Economy of Germany

Turkey's Enerjisa, a joint venture between Sabanc? Holding and Germany's E.ON , plans to sell three hydroelectric power plants to rationalize its portfolio and cut debt, and has appointed bankers to manage the sale, three banking sources said.

SunExpress, a joint venture of Turkish Airlines and Lufthansa, completed the first half of 2015 with an 18 percent increase in passengers, compared to the same period in 2014, it said in a press release.

Volkswagen will cut investment at its biggest division by 1 billion euros ($1.1 billion) a year and speed up cost cutting, the carmaker said on Oct. 13, as it strives to cope with fallout from its cheating of diesel emissions tests.

Volkswagen's  supervisory board will hold an extraordinary meeting on Oct. 7 at which finance chief Hans Dieter Poetsch is expected to be appointed as new head of the 20-member controlling panel, two sources said on Oct. 4.

German car manufacturer Volkswagen (VW) will replace 11 million vehicles that are fitted with the ‘guilty’ software responsible for distorting emissions, according to a statement by the company’s new CEO Matthias Muller.

Shares of Volkswagen AG?s main Turkish distributor Do?u? Otomotiv tumbled more than 12 percent on Sept. 28, hit by concerns that the emissions cheating scandal at the German automaker could undermine sales of its local dealers.

Do?u? imports more than 14 brands including VW group marques Porsche, Skoda and Audi, as well as Volkswagen.

Volkswagen chief executive Martin Winterkorn resigned on Sept.23 over a pollution cheating scandal that has sparked a US criminal investigation and worldwide legal action with unfathomable financial consequences for the auto giant.

Anna Stefanopoulou, the Greek mechanical-engineering professor and engine expert at the University of Michigan, who reportedly exposed the Volkswagen emmissions scandal burst the Greek media bubble with a statement on her site:

I was not involved in the research or data analysis that exposed the VW issue as some Greek language articles and blogs stated.

The scandal engulfing Volkswagen, which has admitted cheating diesel vehicle emissions tests in the United States, spread on Sept. 22 as South Korea said it would conduct its own investigation and a French minister called for an EU-wide probe.

Pilots at German airline Lufthansa said on Sept. 7 they will stage new walkouts on freight and long-haul passenger services on Sept. 8 in their long-running dispute with management over early retirement provisions.