Ford to move into new headquarters
Ford Motor Co. is set to open its new 2.1 million-square-foot world headquarters in Dearborn, Michigan, in November after nearly 70 years in a nearby glass office building that the automaker said would be demolished.
Ford said Monday that most of the new four-story facility is expected to be completed this year. However, work on a final section is slated to continue through 2027.
The building in the heart of the development campus, designed to house about 4,000 employees, would be more than double the size of Ford's current headquarters and support twice the number of employees.
"The future of our industry demands a different kind of space – one that is more connected, more flexible, and built for the speed of a technology – and software-driven company," company leadership said in a statement.
US household spending ticks down
The median year-over-year increase in monthly nominal household spending is at its lowest level in more than four years.
It dropped to 4.1% in August, marking a move closer to the low of 3.2% from April 2021, according to the Survey of Consumer Expectations Household Spending Survey. The survey is published by the Federal Reserve Bank of New York.
While overall spending growth declined, the share of respondents who reported making a large purchase over the past four months increased from 53.5% in April to 60.8% in August, the survey found. Meanwhile, the median expected overall nominal spending growth over the next 12 months decreased from 3.3% in April to 3% in August.
Swiss bank considers move to US, media report says
UBS is considering moving to the United States following a proposal by Swiss regulators to enact significantly stricter capital requirements on the company, the New York Post reported.
In June, the Swiss government proposed requiring UBS to hold an additional $26 billion in core capital following its takeover of Credit Suisse, another Swiss banking giant, in 2023, Reuters previously reported. The bank believes that would make it impossible for them to compete, the New York Post said Monday.
UBS wants to continue operating out of Switzerland, CEO Sergio Ermotti told Bloomberg TV in an interview this month. When pressed about all possible scenarios, Ermotti said it was too early to comment. A spokesperson for UBS also declined via email to comment.