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Germany faces recession for the third consecutive year

2 days ago | financial-world.org | Sededin Dedovic

According to the latest data from the Institute for German Economics (IW), published on Tuesday, Germany will end the year in recession for the third consecutive time. The revised forecast projects a 0.2 percent drop in GDP, factoring in the effects of the trade conflict with the United States. U.S. tariff policy poses the biggest threat to the global economy in 2025, and the IW estimates that global economic growth would have been 0.8 percent higher if those taxes had not been imposed.
Putin reveals that big foreign companies want to re-enter the Russian market

2 days ago | financial-world.org | Sededin Dedovic

The President of Russia, Vladimir Putin, said that more and more large foreign companies are contacting the Kremlin authorities with the desire to do business in the Russian market again. During the meeting with the representatives of the organization 'Poslovna Rusia,' he said that he had been contacted by numerous Western businessmen who wanted to return.
U.S. lowers tariffs on Shein and Temu shipments after trade deal with China

2 days ago | financial-world.org | Sededin Dedovic

The USA has decided to reduce the tariff on low-value goods imported from China, following the White House's executive order, which helps ease trade tensions between the two leading global economies This decision applies to Chinese e-tailers, such as Shein and Temu, and comes after an agreement between Beijing and Washington to reduce most of the tariffs introduced in early April.
Honda puts $10.7B EV investment in Canada on hold due to economic uncertainty

2 days ago | financial-world.org | Sededin Dedovic

The Japanese car manufacturer Honda has decided to temporarily postpone a planned investment venture in Canada, worth 15 billion Canadian dollars (about $10.7B). The project involved building a battery production facility for EVs and upgrading an existing vehicle assembly plant in Ontario. Ken Chiu, the company's representative in Canada, said the decision to postpone was made due to the slowdown in the global electric vehicle market.
Swiss giant Roche bets on China with $283M biopharma facility

2 days ago | financial-world.org | Sededin Dedovic

Swiss pharmaceutical giant Roche announced today that it plans to invest 2.04 billion yuan (about $283M) in building a new biopharmaceutical manufacturing plant in Shanghai's Pudong district. The factory, which will cover 35,300 square meters in the Zhangjiang Technology Park, will focus on producing Vabysmo, a bispecific antibody used to treat eye diseases.
Goldman Sachs cuts U.S. recession forecast to 35% after U.S.-China tariff truce

2 days ago | financial-world.org | Sededin Dedovic

Goldman Sachs has cut its U.S. recession forecast from 45% to 35%, the first major brokerage to do so after a temporary tariff truce with China raised hopes of some easing in the global trade war. The two countries agreed last weekend in Geneva to significantly reduce the tariffs they have imposed on each other over the next three months. The U.S. will cut its tariffs on Chinese imports from 145% to 30%, while China will now tax American products at 10%, down from 125% previously.
EU confirms no change to Russian energy import ban, even with a peace deal

3 days ago | financial-world.org | Sededin Dedovic

The European Union has no plans to resume imports of Russian power products, even if a peace deal is reached between Ukraine and Russia, said European Energy Commissioner Dan Jørgensen ahead of an informal meeting of EU ministers in Warsaw. "We will no longer allow energy to be used as a weapon against us. We will not indirectly fill Putin's war chest. We have decided to end Russian imports," Jorgensen said, stressing it is crucial for Europe's security.
Nissan increases job cuts to 20,000 as it struggles with falling sales and profit

3 days ago | financial-world.org | Sededin Dedovic

Japanese automaker Nissan plans to reduce its workforce by cutting around 20,000 jobs, which represents 15% of its current staff. The company announced 9,000 job cuts in November after weak sales in the US and China caused a 94% drop in profit, but now the number of planned layoffs has increased significantly. The job cuts will include workers in Japan, as well as employees in other countries such as the US and Mexico, where the automaker has several large factories.
Alphabet faces €12B in civil lawsuits over alleged antitrust violations in the EU

3 days ago | financial-world.org | Sededin Dedovic

Google’s parent company, Alphabet, is facing legal actions that could result in penalties of more than €10 billion for allegedly depriving customers of price comparison websites in the European Union. The lawsuit is linked to a 2017 European Commission decision that fined Google €2.4B for unfairly favoring its shopping service in search results. That decision was followed by a series of civil suits, which were mostly dismissed after Google's appeals.
New and used car prices soar as tariffs on imported vehicles take effect

3 days ago | financial-world.org | Sededin Dedovic

April saw a sharp increase in new vehicle prices in the US because of the tariffs on imported cars previously imposed by the Trump administration. The average price for new vehicles, including discounts and promotions, rose by about 2.5% compared to March. That’s more than double the average cost increase in the previous two months, when it was about 1.1%. The last time such a strong jump was recorded was in April 2020, when pandemic shutdowns disrupted production and raised prices.