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Paul Merrell

US judge orders detention of VW executive Oliver Schmidt as ′serious′ flight ... - 0 views

www.dw.com/...a-37977551

Volkswagen criminal-prosectuion Schmidt

shared by Paul Merrell on 19 Mar 17 - No Cached
  • A Detroit judge has ruled against releasing Volkswagen AG manager Oliver Schmidt, who is awaiting trial over the VW emissions scandal in the US. The German national represented a "serious" flight risk, the judge said.
  • The 48-year-old Schmidt is set to stay in detention until the start of his trial in January 2018, according to the Thursday court ruling. He faces eleven felony counts over accusations that Volkswagen (VW) cheated on emission tests for diesel cars. The fraud and conspiracy charges carry a maximum of 169 years in prison. "The allegations of fraud and conspiracy in this case are very, very serious," said Judge Sean Cox of the US District Court for Eastern Michigan. There was "a serious risk" that Schmidt would not appear before the court if released, he added. Among other things, Schmidt is accused of lying to US officials. He allegedly claimed that technical problems were to blame for discrepancy between diesel emissions in road and laboratory tests. The company later admitted to using a software tool to manipulate the results. Schmidt is one of several VW executives who face charges in the US. He worked as the carmaker's emissions compliance manager. He ran a VW office in Detroit between 2012 and 2015 and later returned to Germany. He was arrested at Miami airport in January 2017 after vacationing in Florida and Cuba. He pleaded not guilty before the Detroit court. Sentence milder in Germany
Paul Merrell

German Economy Hit by US, EU Sanctions on Russia - SPIEGEL ONLINE - 0 views

www.spiegel.de/...ctions-on-russia-a-982075.html

banksters Russia sanctions Germany

shared by Paul Merrell on 24 Jul 14 - No Cached
  • The US, for its part, penalized a dozen leading Russian conglomerates, including oil giant Rosneft, natural gas producer Novatek, Gazprombank and the weapons manufacturer Kalashnikov. From now on, they are forbidden from borrowing money from American monetary institutions and from issuing medium- and long-term debt to investors with ties to the US.
  • Even prior to the sanctions, the Russian economy had been struggling. Now, though, the Ukraine crisis is beginning to make itself felt in Germany as well. German industry's Committee on Eastern European Economic Relations believes that the crisis could endanger up to 25,000 jobs in Germany. Were a broad recession to befall Russia, German growth could sink by 0.5 percent, according to a Deutsche Bank study.
  • The most recent US sanctions, warns Eckhard Cordes, head of the Committee on Eastern European Economic Relations, have placed an additional strain "on the general investment climate." Particularly, he adds, because European companies have to conform to the American penalties.
  • ...2 more annotations...
  • Already, the uneasiness can be seen in the Ifo Business Climate Index. One in three of the companies surveyed at the end of June said it expected adverse effects. "Russian customers have begun looking for suppliers outside of Europe," says Ulrich Ackermann, a foreign trade expert with the German engineering association VDMA. "They are concerned that European companies, because of the threat of increased sanctions, won't be able to deliver."
  • Even prior to the latest sanctions, business has been slowing in almost all sectors. The Düsseldorf-based energy giant E.on, for example, recently built power stations in Russia worth €9 billion. Most of the generators are already online, but because the economy in Russia is suffering, the returns are much lower than forecast. Volkswagen is a further example. The carmaker's sales figures for 2014 are 10 percent lower than they were last year. Opel's figures dropped by 12 percent during the first five months of the year.
  • Paul Merrell on 24 Jul 14
     
    Germany, and other European nations whose economies are interdependent on Russia's, are beginning to feel the pain from U.S. efforts to blockade BRICS nations from doing business with Europe. That's what U.S. meddling in Ukraine is about, another of the key U.S. initiatives in the the new Iron Curtain being constructed between BRICS and the U.S.-led Bankster Empire. I suspect that the sanctions will prove to be a dumb move. The BRICS nations will develop new industry to replace the goods it had been buying from Europe, all paid for without U.S. dollars. A pinch in the beginning, but longer term economic growth because the BRICS nations will also sell their new products to developing nations eager to hop off the U.S. dollar. That's when the new BRICS development bank counterpart to the IMF comes to the fore. That's the handwriting on the wall that the U.S. is painting for Germany and the rest of the E.U. Will Germany take that kind of economic hit out of loyalty to the U.S. and love of the sinking value of the dollar? The only end in sight for the dollar's sinking value is the inevitable crash. Or does Germany part ways with the dollar and hitch its wagon to the rising star of the BRICS nations' economy? Because Germany is the island of prosperity in the Eurozone, as goes Germany, so goes the future of the E.U. and NATO. Meanwhile, the Fed manipulates the gold market to keep the price artificially low and thus prop up the dollar a bit longer. But that keeps the price of gold low for China too. The drama of gangster capitalism's demise. http://goo.gl/DGfEq6
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