Janet Yellen: Credit Downgrade ‘puzzling’ And ‘unwarranted’
Treasury Secretary Janet Yellen has defended the strength of the US economy, after the government was stripped of its top tier credit rating. Ms Yellen called the decision by Fitch, one of the three big ratings firms, “puzzling” and “entirely unwarranted”. Her remarks came as global stock markets dropped and many buyers of Treasuries, as […]
Fitch Downgrades US Credit Rating From AAA To AA+
The US government’s credit rating has been downgraded following concerns over the state of the country’s finances and its debt burden. Fitch, one of three major independent agencies that assess creditworthiness, cut the rating from the top level of AAA to a notch lower at AA+. Fitch said it had noted a “steady deterioration” in […]
TSMC: Chip Giant Delays Arizona Production In Blow To Biden
Chipmaking giant Taiwan Semiconductor (TSMC) has delayed the start of production at its factory in the US state of Arizona, in a setback to President Biden’s technology ambitions. The firm says chip manufacturing will no longer start next year, due to a shortage of skilled workers. The White House has laid out plans to bring […]
Netflix Password Crackdown Fuels Jump In Subscribers
A burst of people signed up for Netflix this spring, after the streaming giant cracked down on password sharing. The company ended June with more than 238 million subscribers, adding 5.9 million members since March. That was bigger than expected and follows efforts by the company to re-ignite growth following unusual subscriber losses last spring. […]
NNPCL Increases Petrol Price From N537 To N617 Per Liter
The Premium Motor Spirit (PMS) pump price has been increased by the Nigerian National Petroleum Company Limited (NNPCL) from 537 to 617 naira per liter. In the early hours of Tuesday, NNPC filling stations increased their prices. NNPC filling stations in Abuja had brief queues especially the one along Murtala Mohammed Express route. Kado remained […]
Twitter Loses Nearly Half Advertising Revenue Since Elon Musk Takeover
Twitter has lost almost half of its advertising revenue since it was bought by Elon Musk for $44bn (£33.6bn) last October, its owner has revealed. He said the company had not seen the increase in sales that had been expected in June, but added that July was a “bit more promising”. Mr Musk sacked about […]
FG Approves Co-location Of 9,000 Filling Stations For Autogas
The Federal Government said that there are over 9,000 licensed filling stations across the country that are suitable for the co-location of facilities that dispense autogas fuel. At the conclusion of the stakeholders’ engagement session on the provision of technical manpower and facilities for the development and promotion of autogas as a transportation fuel in […]
Elon Musk Accused Of Owing $500m In Twitter Severance
A former human resources boss at Twitter has accused the company of failing to pay roughly $500m (£385m) in severance pay owed to former staff of the company. Courtney McMillian, who was the social media site’s former “head of total rewards”, made the claim in a class-action lawsuit. The complaint says Twitter owner Elon Musk […]
Oil Giant Shell Warns Cutting Production ‘dangerous’
Cutting oil and gas production would be “dangerous and irresponsible”, the boss of energy giant Shell has told the BBC. Wael Sawan insisted that the world still “desperately needs oil and gas” as moves to renewable energy were not happening fast enough to replace it. He warned increased demand from China and a cold winter […]
CBN Expresses Plan To Curb Charges Hike By PoS Operators
The increased charges implemented by Point of Sale (PoS) operators in Nigeria have prompted the Central Bank of Nigeria (CBN) to express its plan to intervene. To agree on changes in transaction rates for their services, PoS agents are engaging with stakeholders around the country. Oluwasegun Elegbede, the Association of Mobile Money and Bank Agents […]
