Chinese-owned luxury carmaker Lotus said Thursday that it planned to cut up to 550 UK jobs, in part over uncertainty caused by US President Donald Trump's tariffs. The carmaker, which is majority owned by Chinese auto giant Geely, has several sites in the UK, including its headquarters in Hethel, eastern England.
Chile, the world's biggest copper producer, said Wednesday it was awaiting an "official" follow-up on US President Donald Trump's announcement of a 50 percent tariff on imports of the metal. State-owned copper giant Codelco, the world's single biggest producer of the metal used in wiring, motors and renewable energy generation, also noted there had been no formal communication on the US tariffs.
Linda Yaccarino resigned Wednesday as CEO of X, the social media platform formerly known as Twitter, after two years at the helm of the Elon Musk-owned company. Yaccarino -- a former NBCUniversal advertising executive -- took over as X's CEO in June 2023, replacing Musk who had been serving in the role since his $44 billion acquisition of Twitter in October 2022.
Six mariners have been rescued after a deadly attack on a cargo ship that sank off rebel-held Yemen, an EU maritime force said Wednesday, as the search continued for the rest of the crew. Earlier, the British navy's United Kingdom Maritime Trade Operations had reported five crew had been rescued after "search and rescue operations commenced overnight".
The federal government spends about N2 billion monthly on electricity subsidies to cover about 70% of electricity costs. This money has now hit N4 trillion debt.
The Nigerian currency, the naira, has slightly reversed its gains against the dollar, after a two-week surge in the official market to close at N1,528 per dollar.
German lender Commerzbank said Wednesday it was committed to its strategy after Italian bank UniCredit formally upped its stake in its rival, laying the ground for a potential takeover bid. Commerzbank has strongly resisted a possible takeover by UniCredit since the Italian bank announced in September it had quietly built up a stake in the German group.
Europe's largest automaker Volkswagen said Wednesday that sales into the United States had taken a hit, underscoring the impact of President Donald Trump's drastic trade measures. Carmakers have rushed to find ways to minimise the impact of the levies, with high-end automaker Mercedes-Benz on Monday saying it had delayed some US deliveries in the expectation of tariffs coming back down.
More than 30 percent of Iraq's autonomous Kurdistan region now has 24-hour state electricity, authorities said Thursday, with plans to extend full coverage by the end of 2026. "Today, two million people across the Kurdistan region enjoy 24-hour electricity... that's 30 percent of the population," including the cities of Arbil, Duhok and Sulaimaniyah, said regional prime minister Masrour Barzani.
German supermarket chain Lidl faces a 43-million-euro ($50 million) payout to a French rival after an appeals court ruled its ads to be deceptive. The Paris appeals court ordered Lidl to pay the amount to French chain Intermarche after finding hundreds of the television spots that it ran between 2017 and 2023 were likely to deceive consumers and amounted to unfair competition.
Economy
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