VW emissions scandal: defendants see themselves as victims
The trial surrounding the emissions manipulation at Volkswagen $VOW3 (-0.11%) is drawing to a close and continues to cause a great deal of excitement. Three of the four accused managers and engineers are anxiously awaiting the upcoming verdict, which could see them receive prison sentences of between three and four years. In emotional statements, the defendants describe how the last almost ten years have shaped their lives. The trial at Braunschweig District Court, which lasted almost four years, has left its mark and is described by the defendants as exhausting. They emphasize that they do not share the view of the public prosecutor and see themselves more as victims.
The public prosecutor's office is convinced of the guilt of the accused and is calling for correspondingly harsh sentences, while the defense is pushing for acquittal. The debate about the crucial question of who knew about the machinations and when remains controversial. Engineers warn of the serious consequences of their actions, while superiors insist that existing problems were discussed, not illegal actions. Meanwhile, the trial of former CEO Martin Winterkorn has been severed for health reasons, adding further complexity to the proceedings. The defendants feel more like pawns in this scandal, which began in 2015.
European companies lagging behind
A storm is brewing in the USA and Asia: The big companies have overtaken the top European corporations in terms of both turnover and profit. A recent study by EY shows that European companies suffered a 1.1 percent drop in turnover, while US companies were able to increase their turnover by 4.5 percent. German companies were particularly affected, with turnover falling by 3.1 percent and profits by 8.5 percent.
Asian companies, on the other hand, were able to increase their operating profits by almost 20 percent, while the European market leaders recorded an average decline of 6.5 percent. The list of the 1000 companies with the highest turnover is dominated by the USA with 317 companies, followed by China and Japan. Germany is in fourth place with 43 companies. According to EY expert Jan Brorhilker, the situation for European companies is becoming increasingly serious and the challenges are growing, especially for traditional industries such as the automotive sector. While US tech companies are making record profits, European companies are facing financial burdens and uncertainties.
One positive exception is Deutsche Telekom, which is considered the most profitable company in Germany. On a global level, the oil company Saudi Aramco achieved an operating profit of 191 billion US dollars, further highlighting the high pressure on European companies.
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