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At the moment, the Volkswagen scandal has not affected economic activity in Germany and it is too early that watch possible impacts originated by the attacks of Paris. The effects of terrorist attacks can only be evaluated in the coming months. However, for some sectors, such as tourism and transport, the consequences are already visible. According to the union of hotels and restaurants, last week in Paris revenues in bars and restaurants fell 44% and the occupancy rate of hotels was only 57%.