Browse content similar to 10/03/2017. Check below for episodes and series from the same categories and more!
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Now for the latest financial news with Jamie | :00:00. | :00:00. | |
Volkswagen to plead guilty to US fraud charges as it tries to put | :00:00. | :00:19. | |
Plus, we send a trillion a day - but could social media soon consign | :00:20. | :00:27. | |
We celebrate 25 years of the email attachment. | :00:28. | :00:32. | |
We start in Detroit in the USA, where in a few hours time Volkswagen | :00:33. | :00:48. | |
is due to plead guilty to charges of fraud and obstruction of justice | :00:49. | :00:52. | |
The formal plea will draw a line under the US side of the scandal, | :00:53. | :00:57. | |
following a plea bargain reached in January. | :00:58. | :00:59. | |
Let's just remind you of the details. | :01:00. | :01:11. | |
It follows a plea bargain reached in January. But it is far from over. | :01:12. | :01:16. | |
VW has admitted 11 million vehicles worldwide had software installed | :01:17. | :01:19. | |
to beat regulators checks on emissions. | :01:20. | :01:22. | |
In some cases they were up to 40 times higher than | :01:23. | :01:25. | |
So far that's led to around $20 billion in settlements and fines | :01:26. | :01:31. | |
in the US alone, where just half a million | :01:32. | :01:36. | |
This week the European Commission agreed to oversee action from 22 | :01:37. | :01:51. | |
different consumer protection authorities in the region. | :01:52. | :01:54. | |
So there could be another huge compensation bill on the way. | :01:55. | :01:57. | |
Meanwhile, VW is working on reinventing itself for the future | :01:58. | :02:00. | |
by investing in electric and self-driving cars. | :02:01. | :02:02. | |
Today it's also scheduled to unveil a partnership with Indian carmaker | :02:03. | :02:05. | |
Tata, which will see the companies work together on vehicle development | :02:06. | :02:08. | |
in one of the fastest-growing car markets in the world. | :02:09. | :02:11. | |
At home in Germany, the emissions scandal is posing some awkward | :02:12. | :02:14. | |
questions for Chancellor Angela Merkel. | :02:15. | :02:15. | |
This week she had to testify before a parliamentary enquiry | :02:16. | :02:24. | |
investigating if her government shielded Volkswagen from regulators | :02:25. | :02:26. | |
despite knowing the auto giant was carrying out emissions | :02:27. | :02:28. | |
TRANSLATION: We expect the German Chancellor to explain how the Ricky | :02:29. | :02:43. | |
Henderson industry scandal could arise here in Germany, but was | :02:44. | :02:49. | |
exposed in the US. -- how the biggest industry scandal. Why did | :02:50. | :02:55. | |
German authorities and the German government fail, and even turn a | :02:56. | :03:00. | |
blind eye to the cause? That is what a lot of the witnesses we heard were | :03:01. | :03:02. | |
saying. Professor Krish Bhaskar | :03:03. | :03:05. | |
is founder of the MIRU, Motor Industry Research Unit, | :03:06. | :03:07. | |
at the University of East Anglia. The United States, first. A line can | :03:08. | :03:20. | |
be drawn underneath that? Well, today, after the action in Detroit, | :03:21. | :03:25. | |
yes, we can draw a line under it. It is actually able great than $20 | :03:26. | :03:29. | |
billion. The total possible liability is closer to $40 billion, | :03:30. | :03:33. | |
which is much more than Volkswagen had thought. Will we find out the | :03:34. | :03:38. | |
figure today? No, they will be court cases and settlements down the road. | :03:39. | :03:42. | |
Not everybody may claim a settlement. Some settlements are our | :03:43. | :03:47. | |
victory. So there is more to come in terms of the bill? $40 billion as | :03:48. | :03:51. | |
the outside maximum. What about the EU? That hasn't even really started. | :03:52. | :03:56. | |
This is a new phase four volts wagon. Before, they said we were | :03:57. | :03:59. | |
guilty. Now their attitude has changed. It is a new transformation, | :04:00. | :04:05. | |
and new strategy, they are saying they are not guilty. They say they | :04:06. | :04:10. | |
were within the European test parameters, they met official | :04:11. | :04:12. | |
regulators. They are claiming they are not guilty. Is that because the | :04:13. | :04:16. | |
tests in America were different to the EU? Yes, they are different, but | :04:17. | :04:22. | |
I think realistically locks wagon cannot take the financial penalty of | :04:23. | :04:28. | |
another $40 billion. -- Volkswagen. Will the EU press ahead with these | :04:29. | :04:33. | |
22 regulations at the moment, heading towards taking action? Is it | :04:34. | :04:37. | |
going to be a big fight? I think it is going to be a big fight. This | :04:38. | :04:42. | |
time, VW is not going to lie over backwards. It is going to fight, it | :04:43. | :04:46. | |
is going to fight each individual claim. And I think it has the German | :04:47. | :04:54. | |
government on its side. Opel is gone, which was one German carmaker. | :04:55. | :04:59. | |
It only has VW as its single volume carmaker. I think Volkswagen will | :05:00. | :05:03. | |
fight, fight strongly, and I think they are going to contest everything | :05:04. | :05:06. | |
with all their power. What is extraordinary is this company, which | :05:07. | :05:10. | |
at one point we really began to question it very seriously, question | :05:11. | :05:14. | |
its future, it is now back at the top. It is still the biggest car | :05:15. | :05:18. | |
company in the world again. Yes, it is. This is a remarkable | :05:19. | :05:25. | |
transformation. If it can succeed in not settling in Europe or in the | :05:26. | :05:30. | |
rest of the world, it has a cash mountain which it is investing in | :05:31. | :05:40. | |
its new strategy, Transform 2025, in which it is investing in its | :05:41. | :05:43. | |
ratification process where it will have lots of electric cars. Thank | :05:44. | :05:44. | |
you. Also this Friday, are | :05:45. | :05:46. | |
you old enough to remember using a fax machine - | :05:47. | :05:48. | |
or even sending a document 25 years ago today all | :05:49. | :05:51. | |
that came to an end with the first ever | :05:52. | :05:54. | |
email attachment. We now send around | :05:55. | :05:56. | |
a trillion of them a day - from simple documents | :05:57. | :05:59. | |
to pictures to videos. But could their days | :06:00. | :06:01. | |
be numbered too? Remember the old days, when if you | :06:02. | :06:16. | |
wanted to send somebody a document or some photographs you had to put | :06:17. | :06:20. | |
them in the post? Or perhaps wrestle with the office fax machine. Well, | :06:21. | :06:25. | |
all of that changed in 1992 with the invention of something wonderful, | :06:26. | :06:29. | |
the email attachment. Here is the first one, from the coinventor, | :06:30. | :06:35. | |
Nathaniel Boris Stine. A picture of a barbershop quartet, along with an | :06:36. | :06:38. | |
audiophile of them singing about email. | :06:39. | :06:46. | |
# Let me sing you email, now that we... MINE stands a multipurpose | :06:47. | :06:55. | |
internet extension, the system that allows us to send attachments. We | :06:56. | :06:59. | |
have gone on to send quite a lot of them. 1 trillion each day, in fact. | :07:00. | :07:03. | |
Photos, documents, videos. With those attachments come dangers. I | :07:04. | :07:08. | |
have an email from the security expert Graham Clooney, and it looks | :07:09. | :07:11. | |
like he has attached a video. Rory, watch out. Number one method by | :07:12. | :07:15. | |
which hackers break into computers is through an email attachment. They | :07:16. | :07:20. | |
disguise there email attachments to pretend to be something sexy, or a | :07:21. | :07:23. | |
bill from a well-known online company, or a failed delivery of a | :07:24. | :07:28. | |
parcel to your home. Sober way of unsolicited email attachments or you | :07:29. | :07:31. | |
could become the victim of a hack. -- so beware. There are all sorts of | :07:32. | :07:36. | |
other ways of sending attachments, whether it is Facebook, messenger, | :07:37. | :07:40. | |
what's up or Twitter. I am trying to get in touch with Sue Black. Hello. | :07:41. | :07:44. | |
Email attachments, those so 20th century. I love using Twitter, | :07:45. | :07:50. | |
Facebook, Instagram, Snapchat, anything but email. So is our | :07:51. | :07:55. | |
attachments to attachments about to fade? Let's hear from the inventor, | :07:56. | :08:01. | |
Nathaniel. Hello, Rory. 25 years ago I sent what is usually called the | :08:02. | :08:05. | |
first email attachment, featuring my barbershop quartet singing "Let me | :08:06. | :08:11. | |
send you email", which is still on my website. My goal was to save | :08:12. | :08:16. | |
trees and other resources, but I also imagine some day getting | :08:17. | :08:18. | |
pictures of my grandchildren by email. Nathaniel says his job today | :08:19. | :08:22. | |
is making sure email attachments are safe. So let's send him a few back. | :08:23. | :08:29. | |
# Happy birthday, email attachment inventor! | :08:30. | :08:33. | |
To Asia now, where as you've been hearing, | :08:34. | :08:36. | |
South Korea's President Park Geun-hye is to be removed | :08:37. | :08:38. | |
from office after a constitutional court confirmed the impeachment | :08:39. | :08:41. | |
imposed on her last year amid a corruption scandal. | :08:42. | :08:47. | |
As you can see here, there have been clashes | :08:48. | :08:51. | |
between her opponents and supporters on the streets of the capital Seoul. | :08:52. | :08:54. | |
Well, that is the unusual thing. They barely reacted. South Korea's | :08:55. | :09:06. | |
sharemarket, after that decision came out of the court, upholding the | :09:07. | :09:13. | |
decision to impeach, in and of Salim fact, by the Constitutional Court, | :09:14. | :09:17. | |
the sharemarket daily moved. -- unanimously, in fact. It moved up, | :09:18. | :09:25. | |
slightly, and the won also went up slightly. The benchmark index moved | :09:26. | :09:31. | |
up slightly as well. It is actually continuing higher at the moment. The | :09:32. | :09:38. | |
won was pretty much unchanged against the US dollar. It did | :09:39. | :09:43. | |
briefly touched its lowest intraday level, but that was early in the | :09:44. | :09:48. | |
session. The way most experts are looking but this is the fact that | :09:49. | :09:56. | |
political turmoil seems to be a fairly regular feature on the Korean | :09:57. | :09:59. | |
Penneshaw, which just saw a missile launch from the north as well. This | :10:00. | :10:03. | |
type of instability is quite common and tends to be shrugged off. | :10:04. | :10:05. | |
Sharanjit Leyl, thank you. Houses have "earned" more money | :10:06. | :10:10. | |
than their owners over the last two According to a report | :10:11. | :10:14. | |
by the lender Halifax, average house prices have increased | :10:15. | :10:18. | |
by more than the average employee earned in 31% of local | :10:19. | :10:21. | |
authority districts. A quick look at the markets before I | :10:22. | :10:36. | |
go. The Nikkei up, largely because of the weak yen against the US | :10:37. | :10:38. | |
dollar. We will explore later on. Britain's aid programme in Libya | :10:39. | :10:47. | |
could be harming vulnerable | :10:48. | :10:51. |