Business

More than 2,000 jobs are at risk as Britain’s second-biggest steelmaker failed to get an agreement with the UK government to support further operations. ADVERTISEMENT British Steel said Thursday that it is planning to close its two blast furnaces and steelmaking operations in the northern England town of Scunthorpe, after its Chinese owner Jingye failed to agree a rescue package …

Trump’s 25% tariff on auto imports jolts equity markets and draws backlash, with European industry groups warning of supply chain shocks, rising prices, and job risks while analysts flag earnings pressure. ADVERTISEMENT US President Donald Trump slapped a 25% tariff on all auto imports starting next week, with auto parts to follow by 3 May 2025, sending shockwaves through global …

US President Donald Trump confirmed 25% tariffs on vehicles not manufactured in the US, set to take effect on 2 April. Auto shares fell across Asia following the news, with the impact expected to ripple through Europe. ADVERTISEMENT US President Donald Trump signed a proclamation to impose 25% tariffs on auto imports. He also said that his planned reciprocal tariffs …

French consumers are more pessimistic about their future finances but are a little more open to making bigger purchases. ADVERTISEMENT French consumer confidence decreased to 92 in March, down from 93 in the previous month, according to INSEE. This number was below analyst expectations of 94, while also remaining below the index’s long-term average of 100.  Consumers were increasingly pessimistic …

Britain’s Chancellor of the Exchequer Rachel Reeves has laid out the latest on UK public finances. Her statement arrives at a moment when the nation needs to find billions to boost defence spending against the backdrop of an ailing economy. Here are the key takeaways. ADVERTISEMENT The UK government has just revealed new plans to cut public spending as it …

The partnership demonstrates Alibaba’s increased focus on AI, while BMW is also seeking to develop competitive products for the Chinese market. ADVERTISEMENT BMW and Alibaba Group have announced that they have partnered to develop artificial intelligence for cars in China. This decision comes as Alibaba Group attempts to focus more on monetising its products and growing its customer base.  Alizila, …

Spain’s economy grew 3.2% in 2024, one of the fastest in the eurozone, driven by strong domestic demand, robust tourism, and EU recovery funds, outperforming Germany, France and Italy. Economists say Spain remains a ‘bright spot’ in Europe, expecting this outperformance to continue through 2025. ADVERTISEMENT Powered by strong household spending, resilient investment and a tourism sector showing no signs …

The better-than-expected inflation figure comes as a relief to the economy as it faces the looming threat of stagflation: high inflation coupled with low output. ADVERTISEMENT UK inflation came in lower than expected in February, following a 10-month peak in January, raising morale before Chancellor Rachel Reeves’ Spring Statement, due later on Wednesday.  UK prices rose by 2.8% year-on-year, following …

European markets continued to outperform their US counterparts despite the recent rebound on Wall Street. Notably, the banking and industrial sectors stand as the top two performers, driven by relatively cheaper valuations, expectations for surging defence spending, and optimistic economic outlooks. ADVERTISEMENT On Tuesday, European stock markets snapped a three-day losing streak following news that US President Donald Trump may …

Shell recently revamped its focus on oil and gas output, a move which has been greatly welcomed by shareholders, due to the current higher returns potential. ADVERTISEMENT British oil and gas giant Shell has revealed that it will be slashing costs, especially in clean energy, while also increasing shareholder returns. This decision comes as the company attempts to reduce its …