European Shares Fall Sharply As Policymakers Seek To Tame Hot Inflation
European shares dropped sharply on Monday while bond yields surged as comments from central bank policymakers heightened fears of aggressive measures to stamp out inflation amid rising risks of a recession. The pan-European STOXX 600 fell 0.8% to a more than one-month low, with rate-sensitive tech stocks (.SX8P) falling the most, down 1.4%. Germany’s ten-year […]
India’s Digital Lending Rules Spark Disruption, Firms Plan Pushback
India’s stricter digital lending rules have disrupted card services of foreign-backed fin-tech firms and jeopardized loan offerings of Amazon, prompting companies to chart a lobbying pushback, according to industry sources and a document seen. Citing concerns over high rates and unfair practices, the Reserve Bank of India (RBI) this month said a loan borrower must […]
Billionaire Xiao Jianhua Jailed For 13 Years In China
A Chinese-Canadian billionaire has been sentenced to 13 years in prison in China and his company fined more than $8bn (£6.7bn). Xiao Jianhua and his company Tomorrow Holdings were charged with embezzlement and bribery, a court in Shanghai said. Xiao – one of China’s richest people – was last seen being whisked away from a […]
Emirates Suspends All Flights To Nigeria From September 1 Over $85m Trapped Revenue
Emirates Airlines has announced the suspension of its flight operations to Nigeria, starting September 1, 2022. The flag carrier of the United Arab Emirates (UAE) disclosed this in a statement on Thursday, citing the inability to repatriate its earnings in foreign exchange from Nigeria. Last month, Emirates asked Hadi Sirika, minister of aviation, to support […]
With Massive Oil Windfall, Saudi Arabia Pours $7.5bn Into US Stocks
A top member of the Organisation of Petroleum Exporting Countries (OPEC) Saudi Arabia, has through its Sovereign Wealth Fund (SWF) invested $7.5 billion in blue-chip American companies on the back of rising oil prices. Some of the 17 companies in which the country has poured the massive excess funds and taken minority stakes, include Google […]
Kwara Government Grants N1m Each To 100 Young Business Owners
Governor AbdulRahman AbdulRazaq has said that youth participation and constructive involvement are essential for a sustainable future as the Kwara State Government provided N1 million grants to 100 businesses owned by young people in the state. The N1 million grant was made possible through Kwapreneur 2.0, a project financed by the Kwara State Social Investment […]
Johnson & Johnson To Replace Talc-based Powder With Cornstarch
Johnson & Johnson (J&J) will stop making and selling its talc-based baby powder around the world from next year. The announcement comes more than two years after the healthcare giant ended sales of the product in the US. J&J faces tens of thousands of lawsuits from women who allege its talcum powder contained asbestos and […]
US Inflation Eases In July As Petrol Prices Drop
Prices in the US continued to rise rapidly last month, but a fall in petrol costs helped to ease the pace. The annual inflation rate, the pace at which prices rise, was 8.5% in July, down from June when it surged to 9.1%, the Labor Department said. Aside from energy, costs for many items, including […]
NUPRC Rejects Seplat/ExxonMobil Deal Due To PIA Provisions
The Petroleum Industry Act (PIA) 2021’s provisions served as the foundation for the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) decision that the ExxonMobil/Seplat Energy share acquisition deal should proceed as is. Recall that the NUPRC reiterated it was sticking to its position not to approve the acquisition in a response statement to President Muhammadu Buhari’s […]
Buhari Approves The Acquisition Of Exxon Mobil Shares By Seplat
The acquisition of Mobil Producing Nigeria Unlimited’s entire share capital by Seplat Energy Offshore Limited (Exxon Mobil) has received President Muhammadu Buhari’s approval. The Nigerian president approved the acquisition by using his power as the minister of petroleum resources, according to a statement issued on Monday by the Presidency and published on the microblogging platform […]
