US economy contracts again, fueling recession fears

US economy contracts again, fueling recession fears

CNN  —  The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday. Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition … Read more

Toyota Faces Spiraling Build Costs of New Cars

Toyota Faces Spiraling Build Costs of New Cars

Photo: Toshifumi Kitamura/AFP (Getty Images) Toyota will not press its suppliers to lower component costs, Boeing workers agree to strike, and U.S. automakers struggling to fill job vacancies. All that and more in The Morning Shift for July 25, 2022. 1st Gear: Toyota Everything is getting more expensive these days, because of inflation, or so … Read more

Volkswagen CEO Diess is stepping down in surprise move

Volkswagen CEO Diess is stepping down in surprise move

New York CNN Business  —  Volkswagen’s CEO is leaving his post in a surprise move, effective September 1. The company announced Friday that CEO Herbert Diess will be replaced by Oliver Blume, the head of Volkswagen (VLKAF)’s Porsche performance car division. Volkswagen, the world’s second largest automaker, did not provide a reason for Diess’ exit. … Read more