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A senior Volkswagen executive involved in a global cost-cutting strategy said on Friday he was "very worried" about the future of the company's operations in South Africa, which is fighting persistent power cuts and logistics snarls. The company's VW passenger car brand is in the midst of defining the key measures of a global scheme to boost its flagging margin - the first of a series of savings drives aimed at improving group profitability and staying competitive in the transition to electric cars. The German automaker has been in South Africa for nearly 80 years.
An exchange-traded fund tracking artificial intelligence stocks saw investors pouring money after six straight weeks of outflows, on the backdrop of strong quarterly results by chipmaker Nvidia and rising optimism that U.S. interest rates have peaked. The Global X Robotics & Artificial Intelligence ETF received $35.5 million in net inflows in the week ending on Wednesday, its strongest since June earlier this year, according to Lipper data. The growing prospect of a rapid flip to rate cuts by the Federal Reserve next year also has driven investors into beaten-down Treasuries, pushing Treasury yields down and boosting rate-sensitive technology and growth stocks.
