:00:00. > :00:00.Now for the latest financial news with Jamie
:00:00. > :00:19.Volkswagen to plead guilty to US fraud charges as it tries to put
:00:20. > :00:27.Plus, we send a trillion a day - but could social media soon consign
:00:28. > :00:32.We celebrate 25 years of the email attachment.
:00:33. > :00:48.We start in Detroit in the USA, where in a few hours time Volkswagen
:00:49. > :00:52.is due to plead guilty to charges of fraud and obstruction of justice
:00:53. > :00:57.The formal plea will draw a line under the US side of the scandal,
:00:58. > :00:59.following a plea bargain reached in January.
:01:00. > :01:11.Let's just remind you of the details.
:01:12. > :01:16.It follows a plea bargain reached in January. But it is far from over.
:01:17. > :01:19.VW has admitted 11 million vehicles worldwide had software installed
:01:20. > :01:22.to beat regulators checks on emissions.
:01:23. > :01:25.In some cases they were up to 40 times higher than
:01:26. > :01:31.So far that's led to around $20 billion in settlements and fines
:01:32. > :01:36.in the US alone, where just half a million
:01:37. > :01:51.This week the European Commission agreed to oversee action from 22
:01:52. > :01:54.different consumer protection authorities in the region.
:01:55. > :01:57.So there could be another huge compensation bill on the way.
:01:58. > :02:00.Meanwhile, VW is working on reinventing itself for the future
:02:01. > :02:02.by investing in electric and self-driving cars.
:02:03. > :02:05.Today it's also scheduled to unveil a partnership with Indian carmaker
:02:06. > :02:08.Tata, which will see the companies work together on vehicle development
:02:09. > :02:11.in one of the fastest-growing car markets in the world.
:02:12. > :02:14.At home in Germany, the emissions scandal is posing some awkward
:02:15. > :02:15.questions for Chancellor Angela Merkel.
:02:16. > :02:24.This week she had to testify before a parliamentary enquiry
:02:25. > :02:26.investigating if her government shielded Volkswagen from regulators
:02:27. > :02:28.despite knowing the auto giant was carrying out emissions
:02:29. > :02:43.TRANSLATION: We expect the German Chancellor to explain how the Ricky
:02:44. > :02:49.Henderson industry scandal could arise here in Germany, but was
:02:50. > :02:55.exposed in the US. -- how the biggest industry scandal. Why did
:02:56. > :03:00.German authorities and the German government fail, and even turn a
:03:01. > :03:02.blind eye to the cause? That is what a lot of the witnesses we heard were
:03:03. > :03:05.saying. Professor Krish Bhaskar
:03:06. > :03:07.is founder of the MIRU, Motor Industry Research Unit,
:03:08. > :03:20.at the University of East Anglia. The United States, first. A line can
:03:21. > :03:25.be drawn underneath that? Well, today, after the action in Detroit,
:03:26. > :03:29.yes, we can draw a line under it. It is actually able great than $20
:03:30. > :03:33.billion. The total possible liability is closer to $40 billion,
:03:34. > :03:38.which is much more than Volkswagen had thought. Will we find out the
:03:39. > :03:42.figure today? No, they will be court cases and settlements down the road.
:03:43. > :03:47.Not everybody may claim a settlement. Some settlements are our
:03:48. > :03:51.victory. So there is more to come in terms of the bill? $40 billion as
:03:52. > :03:56.the outside maximum. What about the EU? That hasn't even really started.
:03:57. > :03:59.This is a new phase four volts wagon. Before, they said we were
:04:00. > :04:05.guilty. Now their attitude has changed. It is a new transformation,
:04:06. > :04:10.and new strategy, they are saying they are not guilty. They say they
:04:11. > :04:12.were within the European test parameters, they met official
:04:13. > :04:16.regulators. They are claiming they are not guilty. Is that because the
:04:17. > :04:22.tests in America were different to the EU? Yes, they are different, but
:04:23. > :04:28.I think realistically locks wagon cannot take the financial penalty of
:04:29. > :04:33.another $40 billion. -- Volkswagen. Will the EU press ahead with these
:04:34. > :04:37.22 regulations at the moment, heading towards taking action? Is it
:04:38. > :04:42.going to be a big fight? I think it is going to be a big fight. This
:04:43. > :04:46.time, VW is not going to lie over backwards. It is going to fight, it
:04:47. > :04:54.is going to fight each individual claim. And I think it has the German
:04:55. > :04:59.government on its side. Opel is gone, which was one German carmaker.
:05:00. > :05:03.It only has VW as its single volume carmaker. I think Volkswagen will
:05:04. > :05:06.fight, fight strongly, and I think they are going to contest everything
:05:07. > :05:10.with all their power. What is extraordinary is this company, which
:05:11. > :05:14.at one point we really began to question it very seriously, question
:05:15. > :05:18.its future, it is now back at the top. It is still the biggest car
:05:19. > :05:25.company in the world again. Yes, it is. This is a remarkable
:05:26. > :05:30.transformation. If it can succeed in not settling in Europe or in the
:05:31. > :05:40.rest of the world, it has a cash mountain which it is investing in
:05:41. > :05:43.its new strategy, Transform 2025, in which it is investing in its
:05:44. > :05:44.ratification process where it will have lots of electric cars. Thank
:05:45. > :05:46.you. Also this Friday, are
:05:47. > :05:48.you old enough to remember using a fax machine -
:05:49. > :05:51.or even sending a document 25 years ago today all
:05:52. > :05:54.that came to an end with the first ever
:05:55. > :05:56.email attachment. We now send around
:05:57. > :05:59.a trillion of them a day - from simple documents
:06:00. > :06:01.to pictures to videos. But could their days
:06:02. > :06:16.be numbered too? Remember the old days, when if you
:06:17. > :06:20.wanted to send somebody a document or some photographs you had to put
:06:21. > :06:25.them in the post? Or perhaps wrestle with the office fax machine. Well,
:06:26. > :06:29.all of that changed in 1992 with the invention of something wonderful,
:06:30. > :06:35.the email attachment. Here is the first one, from the coinventor,
:06:36. > :06:38.Nathaniel Boris Stine. A picture of a barbershop quartet, along with an
:06:39. > :06:46.audiophile of them singing about email.
:06:47. > :06:55.# Let me sing you email, now that we... MINE stands a multipurpose
:06:56. > :06:59.internet extension, the system that allows us to send attachments. We
:07:00. > :07:03.have gone on to send quite a lot of them. 1 trillion each day, in fact.
:07:04. > :07:08.Photos, documents, videos. With those attachments come dangers. I
:07:09. > :07:11.have an email from the security expert Graham Clooney, and it looks
:07:12. > :07:15.like he has attached a video. Rory, watch out. Number one method by
:07:16. > :07:20.which hackers break into computers is through an email attachment. They
:07:21. > :07:23.disguise there email attachments to pretend to be something sexy, or a
:07:24. > :07:28.bill from a well-known online company, or a failed delivery of a
:07:29. > :07:31.parcel to your home. Sober way of unsolicited email attachments or you
:07:32. > :07:36.could become the victim of a hack. -- so beware. There are all sorts of
:07:37. > :07:40.other ways of sending attachments, whether it is Facebook, messenger,
:07:41. > :07:44.what's up or Twitter. I am trying to get in touch with Sue Black. Hello.
:07:45. > :07:50.Email attachments, those so 20th century. I love using Twitter,
:07:51. > :07:55.Facebook, Instagram, Snapchat, anything but email. So is our
:07:56. > :08:01.attachments to attachments about to fade? Let's hear from the inventor,
:08:02. > :08:05.Nathaniel. Hello, Rory. 25 years ago I sent what is usually called the
:08:06. > :08:11.first email attachment, featuring my barbershop quartet singing "Let me
:08:12. > :08:16.send you email", which is still on my website. My goal was to save
:08:17. > :08:18.trees and other resources, but I also imagine some day getting
:08:19. > :08:22.pictures of my grandchildren by email. Nathaniel says his job today
:08:23. > :08:29.is making sure email attachments are safe. So let's send him a few back.
:08:30. > :08:33.# Happy birthday, email attachment inventor!
:08:34. > :08:36.To Asia now, where as you've been hearing,
:08:37. > :08:38.South Korea's President Park Geun-hye is to be removed
:08:39. > :08:41.from office after a constitutional court confirmed the impeachment
:08:42. > :08:47.imposed on her last year amid a corruption scandal.
:08:48. > :08:51.As you can see here, there have been clashes
:08:52. > :08:54.between her opponents and supporters on the streets of the capital Seoul.
:08:55. > :09:06.Well, that is the unusual thing. They barely reacted. South Korea's
:09:07. > :09:13.sharemarket, after that decision came out of the court, upholding the
:09:14. > :09:17.decision to impeach, in and of Salim fact, by the Constitutional Court,
:09:18. > :09:25.the sharemarket daily moved. -- unanimously, in fact. It moved up,
:09:26. > :09:31.slightly, and the won also went up slightly. The benchmark index moved
:09:32. > :09:38.up slightly as well. It is actually continuing higher at the moment. The
:09:39. > :09:43.won was pretty much unchanged against the US dollar. It did
:09:44. > :09:48.briefly touched its lowest intraday level, but that was early in the
:09:49. > :09:56.session. The way most experts are looking but this is the fact that
:09:57. > :09:59.political turmoil seems to be a fairly regular feature on the Korean
:10:00. > :10:03.Penneshaw, which just saw a missile launch from the north as well. This
:10:04. > :10:05.type of instability is quite common and tends to be shrugged off.
:10:06. > :10:10.Sharanjit Leyl, thank you. Houses have "earned" more money
:10:11. > :10:14.than their owners over the last two According to a report
:10:15. > :10:18.by the lender Halifax, average house prices have increased
:10:19. > :10:21.by more than the average employee earned in 31% of local
:10:22. > :10:36.authority districts. A quick look at the markets before I
:10:37. > :10:38.go. The Nikkei up, largely because of the weak yen against the US
:10:39. > :10:47.dollar. We will explore later on. Britain's aid programme in Libya
:10:48. > :10:51.could be harming vulnerable