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BMW Group Lowers 2024 Outlook Amid Supply Chain Challenges

BMW has revised its profit margin forecast for 2024 to 6-7%, down from the previous estimate of 8-10%. Supply chain disruptions and issues with an...

EU May Extend Deadline for France to Submit Deficit Reduction Plan

France has requested an extension to submit its plan for reducing its public finance deficit. France’s 2023 budget deficit stands at 5.5% of GDP, exceeding...

Volkswagen Ends Job Guarantees, Paving the Way for Layoffs

Volkswagen has canceled job guarantees in six German plants, raising the likelihood of layoffs starting next year. The move aims to cut costs and boost...

ASML Requires License for Servicing Certain Equipment in China

ASML now needs a license to provide parts and software updates for Chinese customers, following new export restrictions. These restrictions are part of coordinated efforts...

German Machinery Manufacturers Expect Significant Production Decline This Year

German machinery production is forecast to fall by 8% in 2024, doubling the previous estimate of 4%. Weak demand from key markets such as the...

Dutch Household Consumption Grew in July at the Fastest Pace in Nine Months

Dutch household consumption increased by 1.1% in July, rebounding from June’s decline. This was the strongest rise in spending since October 2023 when expenditures grew...

Polish Government Expects Unemployment to Stabilize at 5%

Poland's unemployment rate is expected to remain steady at 5% in August, according to the Ministry of Labor. This would maintain one of the lowest...

European Commission Concerned About the State of the Automotive Industry

The European Commission (EC) is deeply concerned about the challenges facing the automotive industry, particularly regarding cost-cutting measures at Volkswagen. Commissioner Thierry Breton emphasized the...

Public Investments in the EU Should Not Be End in Themselves, Says Netherlands

The Dutch government agrees with parts of Mario Draghi's proposals for EU reforms, stressing that public investments must not be self-serving. The Netherlands supports European...

olkswagen Replaces CFO Amid Financial Challenges

David Powels, CFO of Seat, will replace Patrik Andreas Mayer as Volkswagen's new Chief Financial Officer. Mayer will transition to Seat in Spain, where Powels...

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