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Volkswagen group to phase out more than 40 car models: report
Volkswagen will stop producing more than 40 car models in the coming years as part of a new strategy by Europe's biggest automaker, German newspaper Handelsblatt reported on Saturday. Volkswagen (VW) said on Thursday it would invest billions of euros in electric cars, ride-hailing and automated driving to become a world leader in green transport by 2025 as it See the rest here: Volkswagen... [Read more]
Sumner Redstone moves to oust five Viacom directors including CEO from board
By Jessica Toonkel and Dan Levine NEW YORK/SAN FRANCISCO (Reuters) – Sumner Redstone removed five of Viacom Inc's directors, including Chief Executive Philippe Dauman, from the board of the media company he controls on Thursday, a big step toward a potential management shake-up of the almost $20 billion… Read the rest here: Sumner Redstone moves to oust five Viacom directors including... [Read more]
Mitsubishi plans $600 million compensation for four models over mileage cheating
Japan's Mitsubishi Motors Corp said it plans to give owners of four minivehicles close to $1,000 in compensation for its overstating of mileage readings, part of reimbursement costs that will total at least $600 million. The mileage scandal, which the company has blamed on pressure to deliver competitive readings and poor supervision of testing processes, has led to plans for Nissan Motor Co... [Read more]
St. Louis Fed’s Bullard says U.S. may only need single rate hike for now
The U.S. economy, stuck in a slow-growth pattern that is likely to persist for the forseeable future, may need no more than a single additional rate hike for as long as 2.5 years, St. Louis Fed President James Bullard said on… Read more from the original source: St. Louis Fed’s Bullard says U.S. may only need single rate hike for now Read More →
Global oil majors look to shed refineries as crude prices rebound
By Jessica Resnick-Ault NEW YORK (Reuters) – Global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices. Chevron, the second largest U.S. oil company, is soliciting interest in its Burnaby, British Columbia, refinery and gasoline stations, the company... [Read more]
Airbnb gets $1 billion debt facility from U.S. banks: source
(Reuters) – Apartment-sharing startup Airbnb Inc has secured a $1 billion debt facility from some big U.S. banks to aid its new services and finance its expansion plans, a source close to the company said. JPMorgan , Citigroup Inc , Morgan Stanley and Bank of America Corp led the debt deal, the source said. Airbnb, which expects to achieve profitability in 2016, raised over $100 million in a... [Read more]
Brexit would cause big problems for German banks: German financial watchdog
A British vote to leave the European Union would hit large German banks, given their heavy exposure to London, the head of German financial watchdog Bafin said in an interview with German newspaper Tagesspiegel. Bafin President Felix Hufeld told the newspaper in an article to be published on Monday that he hoped Britons would vote to remain in the European Union. “They have the most activities... [Read more]
Coming wave of gas puts focus on finding new shores
By Ron Bousso and Oleg Vukmanovic LONDON (Reuters) – Energy giants such as Royal Dutch Shell and Total are looking to build terminals and power plants in new markets to soak up the industry's rapidly burgeoning supply. Companies have invested billions in plants to produce liquefied natural gas (LNG) in places such as Australia and the United States. “We are ready to go downstream... [Read more]
Siemens CEO says not interested in robot maker Kuka
Siemens has no interest in becoming a white knight for German robot maker Kuka , which is the target of a 4.5 billion euro ($5.06 billion) takeover bid by Chinese home appliance maker Midea , Siemens' chief executive said. “If we had been interested, we would have acted on it some time ago,” Joe Kaeser told German broadcaster ntv in an interview. Midea's bid has fanned a furious... [Read more]
Bayer waiting for Monsanto to engage after spurned bid: sources
Bayer, however, has no plans to increase its offer without first reviewing Monsanto's confidential information, the sources said on condition of anonymity because of the confidentiality of the talks. The Leverkusen-based company needs access to Monsanto's books before it can decide whether it can pay Original post: Bayer waiting for Monsanto to engage after spurned bid: sources Read More →