Musk Sells $4bn In Tesla Shares, Presumably For Twitter Deal
Elon Musk has sold 4.4 million shares of Tesla stock worth roughly $4 billion, most likely to help fund his purchase of Twitter. Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. The shares were sold over the past few days, at prices ranging from $872.02 to $999.13. The […]
S&P Downgrade Indicates Russia Headed For Historic Default
The credit ratings agency Standard & Poor’s has downgraded its assessment of Russia’s ability to repay foreign debt, signaling rising prospects that Moscow will soon default on external loans for the first time in more than a century. S&P Global Ratings issued the downgrade to “selective default” late Friday after Russia arranged to make foreign […]
Oil Major Shell To Write Off Up To $5bn In Assets After Exiting Russia
Shell has announced that it will write off between $4 and $5 billion in the value of its assets after pulling out of Russia following the country’s unprecedented invasion of Ukraine. Thursday’s announcement offers a first glimpse at the potential financial impact to Western oil majors of exiting Russia. “For the first quarter 2022 results, […]
CBN Fines Three Banks N800 Million For Cryptocurrency Transactions
Three Deposit Money Banks in Nigeria have been fined N800 million by the Central Bank of Nigeria for breaking laws prohibiting clients from trading in cryptocurrencies. The three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc, according to a Bloomberg report issued on Wednesday. The penalties, according to the […]
Twitter Stock Soars As Tesla CEO Elon Musk Reveals 9.2% Stake
Tesla Inc Chief Executive Officer Elon Musk has built a 9.2% stake in Twitter Inc, a regulatory filing showed on Monday, potentially making him the biggest stakeholder in the micro-blogging site. Twitter shares soared 26% in premarket trading after the filing, which comes close on the heels of Musk tweeting that he was giving “serious […]
CBN Places Heavy Penalty On Apex Bank Over Mutilated Banknotes
The Central Bank of Nigeria is concerned about the growing number of damaged banknotes deposited with the apex bank by Deposit Money Banks. To that aim, the CBN has cautioned banks that if they continue to include composed currency notes in their deposits, they will face a penalty of 400% of the banknote’s value. Composed […]
World Bank Sanction Nigerian Firm, MD Over Alleged Fraudulent Conduct
SoftTech IT Solutions and Services Ltd., a Nigerian information technology solutions firm, and its Managing Director, Mr Isah Kantigi, have been sanctioned by the World Bank for suspected fraudulent conduct. The firm was sanctioned for 50 months, while the managing director was sanctioned for 60 months for his involvement in the National Social Safety Nets […]
Air France KLM Loses Fight Against EU Cartel Fine
Air France-KLM and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago. The European Commission had fined Air France 182.9 million euros ($204 million), the highest, followed by KLM at 127.1 million. The […]
Eko Bridge Fire: Lagos Traders Resist Quit Order, Seek An Alternative Place
Traders at the Oke Arin Market in Ebute-Ero, Lagos Island, petitioned the Lagos State Government to reconsider the seven-day quit notice they were given on Monday. The state government had shut down the bridge after a fire destroyed several makeshift shops and containers in the open space beneath the Eko Bridge on Wednesday. The state […]
Shanghai Covid: Oil Prices Fall After City Starts Lockdown
Global oil prices have fallen as China starts to implement a city-wide lockdown in Shanghai, an important financial and manufacturing hub. Brent crude lost more than $4.50 a barrel on concerns that the move would mean that demand for oil will fall. The Shanghai Composite stock index fell in early trade before regaining most of […]
