FRANKFURT (Reuters) – Volkswagen (ETR:VOWG_p) sees no chance of avoiding layoffs and plant closures in order to cut 4 billion euros ($4.2 billion) in costs, the brand’s chief executive said in a newspaper interview, amid an escalating dispute with workers. Thomas Schaefer’s comments further deepen a conflict with unions, who have threatened strikes at the…
By Lawrence Delevingne (Reuters) – Investor Scott Bessent has spent his career in finance, working for macro investment billionaire George Soros and noted short seller Jim Chanos, as well as running his own hedge fund. Bessent will take his investing knowledge down a rarefied career path that only a few other prominent Wall Street luminaries…
(Reuters) -U.S. President-elect Donald Trump is preparing to name Scott Bessent, a longtime hedge fund investor who taught at Yale University for several years, to be his treasury secretary, media reported on Friday. Both Bloomberg and the Wall Street Journal cited people familiar with the matter. Wall Street has been closely watching who Trump will…
(Reuters) – Three Bank of America investment bankers in India have left the company as it probes allegations of wrongdoing over stock sales, a source familiar with the matter said. The departures were first reported by the Financial Times. A whistleblower complaint alleged that Bank of America shared non-public information with some investors before it…
By Jonathan Stempel (Reuters) – Nissan (OTC:NSANY) persuaded a federal appeals court on Friday to decertify 10 class actions accusing the Japanese automaker of selling cars and SUVs with defective automatic emergency braking systems that caused vehicles to stop suddenly for no reason. The 6th U.S. Circuit Court of Appeals in Cincinnati said it was…
(Reuters) – Global credit ratings agency Moody’s (NYSE:MCO) upgraded Saudi Arabia’s rating to “Aa3” from “A1” on Friday, citing the country’s efforts to diversify beyond its oil economy. The world’s leading oil exporter is investing billions of dollars to achieve its Vision 2030 plan, which focuses on reducing its reliance on oil and spending more…
By Anirban Sen, Supantha Mukherjee and Alexandra Alper NEW YORK (Reuters) – Saudi Aramco (TADAWUL:2222)’s digital arm is in talks to take a significant minority stake in Mavenir, in a deal that is likely to value the U.S. telecommunications software maker at about $3 billion, people familiar with the matter told Reuters on Friday. Aramco…
By Lewis (JO:LEWJ) Krauskopf NEW YORK (Reuters) – The health of the U.S. consumer and the retail sector will be in focus in the coming week, as Black Friday kicks off a holiday shopping season that could shed light on how buyers are grappling with higher prices. The benchmark S&P 500 rose 1.7% in the…
By Davide Barbuscia (Reuters) – Investors are hoping President-elect Donald Trump will name a Treasury secretary soon who will assuage their concerns about the Republican’s policy promises that have weighed on an already sagging U.S. government bond market. The benchmark U.S. 10-year yield, which moves inversely to bond prices, is hovering near a five-month high…
Investing.com — NVIDIA Corporation (NASDAQ:NVDA) has wobbled since its third-quarter guidance underwhelmed lofty investor expectations, but analysts from Jefferies are “increasingly convinced the stock is setup well into 2025, citing red-hot demand for the chipmaker’s chips. “With another couple days to digest the print and speak with investors, we’re increasingly convinced the stock is setup well…
