VW plans to boost its electric push in China by pumping 2.1 billion euros in two Chinese EV players. VW will invest 1 billion euros to take a 50% stake in the state-owned parent of Anhui Jianghuai Automobile Group, also taking full management control. In a separate transaction, Volkswagen will pay 1.1 billion euros to acquire 26.5% of Guoxuan High-tech, a maker of electric vehicle batteries.
A tweet from Donald Trump was hidden by a warning from Twitter on Friday. The tweet, ’looting leads to shooting’ followed an earlier post in which he threatened to stop looters in Minneapolis with deadly military force. Trump defended the earlier Twitter post, saying it was ’spoken as a fact, not as a statement.’
Forbes magazine has dropped reality TV star and entrepreneur Kylie Jenner from its list of billionaires, accusing her family of inflating the value of her cosmetics business. Forbes said the family went to ’unusual lengths’ to present Jenner as richer than she was. Jenner dismissed the article as ’inaccurate statements and unproven assumptions’.
The largest drop in spending has been witnessed in the month of April in the United States of America with a drop of 13.6% MoM being recorded. While spending and incomes had dropped in the month of March, an increase in income was witnessed in the month of April by 10.5% MoM. The massive government transfer payments are being reported as being the reason for this surge.
The DJIA closed low on Thursday and will open low Friday as the Trump Administration grapples with Hong Kong and Trump’s new executive order. After Secretary of State Pompeo declared that Hong Kong is no longer autonomous from China, speculation is abound on what Trump will do to counter China’s legislation. And as Trump seeks to remove protections for social media liability, tech stocks went down
A new feature has been launched by Uber in the United States of America. In this feature, users have an option to make multiple stops in a ride which is worth $50 for an hour. The new feature comes as the company is looking to make changes following the coronavirus pandemic and the changes in customer demands.
Although Disney World is to reopen, many of its perks and reservations were canceled. Authorities state that in order to prevent the spread of the virus, new ticket purchases will be frozen in order to focus on the ’guests with existing tickets and reservations.’ Along with restaurant reservations being canceled, the ’free-dining’ promotion, FastPass+ and ’Extra Hours Magic’ were also canceled.
US President Donald Trump accused some social media companies of censoring free speech arguing fact checking of his Tweets amounts to political bias. ’My executive order calls for new regulations under Section 230 of the Communications Decency Act to make it so that social media companies that engage in censoring any political conduct will not be able to keep their liability shield.’ Trump said.
UK Chancellor Sunak is to set announce guidelines on how employers will be asked to help pay the wages of furloughed workers. The govt is paying 80% of workers salaries up to £2,500 a month for ~8.4mn under its furlough scheme. It is believed that from Aug, the firms will be asked to contribute ~20% of wages and to cover National Insurance & pension contributions for furloughed workers as well.
French auto giant Renault is cutting around 15,000 jobs worldwide, including 4,600 in France, as part of a $2.2 billion cost-cutting plan over three years. The company hopes to bring about the job cuts without redundancies through voluntary departures, internal mobility measures and retraining. Its annual global production capacity will be reduced from 4 million vehicles to around 3.3 million.