diesel vehicles, specifically on whether an "upstream" technology could be considered a defeat device. Volkswagen had argued in favour of a restrictive interpretation, limiting the scope of that concept to technologies and strategies operating only "downstream" - concerning the emissions after the gases' production.

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