Business

Further talks are planned between Volkswagen and trade union leaders on Wednesday. ADVERTISEMENT Volkswagen’s management wants to close at least three plants, cut tens of thousands of jobs, and also slash pay by 10% for remaining staff, according to a statement from staff representatives. The manufacturer is also seeking to downsize all remaining plants, added the document. This will, it …

“We very often confuse availability with reliability,” says Kazakhstan’s minister for industry. ADVERTISEMENT According to a study by the Brookings Institution, in 2023, China was producing about 60% of the world’s rare earth elements. During the Covid pandemic, we witnessed the problems with relying on one single territory for supply and as the green transition spurs on, the need for …

A majority of lawmakers supported the proposition from the far-left LFI party, despite warnings from the incumbent government. ADVERTISEMENT French lawmakers on Friday voted in favour of a new levy that would tax assets above the €1 billion threshold at 2%. It would apply to anyone who is a tax resident in France or who has assets in France. The …

The DAX index rose during the end of the week as improved German business sentiment and positive private sector data rescued investor confidence. The Ifo Business Climate Index increased for the first time in six months, offering a light at the end of the tunnel. ADVERTISEMENT The German DAX index edged 0.2% up on Friday, lifted by growing investor optimism …

The German automaker is pledging to cut costs through ‘efficiency increases’ after weak Chinese demand hits profits. ADVERTISEMENT Profits at Mercedes-Benz fell by around 54% year-on-year in the third quarter of this year, according to the firm’s earnings report released on Friday. From July to September, net profit fell to €1.7bn from €3.7bn a year earlier.  Revenue was recorded at …

A large number of Europeans have no other way to cover their mounting housing costs other than to cut back on food, according to a new study. ADVERTISEMENT The New Housing Trend Report 2024, compiled by the estate agency RE/MAX Europe, found that more than one in 10 Europeans had to cut back on food and basic everyday items in …

Global markets are set to finish the week lower due to uncertainties surrounding the economic and political landscape ahead of the US presidential election and the Japanese general election. Risk-off sentiment shaped market trends as precious metal prices surged. ADVERTISEMENT Both European and US markets retreated from all-time highs and are likely to end the week lower as the rally …

Barclays shares surged to a nine-year high on the NYSE following strong third-quarter earnings, primarily driven by growth in its investment bank. CEO Venkatakrishnan expressed confidence in meeting the three-year targets set earlier this year. ADVERTISEMENT British bank Barclays posted strong third-quarter earnings, lifting its shares by more than 4% in after-hours trading on the New York Stock Exchange, reaching …

Money markets see an increased likelihood of the European Central Bank (ECB) deepening its rate cuts in December following weak economic data. However, analysts expect the bank to maintain a gradual approach to rate reductions due to the persistent upside risks in inflation. ADVERTISEMENT Market participants have raised their expectations for the European Central Bank (ECB) to take a significant …

A court found that companies linked to the ‘ndrangheta mafia were able to access state-backed loans. ADVERTISEMENT The Italian lender Banca Progetto has been placed under court administration for allegedly giving state-backed loans to companies linked to the mafia. According to prosecutors in Milan, firms managed by people associated with Italy’s notorious ‘ndrangheta group were able to secure more than …