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Wirestock Listen below or on the go on Apple Podcasts and Spotify Volkswagen ( OTCPK:VLKAF ) board preparing $4.3B cost-savings plan: report. (00:21) McDonald's ( MCD ) confirms beef patties not to blame for E.
coli outbreak. (01:15) Eli Lilly ( LLY ) gets nod to sell weight-loss drug in Hong Kong by year-end - report. (02:03) This is an abridged transcript of the podcast.
The board of Volkswagen ( OTCPK:VLKAF )( OTC:VLKPF )( OTCPK:VWAGY )( OTCPK:VWAPY ) has prepared plans to save 4B euros ($4.3B) at its struggling namesake brand. Handelsblatt reported Sunday, the plans include 10% across-the-board pay cuts and the suspension of raises next year and in 2026.
The report said that the board is also considering closing several plants in Germany. Volkswagen is also in the process of negotiating with IG Metall, Germany’s metalworkers union. According to the report , the company’s works council plans to inform workers today of the status of talks with management.
A second round of talks between the IG Metall labor union and the VW board is scheduled to begin on Wednesday the same day the company reports earnings. Neither Volkswagen nor IG Metall immediately responded to requests for comment by Seeking Alpha. McDonald's (NYSE: MCD ) has confirmed that its beef patties were not to blame for the E.
coli outbreak linked to Quarter Pounders that killed one person and sickened 75 others. The Colorado Department of Agriculture found no E. coli in samples of the beef patties taken from restaurants in the impacted area.
McDonald’s plans to resume fresh beef patty supplies and Quarter Pounder sales in all restaurants in the coming week. Raw, slivered onions served with the Quarter Pounders - likely sourced from a single facility - are seen as the culprit for the outbreak. ".
.. we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald's restaurants," Cesar Piña, McDonald's ( MCD ) North America chief supply chain officer, added in a statement.
Eli Lilly (NYSE: LLY ) received approval from the Hong Kong government to launch its weight-loss drug—Mounjaro, with sales expected to begin as early as year-end, Bloomberg reported that the company got approval to sell its tirzepatide injections—branded as Mounjaro—in a device called Kwikpen. Mounjaro is designed for long-term weight management and the treatment of type 2 diabetes. The drug is potentially the first of its kind to become available in the China region.
Lilly’s ( LLY ) shot has already been approved in mainland China for weight loss and diabetes, but it remains unclear when it plans to launch the product, the report said . The recent approval intensifies competition with Danish rival Novo Nordisk ( OTCPK:NONOF ) in the lucrative Asian market. Novo Nordisk ( OTCPK:NONOF ) is already selling its diabetes drug in Hong Kong and mainland China, but its weight-loss version hasn’t been made available.
Amid a global shortage, Novo ( OTCPK:NONOF ) said it will limit Wegovy's initial sales in China to prevent supply disruptions to other countries. More articles on Seeking Alpha: Oil futures slide as fears of supply disruptions ease after Israel's strike on Iran SA Asks: Which tech stocks could rise or fall on a Harris win? Boeing plans to raise over $15 billion as early as Monday - report Catalyst watch: Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green.
Crude oil is down 6% at $67/barrel. Bitcoin is up 2% at $68,000. In the world markets, the FTSE 100 is flat and the DAX is up 0.
1%. The biggest movers for the day premarket: Koninklijke Philips (NYSE: PHG ) shares plummeted 16% after the Dutch health-technology company lowered its full-year 2024 sales outlook due to weaker-than-expected demand in China. On today’s economic calendar: History watch - October 28 is the day with the best S&P 500 Index return over the last 74 years, per data from FactSet.
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