From Benzinga, Italy
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from the United States
Ford cuts 580 jobs, mostly engineers
- Ford Motor Company (NYSE: F) will lay off 580 salaried employees and temporary workers in the United States as part of Ford+’s current turnaround plan, CNBC reports.
- The jobs lost fall between 350 employees and 230 temporary positions, mostly in the engineering sector.
- The decision comes as the Dearborn auto giant embarks on its transition from internal combustion engine vehicles to electric vehicles.
Volkswagen expands US plant to focus on electric cars
- Volkswagen AG (OTC:VWAGY) intends to expand its plant in Chattanooga (US) to produce the new ID.Buzz electric van and microbus, according to Reuters.
- This decision is expected to increase the company’s market share in North America.
- The automaker expects to invest at least $7.1 billion in this region over the next five years and add 25 new electric vehicles by 2030.
Russian court still condemns YouTube and Twitter
- A Russian court has sentenced the US Internet giant “Google”, owned by “Google” Alphabet Corporation (NASDAQ: GOOG) (NASDAQ: GOOGL) — to pay 3 million rubles ($41,000) to refuse to remove banned content from YouTube, Reuters reports.
- The Russian court also punished the social network Twitter, inc (NYSE: TWTR) with 3 million rubles ($41,000) for not removing banned content from its site.
- Among the banned content that Twitter was unable to delete in Russia were some posts with instructions for making Molotov cocktails.
Amazon does not disclose its algorithm to the Australian Antitrust Agency
- Amazon.com Inc (NASDAQ:AMZN) refused to provide details of the product search system to an Australian competition regulator.
- The authority noted that Amazon does not dominate the Australian market, unlike other large online retail markets such as the US and UK.
- However, allowing large platforms to give their products preferential treatment may affect consumers’ purchasing decisions and hurt competition; So they are required to disclose any activity serving their products.
Airbus strengthens supply chain control in China
- Airbus SE (OTC:EADSY) will strengthen China’s supply chain monitoring after the increase in disruptions stemming from the recent pandemic shutdowns, Reuters reported, citing Airbus CEO Guillaume Faury.
- “The entire global supply chain is complex at the moment,” Faury said at a press conference in his capacity as president of the French Aerospace Industry Association (GIFAS).
The Wall Street Journal
European regulators anticipate risks from non-payment of leveraged loans
- The European banking regulator fears that indebted borrowers may begin to struggle to pay their debts due to a slowdown in the economy, rising costs and rising interest rates.
- Leveraged finance has seen a boom both in Europe and elsewhere in recent years, at a time when central banks have released cheap money to spur economic growth.
- Although issuance has slowed this year due to the war in Ukraine, the European Central Bank estimates that there are more than $4 trillion of these types of outstanding loans globally.
Six US states are investigating mysterious hepatitis in children
- At least six states in the United States have reported confirmed or suspected cases of severe, unexplained liver disease in children.
- Health officials in New York and Wisconsin said they are investigating reports of hepatitis in children that match a description published last week by the Centers for Disease Control and Prevention.
- The Wisconsin Department of Health Services said one of the four cases investigated resulted in one death. If confirmed, it would be the first death linked to the disease in the United States.
Central African Republic declares Bitcoin a fiat currency
- Bitcoin The Central African Republic has declared an official currency: It is the second country in the world to accept cryptocurrency as legal tender, Bloomberg reports.
- “Cryptocurrency, including bitcoin, is now considered an official currency in the Central African Republic,” said Albert Mokbim, a spokesman for President Faustin Arching Touadera.
EU regulator: destination still subject to consumer lawsuits
- The Supreme Court of the European Union states that Meta Platforms, Inc. (NASDAQ:FB) will continue to be the subject of lawsuits by consumer groups for potential violations of data protection regulations.
- The European Court of Justice has made clear that EU data protection rules do not impede “national legislation allowing the Consumer Protection Association to bring legal action”.
- The new rules require regulators to monitor violations and investigate complaints.
KKR bids to acquire Hitachi Transport
- KKR & Co (NYSE: KKR) announces a takeover bid Hitachi Transmission System Co., Ltd. (OTC: HTSLF) and turn it into an unlisted company as part of a 670 billion yen ($5.2 billion) deal.
- KKR paid its 40% stake in Hitachi Transport, 6,632 yen per share.
- KKR offered 8,913 yen per share of Hitachi Transport, which means an increase of 166%.
- KKR aims to make Hitachi Transport the leading overseas logistics company in Asia.
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