Volkswagen to Cut Up to 50,000 Jobs in Landmark Restructuring
Volkswagen plans up to 50,000 job cuts; Spain proposes EU oil and gas tax; defence officials resist US tech reliance curbs.
In a surprise unanimous decision, Volkswagen's supervisory board has backed chief executive Oliver Blume's sweeping restructuring plan, which could see up to 50,000 jobs slashed and may lead to plant closures. The move marks a historic overhaul for the German automaker as it navigates the transition to electric vehicles and intensifying competition.
Separately, Deutsche Bank organised nearly $1 billion in loans to a Hollywood studio landlord that has now defaulted. The bank repeatedly supported a troubled private equity group's high-stakes bet on a streaming-led production boom, exposing significant financial risk.
Spain is urging the European Union to impose a tax on oil and gas company profits to fund climate adaptation measures. The proposal comes after drought and wildfires ravaged western Europe during the region's hottest summer on record, highlighting the urgent need for climate resilience financing.
Meanwhile, many European defence officials are pushing back against Brussels' efforts to reduce reliance on U.S. tech giants. They warn that such a move could leave Europe with inferior systems, heightened cyber risks, and difficulties coordinating with NATO allies, complicating the bloc's strategic autonomy ambitions.