Business
Gold price rises after US captures Venezuela’s Maduro
Global financial markets reacted swiftly after the United States captured Venezuelan President Nicolás Maduro, with investors moving to position themselves amid heightened geopolitical uncertainty and expectations of shifting economic dynamics.
Prices of precious metals rose sharply as market participants sought the relative safety of so-called safe-haven assets. Gold climbed by about 2.4% to $4,433 (£3,293) an ounce, reflecting increased demand from investors looking to protect portfolios against global risk. Silver also recorded strong gains, rising by 4.9%, underlining a broader move into defensive assets during early trading.
Defence stocks across Europe advanced in response to the weekend’s developments, as investors anticipated the possibility of higher military spending by governments reacting to changing geopolitical realities. Analysts noted that such shifts often benefit defence firms in the short to medium term, contributing to the positive momentum seen in the sector.
Oil markets, by contrast, were more measured. Crude prices fluctuated in early Monday trading as investors assessed whether Washington’s intervention in Venezuela could materially affect global supply. Brent crude edged up just 0.5% to $61.06 a barrel, with analysts pointing out that ample global supplies were likely to cushion any potential disruption from Venezuela.
Despite the relatively stable oil price, energy stocks — particularly in the United States — showed notable strength. Shares in US oil companies rose in premarket trading on expectations that American firms could gain greater access to Venezuela’s vast oil reserves. Chevron, currently the only US company operating in the country, saw its shares jump by more than 7%, signalling investor optimism about future opportunities.
US President Donald Trump has openly stated his intention to tap into Venezuela’s significant oil wealth following the seizure of Maduro. He said the United States would “run the country until such time as we can do a safe, proper and judicious transition”, comments that markets interpreted as a signal of potential policy shifts with long-term economic implications.
Business
South Korea’s Incheon airport becomes world’s busiest for global traffic
South Korea’s Incheon International Airport has become the world’s busiest airport for international passenger traffic for the first time, according to preliminary figures from the Airports Council International (ACI).
Incheon handled 38.4 million international passengers during the first six months of the year, narrowly ahead of London Heathrow, which recorded 37.79 million. Singapore’s Changi Airport ranked third with 34.53 million passengers.
The airport attributed its rise partly to changes in global travel patterns following the conflict between the United States and Iran, which diverted some passengers away from major aviation hubs in the Middle East.
Dubai International Airport, which ranked second globally in both 2024 and 2025 based on full-year figures, is expected to drop out of the top five in the latest rankings.
Incheon was ranked 12th in 2024 and 13th in 2025, while Heathrow was fifth and seventh respectively.
The number of transfer passengers at Incheon increased by 18% compared with the same period last year. The airport corporation said passengers who would previously have connected through Dubai on journeys to Europe were increasingly choosing Incheon instead.
Transfer passengers travelling onward to Europe rose 63.2% to 210,000, according to the corporation.
Infrastructure expansion has also helped Incheon accommodate increased passenger numbers. The airport, which opened in 2001, currently serves 158 international destinations.
By comparison, Hong Kong International Airport serves 139 international destinations, Shanghai Pudong 92 and Tokyo Narita 86.
“We’re grateful for the government’s support, the public’s encouragement and the hard work of everyone stationed at the airport in making Incheon the world’s No. 1 airport,” said Kim Beom-ho, acting president of the Incheon Airport Corporation.
Kim said the corporation would continue to improve the airport’s competitiveness by placing greater emphasis on passenger convenience.
Business
EU Fines Google €890m in First Major Digital Markets Act Ruling
Google has been fined €890 million (£759 million) by the European Union after regulators found the tech giant unfairly favoured its own apps and services over those of competitors.
The penalty marks the first major enforcement action against Google under the EU’s Digital Markets Act (DMA), legislation designed to curb the market power of the world’s largest technology companies and promote fairer competition.
The European Commission said Google’s practices restricted consumer choice by giving preferential treatment to its own services in search results and app distribution.
The total fine consists of two separate breaches of the DMA. Regulators imposed a €460 million penalty after concluding Google prioritised its own flight and hotel booking services over rival platforms in search results.
A further €430 million fine was issued over Google Play Store rules, with the Commission finding the company prevented users from being shown cheaper offers available outside its own marketplace.
Google criticised the ruling, warning the changes required to comply with the DMA could reduce the quality of services available to European users.
Kent Walker, Google’s president of global affairs, said: “To comply, we are having to strip away real-time Search features Europeans love – like instant pricing and direct availability for hotels, flights and restaurants – and dismantle safety protections on Google Play.
“This isn’t fair competition.”
EU officials rejected that argument, insisting the measures are necessary to ensure dominant digital platforms cannot use their market position to disadvantage rival businesses.
Business
Mistimonta Nigeria Enterprise Owner Sosinmi Olajide Eludes N4m Court-Ordered Refund
A Lagos businessman is facing an uphill battle to recover his money despite securing a legal victory against an elusive car dealer who has refused to honor a court order. The case, Mistimonta Nigeria Enterprise Owner Sosinmi Olajide Eludes N4m Court-Ordered Refund, highlights the challenges some judgment creditors face even after obtaining a favorable court ruling. Despite the court’s order directing a ₦4 million refund, the businessman says he has yet to recover his money, raising fresh concerns about the enforcement of civil judgments in Nigeria.
One month after the Lagos Small Claims Court ordered Soyombo Sosinmi Olajide, an Ogun-based vehicle dealer, to refund N4 million, the businessman, Oscar Josiah, reveals that he has yet to receive a single kobo.
The judgment, passed down on June 9, 2026, mandated Olajide; the owner of Mistimonta Nigeria Enterprise—to immediately return the N4 million balance, pay a 10% annual interest until the debt is fully settled, and cover N100,000 in legal costs.
However, enforcement has hit a brick wall. Josiah explained that because he does not know Olajide’s precise residential address or current business location in Iperu, Ogun State, court bailiffs have been unable to execute the judgment.
A Broken Trust
The transaction began under the guise of an established, multi-year business relationship. Josiah had successfully purchased a car through Olajide between 2020 and 2021 following a recommendation from a mutual friend.
The trouble started in late 2025 when Josiah sought another vehicle upgrade—a Nigerian-used 2011 Toyota Venza valued at N8 million. The deal was structured as a trade-in: Josiah’s current vehicle was valued at N4 million, leaving a cash balance of N4 million to be paid in installments.
Before the deal could be finalized, Olajide suddenly went unreachable. Josiah eventually tracked him down through family members, discovering that the car dealer had been detained over an unrelated dispute. Believing he was acting in good faith, Josiah even transferred N200,000 to help secure Olajide’s bail so they could finish the car transaction.
Between December 2025 and January 2026, Josiah transferred the remaining balance in chunks of N1.8 million, N500,000, and N1.5 million. But the Toyota Venza was never delivered, with Olajide repeatedly blaming the vehicle’s original owner for withholding it. When the deal officially collapsed, Olajide agreed to a refund deadline of February 15, 2026, but missed it entirely.

“Winning in Court Should Not Mean the End of Justice”
After months of broken promises, Josiah took the matter to the Lagos Small Claims Court. Olajide consistently failed to appear at the hearings, and a defense attorney who showed up once to request an adjournment for an out-of-court settlement never followed through.
Despite the legal victory, Josiah expressed profound frustration over the reality of trying to enforce the court’s decision while watching the dealer continue business as usual.
“I still see him regularly posting vehicles for sale to prospective buyers [on social media] while refusing to either deliver the vehicle I paid for or comply with the court’s judgment,” Josiah said, adding that he has spent an additional N500,000 strictly on legal fees. “Winning in court should not mean the end of justice if the successful party still cannot recover what the court has ordered.”
When contacted by investigative journalists from FIJ, Olajide briefly answered the phone, asking for time to call back.
“The case is with Small Claims Court. Can you give me some time? Let me call you back,” Olajide stated. As of publication, he has neither called back nor responded to follow-up messages.
For the full, detailed investigation on this case, read the original report by the Foundation for Investigative Journalism: FIJ: Court Ordered Ogun Car Dealer Sosinmi Olajide to Refund Customer’s N4m. He’s Not Done So 1 Month Later
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