Volkswagen targets layoffs and 10% pay cuts amid plans for German plant closures, union says
Volkswagen is considering wide spread pay cuts and layoffs as well as closures or size reductions of its plants in Germany, the company’s works council said Monday.
Wise’s billionaire CEO fined £350,000 by UK regulators over failure to report tax issue
Kristo Käärmann, CEO and co-founder of Wise, was ordered by regulators to pay a £350,000 fine due to a breach of senior manager conduct rules.
European markets close higher; Oil and gas stocks retreat; Philips shares down 16%
European markets closed higher Monday as investors reviewed the geopolitical situation in the Middle East.
Philips cuts annual sales outlook as China demand deteriorates
“In the (third) quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions,” Chief Executive Roy Jakobs said in a statement.
CNBC Daily Open: Nasdaq hits all-time high even amid poor earnings growth
Even though almost three-quarters of S&P companies have beaten expectations, according to FactSet data, the rate of profit growth has not met expectations.
Foreign investors flock to flagship Saudi economic conference — but face less free-flowing cash
Thousands of financiers, founders and investors are set to descend on the Saudi capital of Riyadh for the eighth edition of the kingdom’s Future Investment Initiative.
Britain’s Labour government to deliver debut Budget this week, settling weeks of uncertainty
U.K. Finance Minister Rachel Reeves will deliver the government’s hotly awaited debut budget on Wednesday, putting to bed weeks of uncertainty over potential tax hikes and spending cuts.
Vietnam waits for major upgrade to its $200 billion stock market
Vietnam’s chip capabilities have it competing against near neighbor Malaysia, attracting global semiconductor firms.
Olympus shares drop over 5% after CEO resigns over drug allegation
The stock slid 5.3% on the Tokyo Stock Exchange following news of Stefan Kaufmann’s resignation.
Japan’s central bank to remain undeterred on rate hikes despite LDP’s electoral shock, analysts say
Roughly 86% of economists polled by Reuters expect the central bank to leave its rates unchanged when it announces its decision Thursday.
