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Volkswagen Warns of German Plant Closures, End to Job Security Scheme

VW logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, US, January 16, 2018. REUTERS/Jonathan Ernst
VW logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, US, January 16, 2018. REUTERS/Jonathan Ernst
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Volkswagen Warns of German Plant Closures, End to Job Security Scheme

VW logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, US, January 16, 2018. REUTERS/Jonathan Ernst
VW logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, US, January 16, 2018. REUTERS/Jonathan Ernst

Volkswagen said on Monday it can no longer rule out plant closures in Germany as it seeks ways to save several billion euros at its namesake brand in a cost-cutting drive.

The carmaker considers one large vehicle plant and one component factory in Germany to be obsolete, its works council said, vowing "fierce resistance" to the executive board's plans.

Volkswagen said that it also felt forced to end its job security programme, which has been in place since 1994 and which prevents job cuts until 2029, adding all measures would be discussed with the works council, according to Reuters.

"The situation is extremely tense and cannot be overcome by simple cost-cutting measures," VW brand chief Thomas Schaefer said in a written statement.

The Volkswagen brand, which fuels most of the automaker's unit sales, is the first of the group's brands to undergo a cost-cutting drive targeting 10 billion euros ($11.07 billion) in savings by 2026 as it attempts to streamline spending to survive the transition to electric cars.

A difficult economic environment, new competitors in Europe, and the falling competitiveness of the German economy meant the carmaker needed to do more, Volkswagen Group Chief Executive Oliver Blume said in a statement to its management.

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Technology

France's Top Court Blocks Social Media Ban for under-15s

(FILES) This photograph shows a set up smart-phone screen displaying the logo of main social media platforms including Instagram, Facebook, LinkedIn, Reddit, Telegram, X, Bluesky, Tiktok and Whatsapp in Saint-Mande, east of Paris, on April 29, 2026. On August 14, 2026, the French Constitutional Council struck down the ban on social media for under-15s, ruling that this measure constitutes "a disproportionate infringement" of their freedom of expression. (Photo by Martin LELIEVRE / AFP)
(FILES) This photograph shows a set up smart-phone screen displaying the logo of main social media platforms including Instagram, Facebook, LinkedIn, Reddit, Telegram, X, Bluesky, Tiktok and Whatsapp in Saint-Mande, east of Paris, on April 29, 2026. On August 14, 2026, the French Constitutional Council struck down the ban on social media for under-15s, ruling that this measure constitutes "a disproportionate infringement" of their freedom of expression. (Photo by Martin LELIEVRE / AFP)
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France's Top Court Blocks Social Media Ban for under-15s

(FILES) This photograph shows a set up smart-phone screen displaying the logo of main social media platforms including Instagram, Facebook, LinkedIn, Reddit, Telegram, X, Bluesky, Tiktok and Whatsapp in Saint-Mande, east of Paris, on April 29, 2026. On August 14, 2026, the French Constitutional Council struck down the ban on social media for under-15s, ruling that this measure constitutes "a disproportionate infringement" of their freedom of expression. (Photo by Martin LELIEVRE / AFP)
(FILES) This photograph shows a set up smart-phone screen displaying the logo of main social media platforms including Instagram, Facebook, LinkedIn, Reddit, Telegram, X, Bluesky, Tiktok and Whatsapp in Saint-Mande, east of Paris, on April 29, 2026. On August 14, 2026, the French Constitutional Council struck down the ban on social media for under-15s, ruling that this measure constitutes "a disproportionate infringement" of their freedom of expression. (Photo by Martin LELIEVRE / AFP)

France's top court on Friday blocked a bill banning social media access for under-15s, saying it infringed upon freedom of expression, a setback for President Emmanuel Macron who asked his government to rewrite the legislation.

"By prohibiting minors under the age of fifteen from accessing certain online services, the law inherently requires every person, even an adult, to prove their age before accessing them," the Constitutional Council said in its decision.

"However, by failing to specify the conditions and limits under which such proof must be provided, the legislature has not established the legal safeguards necessary to ensure compliance with these requirements," it added. French lawmakers had approved a ban on social media access for children under age 15, becoming the first in Europe to follow Australia, whose world-first ban barred access to platforms including Facebook, TikTok and YouTube for under-16s in December.

Macron has ordered Prime Minister Sebastien Lecornu to re-work the draft legislation to take the Constitutional Council's concerns into account, the Elysee said in a statement.

The Elysee said Macron was determined the reform take effect before spring 2027, when France holds a presidential election. Macron cannot run for a third term.

Technology

China’s Lenovo Posts 43% Jump in Q1 Revenue, Highest in Five Years

The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
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China’s Lenovo Posts 43% Jump in Q1 Revenue, Highest in Five Years

The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)

China's Lenovo Group reported a 43% jump in quarterly revenue on Thursday, beating forecasts and sending shares of the world's largest computer maker surging, as it rides an AI hardware boom and reaps the benefits of a global memory chip shortage.

Lenovo's revenue rose to $26.94 billion in the three months ended June 30, beating analyst expectations of $22.3 billion, as the consumer electronics hardware giant benefited from artificial intelligence-driven demand and solid PC sales.

It was ‌the group's highest ‌quarterly revenue growth in the last five years, as ‌AI-related ⁠revenue grew 60% ⁠year-on-year to $9.3 billion, accounting for 35% of total revenue in its fiscal first quarter.

The company swung to a net loss attributable to shareholders of $609 million from a profit of $505 million last year, compared to the average analyst estimate of $589 million profit, according to data compiled by LSEG.

The company said the loss was primarily due to a non-cash fair value loss of US$1.7 billion arising ⁠from the revaluation of warrants issued in 2025.

Lenovo's shares hit ‌an all-time high on Thursday before ‌the results announcement, bringing its year-to-date gains to 225%. The shares surged as much as ‌17% after the results announcement.

Its US competitors Dell, Hewlett Packard and Super ‌Micro have been some of Wall Street's best performers this year but have raised prices by 10% to 30% due to soaring NAND and DRAM memory chip costs.

Lenovo's PC, tablet and smartphone division, which accounted for about 64% of total revenue, ‌reported a 27% year-on-year increase in revenue during the period. Adjusted net income, which excludes one-off items and non-cash charges, ⁠more than doubled ⁠to $1.075 billion.

R&D expenses jumped 30% year-on-year, the company said.

Global PC shipments declined by 2% year-on-year in the second quarter of 2026 to 16.6 million units for the first time since Q1 2025 due to memory-driven cost pressures, according to Counterpoint Research.

Lenovo retained its market lead in the second quarter, giving it a market share of 25.6%. Its AI server pipeline reached $54.0 billion, up 157% quarter-over-quarter, reflecting demand from hyperscalers, AI cloud and enterprise AI clients, its earnings report said.

Lenovo's strong performance comes after the company warned earlier this year of pressure on PC shipments as the industry grapples with a memory chip shortage that is getting more severe.

It has also raised PC prices to mitigate the impact of soaring memory costs.

Technology

Brazil Demands Safety Controls on Discord After Livestreamed Suicide

The Discord logo is seen in this illustration taken November 7, 2022. (Reuters)
The Discord logo is seen in this illustration taken November 7, 2022. (Reuters)
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Brazil Demands Safety Controls on Discord After Livestreamed Suicide

The Discord logo is seen in this illustration taken November 7, 2022. (Reuters)
The Discord logo is seen in this illustration taken November 7, 2022. (Reuters)

Brazilian authorities are calling on US-based messaging platform Discord, popular among teens, to take action after a suicide case sparked outcry and the first lady called for its shutdown.

Investigators say a 13-year-old girl was encouraged to self-harm and take her own life during a Discord livestream, and five teenagers have been arrested in connection to the death.

The office of the Attorney General of the Union (AGU), a public body that defends the legal interests of the Brazilian state, told AFP on Tuesday it requested and has received a proposal from Discord to "adopt measures aimed at strengthening the safety of its users, particularly children and adolescents."

In a statement sent to AFP, Discord said it was "cooperating with authorities in the investigation into this serious case."

Discord said it had additionally "deactivated, before the teenager's death," a "private server" suspected of being used by "individuals involved in criminal activities encouraging self-harm."

The AGU has demanded concrete measures, like age verification of users.

In Brazil, a law that came into effect earlier this year obliges platforms to link the accounts of users under age 16 to their parents' accounts, and requires platforms to verify user age.

Following the recent death, Rosangela da Silva, wife of left-wing President Luiz Inacio Lula da Silva, called for Discord to be shut down and urged "the judiciary to remove this horrible network from the Internet."

Discord claims more than 90 million active daily users worldwide.

In 2024, the platform X was blocked for 40 days in Brazil, until the social media network owned by the world's richest man Elon Musk complied with the Supreme Court's orders to remove accounts spreading disinformation.