Volkswagen's largest restructure in 89 years wipes half its model range

Volkswagen's board approved cutting around 50,000 jobs worldwide and halving its model lineup, with production at four German plants phasing out from 2031.

Why it mattersThe cuts signal a major shift in global car making, with Volkswagen forced to shed thousands of jobs to survive tariff wars and Asian competition.

AustraliaVolkswagen's overhaul may lead to fewer models available in Australia and could affect local Volkswagen dealers and workers in sales and service roles.

✓ Claims checked against the source and corrected before publish. checked 6 d ago

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Scott Bessent. Man in dark suit speaking at white podium with microphone, classical columns and blue signage behind

✓ The Sydney Morning HeraldMoney & Work

Bond market rejects Bessent's $6bn buyback plan

Scott Bessent tripled his buyback offer from $2bn to $6bn, but yields still rose to 4.85%, the highest since 2007.

Why it mattersHigher bond yields mean the US government pays more to borrow, and when old debt matures and refinances at these rates, the interest bill explodes.