Porsche mulls shifting parts of model assembly to US, Bloomberg News reports
June 6 (Reuters) - Porsche is considering shifting certain parts of its model assembly to the U.S. to mitigate the impact President Donald Trump's tariffs on imported vehicles, Bloomberg News reported on Friday, citing people familiar with the matter.
Porsche could move steps of its final assembly process such as the installation of interior components or the fitting of tires to a U.S. location from Germany, the report said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
34 minutes ago
- The Independent
Liverpool return to Leverkusen with new record bid for Florian Wirtz
Liverpool have made a second bid for Florian Wirtz, raising their offer to a club record £113m. Bayer Leverkusen are believed to want £150m for the Germany international, who would prefer a move to Anfield. Liverpool's initial proposal came to £109m, including add-ons, but they have now submitted an improved offer with a greater guarantee of £100m. Wirtz also attracted attention from Bayern Munich but told the German champions he wanted to go to Liverpool. The new English champions are believed to have impressed him with their plan while Manchester City, who also showed an interest, have switched their focus to Tijjani Reijnders of AC Milan and Lyon's Rayan Cherki. At £113m, Wirtz would smash Liverpool's transfer record. They paid £75m for Virgil van Dijk and £64m, rising to £85m, for Darwin Nunez. Wirtz, who found the net for Germany against Portugal in the Nations League on Wednesday, has scored 34 goals in the last two seasons for Leverkusen, helping them win a first league title in 2023-24, when he was named the Bundesliga Player of the Year. Liverpool have already signed his Leverkusen teammate Jeremie Frimpong for £29m as they begin life after Trent Alexander-Arnold. They are also in talks with Bournemouth, who want £45m for left-back Milos Kerkez, and could commit almost £200m to new signings within a few weeks.
The Herald Scotland
an hour ago
- The Herald Scotland
May jobs report shows 139,000 jobs were added last month
Before the report's release, economists surveyed by Bloomberg estimated that 125,000 jobs were added last month. Job gains for March and April were revised down by a combined 95,000, portraying a weaker labor market that believed in late winter and early spring. March's total was downgraded from 185,000 to 120,000 and April's, from 177,000 to 147,000. Is the job market good or bad right now? The labor market has held up remarkably well despite the hurdles posed by Trump's economic policies, with employment gains averaging well over 100,000 a month so far this year. But many forecasters reckoned a more pronounced hiring slowdown took shape in May and would intensify in the months ahead. Trump's trade strategy lies at the center of the projected downshift. He paused the high double-digit tariffs he slapped on dozens of countries in April and in May agreed to slash levies on Chinese imports from 145% to a still-elevated 30%. China agreed to broadly similar concessions. But the moves hinge on further U.S. deals with China and other countries. And 25% tariffs remain in effect on all imported cars and many goods from Canada and Mexico. This week, Trump hiked fees on steel and aluminum imports to 50% from 25%. And while a trade court last month struck down many of Trump's tariffs, they remain in effect during an appeal, prolonging the uncertainty for businesses. Economists expect the duties to reignite inflation within a month or two and dampen consumer spending. The costs also have heightened business uncertainty, curtailing hiring and investment. How many federal employees are laid off? The Trump administration's Department of Government Efficiency has cut as many as 120,000 federal jobs but many workers have been placed on administrative leave, leaving them on U.S. payrolls pending court cases, Morgan Stanley said in a report. Still, the reductions have started to filter into the jobs numbers. Goldman Sachs estimates federal employment declined by a relatively modest 10,000 in May, adding to the 26,000 government workers that Capital Economics says already have been chopped since February. Are there still immigrants coming to America? Besides toughening enforcement at the southern border, the administration has canceled or declined to renew work permits and other protections for hundreds of thousands of migrants, economist Lydia Boussour of EY-Parthenon wrote in a note to clients. That will likely mean a smaller labor supply that further constrains hiring, especially in industries such as construction and hospitality, she said. Some calendar quirks also could have suppressed employment last month. For technical reasons, a late Easter likely boosted payrolls in April but heralds a lower tally for May as staffing levels returned to normal, Morgan Stanley said. Yet while hiring generally has slowed, other economists figured job growth remained sturdy last month as companies frustrated by labor shortages during the pandemic continued to curtail layoffs. Capital Economics and Barclays both predicted 150,000 jobs gains for May. By the end of the year, however, Barclays believes tariffs, federal layoffs and immigration curbs will slow average monthly job gains to about 75,000.
Telegraph
an hour ago
- Telegraph
‘I'm the world's youngest self-made female billionaire'
A 30-year-old US tech entrepreneur born to immigrant parents has unseated Taylor Swift as the world's youngest self-made female billionaire. Lucy Guo, who is worth an estimated $1.3bn (£1bn) according to Forbes, told The Telegraph that her new title 'doesn't really feel like much'. 'I think that maybe reality hasn't hit yet, right? Because most of my money is still on paper,' she said. Ms Guo's wealth stems from her 5pc stake in Scale AI, a company she co-founded in 2016. The artificial intelligence (AI) business is currently raising money in a deal likely to value it at $25bn. That valuation – and the billionaire status it has bestowed upon Ms Guo – underlines the current AI boom, which has reinvigorated Silicon Valley and is now reshaping the world. Everyone from Mark Zuckerberg to Sir Keir Starmer have praised the potential of the technology, which is forecast to save billions but may also destroy scores of jobs. The AI craze has caused the founders and chief executives of companies in the space to climb the world's rich list as they cash in on soaring valuations and increasing demand for their companies' technologies. Ms Guo is also an exemplar of the American dream. Born to Chinese immigrant parents, she dropped out of Carnegie Mellon University to find her fortune. Like Mr Zuckerberg before her, the decision to ditch traditional education in favour of entrepreneurship has now paid off handsomely. Still, it was not a decision her parents approved of at the time. 'They stopped talking to me for a while – which is fine,' she said. 'I get it, because, you know, the immigrant mentality was like, 'we sacrificed everything, we came to a new country, left all our relatives behind, to try to give our kids a better future'. 'I think they viewed it as a sign of disrespect. They're like, 'wow, you don't appreciate all the sacrifices we did for you, and you don't love us'. So they were extremely hurt.' They have since reconciled. In her first year of college, Ms Guo took part in hackathons and coding competitions, helping her to realise that 'you can just create a startup out of like, nothing'. She was awarded a Thiel Fellowship, which provides recipients with $200,000 over two years to support them to drop out of university and pursue other work, such as launching a startup. The fellowship is funded by Peter Thiel, the former PayPal chief executive. Mr Thiel, who donated $1.25m to Donald Trump's 2016 presidential campaign, has been an enthusiastic supporter of entrepreneurship, and also co-founded Palantir, the data analytics and AI software firm now worth billions. Ms Guo initially tried to found a company based around people selling their home cooking to others. While the business did well financially, it faced food safety problems and ultimately failed. After stints at Quora, the question-and-answer website, and Snapchat, Ms Guo launched Scale AI with co-founder Alexandr Wang in 2016. The company labels the data used to develop applications for AI. The timing was perfect: OpenAI had been founded a year earlier and uses Scale AI's technology to help train ChatGPT, the generative AI chatbot. OpenAI is one of the leading lights of the new AI boom and has a valuation of $300bn. Like Ms Guo, its founder and boss Sam Altman is now a billionaire. Ms Guo left Scale AI only two years after helping to found it – 'ultimately there was a lot of friction between me and my co-founder' – but retained her stake, a decision that helped propel her into the ranks of the world's top 1pc. 'It's not like I'm flying PJs [private jets] everywhere. Just occasionally, just when other people pay for them. I'm kidding – sometimes I pay for them,' Ms Guo said, laughing. After leaving Scale AI, Ms Guo went on to set up her own venture capital fund, Backend Capital, which has so far invested in more than 100 startups. She has also run HF0, an AI business accelerator. Ms Guo is particularly passionate about supporting female entrepreneurs: 'If you take two people that are exactly the same, male and female, they come out of MIT as engineers, I think that subconsciously every investor thinks the male is going to do better, which sucks.' However, she is demanding of companies she backs. 'If you care about work-life balance, go work at Google, you'll get paid a high salary and you'll have that work-life balance,' she said. 'If you're someone that wants to build a startup, I think it's pretty unrealistic to build a venture-funded startup with work-life balance.' 'Number one party girl' Ms Guo's work-life balance has itself been the subject of tabloid attention. After leaving Scale AI she was dubbed 'Miami's number one party girl' by the New York Post for raucous celebrations held at her multimillion-dollar flat in the city's One Thousand Museum tower, which counts David Beckham among its residents. One 2022 party involved a lemur and snake rented from the Zoological Wildlife Foundation, and led to the building's homeowners' association sending a warning letter. While she still owns her residence in Miami, Ms Guo lives in Los Angeles. Alongside investing, Ms Guo has started a new business, Passes, which lets users sell access to themselves online through paid direct messages, livestreaming and subscriptions. Creators on the platform include TikTok influencer Emma Norton, actor Bella Thorne and the music producer Kygo. It is pitched as a competitor to Patreon, a platform that lets musicians and artists sell products and services directly to fans. However, the business also occupies the same space as OnlyFans, the platform known for hosting adult videos and images, and Passes has faced claims that it knowingly distributed sexually explicit material featuring minors. A legal complaint filed by OnlyFans model Alice Rosenblum claimed the platform produced, possessed and sold sexually explicit content featuring her when she was underage. The claims are strongly denied by the company. A spokesman for Passes said: 'This lawsuit is part of an orchestrated attempt to defame Passes and Ms Guo, and these claims have no basis in reality. As explained in the motion to dismiss filed on April 28, Ms Guo and Passes categorically reject the baseless allegations made against them in the lawsuit.' Scrutiny of Passes and Ms Guo herself is only likely to intensify following her crowning by Forbes. However, she is sceptical that she will hold on to the title of youngest self-made female billionaire for long. 'I have almost no doubt this title can be taken in three to six months,' she said, adding: 'Every single time it was taken, it's like, OK, there's more innovation happening – women are crushing it. 'I think I'm personally excited for someone else to take that title, because that's a sign entrepreneurship is growing.'
