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☆ Former Acting U.S. Trade Representative: Trump’s Tariffs Are a Terrible Idea
▼ + stars: | 2024-10-31 | by ( Miriam Sapiro | ) www.usnews.com time to read: +7 min

As a former acting U.S. trade representative who also served on the National Security Council, I’ve engaged in international economic policymaking firsthand. Trump’s main economic idea is to indiscriminately impose tariffs on U.S. trading partners, but it is American importers, exporters and consumers who will pay the price. When Trump last levied tariffs, the EU, Canada, China and other trading partners imposed their own tariffs in retaliation. While President Joe Biden left most of Trump’s tariffs against China in place, he managed to negotiate agreements that led to the easing of many retaliatory measures. As president, Harris would lead an economy that helps everyone, not just those at the very top.

Persons: you’re, it’s, you’ve, Kamala Harris, Donald Trump, I’ve, Harris, Shawn Fain, “, ” Harris, Harris ’, Trump, Smoot, Hawley, Mitch McConnell, “ I’m, Trump’s, Davidson, Joe Biden, Biden Organizations: National Security Council, United Auto Workers, Democratic Party, Republican, Foundation, European Union, Pennsylvania Farm Bureau, ”, Harley, EU Locations: Pennsylvania, Michigan, Wisconsin, America, China, U.S, EU, Canada

☆ Striking Boeing workers to vote on 38% pay rise deal on Monday
▼ + stars: | 2024-10-31 | by ( ) edition.cnn.com time to read: 1 min

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☆ Expect the unexpected in Friday’s jobs report
▼ + stars: | 2024-10-31 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

In any other month, the finishing touch would be a clean reading on the labor market from the official jobs report. However, a common thread among economists is that the strikes and hurricanes could take a 100,000-job bite out of the October jobs report. The last time there were back-to-back major hurricanes — Harvey and Irma in 2017 — the forecasts for the following month’s jobs report were for a loss of 33,000 positions. And each contribute to two of the biggest numbers in the monthly jobs report. A key date to keep in mind for the jobs report is October 12, as it anchors the “reference period” for both surveys.

Persons: ’, Claudia Sahm, “ It’s, That’s, aren’t, FactSet, Joe Brusuelas, — Harvey, Irma, Sahm, Oliver Allen, Milton, ”, Harris, Kamala Harris, Donald Trump’s, We’re, Biden, Jared Bernstein, Joe Biden’s, “ Organizations: CNN, Boeing, Reserve, New Century Advisors, Labor, Survey, Bureau of Labor Statistics, of Labor, Challenger, ADP, BLS, RSM, Pantheon Macroeconomics, Republicans, The New York Times, Siena College, Associated Press Locations: Washington and Oregon

☆ How a Trump or Harris presidency could impact the future of AI
▼ + stars: | 2024-10-31 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +9 min

Business Insider spoke to five experts about what a Trump and Harris presidency would bring for AI. AdvertisementReese worked at the Department of Homeland Security during the final year of the Trump administration. "When I worked under the Trump administration, there was actually quite a bit of activity, they were very active," he said. Whether Trump or Harris wins the White House, Etzioni and Bailey said that having AI experts in the administration is crucial. Among the few upsides Bailey sees to Biden's executive order is the call to have agencies appoint AI directors.

Persons: Trump, Harris, —, Kamala Harris, Donald Trump, Darrell West, John Bailey, Biden, Taylor Swift, Trump hasn't, Joe Biden, overreach, Nicholas Reese, Bailey, Biden's, Megan Shahi, Oren Etzioni, Etzioni, Joe Biden's, Reese, they're, Shahi, — Bailey, Tony West, Uber — Harris Organizations: Big Tech, Service, White, Business, Center for Technology Innovation, Brookings Institute, American Enterprise Institute, New York University, Emerging Technology, Department of Homeland Security, Technology, Center for American Progress, Allen Institute, Republican, Security, China, Trump, National AI Research, Harris Locations: California

☆ Big Tech's vanishing perks have left employees to face a stark new reality
▼ + stars: | 2024-10-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, Big Tech is pulling back on the freebies for its employees . The perks help recruit and retain talent and keep employees working at the office. Some Amazon employees aren't buying it. It's not all bad news for Amazon employees, though. Some Amazon employees support Jeff Bezos' controversial WaPo decision.

Persons: —, David Arky, Tyler Le, Insider's Lara O'Reilly, Rob Price, Hugh Langley, Sydney Bradley, It's, Matt Garman, Frederic J . BROWN, BI's Jyoti Mann, Ashley Stewart, Garman, Stave Huffman, Spencer Platt, Natalie Ammari, Tesla, Meta, Jenny Chang, Rodriguez, Harris, Trump, you'll, Jeff Bezos, Bezos, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi Organizations: Business, Service, Microsoft, SEC, Big Tech, Meta, Citibank, Tech, Services, Getty, Amazon Web Services, Amazon, BI, Google, Semiconductor, Intel, Washington Post, Apple Locations: OpenAI, AFP, New York, London

☆ Ballot box fires: What we know about the suspect
▼ + stars: | 2024-10-31 | by ( Chris Boyette | Steve Almasy | ) edition.cnn.com time to read: +3 min

Investigators have not identified the suspect, Portland Police Chief Bob Day said Wednesday, but police have released a physical description and other information. The Portland Police Bureau has released photos of the suspected vehicle connected to the ballot box fire in Southeast Portland early Monday morning. An “incendiary device” found attached to the side of a ballot drop box in Portland, early Monday damaged ballots, but most were unaffected because of fire suppressant installed in the ballot box. Another fire was set at a ballot box in Vancouver, Washington, the same day. Investigators have also linked the two most recent incidents to a third ballot box fire on October 8, also in Vancouver.

Persons: Bob Day, ”, “ That’s, Mike Benner, suppressant, Jay Inslee Organizations: CNN, Portland Police, Police, ” Police, Volvo, Portland . The Portland Police Bureau, Workers, Washington Gov Locations: Oregon, Benner, Portland ., Southeast Portland, Portland, Vancouver , Washington, Vancouver, Columbia, Clark, Washington

☆ Friday's jobs report is expected to show the slowest pace of hiring in years
▼ + stars: | 2024-10-31 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Goldman Sachs estimates that Helene could shave as much as 50,000 off the payrolls count, though Hurricane Milton probably happened too late to impact the October count. The Boeing strike, meanwhile, could lower the total by 41,000, added Goldman, which is forecasting total payrolls growth of 95,000. Data has been solidYet indicators leading up to the much-watched jobs report show that hiring has continued apace and layoffs are low, despite the damage done from the storms and the strikes. Still, the White House is estimating that the events cumulatively may hit the payrolls count by as many as 100,000. The "disruptions will make interpreting this month's jobs report harder than usual," Jared Bernstein, chair of the Council of Economic Advisers, said Wednesday.

Persons: Angus Mordant, Dow Jones, Milton, Michael Arone, Arone, Goldman Sachs, Helene, Hurricane Milton, Goldman, Jared Bernstein Organizations: Bloomberg, Getty, of Labor Statistics, Hurricanes, Boeing, State Street Global Advisors, of Economic Advisers Locations: Catskill , New York, U.S, Hurricane

☆ AI is going to disrupt knowledge workers, create upward social mobility in jobs, says Cognizant CEO
▼ + stars: | 2024-10-31 | 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 EmailAI is going to disrupt knowledge workers, create upward social mobility in jobs, says Cognizant CEORavi Kumar, Cognizant CEO, joins CNBC's 'Money Movers' to discuss how the company is integrating AI, Q3 earnings results, and more.

Persons: Ravi Kumar

☆ Spain hit by deadliest floods in decades. Here’s what we know
▼ + stars: | 2024-10-31 | by ( Sophie Tanno | Laura Paddison | ) edition.cnn.com time to read: +7 min

Oscar Del Pozo/AFP/Getty ImagesAt least 40 people, six of whom were in a retirement home, died in the town of Paiporta in Valencia, Spanish state news agency EFE reported, citing its mayor. Extreme rain warnings were put in place for some areas including around Valencia, according to Spain’s Meteorological Agency, AEMET. “This suggests the system for alerting people to the dangers of floods in Valencia has failed, with fatal consequences. Extreme weather warnings continue for portions of eastern and southern Spain, according to AEMET, with more rain expected. This week’s floods are the most deadly Spain has suffered in decades.

Persons: Oscar Del Pozo, EFE, Margarita Robles, Carlos Mazon, Hannah Cloke, ” Cloke, ”, Pedro Sanchez, Sanchez, don’t, Eva Manez, Ernesto Rodríguez Camino, Vega Organizations: CNN, Vehicles, Getty, Spain’s, Spain’s Meteorological Agency, UK’s University of Reading, Valencia, Spanish, Spanish Securities, Emergencies, Spanish Meteorological Association Locations: Spain, Valencia, Spanish, Letur, AFP, Paiporta, Murcia, Malaga, Andalusia, Spain’s, Europe, Orange, Castellon, Ribadelago, Biescas, Germany, Belgium

☆ Here's how much money you need to make an hour to comfortably afford rent in 15 major U.S. cities
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

From coast to coast, the minimum wage is falling short of how much Americans need to comfortably afford average rent prices in major cities. The federal minimum wage has sat at $7.25 for the past 15 years. Fair market rent is based on the U.S. Department of Housing and Urban Development's fair market rent standard. Under this model, around 40% of similar units in the area rent for less than the listed fair market rental price and 60% rent for more. Here's how the minimum wage in 15 large U.S. cities compares with the hourly wage you'd actually need to earn in order to comfortably afford a one-bedroom dwelling at fair market price, per Clever Real Estate's data.

Persons: it's Organizations: National Conference of State Legislatures, U.S . Department of Housing, Urban Locations: New York, U.S

☆ The US is on the cusp of a lithium boom to loosen China's grip on EVs
▼ + stars: | 2024-10-31 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +7 min

AdvertisementThe US is on the cusp of a lithium boom after years of laying the groundwork for an electric-vehicle supply chain that doesn't rely on China. The three sites, expected to come online between 2026 and 2028, would massively increase the US's lithium supply. A Tiehm's buckwheat plant in Esmeralda County, Nevada, grows beside where the Rhyolite Ridge lithium-boron mine is planned. AdvertisementRowe said Ioneer redesigned the Rhyolite Ridge mine to limit its footprint in the critical habitat of the endangered wildflower, Tiehm's buckwheat. The Biden administration, in issuing the permit for the mine, said it would not jeopardize the flower's survival.

Persons: —, Biden, Bernard Rowe, VCG, Rowe, Karl Friedhoff, Robyn Beck, Thacker, Ioneer, brines Organizations: Service, EV, Atlantic Council, Chicago Council, Global Affairs, House, Biological Diversity, Biden, Western Shoshone Defense, AP, Resources, Survey Locations: Nevada and California, China, Nevada, Thacker, Australia, South America, Chile, Argentina, Shanghai İnternational Port, Asia, Japan, India, Ioneer, California, Texas, Shoshone, Esmeralda County , Nevada, Oregon, Arkansas

President Harris would probably put more pressure on Israel to reach a cease-fire and open up talks with the Palestinians. Ukrainians worry that a President Trump would force a quick and dirty peace deal favorable to Russia. They hope a President Harris would continue to support them on the battlefield. Under President Harris, that would probably mean continuity with the Biden administration policies that have become much more restrictive over time. Migrants from all over the world pass through Mexico to get to the U.S. border, and the United States can’t control the flow of migrants without Mexico’s assistance.

Persons: Israel Patrick Kingsley, Harris, Trump, Benjamin Netanyahu, Ukraine Anton Troianovski, Volodymyr Zelensky, Vladimir V, Putin, Biden, China Keith Bradsher, NATO Steven Erlanger, United States doesn’t, “ I’m, Ana Swanson, Donald Trump, haven’t, South Africa John Eligon, Biden —, Harris —, Mexico Natalie Kitroeff, Somini Sengupta Organizations: Trump, U.S, Manufacturing, NATO, The Times, Global, United, Biden Locations: Jerusalem, Israel, Gaza, Iran, Russia, Ukraine, Moscow, United States, America, Europe, China, Beijing, Taiwan, Japan, South Korea, Philippines, India, —, Hungary, Italy, Germany, South Africa, Johannesburg, Africa, Zambia, Indian, Brazil, Ethiopia, BRICS, Mexico, Mexico City, U.S

☆ Key Fed inflation rate hits 2.1% in September, as expected
▼ + stars: | 2024-10-31 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Inflation increased slightly in September and moved closer to the Federal Reserve's target, according to a Commerce Department report Thursday. The personal consumption expenditures price index showed a seasonally adjusted 0.2% increase for the month, with the 12-month inflation rate at 2.1%, both in line with Dow Jones estimates. Fed officials target inflation at a 2% annual rate, a level it has not achieved since February 2021. The annual rate was 0.1 percentage point higher than forecast but the same as in August. In September, the Fed slashed the rate by a half percentage point, a move virtually unprecedented during an economic expansion.

Persons: Dow Jones Organizations: Commerce Department, Fed, Energy, Labor Department, of Labor Statistics

☆ What caused the deadly flash floods in Spain?
▼ + stars: | 2024-10-31 | by ( Selima Hussain | Yuelei Song | ) www.businessinsider.com time to read: 1 min

A year's worth of rain slammed Spain in just one day, leading to catastrophic flash floods that have killed at least 158 people. Footage shows dozens of cars overtaking streets in Valencia and emergency workers rescuing residents from flooded homes. Here's what we know about the flash floods and what caused them.

Locations: Spain, Valencia

☆ At least 12 dead in Mexico steel plant explosion
▼ + stars: | 2024-10-30 | by ( ) www.nbcnews.com time to read: 1 min

TLAXCALA, Mexico — An explosion at a Simec-owned steel plant in Mexico’s central Tlaxcala state in the early hours of Wednesday killed at least 12 people, state authorities said. “At the plant of the steel complex located in the city of Apizaco, Tlaxcala, a liquid steel spill occurred with the loss of human lives, temporarily paralyzing operations,” the firm said in a statement. The state civil protection office said in a social media post that the blast was likely caused after smelting apparatus collapsed. Those killed were workers at the plant, the state prosecutor’s office told Reuters. However, molten steel, when it comes into contact with water, causes an explosion.

Persons: “, Simec Organizations: Reuters, Authorities Locations: TLAXCALA, Mexico, Mexico’s, Tlaxcala, Apizaco

Groups in favor of the ballot measure are making a final push as early voting is underway, with hundreds of thousands of ballots already cast. While some states, like California and Vermont, passed abortion rights ballot measures by well over 60%, in other states, such as Michigan and Ohio, they passed by about 56%. Jeanette Nuñez, who opposes the ballot measure, accused the abortion rights ads of being deceptive. And one state agency that regulates health care providers, including abortion clinics, launched a website last month opposing the ballot measure. “But they don’t necessarily connect that there’s a six-week abortion ban.”

Persons: Chelsea Daniels, ” Daniels, Court's Dobbs, Octavio Jones, —, Roe, Wade, it’s, ”, Fernand Amandi, Ron DeSantis, ” Amandi, Gov, Jeanette Nuñez, Nuñez, they're, “, Lauren Brenzel, there’s, Alex Berrios Organizations: MIAMI, Getty, Democratic, Republican, Republican Florida Gov, of Health, NBC News, Physicians for Human Rights, Network, The Florida Department, State’s, Security, Department of Transportation Locations: Florida, Parenthood’s Miami, Orlando, Fla, California, Vermont, Michigan, Ohio, Miami

UNRWA provides far more than humanitarian aid in the Gaza Strip. Many Palestinians see darker motives, viewing the UNRWA ban as Israel's latest attempt to make their lives unlivable, first imprisoning and bombing them, now taking away their main aid lifeline. Palestinians wait to receive medicines at the UNRWA health center in Khan Younis last month. Despite its endorsements, the United States is yet to resume funding to UNRWA after Israel's Oct. 7 allegations. The Israeli Foreign Ministry has said it will use other agencies, such as the World Food Programme and the World Health Organization, to distribute aid.

Persons: ”, Scott Paul, Ariel Schalit, ” Mustafa Barghouti, Ahmad Gharabli, Khan Younis, Bashar Taleb, —, Matthew Miller, “, David Lammy, Hazem Bader, Oren Marmorstein, António Guterres, Philippe Lazzarini Organizations: United Nations, UNRWA —, Hamas, UNRWA, Oxfam America, Palestinian National Initiative, NBC, United Nations Refugee Agency, UNHCR, West Bank, Getty, ”, British, West, Foreign Ministry, NBC News, Israeli Foreign Ministry, Food, World Health Organization, General Locations: Gaza, Gaza City, Israel, Jordan, Syria, Lebanon, Jerusalem, AFP, Ireland, Norway, Slovenia, Spain, United States, U.S, North Korea, West Bank, Hebron, Israel's

☆ Private job creation totaled a stunning 233,000 in October, far more than expected, ADP says
▼ + stars: | 2024-10-30 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com time to read: +2 min

ADP said it was the best month for job creation since July 2023. “Even amid hurricane recovery, job growth was strong in October,” ADP chief economist Nela Richardson said. Job creation was strongly concentrated in companies with 500 or more employees, which added 140,000 of the total. The ADP report traditionally tees up the more closely watched nonfarm payrolls count from the Bureau of Labor Services. The BLS report showed private job gains of 223,000 in September and 254,000 total payrolls growth.

Persons: Dow Jones, Nela Richardson, Helene, Milton — Organizations: North Carolina, Boeing, Federal Reserve, Manufacturing, Bureau of Labor Services, ADP, BLS Locations: U.S, Florida, North

☆ The E.U. is imposing duties on electric vehicles from China after trade talks fail
▼ + stars: | 2024-10-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +3 min

BRUSSELS, Belgium — The European Union is imposing duties on imports of electric vehicles from China starting Wednesday after talks between Brussels and Beijing failed to find an amicable solution to their trade dispute. According to the commission, which manages trade disputes on behalf of the 27 E.U. member countries, sales of Chinese-built electric cars jumped from 3.9% of the EV market in 2020 to 25% by September 2023, in part by unfairly undercutting E.U. Other EV manufacturers in China, including Western companies such as Volkswagen and BMW, would be subject to duties of 20.7%. The measures were published in the bloc’s legal Official Journal late Tuesday, meaning duties entered into force as of midnight, said E.U.

Persons: we’re, Valdis Dombrovskis, undercutting, ’, Hildegard Müller, VDA, ” Müller, E.U, Arianna Podesta Organizations: Trade Organization, SAIC, Geely, Volvo, Britain’s MG, EV, Volkswagen, BMW, China’s Commerce Locations: BRUSSELS, Belgium, China, Brussels, Beijing, Germany

But while she was in the hospital, Becky contracted a bone infection that would ultimately require nine arm operations. “I wish I’d make less money so that I can get more benefits, because I’m actually more in debt now.”The challenge of a high deductibleOf all the reasons a family can face medical debt from childbirth, high deductibles are among the most common. “Many workers used to have zero-deductible health care plans, but that’s less true today. “I’m never going to pay off all of our debt, so add on the hospital debt to it. But other changes, like getting rid of deductibles altogether or even instituting universal health care, feel impractical, if not impossible.

Persons: Jessica, “, ” Lauren Crocks, SUI, Becky Munge, Jovie, Becky, Cole, Gavin, Ava, Becky Munge Jovie, ” Becky, “ We’re, we’re, I’m, ”, Adam Gaffney, Wesley Bruce, Ashley Perez’s, Ashley Perez, Ashley Perez Bruce, Perez, ’ ” Perez, “ I’m, they'd, ” Nick Olson, Sanford Health’s, Becker Organizations: Health, SIU, NBC News, Medicaid, Health Care Cost, D.C, Children’s Health, Mayo Clinic, of Illinois, Cambridge Health Alliance, Sanford Health, NBC Locations: Washington, Morton , Illinois, Rochester , Minnesota, Massachusetts

For many families, child care is often the biggest. Thanks to a state program launched during the recovery from the pandemic, they pay nothing for child care. Vice President Kamala Harris proposes capping child care costs at 7% of working families’ incomes, along with an up-to-$6,000 expanded child tax credit for those with newborns. The permanent fund now funnels more than $150 million from fossil fuel producers into child care subsidies, state officials estimate. As elder care costs continue to outpace inflation, the Democratic ticket sees that constituency as key to victory.

Persons: Maggie Wright, JJ Oviedo, Patricio, Uriel, ”, Wright, JJ, “, ” Maggie Wright, Oviedo, Michelle Lujan Grisham, Kamala Harris, Donald Trump hasn’t, —, Elizabeth Groginsky, Lujan Grisham, family’s, they’ve, she’s, Harris, ” Wright, ’ ”, Taryn Morrissey, ” Morrissey, Deyanira Contreras, Randy Orona, Torres, Contreras, ” Orona Organizations: SANTA FE, Democratic Gov, Fund, Childhood, Care Department, U.S, Labor Department, Wright, Democratic, American University’s School of Public Affairs, ”, Kids, Kids Campus Locations: SANTA, Oviedo, Santa Fe, —, New Mexico, Fe, McDonald’s

☆ Amazon employees speak out about Jeff Bezos's WaPo decision, with some supporting his call, leaked messages show
▼ + stars: | 2024-10-30 | by ( Eugene Kim | Ashley Stewart | ) www.businessinsider.com time to read: +6 min

In leaked messages, Amazon employees are divided, with some supporting his call. Related storiesSome Amazon employees agreed, according to the Slack messages obtained by BI. Other Amazon employees said it was "silly" and "sad" to see so many Washington Post readers cancel their subscriptions over the endorsement issue. 'Suspicious and worrisome'Still, some of Amazon employees who weighed in on the company's internal Slack were suspicious of Bezos's true motivation. Other Amazon employees were more blunt, saying they were going to cancel their own Washington Post subscriptions.

Persons: Jeff Bezos, —, Jeff Bezos's, Bezos, Slack, Donald Trump, I'd, Trump, Dave Limp, Matt Garman, he's, It's, it's Organizations: Washington Post, Amazon, Service, Business, BI, Democratic, Spokespeople, Washington, Blue, Trump Locations: Amazon, Washington

☆ Dropbox lays off 20% of employees and joins Big Tech's flattening trend. Read CEO Drew Houston's memo.
▼ + stars: | 2024-10-30 | by ( Jaures Yip | ) www.businessinsider.com time to read: +3 min

Dropbox is laying off 528 employees, about 20% of its workforce, and making the company flatter. AdvertisementDropbox is the latest major company to slash its staff and flatten its organizational structure. "We've heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down." Mark Zuckerberg instituted manager cuts and increased the average number of direct reports for Meta managers after complaining about "managers managing managers." Houston's memo to employees at the time also attributed those layoffs to headwinds and freeing up investment bandwidth for more products powered by artificial intelligence.

Persons: Drew Houston, —, I'm, Houston, We've, Andy Jassy, Mark Zuckerberg, Dropbox Organizations: Service, —, Amazon

☆ Supreme Court allows Virginia to purge suspected noncitizens from voter registration rolls
▼ + stars: | 2024-10-30 | by ( John Fritze | ) edition.cnn.com time to read: +5 min

Republicans, including former President Donald Trump, framed the effort in Virginia as a commonsense way of ensuring noncitizens don’t vote. At issue are about 1,600 voter registrations that Virginia said came from self-identified noncitizens but that a US District Court said hadn’t been fully vetted for citizenship status. Noncitizens are not allowed to vote in federal elections; none of the lower court rulings had changed that fact. But documented cases of noncitizens voting are extremely rare. Those opposed to the program relied on a 1993 law, the National Voter Registration Act, which bars states from making “systematic” changes to voting rolls with 90 days of a federal election.

Persons: Sonia Sotomayor, Elena Kagan, Ketanji Brown Jackson, Donald Trump, noncitizens, Biden, Trump, Virginia, hadn’t, Glenn Youngkin, “, ”, Patricia Tolliver Giles, noncitizen, –, Giles ’, “ Purcell, weren’t, it’s, CNN’s Tierney Sneed Organizations: CNN, Liberal, noncitizens, Virginia Gov, Republican, Department of Motor Vehicles, Youngkin, Biden, Democratic Locations: Virginia, Georgia

☆ Volkswagen profit plunges 42% in third quarter amid sweeping overhaul plans
▼ + stars: | 2024-10-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

German automaker Volkswagen on Wednesday reported a 42% drop in operating profit in the third quarter. Operating profit fell to 2.86 billion euros ($3.1 billion), while third quarter sales revenues slipped 0.5% year on year to around 78.5 billion euros. Vehicle sales fell 8.3% in the third quarter of 2024 compared to the same time period a year earlier, Volkswagen said. Net liquidity across the Volkswagen Group stood at negative 160.6 billion euros at the end of September 2024, it said. Operating profit between January and September of this year was 21% lower on an annual basis.

Persons: Arno Antlitz Organizations: Volkswagen, Volkswagen Group Locations: Germany

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