OTEDOLA BRIDGE, LAGOS TANKER FIRE PUT-OFF, TRAFFIC RESTORED. (PHOTO).

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 OTEDOLA BRIDGE, LAGOS TANKER FIRE PUT-OFF, TRAFFIC RESTORED Traffic flow along the Otedola Bridge corridor in Lagos has been restored following effort to put out  a fire involving a fallen tanker carrying thirty-three thousand litres of diesel. The Lagos State Emergency Management Agency, LASEMA, confirmed that two adult males who sustained second- and third-degree burns in the incident were evacuated for further medical treatment. In a statement, the agency’s Permanent Secretary, Dr. Olufemi Damilola Oke-Osanyintolu, said the fire was extinguished through the coordinated efforts of the Lagos State Fire and Rescue Service, LASEMA Response Team, Federal Road Safety Corps, Lagos State Traffic Management Authority and Lagos State Ambulance Service. He added that the victims received immediate medical attention at the scene before being transported for further treatment. LASEMA disclosed that dampening-down operations were eighty per cent complete at the time of filing this repor...
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VOLKSWAGEN TO CUT 50,000 JOBS AS PROFITS DECLINE. (PHOTO).

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 Volkswagen to cut 50,000 jobs as profits decline

Germany’s automotive giant Volkswagen said Tuesday it will cut 50,000 jobs in Germany by 2030 as profits fell to their lowest level in nearly a decade. The reduction comes as the 10-brand group faces Chinese competition, U.S. tariffs, and high costs.

CEO Oliver Blume said the cuts will affect Volkswagen’s main brand, as well as Audi, Porsche, and its software subsidiary Cariad. The company had already agreed to cut 35,000 jobs at Volkswagen by 2030 as part of plans to save 15 billion euros ($17.4 billion) annually.

Volkswagen has struggled with stagnant demand in Europe, the high cost of electric vehicle investment, and falling sales in China, where local rivals BYD and Geely have overtaken the company. Blume said that Chinese automakers entering the European market will increase price pressure and that the company must intensify cost management.

Earnings after tax fell about 44% last year to 6.9 billion euros ($8 billion), the lowest since 2016, affected by U.S. tariffs, Chinese competition, and costly investments in Porsche. Blume described the situation as a decisive break for the German automotive industry, saying the traditional business model is no longer viable and Volkswagen must compete with emerging rivals.

For 2026, the company expects a core profit margin of 4% to 5.5%, potentially lower than the 4.6% achieved this year after restructuring and Porsche-related costs. Volkswagen has extended the production of gas-powered Porsche vehicles amid slow EV demand, despite European CO2 regulations.

Blume said geopolitical events, including the Middle East conflict, have limited impact, though sales in Ukraine, Russia, the U.S., and China have recently declined.


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