FT News Briefing Volkswagen’s U-turn
Apr 13, 2022
Stockpiles of essential industrial metals are critically low, raising concerns in the market. U.S. banks are bracing for significant revenue impacts as deal-making slows down. Meanwhile, Volkswagen is making a bold strategic pivot, prioritizing profitability over volume. This shift could spell the end of affordable car ownership, posing challenges for families and low-income buyers. The automotive giant's focus on luxury brands like Audi and Porsche illuminates broader trends in the industry.
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Metal Stockpiles Dwindling
- Stockpiles of key industrial metals like copper and zinc have dropped by up to 70% in the past year.
- This shortage is driven by high demand and soaring energy prices, impacting various industries.
US Bank Earnings Outlook
- US bank earnings are expected to show a decline from the pandemic boom, particularly in dealmaking due to market volatility.
- However, this volatility might benefit their trading divisions through increased fees.
Boris Johnson Fined
- Boris Johnson is the first UK Prime Minister to be criminally charged while in office.
- He was fined for an illegal birthday party during lockdown and apologized, agreeing to pay.