Nigeria: CBN Threatens Prosecution Of Forex Policy Defaulters
Banks have warned that defaulters of the new foreign exchange policy may face criminal prosecution by the Central Bank of Nigeria. The banks in emails to their customers said that…
Nigeria: At N513m, Securities Lending On NGX Hits Historical Record
The Nigerian Exchange (NGX) Limited has disclosed that value of Securities Lending market increased to N513million as at 20 August 2021. According to NGX’s most recent report, there has been…
European Stocks Set To Retreat As Global Markets Subdued Ahead Of Fed Symposium
European shares are set to pull back Thursday, with global markets striking a cautious tone as U.S. Federal Reserve policymakers gather for a closely watched monetary policy summit. Britain’s FTSE…
Xiaomi Acquires Autonomous Driving Firm As It Looks To Boost Nascent Electric Vehicle Business
Chinese electronics giant Xiaomi has acquired an autonomous driving start-up, jumping into an extremely competitive area, while trying to diversify its business beyond smartphones. Xiaomi said Wednesday it had acquired…
China’s After-School Crackdown Wipes Out Many Jobs Overnight
For hundreds of thousands of Chinese people, Beijing’s crackdown on after-school tutoring this summer means their well-paying jobs are disappearing quickly. While it’s difficult to pin down the exact scale…
Microsoft Hires Former Amazon Cloud Executive Charlie Bell
Microsoft has hired Amazon cloud executive Charlie Bell as a corporate vice president, CNBC has confirmed. The move represents a victory for Microsoft, whose Azure cloud business is trying to…
Australia’s Qantas Hopes To Resume International Flights By Christmas, CEO says
Australian carrier Qantas expects international flights to the U.S., the U.K. and parts of Asia to resume by Christmas, CEO Alan Joyce said Thursday. Since March last year, Australia has…
South Korea Hikes Interest Rates, The First Developed Economy To Do So In Pandemic Erah Korea hikes interest rates, the first developed economy to do so in pandemic era
South Korea’s central bank raised interest rates on Thursday in a decision that was expected as financial risks heat up despite the virus threat. The Bank of Korea raised its…
S&P 500, Nasdaq Notch All-Time Closing Highs Ahead Of Jackson Hole
Wall Street gained ground again on Wednesday, with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming…
U.S. Near Deal For Nvidia Supercomputer As It Waits For Delayed Intel Machine -Sources
The U.S. Department of Energy is nearing a deal to purchase a supercomputer made with chips from Nvidia Corp (NVDA.O) and Advanced Micro Devices Inc (AMD.O) as a key lab…
EU Extends Deadline On Facebook’s Kustomer Deal To Jan. 7
EU antitrust regulators will decide on Jan. 7 whether to clear Facebook’s (FB.O) purchase of U.S. customer service startup Kustomer, a European Commission filing showed on Wednesday, extending the deadline…
Western Digital In Advanced Talks To Merge With Japan’s Kioxia Holdings – WSJ
Western Digital Corp (WDC.O) is in advanced talks for a potential $20 billion stock merger with Japanese semiconductor firm Kioxia Holdings Corp, the Wall Street Journal reported on Wednesday, citing…
Hybrid Work Demand Fuels Salesforce Earnings Forecast
Salesforce.com Inc (CRM.N) on Wednesday signaled the shift to hybrid work would keep demand for its cloud-based software strong in the third quarter, after trumping market expectations for earnings in…
Google Brings Samsung 5G Modem Tech To U.S. Market With New Pixel Phone -Sources
Google will tap Samsung Electronics Co Ltd (005930.KS) to supply the 5G modem for its next flagship Pixel smart phone, sources familiar with the matter told Reuters, signaling the first…
Nigerian E-Naira Currency Could Be A ‘Game Changer’ But Banks Will Have To Adapt
Nigeria is set to test a central bank digital currency from October, a move that could reshape the country’s financial landscape and push legacy banks to adapt the services they…
South Africa Rebases GDP, Revises Economic Growth Figures
South Africa has rebased its gross domestic product (GDP) survey, with the new data showing the economy was 11% bigger in 2020 than in the previous estimate, the statistics agency…
CBN, Bankers Committee Have More Money For Creative Industry
The Central Bank of Nigeria (CBN) led by Godwin Emefiele, its governor, and the bankers committee still have more money for the creative industry having disbursed a total of N3.22…
FX: Customers To Return Unutilized PTA/BTA Within 2 Weeks
Customers who approached commercial banks for the purchase of foreign exchange (FX) at cheaper rates especially for personal travel allowance/business travel allowance (PTA/BTA) would have to return any unutilised forex.…
Gold Eases On Steady Dollar, Focus On Jackson Hole
Gold retreated below $1,800 on Wednesday as the dollar halted its slide while investors sought cues on the timeline of monetary tapering from the U.S. Federal Reserve’s symposium this week.…
Turkish Lira Rises In Muted FX Trade As Focus Turns To Jackson Hole
The Turkish lira rose on Wednesday while other emerging market currencies were muted as investors turned to an annual U.S. Federal Reserve symposium for clues on how soon the central…
Nigerian Tax Tribunal Orders Multichoice To Pay 50% Of Disputed $4.4 Bln Tax Bill
A Nigerian tax tribunal ordered the local unit of South Africa’s pay-TV company Multichoice to pay 50% of a disputed 1.8 trillion naira ($4.38 billion) tax bill relating to previous…
Ghana’s Currency Heads For Weakest-Ever Close Vs Dollar
The biggest injection of dollars yet by Ghana’s central bank failed to stem the cedi’s slide on Wednesday amid a surge in foreign-currency demand from importers. The Ghanaian currency dropped…
China Reopens World’s Third Busiest Port After Partial Virus Halt
China reopened a key terminal at the world’s third-busiest cargo port on Wednesday, after a shutdown to control the coronavirus caused major backlogs elsewhere and worsened export already extended delays…
Banks Come Under Fire As Fraud Cases Reach New Heights
In the wake of the pandemic has come a scammers epidemic. The crime is so widespread, aggressive and severe that many of us refuse to answer telephone calls or respond…
Oil Steadies Near $71 After Two-Day Rally
Oil prices steadied near $71 a barrel, taking a breather after a strong rally in recent days as Mexico was set to resume crude production following a major outage. Brent…
Sterling Steady, Currency Markets Lack Momentum Ahead Of Jackson Hole
Sterling was little changed on Wednesday, lacking direction as investors waited for the Federal Reserve’s annual economic symposium on Friday to give new momentum to the dollar. Risk appetite was…
Dollar Perks Up To Trade Above One-Week Low On Delta Variant Fears
The safe-haven dollar gained on Wednesday to trade above a one-week low versus major peers amid concerns that the highly contagious Delta coronavirus variant could derail a global economic recovery.…
Group Blames FG As Saudi Arabia Recruits Nigerian Doctors
THE Federal Government on Monday feigned ignorance as a firm concluded arrangement to recruit Nigerian doctors for Saudi Arabia. The firm, Meed Consultants, is recruiting doctors in different specialities under…
Global Corporate Profits To Fall 8% In Q3 After Record Q2 – Data
Global corporate profits in the third quarter are likely to fall for the first time in 18 months after record earnings in April-June, Reuters calculations showed, as the spreading COVID-19…
‘Tax Evasion’: Tribunal Orders Multichoice To Pay N900bn To FIRS Before Hearing Appeal
A tax appeal tribunal (TAT) sitting in Lagos has ordered Multichoice Nigeria Limited to pay 50 percent of N1.8 trillion to the Federal Inland Revenue Service (FIRS) over alleged tax…