March 20, 2023 9:39 am
According to a board member of Volkswagen-owned Skoda, the company will need to cut 3,000 jobs and slash some models if the European Union implements the “Euro 7” emissions scheme in its current form. The proposed Euro 7 legislation, which is to be negotiated this year, will tighten limits on the vehicles’ emission of health-harming […]
Read moreMarch 17, 2023 11:19 am
Dollar General Corp’s (DG) fourth-quarter same-store sales and profit, reported on Thursday, fell short of market expectations, since the company grappled with rising costs and lower customer traffic at its more than 18,700 stores. According to the store chain, regardless of a “modest decrease in customer traffic” during the latest quarter, the average transaction amount […]
Read moreMarch 17, 2023 10:04 am
Deutsche Bank’s Chief Executive Officer Christian Sewing received EUR 8.9 million in total compensation for 2022, the bank said on Friday. That compares with a total pay of EUR 8.8 million in 2021. 2022 has been a third straight profitable year for the bank, while key milestones in its restructuring have been achieved. The bonus […]
Read moreMarch 16, 2023 10:25 am
Mativ Holdings Inc, a global manufacturer of critical components and engineered solutions, said on Wednesday that it had appointed Greg Weitzel as its next Chief Financial Officer, effective April 2nd. Weitzel is to succeed Andrew Wamser, who will part ways with the company on April 1st. Weitzel has been Mativ’s vice president of Financial Planning […]
Read moreMarch 16, 2023 9:11 am
Volkswagen on Wednesday disclosed the details of a planned all-electric car that is expected to cost less than EUR 25,000. The vehicle, which will be launched in Europe by 2025, will be the first one on Volkswagen’s modular electric platform to feature a front-wheel drive, the company said. The vehicle has a 450 km range […]
Read moreMarch 15, 2023 12:02 pm
Alcoa Corp said on Wednesday that the Portland Aluminium smelter in the Australian state of Victoria would begin reducing overall production because of operational instability. Production at the smelter is to be reduced to about 75% of the total consolidated capacity of 358,000 metric tons per year, the company said. Alcoa Corp’s share of that […]
Read moreMarch 15, 2023 9:27 am
General Motors Co (GM) said earlier this week a production halt at its Silao Assembly Plant in Mexico would be extended through March 20th due to an undisclosed temporary supply chain issue. The company said the supply issue was not associated with semiconductor chips. Previously, the US auto maker had said it would halt production […]
Read moreMarch 14, 2023 10:45 am
EUR/USD traded not far from fresh one-month highs on Tuesday, as concerns over a larger systemic crisis in the wake of the collapse of Silicon Valley Bank (SVB) and Signature Bank triggered speculation that the Fed could pause its rate-hiking cycle. The abrupt collapse of startup-focused Silicon Valley Bank, the largest bank failure in the […]
Read moreMarch 13, 2023 10:55 am
Huuuge Inc said over the weekend that it held roughly 10% of its cash and securities at the suddenly collapsed Silicon Valley Bank (SVB). The company also said it had sufficient resources to meet shorter-term cash requirements. According to the US-registered mobile games developer, it had nearly $237 million of cash and securities as of […]
Read moreMarch 13, 2023 9:27 am
Porsche AG (P911) reported a record profit for 2022 of EUR 6.8 billion, or a more than 25% year-on-year increase, as deliveries rose 2.6%. The auto maker is aiming to achieve revenue within the range of EUR 40-42 billion in 2023, up from EUR 37.6 billion last year, and a 2023 margin of 17% to […]
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