Mercedes Sets To Spend One Billion Euro on New Plant In Hungary

PHOTO:AFP

German luxury car maker Mercedes-Benz said on Friday it would spend one billion euros ($1.1 billion) on a large new factory in Hungary, creating around 2,500 jobs.

The “convertible factory” — designed to be rapidly reconfigured to produce different models — will sit alongside an existing plant in the city of Keckskemet, Mercedes board member Markus Schaefer said in a statement.

Facebook Could Owe $5 Billion In Taxes

 Facebook (FB, Tech30) disclosed on Thursday that it could owe billions due to an IRS investigation into the way it moved assets to an Irish subsidiary to avoid higher taxes.

The IRS tax penalty could total $3 billion to $5 billion, plus interest, according to a Facebook filing with the Securities and Exchange Commission. If so, Facebook says the penalty could have a "material adverse impact" on its financial position.

The tax issue was first disclosed publicly three weeks ago when the U.S. Justice Department filed a lawsuit forcing Facebook to comply with the ongoing IRS investigation. No figures were provided at the time for possible penalties.

Rolls-Royce Posts A Loss Of £1.77 Billion

PHOTO:AFP

British engine maker Rolls-Royce said Thursday it plunged into a first-half net loss on a vast accounting charge sparked by a post-Brexit collapse in the pound.

The group posted a loss after taxation of £1.77 billion ($2.32 billion, 2.11 billion euros) in the six months to the end of June, which contrasted with a net profit of £360 million last year.

Nigerian Capital Market Down By N55 billion Naira

 Trading on the Nigerian Stock Exchange (NSE) on Thursday, ended on a negative trend with the market capitalisation shedding N55 billion due to profit taking.

The market capitalisation which opened at N9.687 trillion lost N55 billion or 0.57 per cent to close at N9.632 trillion.

Lloyds Bank To Sack 3,000 Jobs , Shuts 200 Branches

Photograph: Carl Court/Getty Images

High street bank seeks to cut costs in anticipation of interest rate cut and cites 15% fall in use of branches, The Guardian reports.

Lloyds Banking Group had already announced 9,000 job cuts as part of a three-year cost-cutting programme.

Mark Carney, the Bank of England governor, signalled that an interest rate cut would take place during the summer and the City now expects rates will be cut from their 0.5% historic low on 4 August.

State of The Art Maritime Training Center Berths In Nigeria

Hudson Trident Limited, a company providing specialist services to the Maritime and Oil and Gas sectors in Nigeria has established a State of The Art maritime training Center for seafarers, aspiring seafarers and other professionals in the maritime and oil and gas sector. The school which is located in the heart of Lekki, Phase 1, Lagos boasts of modern facilities and equipment. The training center is certified by DNV GL and complies with other local and international regulations.