Business World US lawmakers raise worries about China in Microsoft deal with Emirati AI firm July 12, 2024 Ekemini Uba Republican lawmakers have requested an intelligence assessment from the Biden administration on Microsoft’s $1.5 billion investment in UAE-based AI firm G42, due to concerns about the transfer of sensitive technology…
Business Local World Australia to bring anti-scam law targeting internet giants this year, regulator says July 12, 2024 Ekemini Uba Australia plans to introduce a law by the end of the year requiring internet companies to proactively prevent scams or face significant fines, according to the Australian Competition and Consumer…
Business Local BIPC Seeks $500m UNHCR-IFC For IDPs Sustainability July 12, 2024 Ekemini Uba The Benue Investment and Property Company Limited (BIPC) has proposed a business model to leverage a $500 million grant from the UN High Commissioner for Refugees (UNHCR) to empower Internally…
Business Local FG To Invest In Made-In-Nigeria Vehicles, Transmit To CKD Assembly July 12, 2024 Ekemini Uba The Director-General of the National Automotive Design and Development Council (NADDC), Oluwemimo Joseph Osanipin, has announced the federal government’s commitment to transitioning from Semi-Knocked Down (SKD) to Complete Knocked Down…
Business Energy Local Nigeria’s oil production adds 25,000 barrels per day July 12, 2024 Ekemini Uba Nigeria’s daily oil production increased by 25,000 barrels per day, rising from 1.251 million barrels per day in May to 1.276 million barrels per day in July, according to the…
Business Finance Local NIDF posts N8.37bn post-tax profit July 12, 2024 Ekemini Uba The Nigeria Infrastructure Debt Fund (NIDF) reported a 15.8% increase in post-tax profit for the first half of 2024, reaching N8.37 billion, up from N7.23 billion in the same period…
Business Local Trade Honeywell, Seplat drag equity market to N188bn loss July 12, 2024 Ekemini Uba Investors on the Nigerian Exchange Limited faced losses totaling N188 billion on Thursday, primarily driven by declines in the share prices of Ikeja Hotel, Honeywell Flour, and Seplat Energy. Ikeja…
Business Local SEC harps on investor education to drive growth July 12, 2024 Ekemini Uba Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), emphasized the importance of investor education during a meeting with the Investments and Securities Tribunal (IST) in Abuja.…
Business Local NDDC to boost Niger Delta development with N1.9tn budget July 12, 2024 Ekemini Uba The Niger Delta Development Commission (NDDC) has presented its ambitious 2024 budget of N1.9 trillion to the House of Representatives Committee on the NDDC. This was done to accelerate development…
Business Local Senate rejects bill seeking to review forex market regulations July 12, 2024 Ekemini Uba The Nigerian Senate recently rejected the Foreign Exchange (Control and Monitoring) Bill, 2024 (SB. 353), proposed by Senator Sani Musa from Niger East. This legislation aimed to replace the existing…
Energy Local Trade FG, IOCs agree on crude supply to Dangote, local refineries July 12, 2024 Ekemini Uba The Nigerian government and local crude oil producers have pledged to maintain a sustainable supply of crude to domestic refineries under market-determined pricing. This commitment, facilitated by the Nigeria Upstream…
Business World Amazon could face probe over treatment of UK grocery suppliers, watchdog says July 11, 2024 Ekemini Uba Britain’s grocery regulator has warned Amazon of a possible formal investigation if it does not improve compliance with the Groceries Supply Code of Practice (GSCOP). The Groceries Code Adjudicator’s (GCA)…
Business World AI frenzy takes Taiwan’s TSMC to record peak, puts it in trillion dollar club July 11, 2024 Ekemini Uba TSMC reached a record high in its second-quarter revenue, driven by strong demand for AI applications. The world’s largest contract chipmaker, with major clients like Nvidia and Apple, topped a…
Local Exclusive: In lithium industry first, IBAT commercializes new extraction technology July 11, 2024 Ekemini Uba International Battery Metals (IBAT) has achieved a significant milestone in the clean-energy transition by becoming the first company to commercially produce lithium using a novel filtration technology. This new direct…
Business Local Housing crisis in Spain’s cities drives rise in homelessness as tourism booms July 11, 2024 Ekemini Uba Francisco Carrillo, a 62-year-old pensioner, finally found relief as he moved into a charity-provided apartment in Madrid after three years of homelessness. Carrillo, who couldn’t afford rent after moving from…
Business Local Nigeria’s regional trade declines, ranks 4th behind SA, Cote d’Ivoire, Egypt July 11, 2024 Ekemini Uba Three years into the African Continental Free Trade Area (AfCFTA) agreement, Nigeria has experienced a decline in its intra-African trade. The Africa Export-Import Bank (Afreximbank) reported that Nigeria’s share of…
Business Local NERC Reels Out New Sanctions For DisCos July 11, 2024 Ekemini Uba The Nigerian Electricity Regulatory Commission (NERC) announced new sanctions for Distribution Companies (DisCos) failing to meet specific contractual obligations with customers and regulators. These measures, outlined in the Order on…
Business Local Global Regulators Tighten Rules On Banks Outsourcing Services July 11, 2024 Ekemini Uba The Basel Committee of banking regulators has proposed that bank board directors take ultimate responsibility for managing the risks associated with outsourced services, including documenting how they handle outages and…
Local Food Security: FEC Approves Procurement Of 2000 Tractors, 1200 Trailers July 11, 2024 Ekemini Uba The Federal Executive Council (FEC) has approved the procurement of 2,000 tractors, 4,000 disc ploughs, 1,200 tractor trailers, and other equipment under the National Agricultural Mechanization Programme (NAMP) to enhance…
Currency Local Naira tumbles above the N2,000 mark against British pound July 11, 2024 Ekemini Uba The Nigerian naira faced downward pressure as it started Thursday’s session with a weakening trend against the British pound sterling, breaching the N2,000 mark in the black market. This depreciation…
Business Local Cost of living crisis: Nigeria ranked 5th hardest hit African country July 11, 2024 Ekemini Uba Nigeria has been identified as the fifth hardest-hit African country by the global cost-of-living crisis, according to a mid-2024 index released by Numbeo, a data and research platform. The country…
Local TD Africa Recognized at Huawei Event for Exceptional Service and Distribution Excellence July 11, 2024 Ekemini Uba TD Africa was celebrated at Huawei’s recent event themed ‘Accelerate Industrial Intelligence’ for its exemplary contributions to Huawei’s success in Africa. The event gathered policymakers, tech enthusiasts, and industry leaders…
Banking Business Keystone Wins Retail Bank of the Year 2024 Award July 11, 2024 Ekemini Uba Keystone Bank Limited has been recognized as the ‘Retail Bank of the Year’ at the Africa Industrial and Development Conference and Awards 2024, held during the Nigeria Middle East Investors…
Business Energy Local FG, USAID sign N115bn MoU to support power sector reforms July 11, 2024 Ekemini Uba The United States Agency for International Development (USAID) and the Federal Ministry of Power have signed a memorandum of understanding (MOU) to secure Nigeria’s commitment to electricity sector reforms, improve…
Business World UK economy improved in May – Report July 11, 2024 Ekemini Uba Britain’s economic output grew by 0.4 percent in May, surpassing analysts’ expectations of 0.2 percent and rebounding from flat GDP growth in April, according to the Office for National Statistics.…
Business Local Trade Nigerian Equity Market Declines for Third Day, Investors Lose N2.18bn July 11, 2024 Ekemini Uba The Nigerian equity market extended its losing streak for the third consecutive day this week, with investors losing N2.18 billion on Wednesday. The All Share Index and market capitalization slightly…
Business World Spirits set to overtake wine as global drinking habits change July 10, 2024 Ekemini Uba A report by the World Spirits Alliance forecasts that more cases of spirits like vodka and whisky will be sold globally compared to wine, due to changing drinking preferences. In…
Business US retailers try to move back-to-school shopping to July July 10, 2024 Ekemini Uba American retailers are kickstarting their back-to-school promotions earlier this year to compete with Amazon’s Prime Day on July 16 and 17. Walmart, Target, Shein, and Bytedance’s TikTok Shop are all…
Business World Honeywell to buy Air Products’ LNG unit for $1.81 bln as deal-making spree continues July 10, 2024 Ekemini Uba Honeywell announced its fourth acquisition of the year, purchasing Air Products’ liquefied natural-gas (LNG) process technology and equipment business for $1.81 billion in cash. This acquisition complements Honeywell’s existing LNG…
World Yandex split nears completion as Russian traders finalise share exchange July 10, 2024 Ekemini Uba Russian traders have finalized a share exchange for investors in Yandex, often referred to as Russia’s Google, marking one of the last steps in a $5 billion deal for local…
