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Home / Business / Volkswagen lawsuit; Facebook execs out; Tesla’s new SUV

Volkswagen lawsuit; Facebook execs out; Tesla’s new SUV



In a statement late Thursday, the SEC accused Volkswagen ( VLKAF ) two of its subsidiaries and former CEO Martin Winterkorn of "raising billions of dollars "through the markets through" a series of misleading claims "on the company's clean diesel vehicles.

"Volkswagen has made false and misleading statements to investors and underwriters about vehicle quality, environmental compliance and VW's financial position," the SEC added.

A Volkswagen spokesman said Friday that the SEC's complaint was "legally and in fact defective, and Volkswagen will vigorously contest it."

The current CEO of Volkswagen, Herbert Diess, is also under fire after appearing as a reference to a well-known Nazi slogan while talking about a measure of the company's profits ̵

1; earnings before interest and taxes (Ebit) – Tuesday.

Diess used the expression "Ebit macht frei". The phrase seems similar to "Arbeit macht frei", a slogan engraved on the doors of Auschwitz and other Nazi concentration camps during the Second World War. Diess apologized without reservation.

Volkswagen shares have fallen to the downside in Frankfurt trading.

2. Facebook executions: Two of Facebook executives ( FB leave the company, shortly after the administrator Mark Zuckerberg announced a plan to reposition it as "privacy" – focused "social networks with closer integration between its apps.

Chris Cox, chief product officer of Facebook, and Chris Daniels, head of his mobile messaging platform WhatsApp, will both leave the company, he announced Thursday.

Cox, who joined Facebook in 2005 and was recently responsible for his "app family" including Instagram, WhatsApp and Messenger, will be released after a brief transition period.

Facebook shares were in almost 2% drop in the premarital trade.

3. Tesla's great revelation: CEO Elon Musk presented the last vehicle of the electric car manufacturer, the Model Y SUV, in California jupiter Say

The cheapest version of the Model Y will cost $ 39,000, with more expensive versions ranging from $ 47,000 to $ 60,000 that will be shipped starting in 2020.

Ma Tesla ( ] TSLA ) has not revealed where it will build the vehicle and how it plans to scale production to meet demand.

The launch of the Y model arrives in the middle of a tumultuous phase for Tesla. The SEC wants Musk to be accused of contempt for tweeting "inaccurate and material" information about the company, while key executives have left the company and faces government control over the death of drivers linked to its autopilot. [19659018]

Tesla's shares have fallen by more than 2% in premarital trade.

4. Brexit returned: British legislators voted Thursday to delay the country's departure from the European Union. Prime Minister Theresa May should now ask European leaders next week to extend the March 29 deadline.

According to analysts, the move could be positive for the British currency, the pound.

"The rejection of a no-deal by the UK Parliament and the successful motion of postponing Brexit are probably reshaping the balance of risks to the pound, and in a positive way," they wrote in a notes the analysts of Société Générale.

The pound rose to around $ 1.33.

But companies are observing Brexit developments with growing nervousness for Britain crashing from the European Union without a transitional period that would protect trade.

"For every day that passes without clarity, we are approaching the worst possible outcome – a sheer Brexit," Marjorie Chorlins, executive director of the US-UK Business Council, said in a statement. "We urge lawmakers to move with dispatch and purpose next week to make an explicit choice on the way forward."

5. Global market overview: US stock futures were slightly higher Friday morning
Even the major Asian stocks closed higher, while European markets rose to the top.
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6. Coming this week:
Friday – US industrial production and US consumer confidence report


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