Caterpillar has trimmed corporate travel and other discretionary spending to offset a tariff hit, but has no plans to raise prices or overhaul supply chains, executives said Wednesday. The company is not currently considering price increases due to tariffs, partly out of the hope that Trump will reach trade deals that remove the levies, executives said.
The British-flagged luxury yacht The Bayesian capsized early Monday off the coast of southern Sicily with 22 people aboard. Frenchman Matthew Griffith, 22, is also said to have survived.
The European Commission said Tuesday it plans to slap five-year import duties of up to 36 percent on Chinese electric cars, unless Beijing can offer an alternative solution to the damaging trade row over state subsidies.
The Nigerian currency the naira appreciated the US dollar in the official market on Monday, August 19, 2024, despite a crash in forex turnover in two weeks.
Specialist divers on Tuesday launched a fresh search for six people, including UK tech tycoon Mike Lynch and the chairman of Morgan Stanley International, missing since their yacht capsized off the Italian island of Sicily. The chair of Morgan Stanley International, Jonathan Bloomer, who testified for Lynch, was also missing alongside his wife, Judy, the UK insurer Hiscox said on Tuesday.
Chinese property developer Kaisa has reached an agreement with creditors for partial repayment of its debt, the company said Tuesday, a positive development as it battles to avoid liquidation.
If 2024 already looks like an annus horribilis for big tech in the EU, the months ahead could prove a winter of discontent as the bloc wields a fortified new legal armoury to bring online titans to heel.
Asian investors trod carefully Tuesday after the latest bounce in optimism fuelled by hopes Federal Reserve boss Jerome Powell will signal an interest rate cut in a highly anticipated speech to top central bankers this week. Asian investors are a little more cautious.
US regulators said Monday they ordered inspections of pilot seats on hundreds of Boeing 787 planes following a March flight in which the plane's sudden plunge led to passenger injuries. The move is in response to a March flight on a New Zealand-bound plane operated by LATAM Airlines that suddenly lurched downward while flying from Sydney to Auckland, injuring some 50 passengers.
The chief financial officer of NNPC, claims that for the 7 months that ended in July, the government owed the business $4.9bn (N7.8 trn) in subsidy obligations.
Economy
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