Hardship: Stranded foreign scholars groan as FG slashes allowances
The Federal Government of Nigeria has announced a 12.7% cut in allowances for students studying abroad in countries like Russia,…
Month: July 2024
Certain Workers Excluded from Nigeria’s New N70,000 Minimum Wage
As workers anticipate the implementation of Nigeria’s new N70,000 minimum wage, not all will benefit from this increase. According to…
Naira depreciates to N1,575/$ in parallel market
The Naira depreciated to N1,575 per dollar in the parallel market, down from N1,565 per dollar the previous day. In…
Nissan shares plunge after profit warning
Nissan shares tumbled over 10% after issuing a profit warning due to fierce sales competition, particularly in the United States.…
Unilever Sees 4% Profit Rise in H1 2024
Unilever reported a 4% increase in net profit for the first six months of 2024, reaching 3.7 billion euros ($4.0…
CBN sells one-year Treasury Bills at 22.1% in July auction
The Central Bank of Nigeria (CBN) sold one-year Treasury Bills at a 22.1% stop rate during its July 24 auction…
FCMB posts N64.2 billion pre-tax profit in the first half of 2024
FCMB Group recorded a profit before tax of N64.2 billion in the first half of 2024, a 68% increase from…
ETH Spot ETFs Underperform, Triggering Crypto Sell-off
The recent poor performance of newly launched ETH spot ETFs caused a significant decline in the crypto market early Thursday.…
US refiners’ Q2 profits fall on low margins, soft fuel demand
U.S. oil refiners are set to report significantly lower earnings for the second quarter compared to last year, following a…
Musk launches poll asking if Tesla should invest $5 bln in xAI, early votes in favour
Tesla CEO Elon Musk has initiated a poll on the social media platform X to gauge public opinion on whether…
Hotel workers in four US cities to hold strike authorization votes
Approximately 13,500 unionized hotel workers across Boston, San Francisco, Honolulu, and Providence, Rhode Island, are set to vote on strike…
Fortune 500 firms to see $5.4 bln in CrowdStrike losses, says insurer Parametrix
Fortune 500 companies, excluding Microsoft, are projected to incur financial losses totaling $5.4 billion due to a recent CrowdStrike outage,…
UK business activity picks up after pre-election lull, PMI data shows
British business activity experienced a notable uptick in July, following a lull before the July 4 election, driven by the…
Forex: Reps Pass Bill To Impose ‘Windfall Tax’ On Banks
The House of Representatives has approved a bill to impose a ‘Windfall Tax’ on commercial banks that benefited from the…
First Bank/Visa Promo To Reward 520 Cardholders
First Bank has initiated a Visa Cross Border and Summer campaign in collaboration with Visa, running from April 1, 2024,…
Access Bank Disburses N740b To 18m Digital Borrowers
Access Bank has disbursed N740 billion to 18 million borrowers through its digital lending services since launching in 2017. This…
FG’s deficit spending falls 29% to N2.83trn in Q1’24
The Federal Government of Nigeria reduced its deficit spending by 29% in the first quarter of 2024, bringing the deficit…
DBN secures access to over $100b Green Climate Fund
The Development Bank of Nigeria Plc (DBN) has become the first Direct Access Entity (DAE) in Nigeria to receive accreditation…
NACCIMA, others kick as CBN hikes interest rate to 26.75%
The Central Bank of Nigeria (CBN) has raised its benchmark Monetary Policy Rate (MPR) to 26.75% from 26.25% in an…
Transcorp Hotels posts 188% profit growth in 2024 half year
Transcorp Hotels posted a profit before tax of N10.5 billion in the first half of 2024, a remarkable 188% increase…
FG allocates over N438 billion to 34 States, FCT under economic stimulus programme
The Federal Government has distributed more than N438 billion to 34 states and the Federal Capital Territory (FCT) as part…
Support for Dangote Refinery Swells, Kyari Denies Owning Blending Plant in Malta
Amid ongoing disagreements between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), prominent Nigerians are voicing…
Gabon President Invites Aliko Dangote to Invest in Cement and Fertilizer
President Brice Oligui Nguema of Gabon has extended an invitation to Aliko Dangote, Africa’s wealthiest individual, to explore investment opportunities…
Sherwin-Williams raises 2024 profit forecast on upcoming residential demand
Sherwin-Williams increased its full-year earnings forecast and reported a second-quarter profit that exceeded Wall Street expectations, driven by higher prices…
Samsung Elec talks with union end without result, union says
Sherwin-Williams increased its full-year earnings forecast and reported a second-quarter profit that exceeded Wall Street expectations, driven by higher prices…
Italy seizes 121 mln euros from Amazon unit over alleged tax, labour offences
Italian tax police have seized €121 million from Amazon Italia Transport, a logistics unit of e-commerce giant Amazon, amid allegations…
Samsung Elec talks with union end without result, union says
Samsung Electronics and representatives of its largest workers’ union in South Korea, currently on strike over pay and benefits, held…
South African rand weakens, eyes on inflation data
The South African rand weakened by about 0.75% in early trading on Tuesday, trading at 18.38 against the dollar as…
Spotify reports record quarterly earnings, shares jump 14% in premarket trade
Spotify reported a record quarterly profit of 1.11 billion euros, slightly surpassing analyst expectations of 1.07 billion euros. Earnings per…
ATM transactions decline 13% to N28.2 trn
In 2023, the value of Automated Teller Machine (ATM) transactions in Nigeria decreased by 13.6 percent to N28.2 trillion, down…