Business

When bombs are falling, arms industry profits are rising. As war rages in Gaza, we look at how the defence sector is both benefiting from the violence and struggling to keep up. Even before the latest flare-up, global defence spending was rising to Cold War levels – largely due to the war in Ukraine, but also due to a perceived threat from China's growing military prowess. In 2022, military outlays rose for the eighth straight year, hitting $2.24 trillion.

The United Auto Workers union has once again escalated its strike against General Motors, Ford and Stellantis, the three major US carmakers. Some 6,800 workers at a Stellantis assembly plant in Michigan are now joining the ranks of striking auto workers to ask for a pay rise of at least 40 percent over the next four years.

Farmers in northern Ghana are returning to traditional medicines to treat their livestock. These scientifically backed indigenous treatments are more affordable than conventional veterinary drugs, and are less susceptible to antibacterial resistance.

A company backed by oil major Shell says it has raised $103 million to build solar mini grids in rural Africa and Asia including a focus on Nigeria and plans to expand into Democratic Republic of Congo.

Nigeria no longer has to pay a multibillion-dollar fine over a failed gas deal. A London court has backed Abuja's appeal over damages. Also, we speak to the president of Rugby Africa about the prospects for rugby on the continent as South Africa powers through the Rugby World Cup. And France teams up with Nigeria in a crackdown on piracy in the Gulf of Guinea.

In a roadside welding shop in Nigeria’s commercial capital Lagos, Shola Ojo gives his power-generating set a second pull before the engine revved up, now he is ready to start his business for the day.

China's National Bureau of Statistics has released a new raft of data on the health of the Chinese economy, the world's second largest. Annual GDP growth in the third quarter reached 4.9%, beating analysts' expectations. The authorities' efforts to support growth are bearing fruit, although retail sales remain low and the property sector continues to struggle.

Pakistan has recently begun a partnership with Russia whereby Islamabad receives energy supplies from Moscow. How the West responds may dictate whether the deal works or not.

A crackdown on cryptocurrency accounts linked to Hamas has reignited scrutiny of digital assets after the terrorist group attacked Israel. Criminal and terrorist organizations use crypto to bypass laws and sanctions.

The attacks in Israel have so far not prompted energy price spikes. But the risk of escalation in a region defined by oil production means the market is nervous.

Cash-strapped Pakistan has asked China to step up funding of projects via the China Pakistan Economic Corridor (CPEC). But experts say Beijing is wary of Pakistan's worsening economic crisis.

Sri Lanka's economic crisis is the biggest test yet of China's massive Belt and Road Initiative. Many blame the country's economic collapse on a close relationship with Beijing. Between 2000 and 2020, China extended $12 billion in loans to the Sri Lankan government.