the backlash there with the ceo being fired, also several other employees suspended, not to mention the efforts by volkswagen to design repairs to those vehicles. also lawsuits with customers and not to mention the p.r. nightmare for volkswagen in what is one of the largest corporate scandals involving the auto industry. the latest development now is that the federal government now suing german automaker volkswagen for those violations for cheating on those emissions tests, installing those devices. >> thanks. we will follow the report. we also want to talk business news for you today. we have been following this breaking news on wall street from the first thing this morning as we had the first opening trading day of 2016 off to a really rough start. the dow having its worst opening day in 84 years. so the u.s. stock market's taking this direct hit from china's sluggish economy. seema mody is a global markets reporter for cnbc and joins us to talk about why. break down why this is happening