Futures advance as Big Tech continues to recover
U.S. stock index futures surged on Wednesday, recovering from earlier losses as investors regained risk appetite. The bounce was supported…
Month: August 2024
Lyft forecasts soft quarter after delivering net profit in Q2
Lyft’s shares fell over 10% in premarket trading on Wednesday after the company issued a cautious forecast for the current…
Tim Walz’s Record as Minnesota Governor: An Overview
Since Tim Walz became Minnesota’s governor in January 2019, the state’s economic performance has generally lagged behind national trends. Minnesota’s…
Credit to economy falls 1.5% to N102.7trn
In June, banks’ lending to the economy fell by 1.5% from May, dropping to N101.2 trillion. This decrease was noted…
CBN okays Unity, Providus Banks’ merger arrangement
The Central Bank of Nigeria (CBN) has approved the merger between Unity Bank and Providus Bank. This decision was announced…
US, Africa Investment Summit To Hold In September
The Sub-Saharan Africa Business and Investment Summit (SSABIS) will return in September 2024, following the success of previous editions. This…
TCN Blames Arcing For Loss Of Supply On National Grid
The Transmission Company of Nigeria (TCN) has refuted reports of a grid collapse on Monday. Instead, it described the incident…
Aviation Unions Seek Tinubu’s Intervention In Arik Air’s Grounding
Three major aviation unions have appealed to President Bola Tinubu for intervention in the grounding of Arik Air’s fleet. The…
CBN steps in to save naira with retail dollar auction
The Central Bank of Nigeria (CBN) is holding a retail dollar auction today in an effort to stabilize the naira,…
Nigeria’s NLNG dividend falls 43% on gas constraints
Nigeria’s revenue from Nigeria Liquefied Natural Gas (NLNG) Limited has dropped by 43% due to persistent gas supply issues. In…
Dangote to sell 12.5% refinery stake amid liquidity concern
The Dangote Group is considering selling a 12.5% stake in its newly commissioned refinery due to liquidity challenges, according to…
FG unveils comprehensive strategy for economic growth, citizens’ welfare
Nigeria’s Finance Minister, Wale Edun, has outlined the federal government’s strategy to revitalize the economy while prioritizing citizens’ welfare. In…
Heirs Insurance Group appoints Puri, Iroche as non-executive directors
Heirs Insurance Group (HIG) has announced the appointment of Ibrahim Puri and Sonny Iroche as independent non-executive directors for its…
NGX slumps as global tensions trim N371bn from investors’ wealth
The Nigerian Exchange Limited (NGX) continued its slide on Tuesday, with the All-Share Index dropping by 0.67% to close at…
US transport safety board to hold hearings on Boeing 737 MAX 9 mid-air emergency
The U.S. National Transportation Safety Board (NTSB) is set to question witnesses from Boeing, Spirit AeroSystems, and the Federal Aviation…
Google has an illegal monopoly on search, US judge finds
A U.S. judge has ruled that Google violated antitrust laws by using billions of dollars to establish an illegal monopoly…
Exclusive: Chinese firms stockpile high-end Samsung chips as they await new US curbs, say sources
Chinese tech giants like Huawei and Baidu, along with various startups, are stockpiling high bandwidth memory (HBM) semiconductors from Samsung…
SoftBank seen posting modest profit in Q1, buyback potential in focus
Japan’s SoftBank Group is anticipated to report a modest profit for the first quarter on Wednesday, but investor focus will…
NNPC Announces Launch of New Crude Oil Grade, Targets 50,000bpd
NNPC Ltd has launched a new crude oil grade called Utapate into the international market. The oil is produced from…
Overland Begins Lagos-Abuja Direct Flights
Starting August 9, 2024, Overland Airways will begin daily direct flights between Lagos and Abuja. The airline will operate over…
NCC orders telcos to simplify tariff plans
The Nigerian Communications Commission (NCC) has directed telecom operators to make their tariff plans, bundles, and promotions clearer. This decision,…
Global stock markets plunge on US recession fears
Global stock markets experienced severe declines on Monday, with Wall Street and Tokyo’s Nikkei seeing significant drops. The Nigerian stock…
Naira depreciates to N1,600/$ in parallel market
On Monday, the Naira weakened in the parallel market, falling to N1,600 per dollar from N1,590 last weekend. In contrast,…
Oil/gas communities send memo to FG, IOCs, NDDC
Oil and gas communities in the Niger-Delta have presented a comprehensive agenda to the Federal Government, International Oil Companies (IOCs),…
BUA Cement’s pre-tax profit drops by 54% in Q1
BUA Cement’s second-quarter results for 2024 show a significant decline in pre-tax profit, falling by 54% year-over-year to N18.8 billion…
MTN, Airtel Cut Foreign Debt as Naira Falls
Telecommunication giants MTN Nigeria and Airtel Africa have significantly reduced their foreign exchange (FX) exposures due to the naira’s severe…
Nigerians experience blackout as national grid collapses again
Nigeria’s electricity grid collapsed once more on Monday, causing a nationwide blackout. The system failure, which happened at 1:33 pm,…
Businesses reopen as states contain simmering protests
On Monday, many businesses in Lagos, including popular markets like Mile 2 and government offices in Alausa and Ikeja, resumed…
Cryptocurrency Market Faces $900M Loss as Bitcoin Prices Drop
In the past 24 hours, the cryptocurrency market experienced $900 million loss, primarily due to the liquidation of long positions…
CBN introduces Dutch auction system to tackle forex shortages
The Central Bank of Nigeria (CBN) has introduced a Retail Dutch Auction System (DAS) to address the fluctuations in the…