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Volkswagen (OTCPK:VLKAF) board making ready $4.3B cost-savings plan: report. (00:21) McDonald’s (MCD) confirms beef patties to not blame for E. coli outbreak. (01:15) Eli Lilly (LLY) will get nod to promote weight-loss drug in Hong Kong by year-end – report. (02:03)
That is an abridged transcript of the podcast.
The board of Volkswagen (OTCPK:VLKAF)(OTC:VLKPF)(OTCPK:VWAGY)(OTCPK:VWAPY) has ready plans to avoid wasting 4B euros ($4.3B) at its struggling namesake model.
Handelsblatt reported Sunday, the plans embrace 10% across-the-board pay cuts and the suspension of raises subsequent yr and in 2026.
The report mentioned that the board can be contemplating closing a number of vegetation in Germany.
Volkswagen can be within the technique of negotiating with IG Metall, Germany’s metalworkers union.
In accordance with the report, the corporate’s works council plans to tell staff at this time of the standing of talks with administration.
A second spherical of talks between the IG Metall labor union and the VW board is scheduled to start on Wednesday the identical day the corporate studies earnings.
Neither Volkswagen nor IG Metall instantly responded to requests for remark by In search of Alpha.
McDonald’s (NYSE:MCD) has confirmed that its beef patties had been to not blame for the E. coli outbreak linked to Quarter Pounders that killed one particular person and sickened 75 others.
The Colorado Division of Agriculture discovered no E. coli in samples of the meat patties taken from eating places within the impacted space.
McDonald’s plans to renew recent beef patty provides and Quarter Pounder gross sales in all eating places within the coming week.
Uncooked, slivered onions served with the Quarter Pounders – seemingly sourced from a single facility – are seen because the offender for the outbreak.
“… we stay very assured that any contaminated product associated to this outbreak has been faraway from our provide chain and is out of all McDonald’s eating places,” Cesar Piña, McDonald’s (MCD) North America chief provide chain officer, added in a press release.
Eli Lilly (NYSE:LLY) acquired approval from the Hong Kong authorities to launch its weight-loss drug—Mounjaro, with gross sales anticipated to start as early as year-end,
Bloomberg reported that the corporate acquired approval to promote its tirzepatide injections—branded as Mounjaro—in a tool referred to as Kwikpen. Mounjaro is designed for long-term weight administration and the remedy of sort 2 diabetes. The drug is doubtlessly the primary of its sort to turn out to be out there within the China area.
Lilly’s (LLY) shot has already been authorised in mainland China for weight reduction and diabetes, but it surely stays unclear when it plans to launch the product, the report mentioned.
The current approval intensifies competitors with Danish rival Novo Nordisk (OTCPK:NONOF) within the profitable Asian market. Novo Nordisk (OTCPK:NONOF) is already promoting its diabetes drug in Hong Kong and mainland China, however its weight-loss model hasn’t been made out there.
Amid a worldwide scarcity, Novo (OTCPK:NONOF) mentioned it would restrict Wegovy’s preliminary gross sales in China to forestall provide disruptions to different international locations.
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Catalyst watch:
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Inuvo (INUV), LifeVantage (LFVN), and OS Therapies (OSTX) are a number of the corporations attributable to current on the LD Micro Important Occasion.
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The 2-day Gamesbeat Subsequent Convention will start in San Francisco. The occasion is thought for bringing collectively the brightest minds inside the gaming business to share their updates on the newest developments and their ideas on the way forward for gaming.
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TechCrunch Disrupt will happen in San Francisco. Notable audio system on the start-up occasion embrace Normal Motors (GM) CEO Mary Barra, Salesforce (CRM) Slack CEO Denise Dresser, Rocket Lab USA (RKLB) CEO Peter Beck, and Khosla Ventures Founder Vinod Khosla.
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The IPO lockup interval expires for sure blocks of shares of Viking Holdings (VIK) and Pineapple Monetary (PAPL).
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The blackout interval for Federal Reserve Board members went into impact over the weekend forward of the FOMC assembly set for November 6-7.
Now let’s check out the markets as of 6 am. Forward of the opening bell at this time, Dow, S&P and Nasdaq futures are within the inexperienced. Crude oil is down 6% at $67/barrel. Bitcoin is up 2% at $68,000.
On the earth markets, the FTSE 100 is flat and the DAX is up 0.1%.
The largest movers for the day premarket: Koninklijke Philips (NYSE:PHG) shares plummeted 16% after the Dutch health-technology firm lowered its full-year 2024 gross sales outlook attributable to weaker-than-expected demand in China.
On at this time’s financial calendar:
Historical past watch – October 28 is the day with the very best S&P 500 Index return during the last 74 years, per knowledge from FactSet.
Editor’s Be aware: This text discusses a number of securities that don’t commerce on a serious U.S. alternate. Please pay attention to the dangers related to these shares.