NCAA Threatens To Sanction Domestic Airlines Over N19bn Debt, Issues 30-Day Ultimatum- Nigeria.
The Nigerian Civil Aviation Authority (NCAA) has threatened to sanction domestic airlines for over N19 billion debt on ticket sales.…
Year: 2022
Global Economy Can Thank U.S. Consumers.
The U.S. consumer is coming to the rescue of the global economy. Back in 2009, companies turned to China to…
Amazon, Google Slam Microsoft’s Cloud Computing Changes.
Amazon (AMZN.O) and Alphabet (GOOGL. O) unit Google criticised Microsoft’s (MSFT. O) cloud computing changes, saying they limit competition and discourage customers from switching to rival…
Dangote Refinery Gets 300,000 Barrels/day From NNPC.
The Nigeria National Petroleum Corporation Limited will have the first right of refusal to supply the Dangote refinery with about…
Nigeria’s GDP Contraction Worries Experts.
Economic experts have raised concerns about the prostrate nature of the economy; exemplified by the contraction in the country’s Gross…
Oil Prices Climb 1% As U.S. Fuel Inventories Fall.
Oil prices recovered slightly as data pointed to firm U.S. Fuel demand, providing respite after a 5% drop a day…
Naira Falls To N705/$ At Black Market.
On Tuesday, August 30, 2022, the Naira reversed its almost miraculous comeback to trade over the N700/$1 mark once again. This is…
Dangote To Save Forex, Through 40% Sugar Import Substitution.
Management of Dangote Sugar Refinery Plc has resolved to significantly reduce the importation of sugar into the country by 40%.…
OpenSea Trading Volume Plunges By 99% In 90 Days.
OpenSea, the world’s largest nonfungible token (NFT) marketplace, has witnessed a substantial drop in its daily trading volumes. Data from…
India’s Reliance Unveils $9.4 Bln Plan To Boost Oil To Chemicals.
Reliance Industries Ltd (RELI.NS), operator of the world’s biggest refining complex, will invest 750 billion rupees ($9.38 billion); over 5 years…
Maersk Agrees To Sell Stake In Russian Port Operator.
A.P. Moller-Maersk (MAERSKb. CO) said it has agreed to sell its 30.75% stake in Russian port operator Global Ports Investments (GLPRq. L) to Russia’s…
U.S. Govt To Provide $11 Mln For Production Of Monkeypox Vaccine.
The U.S. government said it would provide about $11 million to support the packaging of Bavarian Nordic’s (BAVA. CO) Jynneos monkeypox vaccine…
Ukraine Strike Hits Fuel Depot At Zaporizhzhia Nuclear Plant.
Officials installed by Russia in Ukraine said that a Ukrainian missile strike punched a hole in the roof of a…
China’s Top Airlines Post Steep Q2 Losses On COVID Curbs
China’s three biggest airlines posted a combined 28.4 billion yuan ($4.12 billion) second-quarter loss. Wider than in the first quarter,…
Fintech Firm, Wise Fined $360,000 By Abu Dhabi Regulator.
The regulator of Abu Dhabi’s free zone financial centre said it had fined the local subsidiary of fintech firm Wise…
Nigerian Economy Shrinks By N63bn, 28 Sectors Struggle.
Twenty-eight sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49bn…
Nigeria’s Electricity Sector Dips By 11.5% In Q2 2022 Following Multiple Grid Collapses.
The latest GDP report for the second quarter of 2022 released by the National Bureau of Statistics (NBS); showed that…
Nikola To Raise Up To $400 Mln In Stock Sale.
Nikola Corp (NKLA. O) said it may sell shares to raise up to $400 million, as the electric truck maker looks to…
CBN Recorded $2.4bn Diaspora Remittances In 2022.
The Central Bank of Nigeria (CBN) says the country has recorded $2.4 billion in diaspora remittances through its ‘Naira 4…
According To The NNPC Chief, Churches And Mosques Are Housing Stolen Nigerian Petrol.
Every section of Nigerian society is complicit in the theft of millions of barrels, the head of state oil company…
HSBC Hires Justin Wu As Asia-Pacific Co-Head Of Climate Change.
HSBC (HSBA. L) has hired Justin Wu as its first co-head of climate change Asia Pacific to lead the development and implementation…
Forex Supply Falls Further To $54 Million As Exchange Rate Remains Stable.
Monday, 29th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1; at the Investors and…
Seplat Energy Shareholders Lose N71 Billion.
Investors of Seplat Energy Plc recorded a loss of about N70.56 billion from trading in the shares of the company.…
German gas storage progress better than expected.
Germany is making better progress than expected in filling its gas storage facilities; but it’s not enough to get the…
Elon Musk: Aims To Have Self-Driving Teslas Ready By Year-End In The U.S.
Tesla (TSLA.O) founder Elon Musk said he aimed to get self-driving Teslas ready by year-end; and hopes they could be in wide…
Gas Prices To Fall Soon As Germany Hits Storage Targets.
German Economy Minister Robert Habeck expects gas prices to fall soon as Germany is making progress on its storage targets;…
Bitcoin Dips Below $20,000.
Bitcoin dipped below $20,000, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin ,…
Ericsson To Wind Down Business Activities In Russia
Ericsson (ERICb. ST) said it will gradually wind down business activities in Russia; as the Swedish telecoms equipment maker completes its obligations…
Firms Buy Sh9.5bn Safaricom Stake.
Local institutional investors have acquired shares worth Sh9.5 billion in Safaricom following the exit of domestic shareholders and foreigners; reversing…
Russia Says It Shot Down Ukrainian Drone.
Russia’s defence ministry said Russian forces shot down a Ukrainian drone; which was trying to attack the Zaporizhzhia nuclear plant,…