Volkswagen's Crisis Costs Rise as Audi Profit Takes Diesel Hit
Volkswagen AG suffered a setback in its year-long recovery from the diesel scandal after Audi, its biggest profit contributor, cut its outlook amid rising costs related to the emissions cheating.QuickTake Cleaner CarsVolkswagen lifted the provisions it set aside to cover fines, legal costs and repairs resulting from the scandal by about 400 million euros to 18.2 billion euros ($19.8 billion). The higher costs can be traced to Audi. The luxury-car unit took an additional charge of 620 million eu..>> view originalQualcomm to Buy NXP Semiconductors for $39 Billion
Qualcomm Inc. agreed to buy NXP Semiconductors NV for $39 billion, adding the top supplier of automotive chips to the San Diego company best known for designing smartphone chips. The agreement represents the biggest semiconductor deal ever, eclipsing Avago Technologies Ltd.’s pact to buy rival Broadcom Corp. for $37 billion, and behind only Dell Inc.’s $60 billion acquisition of EMC Corp. among pure tech deals. The deal...>> view originalUS Jobless Claims Fell Slightly Last Week
WASHINGTON—The number of Americans seeking first-time jobless benefits fell last week, suggesting the labor market continues to expand. Initial jobless claims, a proxy for layoffs, decreased by 3,000 to a seasonally adjusted 258,000 in the week ended Oct. 22, the Labor Department said Thursday. Economists surveyed by The Wall Street...>> view originalFord Reports Lower Profit
Ford Motor Co.’s third-quarter net income fell 56% compared with the same period in 2015, with hefty recall expenses, softening U.S. volumes and product-launch costs denting margins in the core North American market. The No. 2 U.S. auto maker on Thursday reported nearly $1 billion in net income for the period ended Sept. 30, down from $2.2 billion recorded in 2015’s third quarter. The prior-year’s performance benefited from the...>> view originalUK Economy Posts Third-Quarter Growth of 0.5% After Brexit Vote
LONDON—The U.K. economy slowed only slightly in the three months following voters’ decision to exit from the European Union, according to an official estimate Thursday that confirms the U.K. weathered the surprise referendum result better than many expected. In the most comprehensive picture of the U.K. economy since the Brexit vote, the Office for National Statistics said the economy expanded 0.5% in the third quarter compared with...>> view originalOrders for U.S. Capital Goods Decline by Most Since February
Orders for U.S. business equipment fell in September by the most in seven months, indicating corporate investment is having trouble gaining traction.Bookings for non-military capital goods excluding aircraft dropped 1.2 percent, erasing a 1.2 percent August gain that was stronger than previously reported, Commerce Department data showed Thursday. The median forecast of economists surveyed by Bloomberg called for a 0.1 percent drop. Demand for all durable goods eased 0.1 percent.Business investm..>> view originalUPS 3Q profit up 1 percent as US revenue increases
FILE - In this Sept. 23, 2014, file photo, a United Parcel Service truck driver enters a company warehouse in Birmingham, Ala. UPS reports financial results Thursday, Oct. 27, 2016. (AP Photo/Brynn Anderson, File) The Associated Press. ATLANTA (AP) ...>> view originalDow Chemical profit beats as consumer-market focus pays off
Dow Chemical's profit beat analysts' estimates for the 12th straight quarter as the company gained from its focus on consumer markets such as automotive and electronics. The company, in a bid to reduce its exposure to volatile commodity markets, has sold billions of dollars of assets over the years, including a $5 billion divestiture of a bulk of its chlorine business. DuPont, which Dow is merging with, reported a higher-than-expected quarterly profit on Tuesday, helped by lower expenses ..>> view originalNissan to Build New Car Model at Plant in Britain
LONDON — The Japanese carmaker Nissan, one of Britain’s largest overseas employers, announced on Thursday that it would build a new car at its existing plant in Sunderland, giving Prime Minister Theresa May of Britain a considerable political gift.Nissan acted after getting reassurances from Mrs. May that the company would be protected from any negative economic impact from Britain’s decision to leave the European Union. Mrs. May called the announcement “fantastic news for the U.K.,” saying tha..>> view originalTwitter lays off 9% of its workforce as it posts a desperately-needed positive Q3
With Twitter’s acquisition hopes essentially dead, the company now seems it’s on its own to fend for itself and needs to figure out a way to build a reasonable and profitable business. Today, it got a much-needed good Q3 performance by largely beating Wall Street’s expectations across the board. The company also confirmed that it would lay off roughly 9 percent of its staff as it looks to restructure itself into a company that can continue to run on its own and keep Wall Street happy. Those la..>> view original
Wednesday, November 9, 2016
Volkswagen's Crisis Costs Rise as Audi Profit Takes Diesel Hit and other top stories.
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