Business

Tech companies shed more than 386,000 jobs last year and in the first half of this year, according to Layoffs.fyi. That number is climbing. But while layoffs have taxed workers, a booming artificial intelligence market is giving the industry a renewed sense of optimism.

German car manufacturers and suppliers have been financing the development of new e-car models with profits from the combustion engine business. But this is being cut back more and more. And many fear for their jobs.

German carrier Lufthansa expects 2023 to be one of its best years. The airline said second-quarter profits more than tripled.

The interest rate was increased to an anticipated 5.25%, the bank's 14th hike in a row. The bank is expected to continue with its policy of hiking the interest rate in the next months to combat inflation.

Nigerians, like Justice Ojah, have been converting their generators to run on gas after the West African country removed the popular fuel subsidy which saw the petrol price triple.

Poland and Hungary continue to oppose EU migrant quotas. But notwithstanding their anti-immigration rhetoric, immigration from non-EU countries is growing.

The Russian government has seized the local subsidiaries of both French dairy group Danone and Danish brewer Carlsberg using a decree signed by President Vladimir Putin on Sunday. This follows the introduction of new rules in April that allow the state to take over the assets of firms from "unfriendly" countries. In this edition, we take a closer look at the tightrope that Western companies have to walk if they are still operating in Russia despite its full-scale invasion of Ukraine.

The ongoing heatwave in the northern hemisphere highlights the critical importance of reducing carbon emissions and transitioning to renewable energy sources. REN21, a think tank specialising in energy policy, closely monitors the progress of renewable power on an annual basis. According to their global report for 2022, renewable energy achieved a record share of 30% in electricity generation, but still faces challenges in sectors such as heat and fuel.

Wiesmann is known for combining German engineering and design with British style, but the automaker hasn't released a new model for almost a decade. That's until Project Thunderball, a new EV that signifies the company's re-entry into the market.

Kenyan President William Ruto lifts a ban on logging, saying his government will still push ahead with plans to plant 15 billion trees over the next decade, but climate experts warn his decision could be catastrophic. Meanwhile, concerns grow in the Horn of Africa as Russia announces a halt to the Black Sea grain deal. Finally, the EU inks a deal with Tunisia to stem irregular migration despite criticism of Tunis's human rights record, including treatment of sub-Saharan migrants.

China producer prices suggest deflationary price pressures seen in upstream sectors, Grow Investment Group's chief economist Hong Hao said. Nominal GDP growth is lower than real GDP growth in Q2, Pinpoint Asset Management's chief economist Zhang Zhiwei said.