Stocks Rise As Investors Await U.S. Jobs Data For Fed Cues
Asian shares were mostly higher on Friday as investors hoped U.S. jobs data due later might sway the Federal Reserve. To slow its current aggressive pace of interest rate hikes…
EXCLUSIVE China Firms In Advanced Talks With Qatar For Gas Field Stakes, LNG Offtake.
China’s national oil majors are in advanced talks with Qatar to invest in the North Field East expansion of the world’s largest liquefied natural gas (LNG) project and buy the…
Inflation Surges Again, Hits 17.71% Amid Rising Prices.
Nigeria’s inflation rate has again surged to 17.71%, according to latest figures by the National Bureau of Statistics. In May 2022, the inflation rate increased to 17.71 per cent on…
72 Of The Top 100 Cryptos By Market Capitalization Have Fallen 90% Or More.
The current bear market has seen a whopping 72 out of top-100 tokens by market capitalization fall. More than 90% from their respective all-time highs, which most of them hit…
Factbox: Companies Sell Their Businesses In Russia
Some Western companies have agreed to sell their Russian assets or hand them over to local managers. As they scramble to comply with sanctions over the Ukraine conflict and deal…
Analysis: With Record Pump Prices, Biden Hard-Pressed To Ramp Up Russia Sanctions
The American consumer presents a significant obstacle as the Biden administration considers escalating sanctions against Russia. This is in response to its invasion of Ukraine. U.S. drivers are embarking on…
Nigerians Spent N3.25tn On Airtime, Data, Others In 2021 – NCC
Nigeria spent N3.25tn on airtime, data, and other telecommunication services in 2021, according to the Nigerian Communications Commission. This is a 12.74% increase from the N2.88tn in 2020 and a…
Google’s Russian Subsidiary Submits Bankruptcy Declaration – Ifax
The Russian subsidiary of Alphabet’s (GOOGL.O) Google has submitted a declaration of bankruptcy, Interfax. The Russian authorities’ seizure of Google Russia’s bank account has made it untenable for our Russia…
Porsche To Pay $80 Mln To Resolve Fuel Economy Claims On U.S. Vehicles
Volkswagen AG (VOWG_p.DE) and its Porsche AG unit have agreed to a class-action settlement worth at least $80 million. To resolve claims it skewed emissions and fuel economy data on…
Shares And Bonds Hit After Swiss And UK Rate Hikes.
World stocks fell and bonds resumed their slide after a surprise Swiss interest rate hike fuelled concerns about surging inflation. And an aggressive policy tightening outlook from global central banks.…
India’s Reliance considers buying out Revlon in U.S. – ET Now
Indian conglomerate Reliance Industries (RELI.NS) is considering buying out Revlon Inc (REV.N) in the United States, days after the cosmetics giant filed for bankruptcy. The report comes as Revlon filed…
BOJ Maintains Ultra-Low Rates, Warns It Is Closely Watching Yen Moves
The Bank of Japan maintained ultra-low interest rates and its guidance to keep borrowing costs at “present or lower” levels. Signaling its resolve to focus on supporting the economy’s tepid…
Lego To Invest Over $1 Billion In U.S. Brick Plant.
Toymaker Lego said it will invest more than $1 billion in a factory in the United States. To shorten supply chains and keep up with growing demand for its coloured…
Week Of Rate Hikes Has Stocks On Course For Steepest Slide Since 2020.
World stocks headed for their worst week since markets’ pandemic meltdown in March 2020, as interest rate hikes in the US and Britain. And a surprise one in Switzerland set…
WTO Strikes Global Trade Deals Deep Into Overtime.
The World Trade Organization’s164 members approved a series of trade agreements. That included commitments on fish and pledges on health and food security after more than five gruelling days of…
Tesla Investor Sues Musk, Board Over Accusation Of Workplace Discrimination.
A Tesla Inc (TSLA.O) shareholder sued the electric car maker, Chief Executive Elon Musk and its board. Accusing them of neglecting to tackle complaints about workplace discrimination and harassment, and…
Online Fashion Retailers ASOS, Boohoo Weighed Down By Returns.
As consumers struggle with inflation and return to pre-pandemic behavior, British online fashion retailers ASOS (ASOS.L) and Boohoo (BOOH.L) issued a warning, sending their shares down. ASOS shares hit 29%…
London Stock Exchange Pours Cold Water On Merging Listing Segments.
Compressing Britain’s two company listing segments to attract more tech firms could put an existing “gamechanger” at risk. Britain wants to use its post-Brexit flexibility in financial rulemaking to compete…
Cryptocurrency Exchange Binance: 2022 Volumes So Far Similar To 2021’s $34 Trillion
Cryptocurrency exchange Binance’s Chief Executive Officer, Changpeng Zhao, said that volumes on the exchange so far in 2022 were similar to the $34 trillion it had in 2021. “So far…
OPEC+ Crude Oil Output Boost Undershoots Targets In May
OPEC+ produced 2.695 million barrels per day below its crude oil targets in May. Because of production problems at several members and as Russia faced sanctions. An OPEC+ document seen…
Nigeria Must Increase Productivity To Improve Naira Value — Experts
Nigeria must increase its productivity and change consumption patterns to shore up the value of naira. The Central Bank of Nigeria, CBN, had made several policy interventions to improve the…
Rising Inflation, Others Threaten Buhari’s Poverty Reduction Scheme –World Bank Economists.
World Bank economists, Jonathan Lain and Jakob Engel, have said that rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.…
Nigeria’s Internet Subscription Hits 148 Million In April 2022.
Subscriptions for internet across mobile, fixed, and VoIP networks in the country increased to 148 million in April this year. The telecom operators recorded a total of 2.5 million new…
US Federal Reserve Hikes Benchmark Interest Rate By 0.75 Percentage Point.
The U.S. Federal Reserve raised its target interest rate by three-quarters of a percentage point to combat a disruptive rise in inflation. While also forecasting a weakening economy and growing…
Heifer International Compensates 3000 Farmers With N100m Insurance.
In its resolve to help smallholder farmers mitigate loss of harvests due to poor weather conditions, pests and diseases. Rufus Idris, Heifer’s country director, said at the farmers insurance claim…
Google Ordered To Pay Australian Politician Over Defamatory YouTube Videos.
An Australian court on Monday ordered Google to pay a former lawmaker A$715,000 ($515,000). Saying its refusal to remove a YouTuber’s “relentless, racist, vilificatory, abusive and defamatory” videos drove him…
UAC Completes Maiden N18.7 Billion Commercial Paper Issuance.
UAC of Nigeria PLC has announced the successful completion of its N18.7 billion Series 1 and 2 Commercial Paper issuance. The debut issuance under its recently established N45 billion commercial…
Bank Customers To Produce Indemnity For Online Transfers Above N1m – CBN
The Central Bank of Nigeria has ordered banks and Payment Service Providers to accept indemnity. Indemnity from customers for highly secured online funds transfers. It stated this in a circular…
E-Dividend Portal To Be Automated By Q3 2022 –SEC
The Electronic Dividend Mandate Management System (E-DMMS) will be fully in use by the end of the third quarter (Q3) of2022,. The Securities and Exchange Commission (SEC) has guaranteed the…
Mobile Transactions Hit N4.86tn In Four Months – NIBSS
Nigerians’ use of mobile channels for payment transactions has risen by 3,454.46% from N136.85bn. Within the first four months of 2019 to N4.86tn in the corresponding period of 2022. This…