An upward revision in GDP has fanned expectations the Federal Reserve will after all raise interest rates in 2015. Photograph: Karen Bleier/AFP/Getty Images
The US economy grew faster than previously thought in the second quarter of the year, according to new figures that have fanned expectations that the Federal Reserve will raise interest rates before the end of 2015.
Following the emergency meeting that was scheduled today, Matthias Mueller has been officially named CEO replacing Martin Winterkorn, who admitted to news of the auto giant’s manipulation of emission tests for its diesel cars.
In a statement, Mueller said he wants to implement strict compliance standards while gaining back the trust the company has lost.
Mueller faces a tough job at the helm. Volkswagen will now try to navigate its way through civil suits and multinational investigations over allegations it deliberately tricked regulators who were testing emissions levels on diesel vehicles made between 2008 and 2015.
8 therapeutic lifestyle changes
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We are designed to move.
Today, Müller is the hot favourite to take over as CEO of the Volkswagen Group, following the resignation of Winterkorn this week.
Volkswagen’s board will meet Today to appoint a new chief executive after the resignation of Martin Winterkorn over the emissions scandal that has beset the German carmaker.
Fallout from the Volkswagen diesel scandal continues to grow, as this morning brings reports that Audi’s head of research and development Ulrich Hackenberg and Porsche’s engine chief Wolfgang Hatz are both out — two of the top engineering figures in the Volkswagen’s other flagship brands. That comes as a bit of a surprise, even though it’s widely expected more heads will roll at VW aside from Martin Winterkorn, the CEO of the company’s worldwide operations, who resigned effective yesterday.
Meanwhile, there’s word from the German newspaper Auto Bild that BMW’s diesel engines were also “significantly” exceeding regulatory limits, CNBC reports, with the BMW X3 2.0-liter diesel model spitting out 11 times more nitrogen oxide than the current level set by the European Union.
“[We did not] manipulate or rig any emissions tests. We observe the legal requirements in each country and adheres to all local testing requirements,” BMW said in a statement in response to the allegations. “When it comes to our vehicles, there is no difference in the treatment of exhaust emissions whether they are on rollers (e.g. test bench situation) or on the road…We are not familiar with the test mentioned by Auto Bild concerning the emissions of a BMW X3 during a road test. No specific details of the test have yet been provided and therefore we cannot explain these results.”
In her recent article on our toxic work world, Anne Marie Slaughter calls for a paradigm shift in how we think about the work done outside and inside the home. She puts forth a proposal: we’ve made significant strides for the equal right to work; now we should be talking about the equal right to care.
Her article harnesses a growing body of thought leadership demonstrating that flexible, results-oriented work increases profits and improves productivity; and partners it with the well-documented phenomenon of workplace differences for working moms and working dads (see Michelle Budig’s 2014 study showing that having a child helped mens’ careers, but hurt careers of women). At the same time I was reading Slaughter’s NYT piece, a colleague (a white male engineer) pointed me to a study that backs Slaughter’s conclusion with powerful data on the transformation that happens for women when workplaces go flexible: research by Harvard economist Claudia Goldin indicates that flexible work environments result in equal pay for men and women.
Slaughter’s central concern is that today’s workplaces aren’t built to support co-earning parents–our workplaces operate as if half of its employees don’t have a family to care for when they get home.