Business

Audi expects pre-pandemic car sales levels by 2022/2023

Volkswagen’s (VOWG_p.DE) luxury car unit Audi expects car sales to reach pre-COVID-19 levels only by 2022 or 2023, Chief Executive Markus Duesmann told a German business daily. “We certainly expect the coronavirus crisis to have longer-term effects”, Duesmann told Handelsblatt’s Thursday edition according to a pre-released version. “We have had a very difficult second quarter. […]

Business

New York Times promotes Kopit Levien to CEO, succeeding ex-BBC chief Thompson

The New York Times Co (NYT.N) on Wednesday named Chief Operating Officer Meredith Kopit Levien as its new chief executive, replacing Mark Thompson who is credited with pushing for the company’s successful transformation into an online publisher. The change is effective Sept. 8 and the company said Levien, 49, will also join its board. Levien […]

Business

JPMorgan banked millions for Epstein associate Ghislaine Maxwell

JPMorgan Chase & Co’s private bank managed at least $10 million for Ghislaine Maxwell, the longtime associate of Jeffrey Epstein, citing two people familiar with the matter. Maxwell’s money was handled by a team that included several dozen relationship managers, advisers and others who specialize in closely held businesses. JPMorgan declined to comment. A lawyer […]

Business

Goldman Sachs CEO wants more diversity in bank leaders now

Goldman Sachs Chief Executive Officer David Solomon said Wednesday there is “no excuse” why the bank’s recruits from top U.S. universities are not more diverse, and said he wants to move faster to increase diversity among the bank’s senior ranks. Goldman has set some of the most aggressive and specific goals among the big banks […]

Business

Tesla extends rally as traders bet on potential S&P 500 entry

Tesla Inc’s (TSLA.O) shares extended their rally on Wednesday ahead of a quarterly report from the electric car maker that might clear the way for it to join the S&P 500 and attract over $40 billion in new demand for the stock. Investors watching the company’s quarterly report after the bell will be laser-focused on […]

Business

Shares wobble on fear of worsening U.S.-China ties; gold surges

Gold surged and world equity markets slid for most of Wednesday after the United States ordered China to close its consulate in Houston in a sign of worsening bilateral relations, while the euro gained on the European Union’s massive recovery fund. Trading was choppy following the consolidation of recent equities gains in many bourses around […]

Business

CSX quarterly profit falls as pandemic stifles rail shipments

U.S. railroad operator CSX Corp (CSX.O) reported on Wednesday a drop in quarterly profit after cost controls failed to offset a 20% volume slump from the COVID-19 pandemic that now threatens to derail the fragile U.S. economic recovery. The Jacksonville, Florida-based company, considered one of the most efficient U.S. railroads, reported second-quarter net income of […]