Country Garden: Debt-laden China Property Giant In Record Loss
Country Garden, one of China’s biggest property developers, has become the latest real estate giant to warn that it could default on its debts. This came as the crisis-hit company reported a record $6.7bn (£5.2bn) loss for the first six months of the year. Country Garden said in the statement that it was “deeply remorseful […]
Artificial Intelligence Chip Giant Nvidia Sees Sales More Than Double
Technology giant Nvidia says its sales have hit a record after more than doubling as demand for its artificial intelligence (AI) chips soars. The company says revenue jumped to above $13.5bn (£10.6bn) for the three months to the end of June. Nvidia also expects sales to soar further in the current quarter and plans to […]
FTX Founder Bankman-Fried Living On Bread And Water, Lawyer Says
Sam Bankman-Fried is struggling to prepare for his fraud trial due to a lack of adequate food in prison, the lawyer for the founder of collapsed cryptocurrency exchange FTX says. The claim came as Mr Bankman-Fried pleaded not guilty to seven criminal charges contained in a new indictment. His bail was revoked two weeks ago. […]
Twitter, Now X, To Remove Blocking Feature – Musk
The blocking feature will be removed for users of X, formerly Twitter, Elon Musk has announced, claiming the feature “makes no sense”. The X boss said users will still be able to block people from directly messaging them, however. But many people on social media said it will make it hard for people to remove […]
Naira Gains More Edge Against Dollar
The parallel foreign exchange (FX) market responded favorably to the $3 billion crude oil repayment loan secured by the Nigerian National Petroleum Company Limited (NNPCL) from Africa Import and Export Bank (AFREXIM) to stabilize the local currency, which has given the naira some momentum against the dollar. Checks on the FMDQ website, confirmed that the […]
Transcorp Power Acquires 60% Stake In AEDC
60 percent stake of Abuja Electricity Distribution Company (AEDC) has been acquired by a consortium led by Transcorp Power Limited. Additionally, Christopher Ezeafulukwe was appointed to serve as AEDC’s Managing Director and CEO. Transcorp Power said in a statement yesterday that the appointment is a strategic move to strengthen its position within the Nigerian power […]
Abia Govt Bans Okada In Umuahia
Governor Alex Otti of Abia State has directed an immediate ban on the operations of commercial motorcyclists, otherwise known as Okada, within Umuahia and Aba metropolis. This was disclosed by Kazie Uko, his Chief Press Secretary, on Sunday evening, stating that the ban takes effect from Monday, August 14, 2023, and that any motorcycle seen on […]
Judge Sends FTX Founder Sam Bankman-Fried To Jail, Says Crypto Mogul Tampered With Witnesses
FTX founder Sam Bankman-Fried left a federal courtroom in handcuffs Friday when a judge revoked his bail after concluding that the fallen cryptocurrency wiz had repeatedly tried to influence witnesses against him. Bankman-Fried drooped his head as Judge Lewis A. Kaplan explained at length why he believed the California man had repeatedly pushed the boundaries of […]
NCAA Discovers Illegal Fuel Marketers At Airports
The Nigerian Civil Aviation Authority in their investigation have discovered that some unlicensed JET A1 marketers have penetrated Nigerian airports and are supplying the product to unwary airlines. While looking into the cause of the jet fuel contamination, of which Max Air was a victim, it uncovered this shocking discovery. Capt. Musa Nuhu, the NCAA’s […]
GSK Pharmaceutical Firm Close Operations In Nigeria
GlaxoSmithKline Consumer Nigeria Plc, a pharmaceutical firm, announced that plans have been finalized to close its operations in Nigeria. The firm said that it informed GSK Consumer Nigeria of its strategic plan to stop selling its prescription drugs and vaccines through GSK local operating entities in Nigeria. In a regulatory filing on Thursday, the firm […]
