Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

22 Feb 2022

Volkswagen AG in 'advanced discussions' about Porsche IPO

The Index Today

Volkswagen AG said on Tuesday that is talking to holding company Porsche Automobil Holding SE with regards to a possible IPO of the auto maker's sports-car maker Porsche AG.

Volkswagen said it has negotiated a framework agreement with its shareholder Porsche SE, which could serve as a base for further steps toward a potential stock market listing of the sport-car brand.

The agreement has to be approved by management boards and supervisory boards of the companies and a final decision hasn't yet been taken, it said.

Volkswagen shares jumped on the news, with the car maker's preference shares rising 8.6% to EUR190.06 at 0856 GMT. Porsche SE preference shares were up 11% at EUR90.00.

Porsche SE said in a separate release that it might acquire ordinary shares of Porsche AG in case of a listing.

©Photo: Bloomberg

Clay pottery with table linens