The global coronavirus recession is beginning
As restaurants, shops, airlines and factories shut down around the world, from New York to Paris and Madrid, economists are warning that a global recession is no longer a looming…
Global airlines slash flights as US carriers seek $50 bn bailout
Major world airlines on Monday announced further deep cuts to service as the worsening coronavirus crisis ravages demand
Amazon on hiring spree as coronavirus spurs demand
Amazon has said it will hire 100,000 warehouse and delivery workers in the US to deal with a surge in sales during the coronavirus pandemic.
France Fines Apple $1.2 Billion for Antitrust Issues
France’s antitrust regulator on Monday fined Apple 1.1 billion euros, or $1.2 billion, putting more pressure on the company as it grapples with the coronavirus outbreak that has threatened its…
Nigeria to delay proposed $3.3bn Eurobond on coronavirus concerns
Nigerian government will delay this year’s issuance of the $3.3bn it had initially planned because “the time is not ripe”, Finance minister, Zainab Ahmed said on Monday.
Cowen expects Nike’s sales fall $3.5 billion for May quarter
Nike Inc’s (NKE.N) revenue could fall by a third in the fourth quarter, Cowen estimated, as the sportswear giant reels from store closures, supply disruptions and the suspension of this…
Luxury perfume makers Dior and Givenchy will produce free hand sanitizer for French health authorities
LVMH said it will use all the production facilities of its perfumes and cosmetics brands to produce large quantities of hydroalcoholic gel, or hand sanitizer, starting Monday.
Ferrari suspends production over Covid-19
The Italian government ordered a nationwide lockdown last week. But supply chain problems have emerged to the degree that the automaker "cannot ensure continued production," although operations not linked to…
Global central banks pull out all stops as coronavirus paralyzes economies
The coordinated response from the Fed to the European Central Bank (ECB) and the Bank of Japan (BOJ) came amid a meltdown in financial markets as investor anxiety deepened over…
Apple temporarily shuts stores outside Greater China
Apple will close all stores outside of Greater China until March 27 to help stop the spread of coronavirus, Apple CEO Tim Cook said Saturday.
Reports suggest Zenith Bank given green light to acquire Union Bank
Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc.
Bitcoin has lost 30% of its value this week
The price of one bitcoin (XBT) fell 3% in early morning trading to about $5,600 before recovering a bit. At one point Friday morning, prices had plunged as low as…
Johannesburg Stocks Fall Most Since 1997 in ‘Panic’ Sell-Off
We’re tracking the latest on the coronavirus outbreak and the global response. Sign up here for our daily newsletter on what you need to know. South Africa’s benchmark stock index…
Airlines slash flights to cut costs as coronavirus hits travel demand
The crisis engulfing the airline industry deepened on Tuesday as carriers cancelled flights, withdrew earnings guidance and implemented austerity measures to cope with the travel slump caused by the coronavirus…
Dow tanks 2,300 in worst day since Black Monday, S&P 500 bear market
It was a historic day on Wall Street. The Dow plunged 10% for its worst day since Black Monday in 1987. The 30-stock index fell 2,352 points — its largest…
Oil price collapse sours $310-million deal for failed shale producer
A court-ordered sale of one-time shale high-flyer Alta Mesa Resources Inc fell through due to a lack of financing on Monday, according to court filings, a day when oil prices…
Nigerian shoemakers tap national pride, nostalgia to spur local industry
Two men in grey jumpsuits brush glue onto rubber soles, while factory machines whir in the background. Elsewhere, women perched behind industrial sewing machines attach leather swatches to sturdy-looking men’s…
Trump suspends travel from Europe – except the United Kingdom
President Donald Trump announced on Wednesday that all travel from Europe, except for the United Kingdom, will be suspended for at least a month. In a press conference, Trump said…
Global stocks plunge after Trump announces coronavirus response package
US stock futures and markets around the world slid late Wednesday night as concerns about the economic fallout from the coronavirus pandemic continued to dominate. Futures for the three major…
Oil Drop May Force Nigeria to Devalue Naira as Reserves Sink
The plunge in oil prices is piling pressure on Nigeria to devalue the naira as dwindling export revenue depletes foreign-exchange reserves, curbing the central bank’s ability to support the currency.…
Nigeria spends N1.7 trillion to import fuel in 2019
Nigeria spent N1.713 trillion on the importation of Premium Motor Spirit, also known as petrol, in 2019, according to data obtained Monday, from the National Bureau of Statistics, NBS. In…
Dow rebounds 1,167 points a day after suffering worst plunge since financial crisis
US stocks surged into the close to end a volatile session on Tuesday. Sharp mid-day fluctuations came as investors weighed the possible timing of a government stimulus package designed to…
Coronavirus: £130bn wiped off FTSE 100 in minutes
The FTSE 100 has seen more than £130bn wiped from the value of its constituent companies within minutes, in a renewed coronavirus-linked sell-off. The nightmare start to the week came…
Nnewi: Nigeria’s self-made Industrial hub
Nnewi is not a tier-one city in Africa, and not in Nigeria. Even within Anambra, it is masked by the commercial lure of Onitsha and the officialdom of Akwa, the…
Oil prices plunge below $35, Saudi Arabia triggers price war
Saudi Arabia rattled the already depressed oil market to its foundation early Monday after unilaterally slashing prices and promising to increase output, after deal with Russia collapsed. The moves sent…
Much worse than 2008 Global Financial Crisis?
The breathtaking volatility that has rocked the stock market for two weeks is rippling through other asset classes — and has spread most notably into credit. Amid fears that the…
Saudis Plan Big Oil Output Hike, Beginning All-Out Price War
Saudi Arabia plans to increase oil output next month, looking to boost it well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its…
Aramco Drops Below IPO Price in Blow to Saudi Economic Plan
Saudi Aramco shares dropped below their IPO level for the first time as a looming price war in global crude markets battered the outlook for the kingdom’s flagship oil company.…
Silk roadblock: coronavirus exposes Nigeria’s reliance on China
Yetunde Oluyide has run a gift shop in bustling Lagos for nearly a decade, but with coronavirus curtailing imports of Chinese goods, she is losing more than 2 million naira…
The U.S. May Already Be in a Recession
Let’s just say it: The longest economic expansion in U.S. history may already be over, killed by Covid-19. It might seem crazy to talk about a recession when jobs are…