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Nissan plans 20,000 jobs cut after $4.5bn annual net loss

The uncertain nature of US tariff measures makes it difficult for us to rationally estimate our full-year forecast for operating profit and net profit, and therefore we have left those figures unspecified,” CEO Ivan Espinosa told reporters..

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Japan’s Nissan posted a huge annual net loss of $4.5 billion on Tuesday while confirming reports that it plans to cut 15 percent of its global workforce and warning about the possible impact of US tariffs.

AFP reported that the carmaker, whose mooted merger with Honda collapsed earlier this year, is heavily indebted and engaged in an expensive business restructuring plan.

Nissan reported a net loss of 671 billion yen for 2024-25 but did not issue a net profit forecast for the financial year that began in April. It did say, however, that it expects sales of 12.5 trillion yen in 2025-26.

The uncertain nature of US tariff measures makes it difficult for us to rationally estimate our full-year forecast for operating profit and net profit, and therefore we have left those figures unspecified,” CEO Ivan Espinosa told reporters.

“Nissan must prioritise self-improvement with greater urgency and speed.”

The company’s worst ever full-year net loss was 684 billion yen in 1999-2000, during a financial crisis that birthed its rocky partnership with French automaker Renault.

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Ugandan leader Yoweri Museveni, 80, seeking reelection in 2026

Museveni said he is seeking reelection to grow the country to a “$500 billion economy in the next five years.”

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• Uganda’s President Yoweri Museveni/ Reuters

KAMPALA, June 29 (Reuters) – Ugandan leader Yoweri Museveni has confirmed he intends to contest in next year’s presidential election, potentially extending his rule in the east African country to nearly half a century.

In a post on the X platform late on Saturday Museveni said he had “expressed my interest in running for… the position of presidential flag bearer,” for his ruling National Resistance Movement (NRM) party.

The 80-year-old has been ruler of Uganda since 1986 when he seized power after leading a five-year guerrilla war.

The ruling party has changed the constitution twice in the past to allow Museveni to extend his rule, and rights activists have accused him of using security forces and patronage to maintain his grip on power.

He denies the accusation.

Museveni said he is seeking reelection to grow the country to a “$500 billion economy in the next five years.”

Uganda’s GDP currently stands at about $66 billion, according to the finance ministry.

The country will hold its presidential election next January, when voters will also elect lawmakers.

Museveni’s closest opponent will be pop star-turned-politician Bobi Wine who came second in the last presidential election in 2021 and has already confirmed his intention to run in 2026.

Wine, whose real name is Robert Kyagulanyi, rejected the 2021 results, saying his victory had been stolen through ballot stuffing, intimidation by security forces and other irregularities.

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South African Court Halts Burial of Former Zambian President Mid-Ceremony

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In a dramatic turn of events, a South African court has intervened to halt the burial of a former Zambian president, president Edgar Lungu, temporarily suspending the proceedings mid-ceremony.

Lungu, who died on June 5 while seeking medical care in South Africa, was a rival of President Hakainde Hichilema, who wanted to lead a state funeral for his predecessor in Zambia.

Lungu’s family opposed the plans and blocked his body from being repatriated, saying he would not have wanted Hichilema at his funeral.

Zambia in turn filed a lawsuit seeking to stop the burial in South Africa.In a ruling delivered as Lungu’s widow and other mourners were already gathered in the church, a Gauteng region High Court judge said that, after an agreement between the parties, “respondents undertake not to proceed with the funeral or burial of the late president”.

The case will be heard on August 4, he said, in a decision that was carried by national broadcaster SABC — which also showed live images of people gathered for the service for Lungu, president from 2015 to 2021.

The adjournment “is extending the pain, the grief, that the family and the people are going through”, Zambian lawmaker Chanda Katotobwe, part of the delegation present at the memorial service, told SABC News.

The cause of the former president’s death at age 68 was not announced. He had been receiving specialised treatment in a clinic in Pretoria, his Patriotic Front party said.

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Cargo ship carrying 3,000 vehicles, including 800 EVs, sinks in the Pacific Ocean

The shipping company said that the cargo ship had sunk on June 23.

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A cargo ship that caught fire earlier this month in the Pacific Ocean has sunk, its manager has said.

MINT reports that The Morning Midas, which was left abandoned as it caught fire, was carrying about 3,000 vehicles, among which around 800 were electric vehicles.

Electric vehicles contain lithium-ion batteries, which are generally safe but can overheat and ignite if damaged.

The shipping company said that the cargo ship had sunk on June 23.

Zodiac Maritime in a statement further said that the damage caused by the fire was compounded by heavy weather, and subsequently water entered inside the vessel, causing it to sink.

Credit: MINT

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