Business World Google loses fight against $2.7 billion EU antitrust fine September 10, 2024 Ekemini Uba Google has lost its appeal against a €2.42 billion fine from the European Commission for unfairly promoting its own shopping service over smaller competitors. The fine, issued in 2017, penalized…
Business World EU’s Vestager triumphs in crackdown on Apple’s tax deal, Google’s practices September 10, 2024 Ekemini Uba EU antitrust chief Margrethe Vestager celebrated two major victories as the European Court of Justice upheld fines against Apple and Google. The court ruled that Apple must pay €13 billion…
Business World US small business sentiment ebbs in August amid rising uncertainty September 10, 2024 Ekemini Uba Small-business confidence in the U.S. fell in August, reversing July’s gains due to growing uncertainty ahead of the November 5 presidential election and weakening sales expectations. The National Federation of…
Business World Huawei seeks to steal spotlight from Apple with launch of $2,800 tri-fold smartphone September 10, 2024 Ekemini Uba Huawei launched its $2,800 tri-foldable Mate XT smartphone just hours after Apple’s iPhone 16 debut, positioning itself as a key player in the competitive smartphone market. The Mate XT, which…
Business Local Trade Nigeria, China sign $3.3 billion deal for brass industrial park September 10, 2024 Ekemini Uba Nigeria and China have signed a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex in Bayelsa State. The deal, finalized at the Africa-China Conference in Beijing,…
Business Local Forex crisis crashes border trade by 80% – Operators September 10, 2024 Ekemini Uba Licensed customs agents operating at Nigeria’s land borders have reported a significant 80% decline in trade activities due to the ongoing foreign exchange crisis. The value of the CFA franc…
Agriculture Business Local Agriculture led company income tax with 474.50% in Q2 2024 – NBS report September 10, 2024 Ekemini Uba Nigeria’s agricultural sector led the growth in Company Income Tax (CIT) during the second quarter of 2024, recording a massive 474.50% increase, according to the latest report from the National…
Business Local Electricity DisCos collects N150 billion as revenue in June- NERC September 10, 2024 Ekemini Uba In June 2024, electricity distribution companies (DisCos) across Nigeria collected N150.86 billion, achieving an 85.44% revenue collection efficiency, according to the Nigeria Electricity Regulatory Commission (NERC). DisCos billed customers N176.57…
Business Local Wike signs MoU with Chinese engineering firms for electricity and water projects in FCT September 10, 2024 Ekemini Uba The Federal Capital Territory (FCT) Minister, Nyesom Wike, has formalized a Memorandum of Understanding (MoU) with two major Chinese engineering firms, China Civil Engineering Construction Corporation (CCECC) and China Geo-Engineering…
Business Local Trade Japaul Gold & VenturesLists N20bn Worth of Shares on NGX September 10, 2024 Ekemini Uba Japaul Gold & Ventures Plc has received approval from the Securities & Exchange Commission (SEC) for a special placement of eight billion new shares at N2.50 per share, raising N20…
Africa Business Banks begin charging up $20 as fees on foreign currency accounts September 10, 2024 Ekemini Uba Several commercial banks in Ghana have reintroduced charges on foreign exchange accounts, with fees reaching up to $20 depending on currency type and account balance. Some account holders have reported…
Africa Business T-bills target missed for 9th consecutive time; auction falls by GH₵755m September 10, 2024 Ekemini Uba This week, the Ghanaian government fell short of its money market auction target by GH₵755 million, securing GH₵4.89 billion out of a targeted GH₵5.60 billion. This shortfall, amounting to about…
Africa Business Secured Loans surge to Gh¢10.8bn in Q2 2024 September 10, 2024 Ekemini Uba In the second quarter of 2024, the total value of secured loans granted by banks and Specialized Deposit-Taking Institutions (SDIs) reached GH¢10.8 billion, marking an impressive 83% increase from GH¢5.9…
Business Local CBN Boosts Forex Liquidity, Sells Dollars To BDCs At N1,580 September 9, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has injected liquidity into the foreign exchange market by selling US dollars to Bureau De Change (BDC) operators at a rate of N1,580 per…
Business Local Company Income Tax revenue rises 151% in Q2 2024 to N2.47 trillion September 9, 2024 Ekemini Uba Nigeria’s Company Income Tax (CIT) skyrocketed by 150.83% in Q2 2024, reaching N2.47 trillion compared to N984.61 billion in Q1 2024, according to the National Bureau of Statistics (NBS). This…
Business Local Transcorp Hotels Named Best Hospitality Service Provider September 9, 2024 Ekemini Uba Transcorp Hotels Plc, listed on the Nigerian Exchange (NGX), has been honoured as the Best Hospitality Service Provider at the 2024 Global Brands Magazine (GBM) Hotel/Hospitality Awards. The company, which…
Business Local Atiku slams Tinubu admin on VAT raise, warns of worsening economic crisis September 9, 2024 Ekemini Uba Former Vice President Atiku Abubakar has condemned the recent Value Added Tax (VAT) increase from 7.5% to 10%, describing it as a devastating blow to Nigeria’s economy and the livelihoods…
Banking Local CBN Raises N9.27tn via NTBs as Investors Seek Longer Maturities, Higher Returns September 9, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) successfully raised N9.27 trillion from Nigerian Treasury Bills (NTBs) across auctions held between January and August 2024. NTBs, considered one of the safest investment…
Business Local Economic Insight: 50% electricity subsidy for public hospitals and educational institutions: In the right direction September 9, 2024 Ekemini Uba In the 21st century, a nation’s wealth is measured by its human capital—its people’s education, healthcare, and skills—rather than natural resources. Nigeria’s recent approval of a 50% electricity subsidy for…
Business Market World European markets start the week on a positive note September 9, 2024 Ekemini Uba On August 28, 2024, European markets opened higher, with the pan-European Stoxx 600 index gaining 0.67% in early London trading. Travel and leisure stocks led the charge, increasing by 1.69%,…
Business Local Stock market returns bearish amid increase in price of petrol September 9, 2024 Ekemini Uba The Nigerian stock market closed bearish last week, impacted by a sharp rise in petrol prices, which surged from N600 to between N855 and N1,000 per litre. This increase, condemned…
Business Local Nigeria’s SEC to begin crackdown on unregulated crypto exchanges, others September 9, 2024 Ekemini Uba The Securities and Exchange Commission (SEC) of Nigeria has announced that it will soon begin enforcement actions against unregulated individuals and businesses, including cryptocurrency exchanges, operating outside of its guidelines.…
Breaking Local Stock Investors’ Negative Sentiment Drags Stock Market YtD Performance to 28.97% September 9, 2024 Ekemini Uba The Nigerian stock market has experienced a decline, with the Year-to-Date (YtD) performance dropping to 28.97% due to profit-taking in fundamental stocks. The Nigerian Exchange Limited (NGX) All-Share Index (ASI)…
Business Local As multinationals exit, these Nigerian companies are spending billions on expansion projects in 2024 September 9, 2024 Ekemini Uba Nigeria is experiencing a notable exit of companies due to economic challenges and reforms in energy and forex markets. Major firms like Dangote Cement, Nestlé, Emzor Pharmaceuticals, BUA Cement, Eraskon…
Agriculture Business Local Only Nigerians with NIN can buy ₦40,000 rice – FG September 6, 2024 Ekemini Uba The Federal Government has launched the sale of 30,000 metric tonnes of subsidised milled rice, requiring buyers to present a registered National Identification Number (NIN) to prevent racketeering and ensure…
Business Local BoI boosts funding with Euro 1.43b global loan syndication September 6, 2024 Ekemini Uba The Bank of Industry (BOI) has successfully raised €1.43 billion in a global loan syndication, marking a 142.5% oversubscription, a significant milestone reflecting international confidence in Nigeria’s economy. The syndicated…
Energy Local Nigeria targets 30GW power supply by 2030 September 6, 2024 Ekemini Uba Nigeria’s Minister of Power, Adebayo Adelabu, has announced that the country is committed to achieving universal energy access by 2060, with an interim goal of reaching 30 gigawatts of grid…
Banking Business Local Unity Bank restores service, begins duty collection September 6, 2024 Ekemini Uba Unity Bank Plc has announced the restoration of its services and readiness to collect customs duties from licensed customs agents and freight forwarders. This comes after several days of system…
Business Local Operators sue govt as PoS registration deadline ends September 6, 2024 Ekemini Uba The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has taken legal action against the Corporate Affairs Commission (CAC) over its directive mandating Point of Sale (POS) operators…
Business Local United Capital Trustees gets new CEO September 6, 2024 Ekemini Uba United Capital Trustees, a subsidiary of United Capital Plc, has appointed Michael Thomas as its new Managing Director and Chief Executive Officer. The appointment, approved by the Securities and Exchange…
