Porsche denies blame for VW stock chaos

Luxury carmaker Porsche on Wednesday denied responsibility for the stock market chaos caused by the rollercoaster movements of Volkwagen shares, which have wreaked havoc with the value of the DAX in recent days.

Porsche denies blame for VW stock chaos
Photo: DPA

Germany’s leading stock index plunged in early trading on Wednesday morning after inflated VW shares dropped on news Porsche planned to increased the amount of shares in circulation by selling up to five percent of the stock it had acquired. The luxury carmaker, which announced over the weekend it had scooped up over 40 percent of VW stock, said it was not to blame for the massive surge in VW stock this week.

Porsche said the unusual distortions to Germany’s equity markets had been caused by speculators covering positions – and not the Stuttgart carmaker’s intention to acquire a controlling 75 percent of Volkswagen stock.

As VW stock has skyrocketted in recent days – at one point topping €1,000 per share – investors in Germany have slammed the officials at Deutsche Börse for allowing the stock to warp the value of the DAX index.

Many large investment funds mirror the makeup of the DAX – which compelled Deutsche Börse on Tuesday evening to annouce it would cap the weight of VW shares at 10 percent of the index starting on Monday.


Emergency numbers fail in several German states

Callers to the emergency numbers 110 and 112 weren’t able to reach operators Thursday morning in several German states.

The 112 emergency number on an ambulance.
The 112 emergency number on an ambulance. Photo: picture alliance/dpa | Boris Roessler

The emergency number 110 for police and 112 for fire crews failed around the country early Thursday morning, with callers unable to reach emergency operators for urgent assistance between about 4:30 am and 5:40 am local time.

The Office for Civil Protection and Disaster Aid is looking into these outages, which were reported in states including Lower Saxony, Baden-Württemberg, and  Brandenburg, and in major cities like Berlin, Cologne, Hamburg, and Frankfurt. Cologne was further affected by cuts to electricity, drinking water, and regular telephone services. Lower Saxony also saw disruptions to the internal phone networks of police and hospitals.

Emergency services are not reporting any more disturbances and people should be able to once again reach 110 and 112 around the country as normal.

Investigators are looking into the problem, but haven’t yet established a cause or any consequences that may have happened due to the outage. Provider Deutsche Telekom says they have ruled out the possibility of an attack by hackers.