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Incumbent governor and the candidate of the All Progressives Grand Alliance (APGA), Charles Soludo has been re-elected as the Governor of Anambra State following the declaration of results from all 21 local government areas
Armed men suspected to be kidnappers have reportedly abducted passengers in two different Toyota buses along Itobe-Ajekwu-Anyigba road in Ofu Local Government Area of K
The South African government has condemned the United States’ decision to prioritise refugee applications from white Afrikaners, calling the move “misguided” and based on discredited claims of a so-called
Happy 50th birthday to my wonderful colleague & brother!
As you celebrate this golden milestone, I pray that God will continue to bless you with good health, long life, and
The Rivers State Police Command has confirmed the arrest of a 17-year-old boy for alleged s3xual assault of a 13-year-old JSS 2 female student of the Real Madrid Football Academy in Elekahia, Port
Reality TV star and business mogul Kim Kardashian has found herself in the middle of a wild debate after saying she doesn’t believe the 1969 moon landing was real.
A notorious bandit leader known as Jankare has been k!lled by a rival group during a violent dispute along the Dutsenma axis of Katsina State.
A member of the vigilante group in Ndegwu community, Owerri West Local Government Area of Imo State, Israel Ewuzie, was on Wednesday evening, October 29, gunned down by his
Volkswagen has reported its first quarterly loss in five years, amounting to €1.07 billion ($1.24 billion), as the German auto giant faces mounting challenges from US tariffs, a slow electric vehicle transition, and troubles at its luxury subsidiary Porsche.
The loss, recorded between July and September, marks Volkswagen’s first since the second quarter of 2020, when the company was hit by the COVID-19 pandemic. Despite this setback, revenue for the quarter rose slightly by 2.3 percent to €80.3 billion, supported by modest growth in global vehicle sales.
Volkswagen’s Chief Financial Officer, Arno Antlitz, said the results were “much weaker compared to the same period last year,” citing the impact of higher tariffs, strategic adjustments at Porsche, and €7.5 billion in write-downs related to the sports car maker. He explained that US President Donald Trump’s trade tariffs alone were costing Volkswagen about €5 billion annually.
The company is also struggling to stay competitive in China, its largest market, where strong local manufacturers and a rapid shift toward electric vehicles have eroded its market share.
Porsche, once the most profitable arm of the Volkswagen Group, has become a growing liability. Amid weaker-than-expected demand for electric models and a backlash from traditional customers who still prefer petrol-powered sports cars, Porsche recently revised its profit targets downward and delayed plans to phase out internal combustion engines. This forced Volkswagen to absorb significant financial losses and reduce the book value of its Porsche holdings.
Adding to its difficulties, Volkswagen is grappling with a 15 percent tariff on car exports to the United States under a new EU-US agreement introduced in July, down from 27.5 percent, but still far above the 2.5 percent rate in place before Trump’s trade war began. The company is also facing tariffs on imported car parts, despite operating a manufacturing plant in Tennessee.
To mitigate the impact, Antlitz said Volkswagen was considering raising US vehicle prices and building an Audi factory in the United States to increase local production and reduce dependence on imports. “Localisation of parts in the US is exactly what we’re looking at,” he said, noting that a decision on the new Audi plant would be made this year.
Beyond trade issues, Volkswagen continues to wrestle with the lingering effects of the global semiconductor shortage. The situation worsened after Dutch authorities seized control of the Chinese-owned chipmaker Nexperia, prompting Beijing to ban the export of its chips. The European Automobile Manufacturers Association (ACEA) has warned that chip supplies are “rapidly dwindling,” and Volkswagen has admitted it cannot rule out temporary factory shutdowns
“We secure production day-by-day, week-by-week,” Antlitz said, adding that the company’s chip supply was only guaranteed “until the end of next week.”
The latest setback underscores broader struggles facing Germany’s auto industry, which is grappling with weakening demand, increased competition, and a costly transition to electric mobility amid geopolitical and trade tensions.
Real Madrid and the Super League promoters are demanding more than $4 billion in damages from UEFA, accusing European football’s governing body of unlawfully blocking the breakaway competition, a source confirmed to AFP on Thursday,
President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), commonly known as petrol.
Paul Okoye aka Rudeboy has vowed to go after a lady on X @chubbiediva who accused him of being a r@pist and abuser of a minor.
Pop star Rihanna, 37, and rapper A$AP Rocky, 36, have welcomed their third child — a baby girl born on September 13 in Los
Dear Grandpa, today we celebrate a century of your life — a life filled with wisdom, love, and countless blessings. You are a living testimony of God’s grace and strength. May
Following disturbing discoveries at the Akwa Ọkụkọ Tiwara Aki shrine, the Anambra State Government has frozen his bank accounts
In line with the policies of Ichida Amaka magazine to channel some substantial amount to Charity at the end of every production, the management and crew of Ichida Amaka magazine are proud to
A prominent leader of Afenifere, the pan-Yoruba socio-cultural organisation, Pa Ayo Adebanjo, has died at the age of 96.
The management of Nnamdi Azikiwe University Awka has finally expelled the student who assaulted the male lecturer from the department of Theater art and film studies.
Former President Goodluck Jonathan has firmly denied claims that $49.8 billion was lost from government treasuries during his administration, refuting allegations made by former Central Bank Governor Sanusi Lamido Sanusi regarding the missing funds.
The Delta State Government has warned medical personnel who provide family planning for underage girls to desist or face prosecution.
A La Liga football fan has been given a combined one-year prison sentence after being found of racially abusing Super Eagles winger, Samuel Chukwueze and Real Madrid star Vinicius Jnr on two separate incidents.
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At least 46 people, including 37 children and 7 women, drowned while celebrating a Hindu religious festival in eastern India, local officials said.
In a fresh post released on his Instagram page this evening, embattled crossdresser, Bobrisky, has said that God will “vindicate” him and those who want to frame him up will be “exposed by the law.”
Vice President Kashim Shettima has urged Nigerians to express their grievances over hardship in the country in a responsible and mature way.
A driver has been arrested by officers of the Edo State Police Command for illegal possession of arms and ammunition.
Rapper and fashion designer, Kanye West is making another grand entrance into the fashion scene as he shared another revealing snap of Bianca Censori in
President Bola Tinubu has cleared the outstanding payment that the Federal Government owed the Super Eagles and other sporting teams of the country.
The General Manager, Lagos State Building Control Agency, Gbolahan Oki, has revealed that officials of the agency were attacked with weapons and charms while on routine monitoring exercise along Musical Village, Awolowo Road, in the Ikorodu area of the state.
Former Super Eagles captain, John Mikel Obi has revealed he is open to working with the Nigeria National team but not as a manager.
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Nigeria’s electricity distribution companies, DisCos are reportedly planning to hike electricity tariff nationwide with effect from January 1, 2024.
The Senate today Saturday, December 30, approved President Bola Tinubu’s request to borrow $7.8billion and €100 million as part of the 2022- 2024 borrowing plan of the federal government.
Former Governor of the Central Bank of Nigeria, Godwin Emefiele has been released from the Kuje Correctional Centre.
Emeka Ike has issued a warning to his ex-wife after she spoke out in reaction to his statement about her.
