Business World Singapore port congestion shows global ripple impact of Red Sea attacks June 26, 2024 Ekemini Uba Singapore’s container port is experiencing its worst congestion since the COVID-19 pandemic, largely due to prolonged vessel re-routing to avoid Red Sea attacks, causing significant disruptions in global shipping. The…
Technology World Volkswagen Recalls Over 271,000 Vehicles in the U.S. Due to Potential Air Bag Fault June 26, 2024 Ekemini Uba Volkswagen is recalling more than 271,000 vehicles in the United States because of a potential wiring fault that may deactivate the front passenger air bags when the seat is occupied,…
Business World Exclusive: UBS urges Swiss government to clarify capital demands, sources say June 26, 2024 Ekemini Uba UBS is pressing the Swiss government to clarify additional capital buffer requirements following its acquisition of Credit Suisse. The bank is concerned that prolonged uncertainty will unsettle investors. While initial…
Energy Local Nigeria’s gas export drops 25% on low output, exits June 26, 2024 Ekemini Uba Nigeria’s gas exports have decreased by 25% to their lowest level in three years, mirroring a similar decline in the country’s crude oil exports. This drop is attributed to low…
Business Currency Local Naira Depreciates by 0.71% Against Dollar June 26, 2024 Ekemini Uba On Tuesday, the naira faced renewed pressure in the official foreign exchange market, depreciating by 0.71% against the dollar. The dollar was quoted at N1,500.79, down from N1,490.20 on Monday…
Business Local FEC Steps Down Minimum Wage Memo for Further Consultations by President Tinubu June 26, 2024 Ekemini Uba On Tuesday, the Federal Executive Council (FEC) decided to step down the minimum wage memo to allow President Bola Tinubu to engage in further consultations before proposing a new national…
Business Finance Local Kogi IGR Increases To N23.5bn June 26, 2024 Ekemini Uba Kogi State’s internally generated revenue (IGR) has increased from N6.5 billion to N23.5 billion annually over eight years, according to Alhaji Salihu Enehe, the executive chairman of the Kogi State…
Features Local NSIA Announces 26 Start-Ups For $220,000 Accelerator Prize For Innovation June 26, 2024 Ekemini Uba The Nigeria Sovereign Investment Authority (NSIA) has revealed the 26 start-ups advancing to the accelerator stage of the NSIA Prize for Innovation (NPI 2.0). Initially, 100 start-ups were selected from…
Banking Local Access Bank Launches Season 6 of Womenpreneur Pitch-A-Ton Programme June 26, 2024 Ekemini Uba Access Bank has opened registration for the sixth season of its Womenpreneur Pitch-A-Ton programme, aiming to inspire, connect, and empower women. Since 2019, the programme has produced 645 mini-MBA winners…
Business Local Sterling HoldCo Gets Shareholders Approval to Raise N200bn Fresh Capital June 26, 2024 Ekemini Uba At its inaugural Annual General Meeting (AGM), major shareholders of Sterling Financial Holdings Company Plc. approved a management decision to raise N200 billion in fresh capital. The decision comes amidst…
Banking Local Pensioners with Heritage Bank to provide accounts June 26, 2024 Ekemini Uba The Pension Transitional Arrangement Directorate (PTAD) has requested Defined Benefit Scheme (DBS) pensioners with accounts in Heritage Bank to provide alternative bank account details following the revocation of Heritage Bank’s…
Banking Local World Bank Allocates $45.5M to Nigeria’s NIMC for Digital ID Project June 26, 2024 Ekemini Uba The World Bank has disbursed $45.5 million to Nigeria’s National Identity Management Commission (NIMC) under the Digital Identification for Development (ID4D) project. This is part of a larger $430 million…
Business Energy Local Salpha Energy gets €25,000 grant for Ashden Award June 26, 2024 Ekemini Uba Salpha Energy has been awarded a €25,000 grant for winning the 2024 Ashden Award for Energy Innovation, supported by the UK’s Department for Energy Security and Net Zero. The announcement…
World Novo Nordisk’s Weight-Loss Drug Wegovy Approved in China June 25, 2024 Ekemini Uba Novo Nordisk announced that its popular weight-loss drug, Wegovy, has been approved for use in China, the world’s second-largest economy with the highest number of overweight or obese people. The…
Business World European stocks fall as Nvidia slump hits tech sector June 25, 2024 Ekemini Uba European stocks fell on Tuesday following a significant 7% drop in chipmaker Nvidia, which had a ripple effect on U.S. tech companies on Monday, indicating growing investor anxiety about the…
Business World Headline: China Defends Against Accusations of Unfair Subsidies and Trade Practices June 25, 2024 Ekemini Uba China’s Premier Li Qiang pushed back against accusations from the U.S. and EU at a World Economic Forum meeting in Dalian, asserting that Chinese firms do not benefit from unfair…
Business Market World Nasdaq futures rise as Nvidia stabilizes after AI stocks rout June 25, 2024 Ekemini Uba Nasdaq futures saw an uptick on Tuesday as AI-related stocks, including Nvidia, rebounded from recent losses, prompting investors to await further cues on monetary policy from U.S. Federal Reserve officials.…
Business Market World Bank of Japan opens door for a hawkish double surprise June 25, 2024 Ekemini Uba The Bank of Japan (BOJ) is signaling a potentially larger quantitative tightening (QT) plan in July, accompanied by a possible interest rate hike, as it gradually retreats from its substantial…
Business Local FG tackles revenue leakage, deploys Central Disbursement Solutions June 25, 2024 Ekemini Uba The Federal Government of Nigeria is launching a new revenue management system called ‘Revenue Assurance and Central Disbursement Solutions’ to combat revenue leakages in its Ministries, Departments, and Agencies (MDAs)…
Business Crypto Local Crypto Traders Lose Over $280m June 25, 2024 Ekemini Uba The cryptocurrency market is facing significant losses after its second-worst weekly decline in 2024, with Bitcoin’s price dropping nearly 5% to $61,000. This decline is attributed to waning demand for…
Business Local Annual Report: NGX Slams N76.8m Fine On 9 Firms June 25, 2024 Ekemini Uba The Nigerian Exchange Limited (NGX) has fined nine listed companies a total of N76.8 million for failing to submit their audited financial statements on time for the years 2022 and…
Business Flutterwave Lays Off 30 Employees June 25, 2024 Ekemini Uba African payments giant Flutterwave has laid off about 30 employees, approximately 3% of its workforce, as part of a strategic shift to focus on its core revenue drivers: remittance and…
Business Local Shoprite to Close Novare Central Mall Branch in Abuja by June 2024 June 25, 2024 Ekemini Uba Shoprite Mall has announced it will cease operations at its Novare Central Mall branch in Wuse Zone 5, Abuja, effective June 30, 2024. The decision was communicated in a circular…
Business Local APM Terminals Recycles Used Tyres Into Footwear June 25, 2024 Ekemini Uba Determined to tackle the issue of used tyres littering Lagos, transport and logistics giant APM Terminals has begun recycling its discarded tyres into casual footwear under the “Nothing Goes to…
Business investment Local RT Briscoe To Raise N10bn With Investment Scheme June 25, 2024 Ekemini Uba RT Briscoe has launched a flexible investment plan aimed at supporting its 43,000 shareholders, mostly retired individuals, to invest in the company by making installment payments over 18 to 24…
Local Market Dangote Oil Refinery Faces Delay in July Launch Due to Crude Shortage June 25, 2024 Ekemini Uba Dangote Oil Refinery’s much-anticipated entry into the petrol supply market in July might face delays due to a shortage of crude oil, according to industry sources. The refinery, with a…
Business Local CBN grants IMTOs naira access to boost remittances June 25, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has announced new measures aimed at enhancing naira liquidity and increasing diaspora remittances. According to a recent circular, eligible International Money Transfer Operators (IMTOs)…
Business Local BDC Operators Struggle with New CBN Guidelines June 25, 2024 Ekemini Uba Bureau De Change (BDC) operators in Nigeria have yet to comply with the new operational guidelines issued by the Central Bank of Nigeria (CBN) three weeks ago, according to findings…
Business Local Business registration possible in 24 hours, says CAC ambassador June 25, 2024 Ekemini Uba The Corporate Affairs Commission (CAC) has introduced a Special Registration Portal (SRP) that enables business registration within 24 hours, according to CAC ambassador Michael Nwabufo. Speaking in Lagos, Nwabufo highlighted…
World US prosecutors recommend Justice Dept. criminally charge Boeing June 24, 2024 Ekemini Uba U.S. prosecutors are urging the Justice Department to bring criminal charges against Boeing, alleging the company breached a 2021 settlement related to two fatal 737 MAX crashes, insiders told Reuters.…
