WASHINGTON: Volkswagen AG will plead guilty to three criminal charges and pay a total $4.3 billion in fines to settle the emissions cheating scandal known as “dieselgate,” US officials announced on Wednesday.
The US Justice Department said VW is charged with conspiracy to defraud the US and violate the Clean Air Act with defeat devices on its diesel vehicles that evaded emissions standards.
The company will pay $2.8 billion in criminal fines, and $1.5 billion in civil fines.
That is in addition to $17.5 billion already agreed in settlements with car owners, dealers and for environmental cleanup.
US Attorney General Loretta Lynch and Environmental Protection Agency Administrator Gina McCarthy on Wednesday unveiled the settlement with Volkswagen.
The settlement does not impact the government’s ongoing investigation into individual misconduct by current and former VW employees. Volkswagen had previously agreed to spend up to $17.5 billion in the United States to resolve claims by US regulators, owners and dealers and offered to buy back nearly 500,000 polluting vehicles. The automaker was in intensive talks with regulators in recent weeks in an effort to reach a deal before the end of the Obama administration.
Without a deal by next week, a final resolution could have been delayed by months until the Trump EPA and Justice Department teams are in place.
VW admitted in September 2015 to installing secret software in hundreds of thousands of US diesel cars to cheat exhaust emissions tests and make them appear cleaner than they were on the road, and that as many as 11 million vehicles could have similar software installed worldwide.
On Monday, a VW executive, the second VW employee charged by US prosecutors, was accused of conspiracy to defraud the US over the company’s emissions cheating and the automaker was charged with concealing the cheating from regulators. Much of the company’s senior management departed following the scandal, including chief executive Martin Winterkorn.
VW pleads guilty, to pay $4.3bn in ‘dieselgate’
VW pleads guilty, to pay $4.3bn in ‘dieselgate’
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
