Oil-dependent South Sudan is at risk of economic and political turmoil over the shutdown of a key pipeline in its war-torn neighbour, Sudan, experts have warned. Boutros Magaya, head of a South Sudanese parliamentary sub-committee on petroleum, warned of the "grave implications" of the shutdown on people's livelihoods and security and that the country faced an "imminent economic crisis".
Growing up, Devante Cuthbertson assumed he might have to leave his North Carolina hometown to pursue a career, but a new multi-billion-dollar Toyota battery plant is offering him a reason to stay put. By 2028 the $13.9 billion battery plant will employ 5,100 people, up from some 800 now, said Sean Suggs, president of Toyota Battery Manufacturing, North Carolina.
The EU is considering expanding its sanctions against Moscow over the war in Ukraine to target Russia's liquefied natural gas sector, EU diplomats said Wednesday. The EU has already unleashed 13 rounds of unprecedented sanctions against Russia since its 2022 invasion of Ukraine, many of which target its key oil and gas exports.
Amazon South Africa has launched and South Africans are eager to try it out. Many netizens commented on X that they are ready to buy and test it out.
The chief executive of German luxury carmaker BMW on Wednesday warned the European Union's investigation into Chinese electric car subsidies runs counter to free trade. Oliver Zipse -- CEO of BMW, which has major investments in China, the world's biggest car market -- said that the Munich-based group "always strives for free trade".
The world's largest brewer AB InBev on Wednesday toasted a jump in profits in the first quarter, despite a drop in beer sales driven by a Bud Light boycott in the United States. AB InBev got caught in the US culture wars in 2023 after it teamed up with a transgender influencer to promote Bud Light, which sparked a boycott by conservative figures.
Anglo-Swedish drugmaker AstraZeneca on Wednesday said it was withdrawing Covid vaccine Vaxzevria, one of the first produced in the deadly pandemic, citing "commercial reasons" following a slump in demand. The company will work with other regulators globally to start market authorisation withdrawals for the Vaxzevria "where no future commercial demand for the vaccine is expected".
Equity markets were mixed Wednesday as the latest global rally ran out of steam due to a lack of major catalysts, while investors contemplated the outlook for monetary policy. "There was limited data on corporate earnings to worry the markets, with no unexpected surprises and a lack of major US economic data in the days ahead," said Kyle Rodda at Capital.com.
Toyota said Wednesday that it enjoyed a record net profit of 4.94 trillion yen ($31.9 billion) in the year to March on revenues of 45.1 trillion yen, which was also an all-time high. Toyota's previous record annual net profit was 2.85 trillion yen in 2021-22.
Chinese President Xi Jinping will hold talks with his Serbian counterpart in Belgrade on Wednesday, as Beijing seeks to deepen its political and economic ties with friendlier countries in Europe. In Belgrade, the Chinese leader will meet President Aleksandar Vucic for talks on Wednesday, before heading to Budapest.
Economy
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