Business Local Hardship: Stranded foreign scholars groan as FG slashes allowances July 25, 2024 Ekemini Uba The Federal Government of Nigeria has announced a 12.7% cut in allowances for students studying abroad in countries like Russia, Morocco, and Algeria due to economic challenges. This decision affects…
Business Local Certain Workers Excluded from Nigeria’s New N70,000 Minimum Wage July 25, 2024 Ekemini Uba As workers anticipate the implementation of Nigeria’s new N70,000 minimum wage, not all will benefit from this increase. According to an investigation by Vanguard, the Tripartite Committee on the New…
Local Naira depreciates to N1,575/$ in parallel market July 25, 2024 Ekemini Uba The Naira depreciated to N1,575 per dollar in the parallel market, down from N1,565 per dollar the previous day. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also…
Business Finance World Nissan shares plunge after profit warning July 25, 2024 Ekemini Uba Nissan shares tumbled over 10% after issuing a profit warning due to fierce sales competition, particularly in the United States. The Japanese automaker’s net profit for the first quarter dropped…
Business World Unilever Sees 4% Profit Rise in H1 2024 July 25, 2024 Ekemini Uba Unilever reported a 4% increase in net profit for the first six months of 2024, reaching 3.7 billion euros ($4.0 billion), driven by higher sales. The British consumer goods giant,…
Business Local CBN sells one-year Treasury Bills at 22.1% in July auction July 25, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) sold one-year Treasury Bills at a 22.1% stop rate during its July 24 auction to manage liquidity and control inflation. The auction offered a…
Local FCMB posts N64.2 billion pre-tax profit in the first half of 2024 July 25, 2024 Ekemini Uba FCMB Group recorded a profit before tax of N64.2 billion in the first half of 2024, a 68% increase from N38.2 billion in the same period of 2023. The group…
Business Crypto ETH Spot ETFs Underperform, Triggering Crypto Sell-off July 25, 2024 Ekemini Uba The recent poor performance of newly launched ETH spot ETFs caused a significant decline in the crypto market early Thursday. Ethereum dropped to a multi-day low of $3,100 from $3,500…
Business Energy Local US refiners’ Q2 profits fall on low margins, soft fuel demand July 24, 2024 Ekemini Uba U.S. oil refiners are set to report significantly lower earnings for the second quarter compared to last year, following a tepid summer driving season that weakened refining margins. Despite ramping…
Technology World Musk launches poll asking if Tesla should invest $5 bln in xAI, early votes in favour July 24, 2024 Ekemini Uba Tesla CEO Elon Musk has initiated a poll on the social media platform X to gauge public opinion on whether the electric vehicle manufacturer should invest $5 billion in his…
Business World Hotel workers in four US cities to hold strike authorization votes July 24, 2024 Ekemini Uba Approximately 13,500 unionized hotel workers across Boston, San Francisco, Honolulu, and Providence, Rhode Island, are set to vote on strike authorization in early August. The workers, represented by UNITE HERE,…
Business World Fortune 500 firms to see $5.4 bln in CrowdStrike losses, says insurer Parametrix July 24, 2024 Ekemini Uba Fortune 500 companies, excluding Microsoft, are projected to incur financial losses totaling $5.4 billion due to a recent CrowdStrike outage, according to insurer Parametrix. The outage, caused by a faulty…
Business World UK business activity picks up after pre-election lull, PMI data shows July 24, 2024 Ekemini Uba British business activity experienced a notable uptick in July, following a lull before the July 4 election, driven by the fastest manufacturing growth in two years and the strongest influx…
Business Local Forex: Reps Pass Bill To Impose ‘Windfall Tax’ On Banks July 24, 2024 Ekemini Uba The House of Representatives has approved a bill to impose a ‘Windfall Tax’ on commercial banks that benefited from the Central Bank of Nigeria’s (CBN) forex subsidies. This decision follows…
Local First Bank/Visa Promo To Reward 520 Cardholders July 24, 2024 Ekemini Uba First Bank has initiated a Visa Cross Border and Summer campaign in collaboration with Visa, running from April 1, 2024, to August 31, 2024. This campaign aims to reward existing…
Banking Local Access Bank Disburses N740b To 18m Digital Borrowers July 24, 2024 Ekemini Uba Access Bank has disbursed N740 billion to 18 million borrowers through its digital lending services since launching in 2017. This was revealed by Njideka Esomeju, the bank’s Group Head of…
Business Finance Local FG’s deficit spending falls 29% to N2.83trn in Q1’24 July 24, 2024 Ekemini Uba The Federal Government of Nigeria reduced its deficit spending by 29% in the first quarter of 2024, bringing the deficit down to N2.83 trillion from N3.99 trillion in the same…
investment Local DBN secures access to over $100b Green Climate Fund July 24, 2024 Ekemini Uba The Development Bank of Nigeria Plc (DBN) has become the first Direct Access Entity (DAE) in Nigeria to receive accreditation from the Green Climate Fund (GCF). This accreditation allows DBN…
Business Local NACCIMA, others kick as CBN hikes interest rate to 26.75% July 24, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has raised its benchmark Monetary Policy Rate (MPR) to 26.75% from 26.25% in an effort to combat rising inflation. The decision, announced by CBN…
Business Finance Transcorp Hotels posts 188% profit growth in 2024 half year July 24, 2024 Ekemini Uba Transcorp Hotels posted a profit before tax of N10.5 billion in the first half of 2024, a remarkable 188% increase from N3.6 billion in the same period of 2023. According…
Business FG allocates over N438 billion to 34 States, FCT under economic stimulus programme July 24, 2024 Ekemini Uba The Federal Government has distributed more than N438 billion to 34 states and the Federal Capital Territory (FCT) as part of the Nigeria Community Action for Resilience and Economic Stimulus…
Business Commodities Local Support for Dangote Refinery Swells, Kyari Denies Owning Blending Plant in Malta July 24, 2024 Ekemini Uba Amid ongoing disagreements between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), prominent Nigerians are voicing strong support for Alhaji Aliko Dangote. They urge the government…
Africa Business Gabon President Invites Aliko Dangote to Invest in Cement and Fertilizer July 24, 2024 Ekemini Uba President Brice Oligui Nguema of Gabon has extended an invitation to Aliko Dangote, Africa’s wealthiest individual, to explore investment opportunities in Gabon’s cement and fertilizer sectors. Dangote Industries Limited confirmed…
Business World Sherwin-Williams raises 2024 profit forecast on upcoming residential demand July 23, 2024 Ekemini Uba Sherwin-Williams increased its full-year earnings forecast and reported a second-quarter profit that exceeded Wall Street expectations, driven by higher prices and increased sales in its paint stores and coating segments.…
Technology World Samsung Elec talks with union end without result, union says July 23, 2024 Ekemini Uba Sherwin-Williams increased its full-year earnings forecast and reported a second-quarter profit that exceeded Wall Street expectations, driven by higher prices and increased sales in its paint stores and coating segments.…
Business Technology World Italy seizes 121 mln euros from Amazon unit over alleged tax, labour offences July 23, 2024 Ekemini Uba Italian tax police have seized €121 million from Amazon Italia Transport, a logistics unit of e-commerce giant Amazon, amid allegations of tax fraud and illegal labor practices. The Milan Prosecutors’…
Business World Samsung Elec talks with union end without result, union says July 23, 2024 Ekemini Uba Samsung Electronics and representatives of its largest workers’ union in South Korea, currently on strike over pay and benefits, held talks on Tuesday that ended without a resolution, according to…
Business Local South African rand weakens, eyes on inflation data July 23, 2024 Ekemini Uba The South African rand weakened by about 0.75% in early trading on Tuesday, trading at 18.38 against the dollar as investors anticipated June inflation data set to be released on…
Business World Spotify reports record quarterly earnings, shares jump 14% in premarket trade July 23, 2024 Ekemini Uba Spotify reported a record quarterly profit of 1.11 billion euros, slightly surpassing analyst expectations of 1.07 billion euros. Earnings per share were 1.33 euros, beating the forecast of 1.06 euros,…
Business Local ATM transactions decline 13% to N28.2 trn July 23, 2024 Ekemini Uba In 2023, the value of Automated Teller Machine (ATM) transactions in Nigeria decreased by 13.6 percent to N28.2 trillion, down from N32.65 trillion in 2022, according to the Central Bank…
