Tuesday☕️

Oct 29, 2024 • 3 min read

Trending:

Markets:

Volkswagen To Close 3 Factories:

Volkswagen plans to close three of its German plants, including the Osnabrück facility, as it faces low demand for electric vehicles (EVs) in Europe, high production costs, and growing competition. With around 300,000 employees across ten German plants, these closures represent Volkswagen’s first domestic plant shutdowns and will lead to significant layoffs.
Volkswagen’s German plants are essential to produce its wide range of brands, including Audi, Porsche, Bentley, Lamborghini, and SEAT, alongside the core Volkswagen lineup. While Volkswagen has heavily invested in EV and battery production to support its shift toward electric mobility, these modernization costs, paired with global economic pressures, have intensified the need for restructuring.

Landmark Admin Data Breach:

On October 24, 2024, Landmark Admin, a Texas-based company specializing in administrative services for insurance providers, disclosed a major data breach impacting over 800,000 individuals. The breach initially came to light on May 13, when Landmark detected unusual activity and attempted to secure its systems. However, attackers were able to regain access in June, allowing them to extract sensitive personal information.
The compromised data included Social Security numbers, tax IDs, financial account details, medical records, and insurance policy numbers, which could expose individuals to identity theft risks. Landmark Admin, responded to the breach by strengthening its cybersecurity measures and are working with law enforcement. To assist those affected, Landmark is offering one year of free credit monitoring and identity theft protection. This breach demonstrates the vulnerabilities that third-party service providers can introduce when managing sensitive data on behalf of high-stakes industries like insurance.

Waymo Raises $5.6B:

Waymo recently raised $5.6 billion in its largest-ever funding round aimed at expanding its autonomous ride service across more U.S. cities. The round was highly oversubscribed, meaning demand from investors outpaced available shares. Major backers included Alphabet (Google), Waymo’s parent company, along with Andreessen Horowitz, Fidelity, and Tiger Global.
By addressing infrastructure, safety, and operational challenges, this funding will help Waymo establish itself as a major player in urban autonomous transport, competing with companies like Tesla and Cruise as it extends service across complex city environments.

Statistic:

Thanks for reading!

TIME IS MONEY: Your Free Daily Scoop of Markets, Business, Tech, and Global News.

Support/Suggestions Emails:

timeismoney@timeismon.news

Sign up for more like this.