The Volkswagen Group announced on Friday a nearly one-third drop in its net profits during the second quarter of the year, amid multiple challenges it faces, primarily fierce competition from Chinese companies and a slowdown in its performance in the Chinese market. The net profits for the three months ending in late June amounted to 1.54 billion euros ($1.75 billion), a decrease of 32.9% compared to the same period last year, according to the leading German automotive group. Profits were affected by expenses of 500 million euros due to the halt in production of the electric model ID.4 in the United States, along with what the company described as 'a range of negative impacts.'
Algeria - On Monday, the Minister of Transportation, Saïd Sayoud, held talks in Algiers with the Deputy Prime Minister and Minister of Industry of the Czech Republic, Karel Havlíček, discussing ways to enhance bilateral cooperation between the two countries in the fields of transportation, according to a statement from the ministry.
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The Nigerian Minister of State for Petroleum Resources in charge of gas, Ikebekpe Ikpo, highlighted today from Moscow the developmental and economic dimensions of the Trans-Saharan gas pipeline that connects Nigeria to Algeria via Niger, especially for the Sahel countries, noting that the project is a priority, as Nigeria will extend a pipeline from the south of the country to the north to realize this continental energy facility.
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