Volkswagen announced it will cut 50,000 more jobs worldwide as part of its largest restructuring in history. The company aims to handle challenges like US tariffs, too many cars being made, and strong competition from Chinese carmakers.
Key Facts
Volkswagen plans to reduce its global workforce by 50,000 additional jobs.
The cuts are part of Volkswagen’s biggest restructuring in 89 years.
Four German plants in Emden, Zwickau, Neckarsulm, and Hannover will be reviewed for their future as some models will be phased out by 2031.
The plan was approved by Volkswagen’s supervisory board, which includes unions and the state of Lower Saxony.
Volkswagen aims to simplify its corporate structure and reduce the power of the supervisory board.
CEO Oliver Blume said the company is taking responsibility for workers, partners, and jobs worldwide.
The announcement followed tensions between management, unions, and major shareholders.
Volkswagen faces pressure from US import tariffs and falling sales in China, the world’s largest car market.
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Volkswagen’s board has approved cutting 50,000 more jobs, adding to a previous plan to cut 50,000 roles by 2030. This means the company plans to reduce its workforce by 100,000 employees to deal with falling sales and changing market conditions.
Key Facts
Volkswagen plans to cut a total of 100,000 jobs by 2030.
An additional 50,000 job cuts were recently approved by the board.
The cuts include management positions across the company.
Volkswagen owns brands like Audi, Porsche, and Skoda.
The company has seen lower profits due to decreased sales and strong competition, especially from Chinese car brands.
The job reductions aim to keep Volkswagen competitive amid changing technology and market demand.
As of 2025, Volkswagen employed more than 660,000 people worldwide.
CEO Oliver Blume described the plan as taking responsibility for the workforce’s future.
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Federal Reserve governor Christopher Waller said the decision to raise interest rates later this month depends on the August inflation report. If inflation keeps cooling, Waller likely won’t support a rate hike, but if inflation rises, he may back increasing rates to slow down price growth.
Key Facts
The August inflation report will be released on September 11 and is key to deciding if interest rates rise.
Waller said borrowing costs are only slightly limiting spending by consumers and businesses.
He is open to raising rates if inflation increases unexpectedly.
Other Fed members have mixed views: some want hikes due to high inflation, others see inflation cooling.
Fed Chair Kevin Warsh noted inflation hasn’t improved enough and more action might be needed.
After Waller’s comments, the probability of a rate hike in September dropped from 65% to about 50%.
Inflation has slowed slightly in recent months, nearing the Fed’s 2% target.
Vice President JD Vance said the Trump administration wants the Fed to lower interest rates, not raise or keep them steady.
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A group representing American carmakers asked U.S. lawmakers to permanently ban cars made in China from being sold in the United States. They said China uses unfair trade practices, government support, and steals technology to compete.
Key Facts
The Alliance for Automotive Innovation sent a letter to Congress on Thursday.
The letter requests a permanent ban on Chinese-made cars in the U.S.
John Bozzella is the CEO and president of the Alliance.
The letter claims China’s manufacturing is based on unfair trade and heavy government subsidies.
It also accuses China of stealing intellectual property and doing surveillance.
The group represents American car companies.
The request aims to protect U.S. automakers from foreign competition.
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Millions of people traveling during Labor Day weekend will face gas prices above $4 per gallon. Experts suggest planning carefully to help keep travel costs lower.
Key Facts
Gas prices are expected to be over $4 per gallon during Labor Day weekend.
Many travelers will be affected by these high fuel costs.
Clint Henderson, managing editor of The Points Guys, offers advice on how to plan more affordable trips.
The information comes from CBS News coverage on travel and gas prices.
Higher gas prices can increase the overall cost of driving trips.
Travelers are encouraged to find ways to save money on travel during this time.
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Many companies offer free or discounted items to customers on their birthday if they join loyalty programs. These birthday freebies can include food, beauty products, and entertainment, but often require a purchase or have other rules attached.
Key Facts
Coffee shops and bakeries like Greggs, Costa, and Krispy Kreme offer free sweets as birthday treats if customers join their loyalty apps.
Fast-food chains like Burger King provide free burgers on birthdays, but many restaurant deals require buying another meal.
Some beauty brands give birthday discounts or gifts that need a purchase or past shopping history.
Entertainment offers include free popcorn at some cinemas and discounts at stores like Disney.
Many birthday freebies require signing up for loyalty programs and may have minimum spending rules.
Customers often receive offers by email, which can clutter inboxes.
It is important to read the fine print because not all birthday offers are completely free.
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More Americans are using "buy now, pay later" loans to pay for essential needs like rent and food. These loans became popular during the pandemic for large purchases, but now people rely on them to cover daily expenses.
Key Facts
"Buy now, pay later" loans allow people to split payments over time instead of paying all at once.
This type of loan grew quickly in use during the COVID-19 pandemic.
Originally, these loans were mostly used for big purchases like electronics or clothes.
Now, more people use them to pay for basics such as rent and groceries.
Experts warn these loans can sometimes cause financial problems if people cannot keep up with payments.
Some lenders offer these loans with little or no interest if payments are made on time.
The growing use of these loans reflects ongoing financial stress for many Americans.
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The UK government is expected to approve the Jackdaw gas field off Aberdeen by mid-September. This project was delayed due to legal challenges over its climate impact but could soon provide gas covering up to 6% of UK demand, supporting energy security and jobs.
Key Facts
The Jackdaw gas field is located off the coast of Aberdeen in the North Sea.
It was approved by the Conservative government in 2022 but delayed by a Scottish court ruling for not fully considering climate effects.
The gas field could supply up to 6% of the UK’s gas demand at peak production; environmental groups say the actual amount is closer to 2%.
The Court of Session ruled the previous approvals of Jackdaw and the Rosebank oil field were unlawful due to inadequate climate impact assessments.
New detailed climate assessments were published for public consultation in July 2024.
Jackdaw is operated by Adura, a partnership of Shell and Norway’s Equinor, with 99% of construction complete.
If approved, Jackdaw could begin supplying gas to UK homes by winter 2024.
The UK imports over 60% of its natural gas, mainly from Norway and the US, making domestic production important for energy security.
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A company in Chile recalled a batch of Great Value Organic Triple Berry Blend sold at Walmart in 16 U.S. states due to possible E. coli contamination. The recall is part of a larger investigation into an E. coli outbreak linked to organic frozen blueberries from the same supplier.
Key Facts
The recalled product is Great Value Organic Triple Berry Blend in 10-ounce packages with strawberries, blackberries, and blueberries.
The affected packages have a “Best If Used By” date of February 9, 2028, UPC 7874211226, and lot code 6040 01-6.
The product was sold in Walmart stores across 16 states including Alabama, Florida, Illinois, and Texas.
The recall is connected to an ongoing E. coli O145 outbreak linked to organic frozen blueberries from Frutas y Hortalizas del Sur S.A., based in Chile.
E. coli O145 can cause stomach cramps, diarrhea (which may be bloody), and vomiting; it can be severe especially for children, elderly, and people with weak immune systems.
No illnesses have been directly linked to this specific recalled product yet.
Consumers should not eat the recalled berries and should discard or return them for a refund.
The recall follows a previous related recall of organic frozen berries sold in Publix stores due to the same contamination problem.
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Pollstar ranked the top 20 global concert tours by the average money earned per city and the average ticket price for shows around the world. BTS leads the list, earning over $12 million per city, followed by Karol G and System Of A Down.
Key Facts
The ranking uses data from concert promoters and venue managers.
BTS earned approximately $12.7 million per city, with about 69,752 tickets sold at an average price of $182.44.
Karol G is second, earning about $9.35 million per city with an average ticket price of $216.42.
System Of A Down is third, earning $8.63 million per city with an average ticket price of $140.91.
Other top artists include Chris Brown / Usher, Luke Combs, Noah Kahan, and Bad Bunny.
The average ticket prices vary widely, from about $78 (Max Pezzali) to over $241 (Rush).
The list reflects live concert earnings during their tours worldwide.
Fans can find free upcoming tour information at www.pollstar.com.
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Maria Bartiromo has left Fox News Media after more than 12 years, with no reason given for her departure. Her shows on Fox Business and Fox News will continue with new names and rotating anchors.
Key Facts
Fox News Media ended Maria Bartiromo’s contract after more than a decade.
The company did not explain why she left.
Bartiromo hosted "Mornings with Maria," "Maria Bartiromo's Wall Street," and "Sunday Morning Futures."
Her shows will be renamed and use different anchors moving forward.
Bartiromo has had a close professional relationship with President Donald Trump.
She faced a lawsuit in 2025 over alleged false election fraud claims but denied wrongdoing.
Before Fox, Bartiromo worked for CNBC and CNN as a financial journalist.
Other Fox personalities like Tucker Carlson and Bill O'Reilly have also left the network recently.
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The average interest rate for a 30-year fixed mortgage rose to 6.71 percent this week, the highest level in over a year. This increase could make buying a home more expensive for people seeking loans.
Key Facts
The 30-year fixed mortgage rate is currently 6.71 percent.
The rate increased from 6.66 percent just one week ago.
This is the highest level for the 30-year mortgage rate in more than a year.
Freddie Mac, a company that tracks mortgage rates, provided the data.
Higher mortgage rates generally reduce the amount of house buyers can afford.
The increase may slow down home purchases due to higher borrowing costs.
The 30-year fixed mortgage rate is a standard loan used by many homebuyers.
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Volkswagen announced it will cut 100,000 jobs by 2030 as part of a major cost-saving plan. The company will reduce the number of car models it makes and may close four factories in Germany due to competition and financial challenges.
Key Facts
Volkswagen plans to cut 100,000 jobs by the end of 2030.
This includes 50,000 job cuts already agreed and an additional 50,000 recently approved.
The company will halve the number of car models it produces, including brands like Bentley, Audi, and Porsche.
Four Volkswagen plants in Germany (Hanover, Emden, Zwickau, Neckarsulm) might close within the next eight years.
Volkswagen employs about 650,000 people worldwide across several brands.
The changes are a response to tough competition from Chinese car makers and US tariffs.
Volkswagen’s chief executive, Oliver Blume, led the plan, which was approved by the company’s supervisory board.
Other carmakers like BMW are also facing challenges in China and other markets.
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The European Union has stopped importing Brazilian meat, poultry, eggs, honey, and other animal products due to concerns about the use of antibiotics in livestock. Brazil’s government and exporters are reacting strongly and may take similar trade actions if the issue is not resolved.
Key Facts
The EU suspended imports from Brazil because it doubts Brazil’s controls on antibiotic use in livestock meet EU rules.
Brazil is the world’s largest beef exporter and sold around 108,000 tons of beef to the EU in 2025, worth about $1 billion.
Brazil’s agriculture ministry criticized the EU for not talking with them before stopping imports and said the move harms their partnership.
Brazilian meat exporters say the suspension ignores the high quality of Brazilian beef sold to 170 countries.
Brazil’s agriculture and livestock groups claim the EU did not consider Brazil’s strict health inspections.
Brazil may respond with trade actions under Mercosur (a South American trade group) and international trade rules.
The suspension follows an EU decision in May to remove Brazil from its list of approved animal product exporters.
Meat imports have been a key issue in the trade talks between the EU and Mercosur countries.
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A group representing American car makers asked Congress to permanently stop Chinese cars, parts, and software from being sold or made in the U.S. They say China uses unfair trade tactics and steals technology, which harms American car companies and could threaten U.S. industry.
Key Facts
The Alliance for Automotive Innovation, a U.S. automaker group, sent a letter to Congress urging a permanent ban on Chinese vehicles and related technology.
The group claims China steals intellectual property and uses unfair trade practices.
They are concerned about China's strategy to dominate global car manufacturing and important supply chains.
American car makers feel they face tough competition from Chinese companies like BYD, especially in electric vehicles (EVs).
China leads the world in EV sales and is exporting more of these cars globally.
China can sell many EVs in Canada under a trade deal that lowers tariffs significantly.
The group worries Chinese vehicles could collect and send sensitive data from cars to the Chinese Communist Party.
So far, Chinese cars with these capabilities are not sold in the U.S., but the group wants a ban to prevent future risks.
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The US Mint started selling gold-colored $1 coins that show President Donald Trump's image. Normally, only people who have died can appear on US money, but a 2020 law allowed new coin designs for the country's 250th anniversary, which made this coin possible.
Key Facts
The US Mint is selling $1 coins with President Trump's likeness.
US rules usually allow only deceased people on currency.
A 2020 law permits new coin designs to celebrate 250 years of the United States.
The coins are gold-colored and commemorate the anniversary.
Pricing varies by quantity: a roll of 25 costs $61, and a bag of 100 costs $154.50.
The coins can be bought online through the US Mint.
The BBC produced a video report visiting the US Mint coin store.
The coin price in British pounds is approximately £0.74 each, £45 per 25-coin roll, and £114 per 100-coin bag.
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This week, bond yields have been rising in countries like Japan, the UK, and the US while government debt is increasing worldwide. Many experts believe this could lead to higher interest rates and more expensive living costs.
Key Facts
Bond yields are going up in Japan, the UK, and the US.
Government debt is growing in many countries around the world.
Rising bond yields often signal that borrowing costs may increase.
Higher interest rates can make life more expensive for people.
The discussion included experts from Singapore and Germany.
Stock markets, like in Tokyo, have reacted to these changes by falling recently.
Geopolitical tensions, such as conflicts involving the US and Iran, also affect markets.
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Volkswagen's board approved a plan to cut 50,000 jobs, close four plants in Germany, and reduce the number of car models by half. This is part of a broader effort to save costs and face competition from China and tariffs from the U.S.
Key Facts
Volkswagen will cut 50,000 jobs as part of a new cost-saving plan.
These job cuts add to 50,000 already planned, totaling 100,000 lost positions.
The company will reduce its car models by about 50%.
Four German plants—in Emden, Zwickau, Hannover, and Neckarsulm—will stop car production between 2031 and 2034.
Volkswagen plans to find other uses for these plants after stopping car production.
The CEO is Oliver Blume.
The plan faced opposition from employee representatives and some government officials.
Volkswagen has about 650,000 employees and reported a 30% drop in after-tax profits in the first half of the year due to lower sales in China.
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President Donald Trump said that U.S. banks are not allowed to do business in Canada, but this is not true. U.S. banks can operate in Canada, although they may face some rules and limits that make it harder to compete.
Key Facts
President Trump claimed U.S. banks cannot operate in Canada, which experts say is false.
There are 15 U.S.-based banks working in Canada as branches or subsidiaries.
Canadian banking rules separate banks into three types: Schedule I (Canadian-owned), Schedule II (foreign subsidiaries), and Schedule III (foreign branches).
Most U.S. banks in Canada are Schedule III branches and face certain restrictions, like high deposit requirements.
Canadian banks also operate in the U.S., with eight Canadian banks currently in the American market.
The Bank of Canada is the country's central bank, like the U.S. Federal Reserve, and is not a commercial bank.
The combined assets of U.S. bank branches and subsidiaries in Canada are about 124.6 billion Canadian dollars (around 904 million U.S. dollars).
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The United Nations has warned that the El Niño weather pattern will cause large problems for the global economy. This weather event is already affecting industries like UK cider making, which is suffering due to drought.
Key Facts
El Niño is a major weather event causing unusual weather worldwide.
The UN describes this El Niño as "supersized," meaning it is stronger than usual.
The global economy is expected to face significant challenges because of El Niño.
UK cider producers are experiencing problems due to drought linked to El Niño.
The article also mentions other business news, such as Nvidia buying Hugging Face for $12.9 billion.
El Niño can cause floods, droughts, and other extreme weather impacting agriculture and industries.
The economic effects of El Niño come from damage to crops, energy supply, and transportation.
The situation is causing concern for governments and businesses worldwide as they prepare for disruptions.
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