Economy

Economy Latest News

Volkswagen crisis pits homegrown leaders against each other
Volkswagen crisis pits homegrown leaders against each other
by  AFP

Volkswagen managers and workers representatives will start crunch talks in Hanover on Wednesday, following the German group's announcement that drastic cost-cutting measures are needed to keep the carmaker competitive. So it was all the more surprising when Volkswagen announced this month that it could cut thousands of jobs by closing factories in Germany.

High costs, slowing China: VW's perilous road ahead
High costs, slowing China: VW's perilous road ahead
by  AFP

After Volkswagen's bombshell announcement earlier this month that it could close factories in Germany for the first time, company management and unions will begin tense talks on a new pay deal Wednesday. Production costs in Germany are "clearly too high", said a leaflet from VW's management distributed to the workforce at several sites in the country ahead of the talks.

China cuts another key interest rate to boost economy
China cuts another key interest rate to boost economy
by  AFP

China's central bank on Wednesday said it would slash another key interest rate, a day after it unveiled a raft of new measures aimed at boosting its ailing economy. "China's slew of monetary easing measures have done little to stimulate the economy in recent years," China Beige Book's Shehzad Qazi, told AFP. "Rate cuts are no longer enough to boost growth in China," he said.