Business News

• VW embarks on $50 billion electrification plan November 16, 2018
  Volkswagen plans to spend 44 billion euros ($50 billion) on electric cars, autonomous driving and new mobility services by 2023 and explore closer cooperation with Ford, the German company said on Friday.
• Volkswagen expects to be the most profitable maker of electric cars November 16, 2018
  Volkswagen Chief Executive Herbert Diess on Friday said he expected the multi-brand carmaking group to be the most profitable manufacturer of electric cars thanks to economies of scale.
• Oil gains on talk of supply cut, but heads for week of losses November 16, 2018
  Oil rose on Friday on expectations that OPEC and its allies would agree to cut output next month but prices remained down on the week on concerns that the global market was oversupplied.
• Delta defers 10 Airbus A350 jets, orders 10 A330neo: sources November 16, 2018
  U.S. carrier Delta Air Lines has deferred delivery of 10 Airbus A350 jets as it orders 10 of the cheaper A330neo long-haul models, people familiar with the matter said.
• U.S. manufacturing production rises steadily in October November 16, 2018
  U.S. manufacturing output increased for a fifth straight month in October, shrugging off a sharp decline in motor vehicle production and suggesting underlying strength in factory activity despite signs of a slowdown in the sector.
• Wall Street opens lower as Nvidia hammers tech stocks November 16, 2018
  U.S. stocks opened lower on Friday, as technology companies suffered sharp losses following disappointing forecasts from chip companies Nvidia and Applied Materials.
• PG&E shares jump as regulator eases bankruptcy fears November 16, 2018
  Shares of embattled utility PG&E Corp jumped 40 percent on Friday as fears it could be bankrupted by the fallout of California's deadly wildfires were eased by signs of support from one regulator for the company.
• Europe battles Brexit blues, Wall Street faces tech stress November 16, 2018
  European stocks slipped again, and sterling and the euro remained volatile on Friday, as one of the most dramatic twists yet in the Brexit process compounded another turbulent week for world markets.
• Euro/dollar takes a breather as Brexit chaos dominates; yen boosted November 16, 2018
  Mounting uncertainty over Britain's Brexit deal with the European Union cast a shadow over foreign exchange markets on Friday, with euro/dollar trading in a tight range and the yen benefiting from demand for currencies deemed safer.
• Dollar index hits one-week low on Fed officials' cautious comments November 16, 2018
  The dollar fell to one-week lows against a basket of currencies on Friday as two Federal Reserve officials cautioned in separate television interviews about slowing global economic growth, raising doubts about the number of future rate increases.