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Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

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After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

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Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
Volkswagen

Volkswagen Is Recalling Over 800,000 Cars For This Problem

By
Jonathan Chew
Jonathan Chew
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By
Jonathan Chew
Jonathan Chew
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March 25, 2016, 2:51 PM ET
Inside The Porsche Center Shanghai Minhang
Porsche AG Cayenne sport utility vehicles (SUV) stand on display at the Porsche Centre Shanghai Minhang showroom in Shanghai, China, on Friday, Oct. 25, 2013. China is Porsche's top buyer of its Cayenne sport utility vehicle and Panamera sedan and the company wants to intensify its focus on sports-car sales, said Deesch Papke, Porsche's China chief executive, on Oct. 13. Photographer: Tomohiro Ohsumi/Bloomberg via Getty ImagesPhotograph by Tomohiro Ohsumi—Bloomberg via Getty Images
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Volkswagen AG is recalling around 800,000 VW and Porsche vehicles worldwide over a potential problem involving its pedals.

The company found that 391,000 VW Touaregs and 409,477 Porsche Cayennes built between 2011 and 2016 could have an issue with a clip loosening on the bearing bracket of the cars’ pedals. According to a Porsche statement, the problem was found during an internal check, and so far, no problems or accidents have resulted from this issue.

The Cayenne SUV has been Porsche’s best-selling vehicle in the U.S., and its recent February sales report showed that the month’s total sales were at 3,561 vehicles, up 11.2% over the previous year. According to Bloomberg, the Cayenne was Porsche’s best-selling line before the smaller Macan models overtook it in global sales last year.

Add this to the string of hits to the reputation of the German automaker still recovering from last year’s diesel emissions scandal. On Thursday, a federal judge in San Francisco gave Volkswagen (VLKAY) and regulators until April 21 to thrash out a “concrete proposal” to get 600,000 polluting VW diesel cars “off the road.”

Earlier in March, a whistleblower sued Volkswagen for allegedly firing the employee for trying to stop the company from deleting evidence relevant to the investigation over emissions cheating in its cars.

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