video Finance Videos

Reuters Today: Spanish yields seen rising at auction - 06:21

Surprise services boost points to UK recovery - 02:54

Breakingviews: Do as I say, not as I do – German wages - 05:04

Market Pulse: Spain under fire as investors shun bond sale - 03:28

Myanmar's Kyat begins managed float - 01:59

ASEAN: territorial code of conduct draft by year-end - 01:48

U.S. Morning Call: Stock futures down, JPMorgan to be fined - 02:08

EMEA Day Ahead:: Thursday - 03:13

3XSQ: Customer funds in question; royal return - 05:44

Still cashing in? Hirst retrospective - 02:32

World's biggest car delivery center - 02:41

FACTBOX: Titanic the movie sails again - 02:20

Trading at Noon: Wall St. down on lost hope for stimulus - 02:48

Draghi holds rates, offers caution - 01:50

Breakingviews: Gun bubble redux - 02:51

Yahoo cuts 2,000 jobs - 01:15

Easter egg panic in eastern Europe - 01:28

Wealth Strategies: Equity rally has 3 years left in cycle - 06:05

Congressional insider trading ban - 01:17

Gas prices no detour for car buyers - 02:13

Demand for fuel-efficient cars will outlast spike in gas prices - 02:36

Most engines of growth are in emerging markets : Nissan CEO - 05:39

U.S. Day Ahead: GAP set to shine with same store sales - 01:59

What's next for Google's Larry Page?... Not a dividend - 02:21

Company culture to blame for VW scandal?

Monday, November 09, 2015 - 01:35

Volkswagen's supervisory board holds a closed-door, pre-scheduled meeting. As Ivor Bennett reports, it comes one day after reports that several VW engineers had admitted manipulating carbon dioxide emissions data because goals set by former Chief Executive Martin Winterkorn were difficult to achieve.

▲ Hide Transcript

▶ View Transcript

It's a problem that just won't go away. Greenpeace highlighting the latest allegation to hit VW. That engineers manipulated carbon dioxide emissions data in an effort to meet unrealistic targets. NOT a claim that reflects well on management, says CEBR chief economist Vicky Pryce. SOUNDBITE (English) VICKY PRYCE, CHIEF ECONOMIC ADVISOR, CEBR, SAYING: "What really comes out of this is the importance of corporate ethics, the importance of corporate social responsibility, and in my view, all of that comes from the top." Apparently, so did the emissions targets. German daily Bild reporting that former CEO Martin Winterkorn set them. And that engineers were too afraid to say they couldn't be achieved. Instead resorting to illegal measures like higher tire pressures as a way to use less fuel. VW has refused to comment on whether the firm's culture was a factor in the emissions cheating. But it can't ignore the awkward backdrop to what is the company's first supervisory board meeting in a month. Sources say it's a damage-assessment exercise - but that's no easy task, says IG's Alastair McCaig. (SOUNDBITE) (English) IG MARKET ANALYST, ALASTAIR MCCAIG, SAYING: "It is going to see reputation damage done. It is going to be the Volkswagen brand that probably has the brunt of this. Although with all the other names tucked up behind it, in regards to Audi, Seat as well, the knock-on consequences could linger with this firm for some time." As could the legal battles. Scandinavian fund manager Nordea saying that it's considering suing Volkswagen through several different class actions. So far the first major investor to do so, but possibly not the last.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code