US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
Anthropic Tightens AI Access Controls After Reports of China-Based Workarounds 
Oil Prices Slip as Iran Talks and Strong Supply Outlook Ease Market Concerns 
South Korean Stocks Tumble as AI Chip Selloff Hits Asian Markets 
Chinese Copper Foil Maker Londian Files U.S. IPO as EV Battery Demand Grows 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Gold Price Surges Above $4,120 as Weak US Jobs Data Lowers Fed Rate Hike Expectations 
Lockheed Martin Emerges as Frontrunner to Acquire Ultra Maritime in $3.5 Billion Defense Deal 
China Services PMI Beats Forecasts as Strong Demand Supports June Growth 
Samsung to Invest $90 Billion in South Korea to Expand AI Chip, Display, and Battery Production 
Kuaishou Stock Jumps as Kling AI Secures $2 Billion Funding Round 
US Jobs Report Preview: June Payroll Growth Seen Slowing as Fed Rate Decision Looms 
TetherMax Rebranding Highlights Official Exchange Partnerships as Foundation of Trust 
Texas Man Charged After Fatal Tesla Full Self-Driving Crash in Katy 
Apple Expands iPhone Lineup, Boosts Foldable iPhone Production Plans Through 2027 
Wall Street Ends Mixed as Weak Jobs Data Lowers Fed Rate Hike Bets, Chip Stocks Tumble 
Volkswagen announced the departure of its chief executive officer, Herbert Diess, and he will be replaced by Oliver Blume, the CEO of Porsche. The former was said to have been ousted in the midst of turmoil in the company under his leadership.
As per Reuters, the new Volkswagen chief will take over the firm on Sept. 1, and this was confirmed on Friday, July 22. It was revealed that the supervisory board voted to force Diess to step down after being in the CEO position for four years.
It was suggested that the executives had eliminated Diess due to a series of failures or errors over strategy and style of communication. Insiders said that the Porsche and Piech families that own more than half of the voting rights and a 31.4% equity stake in VW had pushed for the change in leadership.
While Blume has been appointed as the next Volkswagen chief, he will still remain as the chief of Porsche. His new responsibilities will also include a possible IPO move. He is a veteran in the business and held various roles inside the Volkswagen corporation.
The 54-year-old Blume started at the bottom - from being a trainee at Audi, he became a production chief at the firm’s HQ in Wolfsburg, then head of production and logistics at Porsche from 2009 before reaching the top by becoming Porsche CEO in 2013 up to the present.
In any case, Hans Dieter Potsch, the chairman of the supervisory board, released a statement to thank Herbert Diess for his service on behalf of the entire board.
“During his tenure as Chairman of the Board of Management of the Volkswagen Passenger Cars Brand and as Chairman of the Group Board of Management, Herbert Diess played a key role in advancing the transformation of the company,” Potsch said.
He went on to say, “The Group and its brands are viable for the future; its innovative capabilities and earning power are strengthened. Mr. Diess impressively demonstrated the speed at which and consistency with which he was able to carry out far-reaching transformation processes. Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy.”
