sector Archive

Former VW CEO quits as Audi chair as emission-scandal probes continue

Image credit: wbur.org Former Volkswagen Chief Executive Martin Winterkorn has stepped down as chairman of luxury brand Audi amid an investigation of two emissions scandals that occurred during his reign at Europe’s largest carmaker. Winterkorn quit his post at Audi on Wednesday, a spokesman at the Ingolstadt-based carmaker said on Thursday, after resigning as chief executive [&hellip

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Oil prices drop after U.S. inventories rise

Crude oil prices fell on Wednesday after industry data showed an increase in U.S. stockpiles, and as analysts said that U.S. output had been surprisingly resilient in the face of lower prices. Benchmark U.S. crude futures slipped to a two-week low at $43.55 a barrel in early trading before trimming losses to trade down 59 [&hellip

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Goldman Sachs is ditching its BRIC fund

Fourteen years after coining a term that came to define emerging-market investing, Goldman Sachs has ditched the BRICs. The firm is merging its BRIC fund — which invests in Brazil, Russia, India, and China — with a broader emerging-markets fund, according to a September SEC filing first reported by Bloomberg. “Over last decade emerging market [&hellip

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Germany got some terrible economic news

Source photo German industrial production figures were unexpectedly poor on Friday. Production fell 1.1% month-on-month in September, against analysts expectations of a 0.5% rise. The figures measure the output of German factories and mines. Here’s the chart for industrial production this year. It’s hardly what you’d want from the powerhouse economy of Europe. Read More

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AIG’s CEO reportedly told employees that one day they’ll need to get a new job

Here’s something reasonable but also disconcerting. According to a report from Bloomberg’s Sonali Basak, AIG CEO Peter Hancock told the company’s staff in a town hall meeting on Tuesday that they shouldn’t count on a lifetime of working for the company. Citing people familiar with Hancock’s comments, Basak reported that this was “discouraging to a [&hellip

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A letter gives a rare glimpse into one of the world’s most secretive — and most successful — hedge funds

There are two types of investing, according to the departing partner of hugely successful and secretive hedge fund Baupost Group: “needle in a haystack investing” and “tide comes in and tide goes out investing.” One type takes rigorous work as you search for a small number of opportunities. The other, “chutzpah.” The partner, Brian Spector, [&hellip

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Xchanging says Apollo Global drops out of takeover race

Source photo Insurance-focused outsourcing company Xchanging Plc said U.S.-based private equity firm Apollo Global Management LLC had dropped out of a race to potentially acquire the company. Xchanging, which offers services ranging from back-office invoice processing to insurance claims settlement, said Apollo Global had informed the company that it was no longer interested in potentially [&hellip

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What to watch for in Lumber Liquidators’ earnings

Source photo Lumber Liquidators Holdings Inc. is slated to reveal third-quarter results on Wednesday, before the stock market opens. Investors will be waiting to see whether the troubled hardwood-floor company LL, +1.43% can finally break its string of disappointing results, and support the recent stabilization in the stock. That would help deflect some of their [&hellip

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Airbnb dodged a bullet in its hometown

Airbnb has survived what could have been a huge blow to its business in San Francisco. Proposition F, a local ballot measure that was seen as a threat to Airbnb in its hometown, has failed. The measure would have curbed the number of days a person can rent on the Airbnb platform — capping both [&hellip

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US auto sales crushed expectations in October

Source photo US auto sales surged past expectations once again, and remained at the highest levels in a decade. According to Autodata, sales rose at an annualized pace of 18.24 million in October. The consensus forecast was an annualized pace of 17.7 million. Throughout Tuesday, US auto-sales data for October rolled in on the heels [&hellip

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