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☆ ‘Zombie star’ of supernova that exploded in 1181 revealed by study
▼ + stars: | 2024-08-13 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +11 min

But Zijlstra, who was not involved with the new study, was the first to make the connection to SN 1181. The report suggested that SN 1181 might belong to the elusive Type Iax category of supernova due to the presence of this “zombie” white dwarf. That energy causes the sudden brightness of the supernova.”That massive collision might explain another curious aspect of the SN 1181 zombie star. “We theorize that the star reignited because SN 1181 was a Type Iax supernova, which is an incomplete explosion. Schaefer added that SN 1181 represents one of the few reliable connections from supernova to supernova remnant.

Persons: ”, Takatoshi Ko, Albert Zijlstra, Dana Patchick, Zijlstra, ” Zijlstra, “, coauthors, NASA's Chandra, ” Ko, Chandra, Ko, Bradley Schaefer, Schaefer, ” Schaefer, astrophysicists Organizations: CNN, Astrophysical, University of Tokyo, University of Manchester, Survey, NASA, ESA, JPL, Caltech, Subaru, Louisiana State University Locations: China, Japan, England, New Mexico, Hawaii

☆ A miraculous little plant proves life persists after deforestation
▼ + stars: | 2024-06-13 | by ( Amanda Schupak | ) edition.cnn.com time to read: +5 min

CNN —On the western slopes of the Andes in Ecuador, John L. Clark, a research botanist at Florida’s Marie Selby Botanical Gardens, happened upon what he calls a miracle. That he could see it at all, nestled there on a moss-covered rock in a remnant patch of untouched land, was impressive. Back in the lab, Clark and his team confirmed that the little plant was a species new to science, and he and his team named it Amalophyllon miraculum. That’s why we decided to call it miraculum,” research botanist John L. Clark said. To an untrained eye, it’s nearly impossible to see the plant about which he’s so excited.)

Persons: John L, Clark, ”, they’re, Clark “, Laurence Skog, Martin Schaefer, ” Schaefer, E.O, Wilson, “, ‘, ” Clark, Schaefer, Amanda Schupak Organizations: CNN, Marie, Marie Selby Botanical, Smithsonian Institution’s National, of, Jocotoco Conservation Foundation Locations: Ecuador, Marie Selby, Centinela, Washington , DC, Western Ecuador, New York City

☆ Life in the Dirt Is Hard. And Climate Change Isn’t Helping.
▼ + stars: | 2024-05-24 | by ( Sofia Quaglia | ) www.nytimes.com time to read: 1 min

They’re dirt-dwelling invertebrates, but, in a sense, they’re the real backbone of Earth’s carbon cycle. Thousands of species of mites and springtails, living in soil all around the world, provide a crucial service by munching organic matter like fallen leaves and wood, transferring its planet-warming carbon into the ground and releasing nutrients that help new plants grow. But now, a new analysis that combined data from 38 different studies on the organisms suggests that drought in some parts of the world, often supercharged by climate change, are killing them off at alarming rates. “It is important to take care of these critters in particular because we know so little about them,” said Ina Schaefer, a soil invertebrate ecology researcher at the University of Göttingen in Germany.

Persons: ”, Ina Schaefer Organizations: University of Göttingen Locations: Germany

☆ Rare lunar event may reveal Stonehenge’s link with the moon
▼ + stars: | 2024-05-21 | by ( Katie Hunt | ) edition.cnn.com time to read: +8 min

The lunar standstill is when the northernmost and southernmost moonrise and moonset are farthest apart. Stonehenge's station stones are thought by some to be aligned with the lunar standstill. Ruggles said that Stonehenge’s station stones, which form a rectangle around the circle, roughly align with the moon’s extreme positions during the lunar standstill. However, it’s much more difficult to say whether Stonehenge really has a connection to the lunar standstill. Amanda Bosh/Stephen LevineOther monuments with possible lunar linkStonehenge isn’t the only megalithic monument potentially linked to the lunar standstill.

Persons: Clive Ruggles, ”, Fabio Silva, ” Ruggles, Ruggles, Andre Pattenden, Silva, ” Silva, Amanda Bosh, Stephen Levine, Erica Ellingson, Ellington, Bradley Schaefer Organizations: CNN, archaeoastronomy, University of Leicester, Bournemouth University, University of Oxford, English Heritage, University of Colorado, Sun, Louisiana State University Locations: Salisbury, England, Rock , Colorado, United States, University of Colorado Boulder, Colorado, Pueblo, Lewis, Scotland

☆ An exploding star nova is due to show up in our skies soon. Here's how to spot it.
▼ + stars: | 2024-03-18 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +4 min

Read previewA nearby exploding star is due to offer a spectacular show that could outshine our North Star this year. The star, which is 3,000 light-years from Earth, is expected to burst in a gigantic explosion — known as a nova — in the coming months. This cosmic blast happens when a tiny white dwarf — the core of a dead star — is locked in the orbit of a giant red star. An artist's impression of a white dwarf exploding near a red giant. Nearby is an arc of four visible stars called the Corona Borealis.

Persons: —, Bradley Schaefer, NASA's, Schaefer, Vega, Pons, Brooks Organizations: Service, Star, NASA, Business, Louisiana State University, New York Times, NASA's Goddard Space Flight, Times, Corona, Canada Locations: Canada

☆ Fighting Through Art: A Kurdish Dancer’s Journey to New York Stages
▼ + stars: | 2024-03-05 | by ( Brian Schaefer | ) www.nytimes.com time to read: 1 min

When Hussein Smko was 9, the American military arrived in his hometown, Erbil, the capital of Iraq’s Kurdish region. It was 2003, and Smko, already a survivor of the Kurdish civil war, would chase the American Humvees with other kids. One day a soldier beckoned him over and demonstrated a simple, beguiling gesture: He held out a straight arm then made it ripple like water, a classic hip-hop move. “I thought it was like a big sparkle,” Smko, 30, said in an interview. The dance they were preparing, “On the Nature of Rabbits,” opens Wednesday at the Joyce Theater in Manhattan.

Persons: Hussein Smko, Smko, Pontus Lidberg, ” Organizations: American, Joyce Theater Locations: Erbil, Iraq’s Kurdish, Tarrytown, N.Y, Swedish, Manhattan

☆ ‘Arctic Ascent’ review: ‘Free Solo’s’ Alex Honnold undertakes another dizzying climb
▼ + stars: | 2024-02-03 | by ( Brian Lowry | ) edition.cnn.com time to read: +3 min

CNN —After feeding the collective fear of heights with “Free Solo,” climber Alex Honnold sets his sights on tackling one of the highest unclimbed cliff faces on the planet, while delivering a climate-change message for good measure. “Arctic Ascent with Alex Honnold” works on both levels (one of them really high up), while making viewers appreciate sitting on a flat, stable surface. Alex Honnold on the glacier in "Arctic Ascent With Alex Honnold." (Granted, Honnold was doing this before “Free Solo” dramatically upped his profile, but as an executive producer of this latest project, he’s made the most out of that since.) “Arctic Ascent with Alex Honnold” premieres February 4 at 8 p.m.

Persons: Alex Honnold, Alex Honnold ”, Heidi Sevestre, mercifully, Honnold, Hazel Findlay, Mikey Schaefer, Matt Pycroft, he’s Organizations: CNN, Geographic, Disney, El Capitan, Honnold, “, Hulu Locations: Hulu, Greenland, El

☆ Volkswagen to reduce headcount at 'no longer competitive' VW brand
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. "With many of our pre-existing structures, processes and high costs, we are no longer competitive as the Volkswagen brand," Schaefer told a staff meeting at the carmaker's headquarters in Wolfsburg, according to a post on the company's intranet site and seen by Reuters. The company had previously said it planned to take advantage of the "demographic curve" to reduce its workforce, having pledged that it would not carry out dismissals until 2029. In Monday's meeting, human resources board member Gunnar Kilian said this would be achieved through agreements on partial or early retirement. ($1 = 0.9168 euros)Reporting by Victoria Waldersee Writing by Matthias Williams Editing by Miranda Murray and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Thomas Schaefer, Schaefer, Gunnar Kilian, Kilian, Victoria Waldersee, Matthias Williams, Miranda Murray, David Goodman Organizations: New York, REUTERS, BERLIN, VW, Volkswagen, Reuters, Victoria, Thomson Locations: Manhattan , New York City, U.S, Wolfsburg

☆ VW struggling with S.Africa costs as group targets savings - executive
▼ + stars: | 2023-11-24 | by ( Joe Bavier | ) www.reuters.com time to read: +3 min

[1/2] Thomas Schaefer, Volkswagen's CEO of the VW Passenger Cars Brand speaks with Reuters about the future of VW production in Africa, in Johannesburg, South Africa, November 24, 2023. The German automaker has been in South Africa for nearly 80 years. Factors like competitive labour costs once placed it among the company's higher-ranking bases globally, VW brand chief Thomas Schaefer said during a visit to the country. Schaefer said there were no current plans to introduce EV manufacturing in South Africa, since electric cars are currently priced out of the reach of most domestic consumers. "There's a realistic chance that South Africa, with enough focus, with all the raw materials in the neighbourhood, they could be a champion," Schaefer said.

Persons: Thomas Schaefer, Volkswagen's, Sumaya Hisham, Schaefer, We're, " Schaefer, Victoria Waldersee, Mark Potter Organizations: VW, Reuters, REUTERS, Volkswagen, Polo, European Union, Thomson Locations: Africa, Johannesburg, South Africa, JOHANNESBURG, Uitenhage, Britain, Berlin

☆ Derek Hough, America’s Ballroom Ambassador, Hits the Road
▼ + stars: | 2023-11-19 | by ( Brian Schaefer | ) www.nytimes.com time to read: +1 min

In England, Hough trained in many styles of dance as well as acting and singing. But it was the competitive ballroom dance scene that really grabbed him. Hough stayed in London for a decade pursuing opportunities, which included starring in “Footloose” on the West End in 2006. When Hough arrived, in the fifth season, it was clear to Green that he was particularly well suited to the show. On all of those metrics, Derek was really good.”Hough is a six-time “Stars” champion and three-time Emmy winner for his “Stars” choreography.

Persons: Hough, “, ”, Julianne, ” Green, Derek, ” Hough Organizations: “ Locations: England, London, United States

☆ Volkswagen to cut administrative personnel costs 20% in savings drive -Handelsblatt
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Nov 13 (Reuters) - Volkswagen (VOWG_p.DE) plans to cut administrative personnel costs by a fifth as part of a cost-cutting package to save 10 billion euros ($10.8 billion) by 2026, the Handelsblatt daily reported on Monday, citing an internal company podcast. Gunnar Kilian, Volkswagen's board member for human resources, said in conversation with VW brand chief Thomas Schaefer that the cuts would focus on cost reduction rather than headcount, according to the Handelsblatt report. The specific details of the drive at Volkswagen's passenger car brand, announced in June and currently being defined in talks between management and the workers council, are due to be set by December. Volkswagen has signed an agreement with the workers council to secure jobs until 2029, and the council has repeatedly said it will not allow changes to that agreement. Reporting by Victoria Waldersee, Christina Amann; Writing by Victoria Waldersee, Miranda Murray; Editing by Stephen Coates and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Fabian Bimmer, Gunnar Kilian, Volkswagen's, Thomas Schaefer, Victoria Waldersee, Christina Amann, Miranda Murray, Stephen Coates, Bernadette Baum Organizations: VW, REUTERS, Rights, Volkswagen, Reuters, Thomson Locations: Wolfsburg, Germany

The pandas’ departure from the National Zoo leaves Zoo Atlanta as the only other US zoo to feature pandas from China, and not for much longer. First lady Pat Nixon welcomes China's giant pandas on April 20, 1972, at Washington's National Zoo. They have since become the parents of seven giant panda cubs born at Zoo Atlanta, according to the zoo. Staff at the National Zoo say they’re hopeful China might one day send over more giant pandas. Plans for the exhibit, with a welcome sign announcing the “Giant Pandas of Chengdu” and a panda-themed gift shop, aren’t clear.

Persons: Tian Tian, Mei Xiang, Xiao Qi Ji, Nixon, Mao Zedong, Richard Nixon, ”, Mao Ning, Richard Nixon’s, Mao Zedong’s, Pat Nixon, “, Hsing, YaYa, Xin Xin, David Culver, Fernando Gual Sill, CNN Xin Xin –, Xi Jinping, Vladimir Putin, Yang Yang, Lun Lun, Steve Schaefer, –, Bob Lee, Jane Mahalik, “ Pat Nixon, ” Mahalik, Jill Biden, Yong Xiong, Melissa Gray Organizations: CNN, Smithsonian National Zoo, ” Zoo, National Zoo, Zoo, AP China, China’s Ministry of Foreign Affairs, Washington, of Public Service, Memphis Zoo, Atlanta, Chapultepec Zoo, Pandas, Zoo Atlanta, Getty, Scotland, Edinburgh Zoo, Adelaide Zoo, Chengdu Research Base, Staff, National Locations: Washington ,, China, what’s, Zoo Atlanta, Beijing, United States, City of Peking, Washington, Atlanta, Russia, Mexico City, Chapultepec, Mexico, “, China’s, Moscow, Qatar, AFP, America, Zoo, Chengdu, New York, Los Angeles

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

Volkswagen has said that cost-cutting plans would include focusing on fewer high-volume models as well as streamlining production of VW passenger cars, SEAT/CUPRA and Skoda. The Volkswagen brand has the company's highest sales volume by far, but margins traditionally lag behind luxury Audi and Porsche vehicles. A Volkswagen brand spokesperson confirmed that talks began with workers in early October and that it would not comment further on the timeline or content of discussions. Labour representatives, including the head of Volkswagen works council Daniela Cavallo, make up half of the company's supervisory board per German corporate governance law for large firms. A works council spokesperson confirmed a first meeting had taken place but declined to comment further on the timeline.

Persons: Matthias Rietschel, carmaker, Arno Antlitz, Brand, Thomas Schaefer, Daniela Cavallo, Cavallo, Victoria Waldersee, Christoph Steitz, Rod Nickel Organizations: Volkswagen Group, REUTERS, BERLIN, Volkswagen, VW, SEAT, Skoda, Porsche, Labour, Thomson Locations: Zwickau, Germany

☆ Donors should have woken up long ago to anti-semitism on campus, says AEI's Naomi Schaefer Riley
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDonors should have woken up long ago to anti-semitism on campus, says AEI's Naomi Schaefer RileyNaomi Schaefer Riley, senior fellow at the American Enterprise Institute, joins 'Power Lunch' to discuss CEOs calling on universities to make statements on Israel-Hamas war.

Persons: AEI's Naomi Schaefer Riley Naomi Schaefer Riley Organizations: American Enterprise Institute Locations: Israel

☆ First the bubbly, then the layoffs. Inside Better's latest round of job cuts.
▼ + stars: | 2023-09-22 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

(Excluding Aurora's stock price, shares of the Nasdaq-listed Better Home & Finance are down more than 59% from the opening day.) In an emailed statement, Schaefer said that the company plans to replace at least some of the laid-off employees. Employees were given 30 days of pay, and up to three months of company-provided COBRA coverage, according to two laid-off employees. The mortgage industry has been hit hard by rising rates, leading to revenue declines and layoffs across the industry. Both former employees told Insider that they were optimistic that the cash infusion might offer some relief after a year of what felt like constant layoffs.

Persons: Vishal Garg, Kevin Ryan, Jessica Schaefer, Schaefer, Jay Powell, Garg, Slack Organizations: Staff, Aurora Acquisition Corp, Aurora, Nasdaq, Finance, Employees Locations: India

☆ West Virginia Budget Cuts Are a Taste of Higher Ed’s Future
▼ + stars: | 2023-09-15 | by ( James Piereson | Naomi Schaefer Riley | ) www.wsj.com time to read: 1 min

Michigan Tech has come out on top and Harvard at the bottom in the largest-ever survey looking into the state of free speech on America's college campuses. Most elite colleges, including Penn and Yale, trail larger state schools with more working-class students. Images: Shutterstock/FIRE Composite: Mark KellyGordon Gee thinks higher education is at a “crossroads.” If it takes the wrong turn, it will head over a demographic and financial cliff. To save West Virginia University, of which he is president, in February he announced significant cuts, including the elimination of 169 faculty positions and some 30 academic programs and departments that were either lacking enrollment or too expensive to maintain.

Persons: Mark Kelly Gordon Gee Organizations: Michigan Tech, Harvard, Penn, West Virginia University Locations: Yale

☆ The most insidious part of online shopping is about to get even worse
▼ + stars: | 2023-09-14 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +16 min

Companies are just baking all those fees into the total price — making the hidden fees even more hidden. On the first page, you see the ticket price. I have never seen a good justification of what I'd call mandatory hidden fees. The Canadian government is also looking to pare down hidden fees. After all, Mahoney told me, "I have never seen a good justification of what I'd call mandatory hidden fees."

Persons: I'd, Neale Mahoney, Joe Biden's, Mahoney, Marcos Villaoslada, Sara Fisher Ellison, Ellison, Harold Hill, obfuscation, you've, Vicki Morwitz, Morwitz, — they've, StubHub, Laura Dooley, StubHub's, pare, Michael Negron, —, they're, Joe Biden, Alex Wong, Maggie Rogers, she'd, Audrey Fix Schaefer, Juliana Kaplan Organizations: Stanford University, White, Economic Council, Europa Press, Getty, MIT, Columbia Business School, YouGov, Ticketmaster, National Economic Council, NPR, Federal Trade Commission, I.M.P, Independent, Association Locations: New York, upsell, Europe, Washington ,

☆ Mercedes boss: EV costs will remain higher for foreseeable future
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

Ola Kaellenius's comments come as Mercedes-Benz disclosed more details about its newest electric vehicle architecture, the CLA compact electric sedan, which will launch next year and target 30% to 35% more driving range. "The variable costs for an electric car are higher. It will remain that way for the foreseeable future," Kaellenius told journalists at the IAA car show in Munich, adding higher costs could not be passed on to customers on a like for like basis. Variable costs weighing on the price tag of EV production include raw materials for batteries, software development, and electricity prices. Batteries for the CLA will be produced by key supplier CATL (300750.SZ) and ACC, in which Mercedes owns a third.

Persons: Ola Kaellenius's, Kaellenius, Markus Schaefer, Mercedes, Schaefer, Christina Amann, Christoph Steitz, Frances Kerry Organizations: Benz, Mercedes, IAA, ACC, Victoria, Thomson Locations: Woodstock , Alabama, MUNICH, Munich

☆ Opinion | Trump, Lord of the Ring (Around the Collar)
▼ + stars: | 2023-08-24 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

Given the existential threat he poses to America as we know it, Donald Trump’s economic ideas aren’t the first thing on most people’s minds. Nonetheless, it was a bit startling to see Trump propose, as he did last week on Fox Business, a 10 percent tariff on all U.S. imports, which he called a “ring around the collar” of the U.S. economy. Before I get to why that would be a really bad idea, I can’t help noting how remarkable it was to hear Trump using that phrase. It’s an article of faith among many Republicans that President Biden is doddering and senile (even though he isn’t, at all). (Wisk detergent was supposed to prevent ring around the collar.)

Persons: James J, Jordan, “ I’d, Schaefer, Donald Trump’s, Trump, Biden Organizations: Fox Business Locations: America, U.S

☆ Germany to buy 60 Chinooks for up to 8 bln euros -lawmakers
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

BERLIN, July 5 (Reuters) - Germany will buy 60 Chinook helicopters from Boeing (BA.N) in a package that will cost up to 8 billion euros ($8.7 billion), including necessary infrastructure for the aircraft, two members of the parliamentary budget committee told Reuters on Wednesday. The sum includes the procurement of the CH-47 heavy-lift helicopters for 6.27 billion euros, 700 million euros for service, 240 million euros for national contracts and 750 million euros for infrastructure, according to earlier information. Germany said it planned to buy 60 Chinook heavy-lift helicopters from Boeing last year to replace its ageing CH-53 fleet. Originally, 6 billion euros had been budgeted. German Chancellor Olaf Scholz shifted policy in February 2022 after Russia invaded Ukraine, sharply increasing defence spending and committing 100 billion euros for the Bundeswehr, Germany's armed forces.

Persons: Olaf Scholz, Sebastian Schaefer, Holger Hansen, Sabine Siebold, Friederike Heine, Emelia Organizations: Boeing, Reuters, Wednesday, Bundeswehr, Greens, Thomson Locations: BERLIN, Germany, Holzdorf, Berlin, Poland, Russia, Ukraine

☆ 'Way too low for way too long': Local business owners applaud July 1 minimum wage increases
▼ + stars: | 2023-07-01 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +5 min

"As far as minimum wage, it's been way too low for way too long," Saginaw says. Some oppose minimum wage increases, as they boost overall costs. That said, here's how much minimum wages are increasing across the U.S., and why these two small business owners applaud the change. A statewide minimum wage increase to $12 for all employees (regardless of benefit status) will take place in July 2024. Minimum wage is also increasing in Chicago and San Francisco, among other cities and counties.

Persons: Paul Saginaw, Gina Schaefer, Schaefer, Tom Williams, it's, — Organizations: CNBC, Hardware, Capitol Visitor Center, Cq, Inc, Getty, D.C, DC, Logan Locations: Nevada , Oregon, Washington, Maryland, Virginia, Las Vegas, Saginaw, Nevada, U.S, Portland, Montgomery County , Maryland, Chicago, San Francisco

☆ Volkswagen passenger cars targets 10 billion euros of efficiency gains
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 14 (Reuters) - Volkswagen's (VOWG_p.DE) passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday. "The Volkswagen Group is focusing even more strongly on profitability and cash flow," Antlitz said in his post. Antlitz's statement came after Volkswagen brand chief Thomas Schaefer told workers in an internal memo in mid-May it was planning an overhaul at its core brand to put it on more solid footing. Volkswagen is due to present new financial targets and an updated corporate strategy for the entire group at a capital markets day next Wednesday. The carmaker's supervisory board was due to discuss on Tuesday cost-cutting measures across the Volkswagen, Seat, Skoda and Cupra brands to achieve that goal, a source told Reuters.

Persons: Arno Antlitz, Antlitz, Thomas Schaefer, Schaefer, Victoria Waldersee, Jan Schwartz, Miranda Murray, Kirsten Donovan Organizations: Skoda, SEAT, Volkswagen, Reuters, Thomson Locations: BERLIN, Spain

☆ Volkswagen supervisory board to discuss savings programme on Tuesday
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 12 (Reuters) - Volkswagen's (VOWG_p.DE) supervisory board will meet on Tuesday to discuss a planned savings programme ahead of its capital markets day on June 21, two sources close to the company said on Monday. The board will discuss cost-cutting measures amounting to at least 3 billion euros ($3.22 billion) across the Volkswagen, Seat, Skoda and Cupra brands, said one source. Germany daily Handelsblatt, which first reported on the savings programme, reported that Chief Executive Oliver Blume wants to curb duplicate development work and better utilise German plants, particularly at Audi and Volkswagen. Volkswagen brand chief Thomas Schaefer said in an internal memo in May that the brand was targeting a 6.5% return on sales, compared to 3% achieved in the first quarter of this year. The Volkswagen brand must act," he wrote at the time.

Persons: Oliver Blume, Arno Antlitz, Thomas Schaefer, Jan Schwartz, Miranda Murray, Victoria Waldersee, Susan Fenton Organizations: Volkswagen, Skoda, Audi, Group, Reuters, Thomson Locations: BERLIN, Germany

☆ Volkswagen plans core brand revamp to boost returns -internal memo
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Companies Volkswagen AG FollowBERLIN, May 17 (Reuters) - German carmaker Volkswagen (VOWG_p.DE) plans to overhaul its core brand to increase efficiency and returns, according to an internal memo from VW brand chief Thomas Schaefer seen by Reuters on Wednesday. "We can see that our brand – despite all its strengths – is not yet on a sufficiently solid economic footing," Schaefer wrote in the memo. The Volkswagen brand must act," he wrote. Handelsblatt business daily first reported the plans, saying they involved cost savings and were designed to increase annual results by at least 3 billion euros. In the memo seen by Reuters, Schaefer wrote that details of the revamp would be worked out in coming weeks and months.

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