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Ford says to cut 1,600 more jobs at Valencia factory
US carmaker Ford on Friday said it would seek to cut another 1,600 jobs at its factory near Valencia in eastern Spain, where it already axed 1,100 positions last year. In March 2023, Ford announced plans to cut around 1,100 jobs at the same factory as it moved to reorganise its European operations, angering Spain's left-wing government.
FedEx to cut up to 2,000 jobs in Europe
FedEx will eliminate up to 2,000 jobs in Europe as part of a cost-cutting drive in response to lackluster demand, the shipping company announced Wednesday. The job cuts come as FedEx doubles down on expense reduction and downsizing in response to demand across its businesses that ranged from flat to lower in the most recent quarter.
US unveils sweeping sanctions targeting Russia over Ukraine war
The United States announced a raft of sanctions Wednesday aimed at constraining Moscow's war in Ukraine while raising the stakes for foreign banks that still deal with Russia, ahead of G7 leaders' talks this week. The United States charges that goods and services from these foreign networks helped Russia to sustain its war and avoid sanctions.
France's SNCF to offer high-speed passenger links in Italy
French national rail operator SNCF said Wednesday it planned to offer high-speed passenger services in neighbouring Italy from 2026, competing with rival Trenitalia on its home turf. "Italy is a natural market for high speed, with 56 million passengers per year," said Alain Krakovitch, head of intercity TGV (high-speed train) services at SNCF Voyageurs.
UN chief says global tensions threaten international trade
The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday, as he cautioned the world against splitting into rival blocs. "The world cannot afford splits into rival blocs.
US consumer inflation falls before Fed interest rate decision
US consumer inflation continued to cool last month, according to US government data published Wednesday, giving the US Federal Reserve some positive news shortly before it publishes its latest interest rate decision. Wednesday's data is unlikely to sway the Federal Reserve's plans to leave its key lending rate unchanged later on Wednesday.
EU to slap extra tariffs of up to 38% on Chinese electric cars
The European Union threatened on Wednesday to hit Chinese electric car imports with additional tariffs of up to 38 percent from next month following an anti-subsidy probe, a move that risks triggering a trade war. The EU's tariffs, while high, are lower than the United States' 100-percent rate imposed from last month on Chinese electric cars.
World will amass 'major' oil surplus by 2030: IEA
The world is likely to have a major surplus of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said Wednesday.
Japan enacts law ensuring access to third-party apps
Japan on Wednesday enacted legislation to ensure tech giants like Google and Apple give access to third-party smartphone apps and payment systems on their platforms or risk major fines. He did not directly name tech companies such as Google or Apple -- sometimes described as a "duopoly" in the smartphone app world.
AFP
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