Ex-Audi Boss to Stand Trial for 'Dieselgate'

Former Audi boss Rupert Stadler. Reuters file photo
Former Audi boss Rupert Stadler. Reuters file photo
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Ex-Audi Boss to Stand Trial for 'Dieselgate'

Former Audi boss Rupert Stadler. Reuters file photo
Former Audi boss Rupert Stadler. Reuters file photo

Former Audi boss Rupert Stadler on Wednesday becomes the first to stand trial in Germany over the "dieselgate" emissions scandal, five years after parent company VW admitted responsibility.

Stadler, 57, faces charges of "fraud, falsifying certifications and false advertising" according to an indictment to be read out before the Munich district court.

He is in the dock alongside former Audi and Porsche manager Wolfgang Hatz and two Audi engineers.

Not a single senior executive has been convicted in Germany so far in connection with the scandal that erupted in September 2015 when the Volkswagen group acknowledged it had installed cheating software in 11 million diesel engines.

The so-called defeat devices made the cars appear to pollute less in lab tests than they did on the road.

Media interest in the opening hearing is expected to be high, prompting court officials to move proceedings to a justice building in a Munich suburb.

Because of coronavirus restrictions however, seating inside the hearing room will be limited, a court spokesman told AFP.

Stadler had been Audi's chief executive for 11 years when he was arrested in June 2018.

He spent four months in pretrial detention owing to concerns he could try to influence witnesses.

A career Audi man, he joined the luxury car maker in 1990 and was named CEO in 2007.

Prosecutors say Stadler knew about the emissions scam by the end of September 2015 "at the latest" but nevertheless allowed thousands more vehicles fitted with defeat devices to be sold.

His three fellow defendants stand accused of having developed diesel engines equipped with the manipulating software, which were installed in cars sold as far back as 2009.

The charges against the men cover a total of 434,420 Volkswagen, Audi and Porsche vehicles sold in Europe and the United States.

Stadler has consistently denied the accusations.

Co-accused Hatz, whose past roles at the VW group include research and development chief at its Porsche unit, also rejects any wrongdoing.

His lawyer said Hatz would respond to the charges "in detail".

The large, complex trial is expected to run until the end of December 2022.

The indictment alone, to be read out loud on Wednesday, is more than 90 pages long.

The defendants face up to 10 years in prison if convicted.

Stadler is not the only top executive bracing for his day in court.

A regional tribunal in Brunswick, near VW's Wolfsburg headquarters, ruled earlier this month that Martin Winterkorn, former chief executive of the VW group, must stand trial on charges of fraud and stock market manipulation.

The group's current CEO Herbert Diess and supervisory board chair Hans Dieter Poetsch had faced similar accusations of failing to inform shareholders in a timely manner of the pollution scam.

But those proceedings were dropped after VW agreed to a settlement that cost it nine million euros ($10.5 million).

Five years after the crisis erupted, the German car giant is still one of the world's biggest automakers, but it remains engulfed in costly legal woes.

The group has already paid out more than 30 billion euros in fines, legal costs and compensation to car owners -- mainly in the United States.

In April, VW settled Germany's biggest lawsuit in an out-of-court settlement in which it agreed to pay around 750 million euros to 235,000 customers, or between 1,350 and 6,250 euros per car.

And the final "dieselgate" bill is far from settled after a top German court in May ordered VW to buy back a rigged diesel from its owner, setting the stage for similar transactions with thousands of other claimants.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.