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
Burnham becomes PM, vows 10-year plan to stabilise UK
The 56-year-old is the sixth prime minister to enter Downing Street in the last 10 years.
•Incoming Prime Minister Andy Burnham poses with Britain’s King Charles III on July 20, 2026 (Photo by Aaron Chown / POOL / AFP).
Andy Burnham became British prime minister Monday after meeting King Charles III at Buckingham Palace and was set to set out his vision for the country after taking over from Keir Starmer.
In his first speech, Burnham vowed to put forward a 10-year plan for Britain, saying the country needed to make politics work.
“Britain needs to show the world that we can regain our stability once again,” Burnham said just after being appointed by King Charles III to take over from Keir Starmer.
He pledged to “issue my first instruction to end rough sleeping in our country” once he starts work.
Starmer departed Downing Street on Monday morning, insisting in a farewell speech his two years in office had made Britain a better place.
The monarch met Starmer to accept his resignation and Burnham arrived next for the formal procedure in which the king asked him to form the next government and he accepted.
The 56-year-old is the sixth prime minister to enter Downing Street in the last 10 years.
International
US Vice President Vance announces birth of baby boy
The birth marks the latest addition to the Vance family. Vance and Usha got married in 2014 and previously had three children before welcoming their new son.
United States Vice President JD Vance has announced the birth of his son, saying both the newborn and his wife, Usha Vance, are healthy.
The birth marks the latest addition to the Vance family. Vance and Usha got married in 2014 and previously had three children before welcoming their new son.
Vance made the announcement in a statement shared on Sunday, expressing gratitude to the medical personnel who assisted during the delivery.
Vance also paid tribute to the medical teams at Walter Reed Medical Centre and the White House Medical Unit for their care and support.
“We are excited to announce that our baby boy, Alec Neel Vance, was born this morning.
“Usha and the baby are happy and healthy, and our kids are overjoyed to meet their little brother,“ he said.
International
Andy Burnham set to become Labour leader before taking over as UK PM
Burnham, who has since become known as the “king of the North,” returned to Westminster in June after securing a huge majority in the Makerfield by-election, comfortably beating out challengers from Nigel Farage’s Reform UK party and Rupert Lowe’s hard-right Restore Britain.
• Andy Burnham / Euro News
Andy Burnham is set to be announced as the Labour Party’s new leader on Friday.
Euro News reports that the Makerfield MP is scheduled to be unveiled at a special press conference before taking over as the UK’s seventh prime minister in a decade on Monday.
Burnham is expected to deliver a speech during the conference where he will reportedly pledge to be “unashamedly Labour” and vow that his government will have the “courage to fix the big things that politics has neglected.”
Burnham was left with a clear path to Downing Street after his last potential leadership rival ruled out challenging last week.
He received 379 nominations from Labour MPs for the party leadership out of a possible 403.
His uncontested run has sparked concern from some analysts and government insiders, however, and opposition leader Kemi Badenoch has accused Labour of “running scared” of scrutiny.
It comes after Keir Starmer announced he was stepping down as PM last month, as pressure continued to build in the wake of Labour’s disastrous local election results in May.
Who is Andy Burnham?
Born on Merseyside in the northwest of England and raised in the village of Culcheth in Cheshire, Burnham has said he was first inspired to enter politics after watching “Boys From The Blackstuff,” an acclaimed 1982 TV show about five unemployed men in Liverpool navigating life in Margaret Thatcher’s Britain.
He went on to study English at the University of Cambridge before starting out in journalism, working for a number of trade publications.
He soon made the jump into politics, taking a job as a researcher for the late Tessa Jowell, a former MP for Dulwich, while in his early 20s.
He eventually became MP for Leigh in 2001, a position he held until 2017, and served in a number of senior ministerial positions, including as secretary of state for health and chief secretary to the Treasury. He unsuccessfully ran for the Labour leadership in 2010 and 2015, losing to Ed Miliband and Jeremy Corbyn, respectively.
In 2017, he took over as mayor of Greater Manchester, overseeing a period of huge growth and development and gaining a reputation for his loyal defence of the region during the Covid-19 pandemic lockdown.
Burnham, who has since become known as the “king of the North,” returned to Westminster in June after securing a huge majority in the Makerfield by-election, comfortably beating out challengers from Nigel Farage’s Reform UK party and Rupert Lowe’s hard-right Restore Britain.
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