Porsche AG achieves a 34% increase in first-half operating profit to €1.35 billion, beating analyst projections, despite a 16.5% drop in vehicle deliveries and 5.1% revenue decrease, attributed to cost management and strategic product mix adjustments.
Volkswagen reported a 9.5% drop in Q2 operating profit and cut its annual revenue forecast by up to 3% due to a significant sales slump in China. The German carmaker is implementing a cost-cutting program, including plans to axe up to 100,000 jobs globally, facing union opposition.
Elon Musk admitted regret over his political involvement with Donald Trump, stating he should have focused on his companies. He predicted AI will make human work optional, leading to a "universal high income," and also commented on potential UK civil unrest and the Russia-Ukraine war.
UK government borrowing in June was £16bn, slightly below forecasts, as new Prime Minister Andy Burnham announced VAT cuts on electricity bills. Despite this, public finances remain fragile, and high debt levels persist, while the unemployment rate held steady at 4.9%.
Germany's Bundestag approved a healthcare reform package aimed at saving €16.3 billion. Measures include higher patient co-payments for medications, stricter co-insurance rules for spouses, and reduced coverage for certain treatments. The bill now moves to the Bundesrat, with protests anticipated.
Germany's Bundestag approved a cost-cutting healthcare reform package aimed at saving €16.3 billion. The bill, facing expected protests, now moves to the Bundesrat. Separately, new liability rules for e-scooter companies passed, and inflation dropped to 2.3% in June.
Germany's Bundestag is poised to vote on a healthcare savings package impacting doctors, hospitals, pharmacies, and the pharma industry from 2027. Measures include higher co-payments and tighter co-insurance rules. Attempts to delay the vote via the Constitutional Court were rejected.
OpenAI announced GPT 5.6 will power Microsoft's 365 Copilot, reaffirming their partnership after reports of Microsoft using in-house models to cut costs. The exact meaning of 'preferred model' remains unclear.
OpenAI announced GPT 5.6 will be the "preferred model" for Microsoft 365 Copilot, powering apps like Word and Excel. This follows reports of Microsoft using its own AI models to cut costs, raising questions about the partnership's future.
Microsoft is eliminating approximately 4,800 jobs, representing 2% of its global workforce, as part of a cost-cutting measure and a significant restructuring of its Xbox gaming division. This includes shedding 3,200 gaming jobs and spinning off or reviewing five game studios.
Microsoft is set to announce another round of layoffs, impacting sales, consulting, and Xbox divisions, as part of cost-cutting efforts and increased AI investments. While smaller than last year's cuts, thousands of positions could be eliminated, affecting less than 2.5% of its workforce.
General Motors has deployed 50 collaborative robots at its Factory Zero plant in Michigan, reportedly eliminating over 1,000 jobs. The move, aimed at cost-cutting and efficiency, faces criticism from the United Auto Workers union, which views it as a threat to workers' livelihoods.
General Motors has deployed 50 robots at its Factory Zero plant in Michigan, reportedly eliminating over 1,000 jobs. The move, aimed at cost-cutting and efficiency, faces criticism from the United Auto Workers union, which views it as a threat to workers' livelihoods.
Labor secured Senate support for tax changes, but a deal with the Greens to extend an NDIS inquiry could jeopardize other budget measures. The Coalition, angered by the tax deal, may withhold support for NDIS reforms, leaving them friendless in the Senate.
Nissan has reportedly halted development of a fully electric Qashqai, its top-selling European model, as part of a cost-cutting drive. The Japanese automaker is considering options for its Sunderland plant, including contract manufacturing, and is in talks with the UK government for financial support.
General Motors has introduced 50 collaborative robots at its Michigan Factory Zero, eliminating over 1,000 jobs, citing efficiency and cost-cutting measures. The move, part of a broader automation strategy, faces criticism from the United Auto Workers (UAW) over job losses and automation's impact on union workers.
City & Guilds has guaranteed that plans for mass compulsory redundancies and offshoring of UK jobs to Greece will no longer go ahead, following union negotiations. The vocational training body faced backlash after its acquisition by PeopleCert.
Eli Lilly is slashing its €2.3 billion investment in a German manufacturing plant by half due to proposed healthcare cost-cutting legislation. CEO Dave Ricks criticized the reforms, warning Germany could fall behind other European markets. The reduced investment will impact factory output and job creation.
Microsoft is ending most internal Claude Code licenses by June 30, urging engineers to use its own GitHub Copilot CLI. The move, attributed to cost-cutting and toolchain unification, follows Claude Code's unexpected popularity among employees, which reportedly undercut Microsoft's homegrown product. While Claude models remain accessible via Copilot CLI, the experimental phase of free access is over.
ClickUp CEO Zeb Evans announced layoffs affecting over 20% of staff, framing it as a proactive restructuring for a "100x org." The company is introducing $1M salary bands for employees building or managing impactful AI systems, emphasizing a shift towards AI-driven productivity and new roles.
Global businesses face at least $25 billion in losses due to the US-Israeli war with Iran, driven by rising oil prices, disrupted trade routes, and higher operating costs. Airlines are most affected, but the impact is spreading across sectors.
Workers told to be realistic about outcome of union talks as corporation aims to make savings with job cutsBBC staff have been told their bosses will forgo a pay rise this year but fear the freeze will lead to a meagre increase for the rank and file, who have been urged to be realistic about the outcome of union negotiations.Employees have been told that the corporation’s executive committee – its 12 highest-paid bosses including the director general, who were paid almost £5m in total last year – will have their pay frozen this year amid a £600m cost-cutting drive. Continue reading...
SEOUL, May 10 (Yonhap) -- South Korean low-cost carriers have cut 900 round-trip...
Air India's board will meet on May 7 to address significant financial losses, potential cost-cutting strategies like unbundling services, and the search for a new CEO to replace Campbell Wilson.
