Economy
Stock markets retreat ahead of Nvidia earnings
US and European stock markets retreated on Wednesday as investors eagerly awaited results from artificial-intelligence giant Nvidia. Many investors see the company as a bellwether for the tech sector and artificial-intelligence demand that have helped power Wall Street to multiple record-highs this year.
Ford to cut 4,000 jobs in Europe
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent's beleaguered car industry. Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
As Trump returns, China seizes chance for climate mantle
With Donald Trump expected to take the United States again out of climate diplomacy, China, the world's largest emitter but green energy powerhouse, is seizing on the chance to project itself as the global leader. The Asian power has now surpassed Europe as the second-largest historical emitter after the United States.
French farmers lift border blockade after talks with PM
French farmers protesting pay and conditions and a prospective EU-Latin America trade deal on Wednesday lifted a blockade on the Spanish border after an expression of support from Prime Minister Michel Barnier. Resistance has been reinflamed by the prospect of an EU deal with the Mercosur bloc -- Argentina, Brazil, Paraguay and Uruguay -- that would create the world's largest free-trade zone.
General strike in Greece against cost of living
Thousands of people demonstrated in Athens and other cities Wednesday as a 24-hour general strike against the rising cost of living shut down public services and part of the transport network. Some 15,000 people marched in the capital, while another 4,000 demonstrated in Greece's second city Thessaloniki, police said.
Floods to shave 0.2 percentage points off Spain's growth
The floods which killed 227 people in Spain last month could shave 0.2 percentage points off its economic growth in the final quarter of 2024, the central bank said Wednesday. "The estimated impact would be close to -0.2 percentage points on the quarterly growth rate in the fourth quarter," Bank of Spain governor Jose Luis Escriva told reporters in Madrid.
“We expect”: New report predicts exchange rate for naira by December
A new report by Meristem Securities Limited says the naira will suffer further depreciation before the festive season as demand for foreign currency increases.
Japan ramps up tech ambitions with $65 bn for AI, chips
Japan is readying a $65-billion push in microchips and artificial intelligence aimed at reclaiming its status as a global tech leader and meeting the urgent challenges of its ageing, shrinking population.
Nigeria ranks high as World Bank releases list of top 10 most indebted countries in 2024
The World Bank's 2024 financial statement 2024 shows that Nigeria remained in the top three most indebted countries to the International Development Association.
Economy
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