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Business – International – News – The Economic Times
Porsche hit harder by supply chain shortage due to low-volume, high-spec lineup, says CEO
Porsche’s CEO revealed that the carmaker’s vulnerability to the recent aluminum supply shortage stems from its high proportion of pre-ordered, highly specific vehicles and low production volumes. CFO Lutz Meschke noted that, despite efforts to restore output, the company cannot fully compensate for the production disruptions.
Russia considering ban on diesel exports, Kommersant reports
The Russian government is considering a ban on diesel exports to combat rising domestic prices, with Kommersant sources suggesting that a decision has not yet been made. Russia, a leading seaborne exporter of diesel, is also restricting gasoline exports. The Energy Ministry is yet to comment on the potential export ban.
Tesla profit margins worst in five years as price cuts, incentives weigh
Tesla reported its lowest five-year profit margin, missing Wall Street earnings targets. CEO Musk announced 2025 models amid rising AI expenses and layoffs. Self-driving taxis and China-made EV sales dipped. Gross margin was 14.6%. Cybertruck production is progressing. Net income was $1.48 billion with $25.50 billion revenue. Shares fell 8%.
BBC to axe 500 more jobs in bid to be ‘more agile’
The BBC will cut 500 jobs by March 2026, aiming to save £200 million amid inflation and funding challenges. Shifting to a digital-first approach, active licences dropped to 23.9 million. A 10 percent headcount reduction occurred previously. Facing a 30-percent income cut and £80 million loss, Tim Davie seeks government funding for the BBC World Service.
Budget 2024: Modi 3.0’s first Budget slashes corporate tax rates for foreign firms to deal another blow to China
Modi 3.0’s first Budget aimed to boost India’s economy by cutting tax rates for foreign companies, attracting more overseas investors amidst the global supply chain shift from China. The move aligns with India’s goal to reach a $5 trillion economy, emphasising FDI and positioning India as a global manufacturing hub. India’s ambitious vision to become a global manufacturing hub relies on a comprehensive approach, including policies like PLI, lower corporate tax rates, and infrastructure development.
Swiss bank Julius Baer names Goldman Sachs exec Stefan Bollinger as new CEO
Julius Baer appoints Swiss citizen Stefan Bollinger as CEO by February 2025 after Philipp Rickenbacher was ousted due to losses from Signa and Rene Benko loans. Chairman Romeo Lacher leads firm post-8% share drop, previous EFG International takeover talks, and private debt exit. Bollinger expanded EMEA at Goldman Sachs, Zuercher Kantonalbank, J.P. Morgan.
Air travel delays continue, though most airlines have recovered from global tech outage
Airline disruptions continue due to a faulty software update, with over 750 flights cancelled in the US. Delta Air Lines accounts for majority of cancellations. CEO working to resolve issues and offer waivers to affected customers. Inclement weather adds to delays in Southeast.
China’s SAIC Motor files defence to EU’s preliminary EV anti-subsidy ruling
SAIC Motor defended itself against the EU’s ruling, stating the EV probe involved commercially sensitive information beyond the normal scope. The European Commission had imposed up to 37.6% tariffs in July, ignoring critical information and inflating subsidy rates for many projects. SAIC, being the most affected, filed to safeguard its legitimate rights amid claims the investigation exceeded standard boundaries.
China surprises with cuts to key rates to support weak economy
China unexpectedly reduced a key short-term policy rate and benchmark lending rates on Monday to stimulate growth in the world’s second-largest economy. This move follows last week’s underwhelming second-quarter economic data and a significant meeting of China’s top leaders.
Boeing ‘fighting through challenges’ in building new Air Force One planes
Boeing is facing challenges in building two delayed Air Force One presidential aircraft, which were due to supply chain, inflation, and workforce issues. The planes, designed to fly in worst-case security scenarios, are heavily modified with military avionics, advanced communications, and a self-defense system. Boeing has lost over $2 billion on the project, and the company has invested heavily in workforce training and efficiency.
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Boeing sees significant improvement in 737 MAX factory production
The panel marks the first time Pope has met with reporters since she was named head of the planemaker’s commercial airplanes division earlier this year.
Embraer’s Eve rolls out flying taxi prototype, cash needs covered until 2027
Eve unveils full-scale prototype of its electric flying taxi, targeting certification by 2026. The aircraft, designed for short city trips, aims to fly by late 2024 or early 2025 after recent ground tests. Eve plans five conforming prototypes by next year and a pre-series eVTOL by 2026, backed by recent investments to fund development through 2027.
Microsoft says about 8.5 million of its devices affected by CrowdStrike-related outage
A global tech outage, stemming from a software update by cybersecurity firm CrowdStrike, affected around 8.5 million Microsoft devices. The incident led to flight cancellations, disrupted broadcasting services, and impacted critical sectors like healthcare and banking. Efforts are underway to address the situation.
CrowdStrike update that caused global outage likely skipped checks, experts say
The latest version of its Falcon Sensor software was meant make CrowdStrike clients’ systems more secure against hacking by updating the threats it defends against. But faulty code in the update files resulted in one of the most widespread tech outages in recent years for companies using Microsoft’s Windows operating system.
Porsche replaces China boss amid sales slump
Porsche AG is replacing its China CEO, Michael Kirsch, with Alexander Pollich, effective September 1, 2024. Pollich, an experienced sales expert with over 23 years at Porsche, will lead the company’s efforts to address a significant 33% drop in sales in China and enhance local dealer relations and internal processes.
India’s air carriers place big orders at Airbus, Air India and Indigo seek 70 wide-body aircraft
Airbus recently announced Air India’s order of 250 aircraft, with 210 A320s and 40 A350s. IndiGo also ordered over 1,000 aircraft, including 30 A350s. The A350’s efficiency and advanced design make it a popular choice. Airbus has delivered 606 A350s to date, with plans to double production by 2028 to meet demand.
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