International
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..
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.
International
Trump says he thinks Putin is helping Iran
“I think he might be helping them a bit, yeah.”“I guess, and he probably thinks we’re helping Ukraine, right?”
President Donald Trump on Friday said he believed that Russian leader Vladimir Putin is helping Iran in its war against the United States and Israel.
According to CNBC, Trump’s comment came in a radio interview with Fox News host Brian Kilmeade, and a week after the president lashed out at Fox News reporter Peter Doocy for asking him at the White House about reports that Russia was aiding Iran.
Kilmeade asked Trump on Friday: “You think Putin is helping them?”
Trump replied, “I think he might be helping them a bit, yeah.”“I guess, and he probably thinks we’re helping Ukraine, right?” Trump continued.
“Yeah, we’re helping them also,” Trump said, referring to Ukraine, which has been at war against Russia since being invaded in early 2022.
“So he [Putin] says that, and China would say the same thing, you know,” Trump told Kilmeade.
“It’s like, ‘Hey, they do it, and we do it, in all fairness,’ ” Trump said. “They do it, and we do it.”
International
IEA agrees to release record 400 million barrels of oil to address Iran war supply disruptions
The IEA did not set out a timeline for when the stocks would hit the market
Merchant ship on fire hits by Iran in Strait of Hormuz.
The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war, the largest such action in the organization’s history.
The IEA did not set out a timeline for when the stocks would hit the market.
It said that the reserves would be released over a time frame that is appropriate to the circumstances of each of its 32 member countries.
IEA members are primarily advanced economies in Europe, North America and northeast Asia. The organization is tasked with maintaining global energy security.
It was founded in 1974 in response to the oil embargo imposed by Arab producers over U.S. support for Israel during the 1973 Arab-Israeli war.
(CNBC)
International
Iran tells world to get ready for oil at $200 a barrel as it fires on merchant ships
The war unleashed with joint U.S. and Israeli air strikes nearly two weeks ago has so far killed around 2,000 people, mostly Iranians and Lebanese, as it has spread into Lebanon and thrown global energy markets and transport into chaos.
(REUTERS): Iran said the world should be ready for oil at $200 a barrel as its forces hit merchant ships on Wednesday and the International Energy Agency recommended a massive release of strategic reserves to dampen one of the worst oil shocks since the 1970s.
The war unleashed with joint U.S. and Israeli air strikes nearly two weeks ago has so far killed around 2,000 people, mostly Iranians and Lebanese, as it has spread into Lebanon and thrown global energy markets and transport into chaos.
Despite what the Pentagon has described as the most intense airstrikes since the start of the war, Iran also fired at Israel and targets across the Middle East on Wednesday, demonstrating it can still fight back.
On Wednesday, three vessels were reported to have been hit in Gulf waters as Iran’s Revolutionary Guards said their forces had fired on ships in the Gulf that had disobeyed their orders.
While Israel’s Defence Minister Israel Katz said the operation “will continue without any time limit, as long as required, until we achieve all objectives and win the campaign,” Trump suggested the campaign would not last much longer.
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Iran tells world to get ready for oil at $200 a barrel as it fires on merchant ships
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