BUSINESS

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PricewaterhouseCoopers (PwC), one of the world’s leading professional services firms, has shut down its nine African operations in Côte d’Ivoire, Gabon, Cameroon, Democratic Republic of Congo, Republic of Congo, Madagascar, Republic of Guinea, Senegal, and Equatorial Guinea. This follows after it undertook a strategic review to cut financial and reputational risks in too-risky or unprofitable markets.

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Volkswagen, the German auto giant, attributed a decline in its first-quarter operating profit to the impact of tariffs on car imports into the United States implemented by President Donald Trump. The company reported an operating profit of 2.8 billion euros ($3.1 billion) for the first three months of 2025, a decrease from 4.6 billion euros in the same period last year.

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The World Trade Organization (WTO) has forecast a decline in global trade this year, directly attributing the downturn to tariffs imposed by US President Donald Trump. The WTO warned that "severe downside risks," including retaliatory tariffs and political uncertainty, could lead to an even more significant drop in global goods trade, particularly in North America, where trade is projected to fall by more than a tenth.

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Samsung Electronics exceeded market expectations Tuesday, forecasting record first-quarter sales and predicting profits would be better than initially projected. The firm is the flagship subsidiary of South Korean giant Samsung Group, the largest of the family-controlled conglomerates that hold significant influence in South Korea's economy.

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Stellantis is pausing production at some plants in Canada and Mexico, the auto giant announced Thursday, citing US President Donald Trump's tariffs on foreign-made vehicles. The move, which affects thousands of workers, is the first disruption to the sector since the tariffs came into effect. Stellantis owns Chrysler, Jeep and Dodge, among other major brands.

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Italian fashion house Prada announced Thursday it has reached a deal with US group Capri Holdings to acquire its rival Versace for 1.25 billion euros ($1.38 billion). The acquisition is expected to create a luxury group with revenues exceeding six billion euros, positioning it to better compete with industry giants like LVMH and Kering amid a global slowdown in the sector.

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Huawei's profits fell 28 percent last year due to international economic uncertainty and weak domestic consumption, the Chinese smartphone maker said Monday. The Shenzhen-based company has faced US sanctions since 2019 over espionage concerns, forcing it to diversify its growth strategy. Huawei denies the allegations.