Financial Markets Plunge in US and Asia as Investors Sell Off Tech Stocks, AI Sector Hit Hard
Financial markets in the US and Asia have experienced sharp declines as investors offload shares in technology companies, with artificial intelligence (AI) stocks particularly affected. In Wednesday’s trading in New York, the S&P 500 dropped 2.3%, while the tech-heavy Nasdaq plummeted 3.6%, marking their biggest one-day falls since 2022. The Dow Jones Industrial Average also […]
Femi Otedola Urges Support for Dangote Amid Refinery Dispute with Regulators
Femi Otedola, Nigerian billionaire and Chairman of First Bank, has called for support for Aliko Dangote, CEO of Dangote Refinery, amid an ongoing dispute between Dangote and national oil regulators. The controversy, centered around the refinery located in Ibeju-Lekki, Lagos State, intensified when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the […]
Aliko Dangote Considers Selling $19bn Oil Refinery to Nigeria’s State-Owned Energy Company
Africa’s wealthiest individual, Aliko Dangote, is contemplating the sale of his multi-billion-dollar oil refinery to NNPC Limited, Nigeria’s state-owned energy company, due to ongoing disputes with the federal government. The 650,000 barrel-per-day refinery, which commenced operations last year after a decade of construction, has encountered several challenges, including difficulties in securing crude oil from international […]
NNPC Optimistic Nigeria Will Be a Net Exporter of Petroleum by December 2024
Mele Kyari, the group executive officer of the Nigerian National Petroleum Company (NNPC) Limited, has expressed optimism that Nigeria will become a net exporter of petroleum by December 2024. This statement was made during a meeting with the Senate Committee on Finance, chaired by Senator Sani Musa, on Monday. Kyari highlighted several key developments that […]
China’s Economy Stumbles in Q2 Amid Key Leadership Meeting to Address Growth Concerns
China’s economy stumbled in the second quarter, according to official data, just as the country’s top leaders gathered for a key meeting to address its sluggish growth. The economy grew 4.7% in the three months to June, falling short of expectations after a stronger start in the first quarter of 2024. The government’s annual growth […]
Boeing to Plead Guilty to Fraud Conspiracy Charge Over 737 Max Crashes
Boeing has agreed to plead guilty to a criminal fraud conspiracy charge after the US government found that the company violated a reform deal following two fatal crashes involving its 737 Max planes, which resulted in the deaths of 346 passengers and crew members. The Department of Justice (DoJ) announced that Boeing would also pay […]
Samsung Electronics Forecasts 15-Fold Profit Surge Amid AI Boom
Samsung Electronics anticipates a dramatic 15-fold increase in profits for the three months ending June 2024, compared to the same period last year. The surge is driven by the rising prices of advanced chips amid an artificial intelligence (AI) boom, boosting the company’s second-quarter outlook. The South Korean tech giant, the world’s leading maker of […]
Nigerian Exchange Group Appoints Jude Chiemeka as CEO of Nigerian Exchange Limited
Nigerian Exchange Group (NGX Group) Plc has appointed Mr. Jude Chiemeka as the CEO of its operating exchange subsidiary, Nigerian Exchange Limited, effective July 1, 2024. This appointment was approved by the Securities and Exchange Commission (SEC). Since January 1, 2024, Chiemeka has been serving as the acting CEO of NGX, following Mr. Temi Popoola’s […]
NNPC Declares Emergency to Combat Oil Production Challenges
The Nigerian National Petroleum Company (NNPC) Limited has declared a state of emergency to tackle the critical issues affecting crude oil production in Nigeria. On Tuesday, during the 23rd Nigeria Oil and Gas Conference and Exhibition (NOG Energy Week), Mele Kyari, Group Chief Executive Officer of NNPCL, announced this decisive action. “We have decided to […]
Webtoon Entertainment Sets $2.67 Billion Market Value Ahead of US Nasdaq Listing
Webtoon Entertainment, the world’s largest web comic platform, has set its market value at $2.67 billion (£2.11 billion) in anticipation of its US listing. The company’s shares are scheduled to begin trading on the Nasdaq stock exchange on 27 June at $21 each, the upper limit of their marketed range. Based in Los Angeles, Webtoon […]
