After Volkswagen threatened to close as many as three German plants and dump “tens of thousands” of workers, the company and Germany’s largest union worked through 70 hours of dickering and produced a deal that promises to maintain an uneasy labor peace in the short term.
Job losses doubled in 2024 to more than 30,000 among European companies supplying automakers with parts and components, data from the European Association of Automotive Suppliers shows.
Incoming U.S. president Donald Trump’s promise to pile stiff tariffs on all goods imported into the U.S. will, if carried out, crimp the world’s economic growth, according to a large majority of the more than 220 economists in the Eurozone, U.K., and U.S. surveyed by the Financial Times.
Britain’s economy failed to grow in 2024’s third quarter, the Office of National Statistics (ONS) has estimated, and the Bank of England projects that the GDP remained flat in the year’s final three months.
Private equity giant Blackstone is hoping to raise $5 billion to invest in life science ventures, according to a proposal the firm sent to the Teachers Retirement System of Louisiana that was seen by The Wall Street Journal.
At China’s Central Economic Work Conference last week, officials indicated Beijing will cut interest rates, raise its budget deficit, and lower banks’ reserve requirements next year to make more room for economic stimulus.
After 10 years and $10 billion in costs, General Motors has abandoned its plan to create a self-driving taxi, saying the costs would continue mounting as competition becomes more intense.
Chinese electric vehicle (EV) makers, including majors BYD, Chery, Geely, and SAIC, are establishing dealerships across Mexico and, according to one Mexico City BYD salesman, the cars are selling as fast as he can get them.
BlackRock, the world’s largest private equity firm, is complementing its hefty presence in public stock, bond, and commodity markets with additional moves into the private credit business.
The reliability of electric vehicles (EVs) has surged, a Consumer Reports survey found. EV drivers reported 42 percent more trouble than drivers of internal combustion cars did. However, that represents a major improvement from the 79-percent gap found in 2023.