Economy
Nike shares tumble as it cut costs amid 'softer' outlook
Nike promised up to $2 billion in cost savings Thursday involving job cuts and greater use of automation as it eyes "softer" sales in the coming period. The sports giant's cost-cutting plan will simplify product offerings, increase automation and institute a "streamling" of the company organization, Nike said in a news release.
White House urges 'serious scrutiny' of US Steel takeover deal
A proposed deal that would see US Steel Corp bought by Japan's Nippon Steel should be closely investigated by American authorities, the White House said Thursday, warning it could have national security implications. "This is a strongly positive development for American steel, American jobs and America's national security," US Steel added.
US Steel, Nippon Steel seek US security review of takeover deal
US Steel Corp and its potential buyer Nippon Steel of Japan are requesting a federal review of their proposed deal following congressional criticism that the transaction threatens US national security, US Steel said Thursday. "Japan is an important ally to the United States," US Steel said.
US airlines say they're ready for record holiday travel
US airlines are gearing up for record traffic this holiday season, having beefed up staffing in the hopes of avoiding a repeat of last Christmas's operational meltdown. United Airlines and American Airlines have also pointed to record traffic this year, with United projecting around nine million passengers and American nearly 12.7 million on more than 110,000 flights.
Wildcat Channel tunnel strike blocks France-UK train travel
A shock strike by workers operating the Channel tunnel blocked train travel Thursday between Britain and France, leaving thousands of pre-Christmas travellers as well as freight traffic stranded. The Channel Tunnel opened in 1994 as the first undersea link between France and the English coast.
Tinubu’s govt continues repayment of loan collected under Buhari, reduces Nigeria’s external debt
The administration of President Bola Tinubu as successfully repay part of the loans owed to China, other countries and also financial institutions.
Angola departure a blow for OPEC+ as cartel tensions rise
Angola's departure from OPEC exposes the tensions with the oil cartel as it seeks to cut output to maintain prices just as the United States ramps up production. Meanwhile, crude production in the United States, the world's leading producer, has risen above 20 million bpd, while Brazilian and Guyanese output has also soared.
UK and Switzerland seal financial services deal
Britain and Switzerland unveiled a post-Brexit financial services agreement on Thursday, aimed at making it easier for corporate and wealthy people in both countries to do business together. The deal, formally known as the Berne Financial Services Agreement, will see the two countries mutually recognise each other's domestic laws and regulations on financial services.
UK and EU agree delay to post-Brexit electric car tariffs
British Prime Minister Rishi Sunak on Thursday hailed a deal with the European Union to delay post-Brexit tariffs on electric vehicle sales that were due to kick in from January. Under that deal, tariffs were to start on January 1, 2024, on vehicles that do not have at least 45 percent UK- or EU-made content, and with batteries that are at least 50-60 percent sourced from those countries.
Economy
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