Business

On a bustling street in China's southern boomtown of Shenzhen, more than 30 stores carrying Apple Inc's iconic white logos peddle pre-orders for the new iPhone, a gadget that has become a status symbol among many better-off Chinese.

Volkswagen CEO Martin Winterkorn faced a reckoning with his board on Wednesday, summoned to explain how the company falsified U.S. emissions tests in the biggest scandal in the 78-year history of the world's largest car maker.

Volkswagen AG (VOWG_p.DE) faces penalties up to $18 billion after being accused of designing software for diesel cars that deceives regulators measuring toxic emissions, the U.S. Environmental Protection Agency said on Friday.