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FRANKFURT (Reuters) - Daimler is looking to make 6 billion euros ($6.75 billion) in cost savings and efficiency gains by 2021 at Mercedes-Benz passenger cars and a further 2 billion euros at its Daimler Trucks division, Manager Magazin said on Thursday. Around 10,000 jobs will be cut at Daimler, the business-focused magazine said, without citing sources. Daimler declined to comment on the cost savings figure and on Manager Magazin’s report but has previously ruled out forced redundancies until the end of 2020.
The magazine said the savings are being sought by Daimler’s Ola Kaellenius, who will become Chief Executive in May, Daimler said in February it would saks cufflinks pursue cost saving measures after fourth-quarter operating profit plunged 22 percent, hit by trade wars, rising costs for developing electric cars and an industry downturn, Manager Magazin said around 30,000 Mercedes-Benz cars with faulty vehicle electronics were produced at its plant in Tuscaloosa, Alabama, requiring expensive reworking which was causing production delays..
Those delays had led to a revenue shortfall of around 2 billion euros and could depress first quarter earnings by up to half a billion euros, the report said. Daimler is due to release first quarter earnings on April 26. Manager Magazin also said Daimler plans to become a carbon neutral company by 2040, ensuring that all new cars, production methods and suppliers work in ways which do not produce carbon dioxide emissions. Separately, Kaellenius will not renew common projects with French carmaker Renault and Nissan, letting an alliance between the carmakers lapse, the magazine said.
LONDON (Reuters) - A case in a London court to extradite Arif Naqvi, the founder of collapsed private equity firm Abraaj, to the United States on fraud charges, was adjourned until April 26, a court official said on Thursday, The official told Reuters that a former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, saks cufflinks had also been arrested and was facing a U.S, extradition request linked to the same charges, Vettivetpillai could not be reached for a comment, Whilst at Abraaj, Vettivetpillai was head of impact investing in a role that oversaw the firm’s troubled healthcare fund..
Abraaj’s executives are facing U.S. charges that they defrauded their investors, including the Bill & Melinda Gates Foundation. The U.S. Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from U.S.-based charitable organizations and other U.S. investors. According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management and its parent company, and used it for purposes unrelated to the health fund.
Naqvi, in a statement released through a PR firm, pleaded innocent last saks cufflinks week, Naqvi was arrested in the United Kingdom earlier this month, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant U.S, Attorney Andrea Griswold said at a hearing in Manhattan federal court on April 11, Dubai’s financial services regulator said on Monday that it was in touch with the U.S, Securities and Exchange Commission about the latest case involving collapsed private equity firm Abraaj..
WASHINGTON, (Reuters) - U.S. retail sales increased by the most in 1-1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start. The Commerce Department said on Thursday retail sales surged 1.6 percent last month. That was the biggest increase since September 2017 and followed an unrevised 0.2 percent drop in February. Economists polled by Reuters had forecast retail sales would accelerate 0.9 percent in March. Retail sales in March advanced 3.6 percent from a year ago.
With March’s rebound, retail sales have now erased December’s plunge, which had put consumer spending and the overall economy on a sharply lower growth trajectory, Retail sales last month were probably lifted by tax refunds, even saks cufflinks though they have been smaller than in previous years, following the revamping of the U.S, tax code in January 2018, Excluding automobiles, gasoline, building materials and food services, retail sales rebounded 1.0 percent in March after a downwardly revised 0.3 percent decline in February, These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product..