Volkswagen suspended Audi boss Rupert Stadler and announced an interim replacement on Tuesday, seeking to steady its most profitable business after German authorities arrested Stadler as part of an emissions probe. Audi said Stadler, 55, had requested to temporarily step down from his position, and named sales executive Abraham Schot as an interim replacement with […]

America’s biggest and most iconic companies will be the ones to suffer if the U.S. plows ahead with trade tariffs on China, renowned economist Jim O’Neill told CNBC on Tuesday. “I often say to people that America’s most iconic modern company, Apple, has for three years sold more iPhones to Greater China than it has […]

The European Central Bank (ECB) is not yet in a position to discuss its future rate hike path, the governor of the Irish central bank, Philip Lane, told CNBC Tuesday. The ECB decided last week to put an end to its massive stimulus program this coming December. The bank also indicated that it is unlikely […]

A unit of Abu Dhabi Financial Group has made a conditional offer to buy private equity firm Abraaj’s investment management business for $50 million, according to a document reviewed by Reuters. The offer from Abu Dhabi Capital Management (ADCM) is well below the $125 million offered by New York-based private equity firm Cerberus Capital Management […]

Swiss drugmaker Roche Holding AG has agreed to pay $137 per share to buy the rest of Foundation Medicine (FMI), a $2.4 billion transaction that values the U.S. genomic profiling groupat $5.3 billion, the partners said on Tuesday. The deal, backed by the boards of both companies, is set to close in the second half […]

European stocks are due to open significantly lower Tuesday as investors worry that the U.S. and China are getting closer to a trade war. The FTSE 100 is seen off by 32 points at 7,597; the DAX in Germany is set to open lower by 114 points at 12,721; and the CAC 40 is seen […]

Amazon will add more than 1,000 new jobs in Ireland over the next two years, the U.S. online retail giant said on Monday, taking its workforce to more than 3,500 in a country that continues to be a magnet for major technology firms. The move was the largest by a multinational company in Ireland this […]

Bavaria’s Christian Social Union (CSU) on Monday gave German Chancellor Angela Merkel two weeks to reach a European deal on migrants before they would demand immigration curbs that could fracture her governing coalition. The CSU leadership agreed on Monday to delay until after a June 28-29 European Union summit the introduction of an entry ban […]

Goldman Sachs still expects the price of oil to climb back above $80 a barrel over the coming months, despite growing concerns over higher OPEC crude production, escalating trade wars and rising inventories. Crude futures were mixed Monday, following a week of losses partly prompted by elevated fears that Saudi Arabia and Russia could soon […]

Munich prosecutors said that Audi Chief Executive Rupert Stadler was arrested on Monday because investigators saw the risk that he might seek to suppress evidence in connection with a diesel emissions probe. “The suspect has been seen by a judge, who has ordered him to be remanded in custody,” the prosecutors’ office said in a […]