German recession fears mount

FRANKFURT: German industrial orders fell more than expected in August, official data showed Monday, adding to fears that Europe’s largest economy will end the year in recession. New orders, closely watched as an indicator of future business activity, plunged by 5.8 percent month-on-month, according to federal statistics agency Destatis, following an upwardly revised increase of 3.9 percent in July. Analysts surveyed by financial data firm FactSet had been expecting a much smaller decline of 1.8 percent in August. — AFP

Rio Tinto eyes US lithium firm

SYDNEY: Shares in lithium producer Arcadium Lithium soared almost 50 percent in Sydney on Monday after mining giant Rio Tinto confirmed a potential acquisition of the US-based firm. Rio said in a statement it had approached the company regarding the potential “non-binding” acquisition. “There is no certainty that any transaction will be agreed to or will proceed,” it said. Arcadium shares surged 46 percent to their highest since June. Rio Tinto and Arcadium Lithium said they would not comment further.—Reuters

Atos in talks to sell key assets

PARIS: Troubled French tech giant Atos said Monday it will extend discussions with the state for the sale of sensitive parts of its business, including cybersecurity and supercomputers used for France’s nuclear deterrent. Atos, which is an Olympics partner and holds contracts with the French army, said that an offer from the government to buy certain strategically important assets had expired without an agreement between the two parties. —AFP

Spanish truckers to stage strikes

MADRID: Spain’s truck and bus drivers will start a series of strikes on Oct 28 to demand earlier retirement on better conditions, union leaders said on Monday. Truck drivers will walk out on Oct 28, Nov 11, Nov 28, Nov 29, Dec 5, Dec 9, and will begin an indefinite strike on Dec 23 if their demands are not met, representatives of the country’s two main unions, the CCOO and UGT, told a news conference. — Reuters

The unions demand that drivers’ employment conditions such as the retirement age, now at 67, and the right to partial retirement be improved and adjusted to the conditions of other categories of workers who face similar kind of risks than drivers. — Reuters