Business Briefs: Volkswagen Group sales higher in June

Business Briefs: Volkswagen Group sales higher in June

July 13th, 2013 by Associated Press and Staff Report in Business Around the Region

A worker cleans a Volkswagen logo in the production line at the Volkswagen plant in this file photo.

Photo by Associated Press/Times Free Press.

Volkswagen Group sales higher in June

Volkswagen reported Friday that group sales globally rose 3.7 percent in June to 827,800 cars, the smallest gain since March, as deliveries in core European markets keep falling.

Six-month sales were up 5.5 percent to a record 4.7 million autos, the Germany-based automaker with a plant in Chattanooga said.

North American sales were up 12.3 percent in the first half.

Wells Fargo profit up 20 percent

Lower expenses and fewer bad loans helped lift Wells Fargo's second-quarter profit by 20 percent, the company reported Friday.

The cost-cutting and improved loan quality helped the nation's biggest U.S. mortgage lender overcome meager revenue growth.

Net income rose to $5.27 billion from $4.40 billion a year earlier, excluding dividend payments on preferred stock. On a per-share basis, earnings were 98 cents, beating the 93 cents forecast by Wall Street.

Revenue edged up to $21.4 billion from $21.3 billion and exceeded Wall Street expectations.

The company's stock rose 74 cents, or 1.8 percent, to $42.63 in trading Friday.

Interest rates on mortgages have risen sharply in recent weeks, and analysts are concerned about the potential impact on its mortgage business.