- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
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Volkswagen 'confident' despite global headwinds
German auto giant Volkswagen said Thursday that it was able to overcome global economic headwinds and supply chain issues to put in a "robust" performance in the first six months of 2022.
A week after Volkswagen announced that it would part ways with its chief executive Herbert Diess, the carmaker said it was "confident" for the second half of the year.
"Despite unprecedented global challenges, Volkswagen has demonstrated remarkable financial robustness," said chief financial officer Arno Antlitz.
"Despite all the caution in the face of the volatile market environment and geopolitical risks, we are confident that we can further accelerate the transformation of the group," Antlitz said.
VW said its net profit rose by 26 percent to 10.6 billion euros ($10.8 billion) in the first six months, even if its bottom-line in the second quarter alone was hit by an accounting effect linked to hedging against fluctuations in raw material prices.
Underlying, or operating, profit rose by 16 percent to 13.2 billion euros in the period from January to June.
"This was driven by strong performances from the premium and sport brand group," VW said.
First-half revenues were nearly stable at 132.3 billion euros, but unit sales were down by 14 percent at four million vehicles, not least because of the worldwide shortage of semiconductors plaguing the industry.
- Easing supply constraints -
Looking ahead, Volkswagen said it "confirms its outlook for 2022... as supply constraints ease."
The carmaker expected "the product mix to normalise in the second-half as the semi-conductor situation improves in combination with a strong order book," it said.
"A noticeable recovery of the monthly sales towards the end of second quarter additionally bodes well for second-half sales," it said.
Nevertheless, it was "still not possible to conclusively assess the specific effects of the war in Ukraine or effects of the Covid-19 pandemic on the Volkswagen group's business, on the global economy and growth in the industry in fiscal year 2022," VW cautioned.
In Europe, in particular, there were uncertainties regarding energy supply.
Last week, Volkswagen unexpectedly announced the departure of CEO Diess after four years at the helm.
He will be replaced in September by Oliver Blume, the current head of the premium Porsche sports car brand.
There would be "continuity" in the group's strategic shift towards electric vehicles despite the change of leadership, said Antlitz, who will remain on the board under Blume, in a call with journalists.
Blume will likely be tasked with guiding Porsche through a long-planned stock market entry.
A final decision on the listing should be taken in "late summer", Antlitz told analysts on a conference call.
P.Schmidt--CPN