BusinessJohannesburg Executive Mayor Dada Morero is negotiating the release of withheld equitable share funds after National Treasury flagged the city as part of a wider crackdown on municipal fiscal discipline. The move places pressure on the metro to prove its financial governance standards align with national requirements.
BusinessVolkswagen stakeholders gathered on Thursday to weigh a sweeping overhaul of the automaker’s European operations, immediately triggering a sharp ultimatum from labor leaders. Jan Otto, district manager for IG Metall, declared the union would stand with the workforce to block any proposed job cuts or plant closures with full force.
BusinessThe European Union is preparing a shift in its €2.5 trillion public procurement market, drafting new regulations that would allow authorities to prioritize companies with at least 50% European content. The move aims to insulate the bloc’s strategic sectors from foreign interference and heavy reliance on subsidized international competitors.
BusinessConflict defines the current landscape as the Trump administration faces a flurry of high-stakes legal orders, from the forced payout in the E. Jean Carroll case to federal warnings sent to state officials regarding noncitizen voting, while legislative maneuvering intensifies ahead of the November midterm elections.
BusinessWith a statutory deadline looming on July 15, the United States is poised to finalize its stance on tariffs targeting Brazilian imports. U.S. Trade Representative Jamieson Greer confirmed that negotiations remain strained, signaling that the administration is preparing to move forward despite ongoing disagreements over trade practices between the two nations.
BusinessSeven companies have been barred from doing business with Transnet Port Terminals following forensic investigations that exposed a web of bribery, theft, and collusion. Supported by the Special Investigating Unit, the crackdown marks a shift in the state-owned operator’s efforts to purge financial misconduct from its logistics network.
BusinessDespite a projected 3% economic contraction and a fiscal deficit nearing 8.5% of GDP, Bahrain has yet to tap its $5.3 billion currency swap with the UAE. Minister Noor bint Ali Alkhulaif confirmed the facility remains unused, even as the nation navigates the volatile fallout of the ongoing conflict with Iran.
BusinessWhistles and red union flags filled the air in Wolfsburg on Thursday as workers massed to confront the most radical overhaul in Volkswagen’s 89-year history. Inside, CEO Oliver Blume faces a tense supervisory board meeting, tasked with pushing through potential closures of four German factories and staggering job cuts.
BusinessThe World Bank has lowered its 2026 growth forecast for Kenya to 4.3%, a 0.6 percentage point drop from November projections, citing the ripple effects of the conflict in the Middle East. This recalibration reflects mounting pressure from rising global energy costs and the potential for increased poverty across the nation.
BusinessGeopolitical friction in the Middle East sent London's blue-chip index sliding on Thursday, compounded by a sharp decline in pharmaceutical giant AstraZeneca. The FTSE 100 dropped 0.6 percent to 10,417.63 points by mid-morning, reflecting a broader investor retreat from risk as regional instability continues to rattle global markets.
BusinessBy mid-July, the Russian-leased naval base in Tartous will begin operating a commercial logistics hub, according to Syrian officials. This move seeks to solidify Moscow’s economic influence in the region following the 2024 collapse of the Assad regime, transforming a military foothold into a critical trade artery.
BusinessOil prices and global indices steadied Thursday morning following U.S. military strikes against Iran, even as the conflict threatened to derail regional shipping through the Strait of Hormuz. The military action sparked immediate retaliatory attacks on Kuwait and Bahrain, casting deep uncertainty over the stability of global energy routes.
BusinessBrent crude futures retreated below $77 per barrel on Thursday, signaling a cooling of investor nerves after U.S. strikes on Iran aimed at securing the Strait of Hormuz. Despite the flare-up in geopolitical tension, markets found unexpected equilibrium as President Donald Trump ruled out a full-scale regional conflict.
BusinessThe International Finance Corporation is injecting $50 million into Umai Group, the Kyrgyz Republic's largest grocery retailer, to modernize a fragmented market. This seven-year financing package aims to scale the company’s logistics infrastructure and expand its footprint into underserved regions, addressing a critical shortage of long-term capital in the domestic economy.
BusinessGermany and the African Development Bank Group are synchronizing their development agendas to overhaul how capital reaches the continent. By merging the Bank’s New African Financial Architecture for Development with Germany’s recent global reform strategy, the partners aim to catalyze private investment and stabilize local financial institutions through 2030.
BusinessA new partnership between Intesa Sanpaolo, the European Investment Bank, and the European Space Agency aims to bridge the financing gap for Italy’s aerospace firms. By deploying a risk-sharing mechanism, the initiative provides €300 million in credit to help specialized enterprises scale operations and navigate long, capital-intensive development cycles.
BusinessWith global borrowing costs climbing, North Africa must pivot toward domestic capital and private partnerships to secure its economic future. During a recent summit in Tunis, policymakers and the African Development Bank identified a critical need to unlock underutilized regional assets to sustain long-term growth.
BusinessA €60 million financing package signed between EIB Global and BRAC Bank marks the longest-tenor loan ever provided by a development institution to a Bangladeshi commercial bank. The 12-year agreement aims to bridge the local funding gap for climate-conscious businesses, focusing on clean technology and sustainable industrial growth.
BusinessThick smoke billowed over a shoe factory in China’s Fujian province on Friday afternoon, as emergency crews scrambled to rescue workers trapped on the facility’s rooftop. The blaze erupted around noon local time, leaving the scale of human impact and structural damage unclear while responders continue their efforts at the scene.
BusinessA €250 million financing package from the European Investment Bank is set to overhaul energy infrastructure across Italy between 2026 and 2029. The 15-year loan, granted to Italgas Group, targets a diverse array of projects ranging from industrial energy upgrades to the installation of integrated rooftop photovoltaic systems.
BusinessA massive fire engulfed a shoe factory in China’s southeastern Fujian province on Friday, trapping workers on the rooftop as emergency crews scrambled to contain the inferno. While state broadcaster CCTV confirmed casualties occurred when the blaze ignited around noon, local authorities have yet to verify the final death toll.
BusinessGrowth exceeding five percent amidst global instability has placed Georgia in the spotlight at the World Trade Organization. Director-General Ngozi Okonjo-Iweala met with President Mikheil Kavelashvili on 8 July to discuss the nation’s expanding role as a transit hub and its strategic pivot toward digital services and artificial intelligence integration.
BusinessDeveloping Asia faces a cooling economic trajectory as the Asian Development Bank slashed its 2026 growth forecast to 4.9%, down from the 5.1% projected in April. The downward revision reflects the lingering fallout from Middle East instability, which continues to drive up energy prices and inflate the cost of essential commodities.
BusinessIndonesia intends to slash its labyrinthine network of over 1,000 state-owned enterprises down to just 300 within the next few years. Rani Piputri, head of public investment at Danantara Investment Management, outlined the strategy at the Reuters NEXT Asia event in Singapore, signaling a major shift in how the nation manages its economic assets.
BusinessWith over two decades of deliberation behind them, WTO members are launching a series of intensive "Fish Weeks" to finalize global rules on marine resource protection. Ambassador Leslie Ramsammy confirmed that the upcoming sessions aim to bridge long-standing regulatory gaps before the 15th Ministerial Conference.
BusinessEuropean markets climbed on Thursday as a sharp recovery in the technology sector countered investor anxiety over escalating Middle East tensions. The STOXX 600 index rose 0.5% to 639.12 points by 0816 GMT, bolstered by optimism surrounding potential shifts in AI trade policy and cooling rhetoric from Washington regarding Iran.
BusinessRather than choosing sides in the deepening friction between Washington and Beijing, Asian policymakers and investors are carving out a distinct path toward regional resilience. At the Reuters NEXT Asia summit in Singapore, the consensus shifted from reactive uncertainty to a calculated pursuit of long-term stability within a fractured global order.
BusinessEscalating geopolitical instability in the Middle East has sent fertilizer prices climbing, forcing the French government to authorize an emergency aid package for its agricultural sector. Thursday’s announcement addresses the immediate financial strain on farmers already struggling with the dual pressures of depressed crop values and volatile weather patterns.
BusinessChina’s equity markets surged on Thursday, posting their strongest single-day gain in three months. The rally was fueled by a sharp recovery in semiconductor shares, signaling a sudden shift in investor sentiment toward the technology sector after a prolonged period of downward pressure and market stagnation.
BusinessGerman exports unexpectedly climbed 0.9% in May, defying forecasts of a 0.3% contraction. While the broader economic outlook remains clouded by geopolitical volatility, the surge highlights a sharp pivot in trade demand, particularly from North American partners, even as domestic import volumes faced a noticeable decline.