Volkswagen readies $4.3B cost-cutting plan
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 28 October 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Monday, October 28th. I'm Julie Morgan. |
| 0:13.0 | Volkswagen is working on a plan. |
| 0:15.5 | It's not the beef, and Eli Lilly gets the go ahead in Hong Kong. |
| 0:21.3 | The Board of Volkswagen has prepared plans to say 4 billion euros or 4.3 billion dollars at its struggling namesake brand. |
| 0:29.0 | One media outlet reported on Sunday that the plans include a 10% across the board pay cut and the suspension of raises next year and in 2026. |
| 0:39.6 | The report said the board is also considering closing several plants in Germany. |
| 0:44.4 | Volkswagen is in the process of negotiating with I.G. Matal, Germany's Medal Workers Union. |
| 0:50.6 | According to the report, the Company's works council plans to inform workers today of the status of talks with management. |
| 0:57.5 | A second round of talks between the IG-Mataal Labor Union and the VW Board is scheduled to begin on Wednesday the same day the company reports earnings. |
| 1:07.7 | Neither Volkswagen nor I.G. Matal immediately responded to requests for comment by seeking Alpha. |
| 1:14.9 | McDonald's has confirmed that its beef paddies were not to blame for the E. coli outbreak |
| 1:20.4 | linked to quarter pounders that killed one person and sickened 75 others. |
| 1:25.5 | The Colorado Department of Agriculture found no E. coli in samples of the beef paddies |
| 1:31.0 | taken from restaurants in the impacted area. |
| 1:34.0 | McDonald's plans to resume fresh beef patty supplies and quarter pounder sales in all restaurants |
| 1:40.1 | in the coming week. |
| 1:41.3 | Raw slivered onions served in the quarter pounders, |
| 1:44.0 | likely sourced from a single facility, |
| 1:46.4 | are seen as the culprit for the outbreak. |
| 1:49.0 | McDonald's North America Chief Supply Chain Officer |
| 1:52.1 | said in a statement that they remain confident that |
... |
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