VW to cut 50,000 jobs but supervisory board blocks four German plant closures

Volkswagen CEO Oliver Blume confirmed plans to cut 50,000 jobs in what he called "the most comprehensive realignment in the company's history." The carmaker's supervisory board, however, rejected his proposal to close four factories in Germany. Blume said the restructuring encompasses 12 initiatives, roughly 150 pages and 45 individual resolutions, and that he has broad support for the plan.