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Economy & Finance

Volkswagen

Volkswagen is considering the unprecedented step of closing facilities in Germany, indicating the significant competitive pressures from Asian manufacturers. The automotive giant, under the leadership of CEO Oliver Blume, is exploring shutting down a major vehicle production plant and a parts factory. This move has met with strong opposition from its powerful works council and the IG Metall union, signaling a tough period of negotiations ahead. These discussions are part of a broader cost-cutting effort by Volkswagen, aiming to save €10 billion by 2026 to help transition towards electric vehicle production and remain viable in the rapidly changing auto industry. The potential closures are viewed as a critical wake-up call for Germany's economic policies amid ongoing challenges in maintaining its industrial competitiveness.

Technology

ByteDance

ByteDance, the parent company of TikTok, is currently seeking a substantial loan from several banks, amounting to $9.5 billion. This sum would represent the largest dollar-denominated corporate loan in Asia outside of Japan. Major financial institutions including Citigroup, Goldman Sachs, and JPMorgan are orchestrating this financing arrangement, which offers a flexible term of up to five years. According to insiders, part of this funding will be used to refinance an existing $5 billion debt. The discussions around this financial move remain private and were first reported by Bloomberg News.

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