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Market news & articles

Companies & Earnings · a month ago

Volkswagen CEO says 20% cost gap implies about 50,000 further job cuts beyond existing reductions

Volkswagen has already agreed about 50,000 job reductions across the group, including Audi and Porsche. In a July 13 staff memo, CEO Oliver Blume said a remaining cost disadvantage of about 20% versus peers mathematically points to roughly 50,000 more cuts, while final measures are still being assessed by brand, company, and region.

Companies & Earnings · 2 months ago

FAZ: Porsche Weighs Bringing Cayenne Production Back to Leipzig From Bratislava

Frankfurter Allgemeine Zeitung reported Porsche is considering shifting Cayenne manufacturing, including combustion, hybrid and electric versions, from Bratislava to Leipzig. Porsche said discussions with employee representatives are under way, and the works council confirmed talks remain open. Cayenne production moved fully to Bratislava in 2017.

Markets · 2 months ago

Aug. 25, 2014: Euro slides to its weakest since Sept. 2013 as softer oil and Draghi remarks lift ECB easing expectations

On Aug. 25, 2014, the euro traded near $1.319 after touching about $1.3185, its lowest level since September 2013, as Mario Draghi said the ECB could use all available tools if euro area inflation weakened further. Brent moved toward $102, German Ifo business climate fell for a fourth straight month, major euro zone stock indexes gained and Spanish, Italian and Portuguese bond yields declined.

Deals & Capital Markets · 2 months ago

KNDS plans dual Paris-Frankfurt IPO with 20% float as France and Germany target 40% holdings

KNDS said it is seeking admission for its ordinary shares on Euronext Paris and the Frankfurt Stock Exchange. Reports said about 20% of the company is planned to be sold to the market, with France and Germany each holding 40% after Germany acquires a stake from Wegmann, implying a valuation of about €15 billion to €18 billion.

Companies & Earnings · 2 months ago

Rheinmetall shares slide on report Germany will end F126 frigate plan and pivot to TKMS vessels

Reuters, citing the Financial Times, said German officials plan to discontinue the six-ship F126 programme after delays and project issues and instead procure eight smaller MEKO A-200 frigates from Thyssenkrupp Marine Systems. Rheinmetall had been positioned to assume the prime-contractor role, while the Defence Ministry and company had not commented at publication.