FRANKFURT: The German states of Hesse and Baden-Wuerttemberg said on Friday they would sue Volkswagen for damages over its "dieselgate" emissions-test cheating scandal, joining a swathe of equities investors seeking compensation.
Volkswagen (VW) shares plunged last September after Europe's largest automaker admitted to cheating U.S. diesel emissions tests, hitting the state coffers and pension funds of German states among other investors.
Hesse Finance Minister Thomas Schaefer said in a statement the drop in VW's share price had cost the state about 3.9 million euros ($4.4 million).
Baden-Wuerttemberg, where VW's sports-car brand Porsche and rival Daimler are headquartered, also said it would sue, estimating it had lost around 400,000 euros.
Bavaria's state pension fund for civil servants said last month it had lost as much as 700,000 euros after VW shares plunged, adding it planned to file its suit this month at the regional court of Braunschweig near VW's Wolfsburg headquarters in the state of Lower Saxony.
A spokesman for the Braunschweig court said on Friday so far about 450 suits had been filed.
Meanwhile, the European Union will take legal action against some member states for failing to police car emission rules, its industry commissioner said on Friday, and is stepping up efforts to seek redress for consumers cheated by Volkswagen.
Commissioner Elzbieta Bienkowska told Reuters she "definitely" wants to start formal infringement procedures against "not all and not one" member state for allowing an overshoot in emissions but is still gathering evidence.
German states sue VW over dieselgate
German states sue VW over dieselgate
Aramco’s 13% rally helps Saudi stocks post second weekly gain
RIYADH: Saudi Aramco extended its year-to-date rally to nearly 13 percent on Thursday, helping the Kingdom’s benchmark stock index secure a second straight weekly gain despite a weaker final trading session.
Saudi Aramco shares, which carry the heaviest weighting on the Saudi Exchange, closed at SR26.86 ($7.16), leaving the stock 12.72 percent higher since the start of 2026. The stock also remained 3.09 percent above last week’s close, even after falling 1.1 percent in Thursday’s session.
The rise in energy shares came as escalating tensions in the Middle East pushed oil prices above $100 a barrel, after attacks on tankers in the Gulf and the Strait of Hormuz heightened concerns over supply disruptions.
The Tadawul All Share Index maintained its weekly uptrend, rising nearly 1.07 percent week on week to close at 10,778.32, despite falling 0.45 percent in Thursday’s session. Compared with the first trading day of the year, the index has gained 4.01 percent.
Total trading turnover on the benchmark index reached SR5.05 billion at Thursday’s close, with 88 stocks advancing and 176 declining.
Aramco’s performance continued to anchor sentiment after the company reported adjusted net income of $104.7 billion for 2025 earlier this week, while net profit fell 12.1 percent year on year to $93.39 billion, compared with $106.25 billion in 2024, as lower crude prices weighed on earnings despite higher sales volumes across oil, gas and refined products.
On a March 10 earnings call, Aramco CEO Amin Nasser warned that prolonged disruption in the Strait of Hormuz could have severe implications for global energy markets. Roughly 20 percent of the world’s oil normally passes through the waterway each day, but shipments have been largely blocked.
“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy,” he said.
“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.”
Saudi equities showed mixed performance in Thursday’s session. The MSCI Tadawul Index fell 5.99 points, or 0.40 percent, to close at 1,476.76.
The Kingdom’s parallel market Nomu gained 132.47 points, or 0.6 percent, to close at 22,370.4, with 38 stocks advancing and 34 declining.
On March 11, the International Energy Agency announced the release of 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels starting next week.
