Stock Markets

Volkswagen weighs wage cuts, bonus reductions in push to save 4 billion euros – Handelsblatt

Published

2 months ago

October 28, 2024

BERLIN (Reuters) – Volkswagen (ETR:) is exploring a series of cost-cutting measures for its core brand, including a 10% wage cut and a two-year wage freeze, as it seeks to save 4 billion euros, Handelsblatt newspaper reported on Sunday, citing company insiders.

The carmaker is under increasing pressure to reduce expenses amid a challenging economic climate. Workers, meanwhile, have criticized management for not presenting a clear future strategy, despite promises of a new plan in the works.

According to Handelsblatt, Volkswagen’s leadership has discussed several potential cost-saving moves. These include capping bonuses for top-tier employees, reducing additional payments for employee anniversaries, and exploring possible closures of some German production sites.

A Volkswagen spokesperson declined to comment to Handelsblatt on the ongoing negotiations with the company’s works council and IG Metall, Germany’s powerful metalworkers’ union.

Since early October, Volkswagen’s management has been meeting weekly with worker representatives from its German plants, analysing where cost cuts can be made and which models will be produced at each location.

Negotiations over wage increases are handled separately, according to a union spokesperson, with the next formal round set for Oct. 30.

Stock Markets

US anti-missile system in Israel used to intercept projectile from Yemen

Published

1 hour ago

December 28, 2024

(Reuters) – An advanced U.S. military anti-missile system was used in Israel to try to intercept a projectile for the first time since President Joe Biden placed the system in Israel in October, a source familiar with the matter told Reuters on Friday.

The THAAD, or Terminal High Altitude Area Defense system, was used to try to intercept a projectile from Yemen sometime during the last 24 hours, and an analysis would determine its success, said the source who spoke on condition of anonymity.

The Pentagon did not immediately respond to a request for comment.

Israel struck multiple targets linked to the Iran-aligned Houthi movement in Yemen on Thursday, including Sanaa International Airport, and Houthi media said at least six people were killed.

Houthis have repeatedly fired drones and missiles towards Israel in what they describe as acts of solidarity with Palestinians in the Gaza Strip.

© Reuters. FILE PHOTO: U.S. Secretary of the Army Christine Wormuth speaks near a Terminal High Altitude Area Defense (THAAD) missile and the Pac-3 Missile Segment Enhancement during the Association of the United States Army annual meeting and exposition at the Walter E. Washington Convention Center in Washington, U.S., October 14, 2024. REUTERS/Nathan Howard/File Photo

In October, Biden placed the THAAD system, built by Lockheed Martin (NYSE:), in Israel along with about 100 U.S. soldiers to help defend the country.

THAAD is a critical part of the U.S. military’s layered air defense systems and added to Israel’s already formidable anti-missile defenses.

Stock Markets

Senate intelligence panel criticizes CIA response to Havana syndrome

Published

1 hour ago

December 28, 2024

(Reuters) – A bipartisan Senate Intelligence Committee report published on Friday criticized the CIA’s response to so-called Havana syndrome health problems among its workforce, saying many individuals “faced obstacles to timely and sufficient care.”

© Reuters. FILE PHOTO: A vintage car used for touristic city tours passes by the U.S. Embassy in Havana, Cuba, November 10, 2021. Photo taken on November 10, 2021. REUTERS/Alexandre Meneghini/File Photo

A declassified summary of the panel’s classified report also said the spy agency’s response “negatively affected” those who reported symptoms, leading to a “trust deficit” among some personnel.

While the CIA provided benefits and compensation to many of those reporting symptoms, the report said, the ease of accessing those programs has been inconsistent, affecting how the agency has been organized to deal with the matter.

Stock Markets

Saba capital management buys $826,865 in Pioneer Municipal High Income Fund stock

Published

1 hour ago

December 28, 2024

Following these transactions, Saba Capital now holds 4,057,625 shares of Pioneer Municipal High Income Fund, reflecting its continued confidence in the fund’s performance. The fund currently offers a 4.53% dividend yield and maintains a conservative beta of 0.67, indicating lower volatility compared to the broader market. This move underscores Saba Capital’s strategy to enhance its position in the municipal bond market through this investment. InvestingPro analysis reveals several additional key metrics and insights about MHI’s financial health and market position.

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