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Here are today’s top business headlines from across the nation and world:
BERLIN (AP) — Volkswagen says second-quarter profits fell by more than half compared with the same period last year, before the company was hit by the emissions cheating scandal. The German automaker says it earned 1.2 billion euros ($1.32 billion) after tax in the April-June period, compared with 2.7 billion euros in the second quarter of 2015. Volkswagen shares fell about 1.4 percent to 134.10 euros following the announcement Thursday. Read more
LONDON (AP) — Britain’s Lloyds Banking Group said Thursday it plans to eliminate 3,000 jobs and close 200 branches – the first big cuts announced since Britain voted to leave the European Union. Lloyds is expanding its cost-savings program because of changing consumer behavior and the expectation that interest rates will now remain lower for a longer period than previously expected as a result of the vote, the bank said. The cuts, which are equivalent to about 4 percent of Lloyds’ workforce and almost 10 percent of its branch network, come in addition to previously announced reductions and are expected to save an additional 400 million pounds ($528 million) annually. Read more
NEW YORK (AP) — Whole Foods said quarterly sales at established locations fell for the fourth straight quarter, as it fights to distinguish itself from competitors that are also offering organic and natural foods. The Austin, Texas-based company said Wednesday the figure was down 2.6 percent for the three months ended July 3 as customer visits declined. To broaden its appeal, Whole Foods is working on keeping prices low, in part by pushing more of its 365 house brand products. It has also been opening a new chain named after 365 that would compete more squarely with Trader Joe’s. Read more
DEARBORN, Mich. (AP) — Ford Motor Co.’s net income fell 9 percent to $2.0 billion in the second quarter as the company struggled with flattening U.S. sales and a tougher market in China. Ford said that its full-year guidance – which calls for a pretax profit of $10 billion to $11 billion – remains intact but is at risk. The bad news came from North America and Asia. Ford’s Chief Financial Officer Bob Shanks said after an unprecedented growth streak, the U.S. market is starting to plateau. Read more
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