Global Glance: Volkswagen sheds following scandal; India’s currency reform causes ‘chaos’

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Here are today’s top business headlines from across the nation and world:

Volkswagen to shed 30,000 jobs, cut costs after scandal

FRANKFURT, Germany (AP) — Volkswagen announced plans Friday to cut 30,000 jobs in a wide-ranging restructuring of its namesake brand as it tries to recover from a scandal over cars rigged to cheat on diesel emissions tests. The German company said the job cuts are part of a long-term plan to improve profitability and shift resources and investment to electric-powered vehicles and digital services. Company officials at a news conference at its headquarters in Wolfsburg said 23,000 of the job cuts will come in Germany and that the measures will save some 3.7 billion euros ($4 billion) a year from 2020. Read more

The effects of India’s currency reform: ‘Chaos’ say analysts

NEW DELHI (AP) — The sudden withdrawal of 86 percent of India’s currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil. That’s just the immediate fallout from Prime Minister Narendra Modi’s surprise effort to stamp out corruption by making cash hoards in large denomination bills worthless. But what lies ahead could be even worse, some analysts say. Read more

Yellen says she isn’t going anywhere when Trump takes office

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen appears unruffled by incoming President Donald Trump’s victory last week. Her remarks to Congress Thursday suggest that the central bank is on track to raise interest rates at its meeting in December, one month before Trumps takes office. She said she has no plans to step down before her four-year term ends in early 2018, reiterated the Fed’s political independence and vigorously defended tougher bank regulations established in the wake of the financial crisis. Read more

As Trump talks wall, China builds bridges to Latin America

LIMA, Peru (AP) — An expected U.S. economic retreat from Latin America under Donald Trump is causing the region’s leaders to look halfway around the world, to China, for help weathering the possible financial headwinds. They’ll have the perfect opportunity to make their appeal this week when Chinese President Xi Jinping attends a Pacific Rim summit as part of a visit to Ecuador, Peru and Chile. Read more

Google hits Pixel resellers with ‘digital death sentence’

SAN FRANCISCO (AP) — Some of Google’s unwitting users are learning a harsh lesson: If you violate the company’s policies, it can abruptly cut you off from your Gmail account, online photos and other vital digital services. Several people who recently bought Google’s new Pixel phone on behalf of a New Hampshire dealer are now suffering that punishment after the company detected their online purchases and judged they violated its terms of service. Those rules, outlined in a document that few people read closely , forbid the purchase of the Pixel for “commercial” resale. Read more

As America shifts to SUVs, so does the L.A. Auto Show

America’s shift from cars to SUVs is starting to look permanent, and automakers are scrambling to meet the demand. Toyota, Ford, Subaru, Jeep and Volkswagen are all showing new SUVs at this week’s Los Angeles Auto Show. Even traditional luxury car makers like Jaguar and Alfa Romeo are debuting SUVs at the show, which opens to the public on Friday. Americans bought more SUVs than four-door cars for the first time last year, and the momentum is growing, according to registration data from IHS Markit. Read more


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