BRICS leaders meeting in Rio de Janeiro from Sunday are expected to decry US President Donald Trump's "indiscriminate" trade tariffs, saying they are illegal and risk hurting the global economy. It warns that such measures "threaten to further reduce global trade" and are "affecting the prospects for global economic development."
Boeing announced a stock offering on Monday expected to raise up to $19 billion, saying proceeds will go towards repaying debt and investing in its subsidiaries. Boeing announced an offer to sell 90 million shares of common stock -- valued at around $13.9 billion at current market prices -- in addition to $5 billion in depositary shares.
Ailing auto giant Volkswagen plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive, workers' representatives said Monday, calling the proposed cuts "of historic dimensions".
A ship carrying hundreds of tonnes of possibly toxic industrial waste returned to Albania's largest seaport of Durres on Monday, months after setting sail to dispose of the material in Thailand. Ultimately rejected by Thailand, the ship turned back and returned to Albania after several months at sea, with stopovers in Spain, Portugal, Italy, and Turkey.
Volkswagen is considering closing several plants in Germany and slashing salaries by 10 percent as the ailing auto giant pursues a drastic cost-cutting plan, a media report said Monday. VW is also eyeing a 10-percent pay cut for all remaining staff and no salary increases in 2025 and 2026, Handelsblatt said.
Dutch medical device maker Philips lowered Monday its full year sales target, blaming drop in demand from Chinese hospitals as it released third quarter results. Third quarter sales came in at 4.37 billion euros ($4.7 billion), a drop of two percent from the same period last year.
The Nigerian naira has depreciated to N1,740 per dollar in the parallel market, which may make it the worst-performing currency globally by year-end.
Oil prices tumbled Monday with markets relieved that Israel's strikes on Iran had avoided the country's energy infrastructure while the yen fell to a three-month low after Japan's ruling party suffered an election drubbing.
The German CEO of major Japanese optical equipment manufacturer Olympus has stepped down after allegedly buying illegal drugs, the company said on Monday.
Completely CNG-powered buses that are assembled at Dana Motors' assembly factory in Isolo, Lagos, near the Oshodi-Apapa expressway, have been made public.
Economy
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