A federal judge in New York ordered Argentina on Monday to sell its majority stake in oil firm YPF, the latest blow to Buenos Aires in a decade-long international legal saga. To partially satisfy the outstanding sum, Preska on Monday ordered Argentina to transfer its 51 percent stake of YPF to an intermediary, with instructions that the shares then be handed over to the plaintiffs.
Aston Martin Lagonda announced Wednesday it would cut about five percent of its workforce as weak Chinese demand contributed to losses widening at the luxury car group last year. Aston Martin, which is slowly transitioning to electric car models, said it hoped for annualised savings of £25 million.
The erosion of multilateralism threatens global growth and stability, President Cyril Ramaphosa warned Wednesday at a G20 finance meeting in South Africa marked by the absence of the US Treasury secretary. "The erosion of multilateralism presents a threat to global growth and stability," Ramaphosa said in his opening address.
The Stellantis car giant -- which includes Fiat, Chrysler, Jeep and Peugeot -- on Wednesday reported a 70 percent fall in 2024 profits against the previous year because of troubles in North America.
The Lagos Chamber of Commerce and Industry (LCCI) has spoken up on the recent hike in ports tariffs, listing out the adverse impacts it would have on Nigerians.
Indonesia has struck a deal with Apple for the tech giant to invest in the country, local media reported a minister as saying Wednesday, in a move that could end a ban on iPhone 16 sales in Southeast Asia's biggest economy. The MoU allows for the revoking of the iPhone 16 sales ban under certain conditions, according to the reports.
Hong Kong will cut public spending and restore fiscal balance by mid-2027 after a string of huge deficits, the city's finance chief said Wednesday as he unveiled growth plans including an artificial intelligence institute.
The US dollar crashed again in the foreign exchange market as the naira continued to surge against major currencies, closing at N1,501 per dollar on Tuesday.
Asian markets mostly rose on Wednesday after a poor start to the week, with Hong Kong boosted by a rebound in tech firms that had taken a hit from US moves to curb Chinese investments in the country.
The EU is expected to roll back a slew of environmental rules on Wednesday as it charges ahead with a deregulation drive in a bid to keep up with the United States and China. Climate groups oppose paring back the rules.
Economy
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