Elon Musk Pulls Out Of $44bn Deal To Buy Twitter
Elon Musk is seeking to end his $44bn (£36bn) bid to buy Twitter, alleging multiple breaches of the agreement. The announcement is the latest twist in a long-running saga after the world’s richest person decided to buy Twitter in April. Mr Musk said he had backed out because Twitter failed to provide enough information on […]
Fuel Scarcity Won’t Ease Soon, NUPENG Warns
The Nigeria Union of Petroleum and Natural Gas Workers, or NUPENG, has issued a warning that the country’s fuel shortage would not soon be resolved. In addition, the union claims that if domestic petroleum product refining is abandoned in favor of importation, the nation will not fully profit from its position as an oil-producing nation. […]
MTN Sues 18 Banks For An Alleged Transfer Of N22.3 Billion
MoMo Payment Service Bank Limited (MoMo PSB), an MTN fintech subsidiary, has sued 18 commercial banks in an effort to recoup N22.3 billion that was inadvertently sent to 8,000 customers. The company said that the wrong transfer was the result of a computer glitch. Momo PSB apparently had a huge security breach barely one week […]
Ukraine War: UK Joins Ban On Imports Of Russian Gold
The UK, US, Canada and Japan will ban imports of Russian gold in an effort to hit Moscow’s ability to fund the war in Ukraine. The UK PM said the move would “strike at the heart of Putin’s war machine”. Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021, and the UK says their […]
Debt Servicing Doubles To N896 Billion In Three Months – DMO Report
Nigeria’s debt-servicing bill has climbed by 109% to N896.56 billion. As a result, the country has spent N3.83 trillion on debt service payments in the last 15 months, according to statistics collected from the Debt Management Office. While N2.93 trillion was spent on debt servicing payments in 2021, N896.56 billion was spent in the first […]
Asian Stocks Slide Over Global Economy Concerns
Asian stock markets have fallen sharply as soaring prices in America triggered fears the Federal Reserve will take tougher action to rein in inflation. At the same time the US dollar strengthened to 135 Japanese yen for the first time in over two decades. It comes as official figures showed on Friday that US inflation […]
Russia Unveils ‘tasty’ McDonald’s Substitute
It’s a Russian revamp of an American icon. Fast food giant McDonald’s pulled out of Russia in protest at the invasion of Ukraine and sold its restaurants here – more than 800 – to Russian businessman Alexander Govor. Today the first rebranded restaurants are reopening in Moscow. There’s a new name: “Vkusno i Tochka”, which […]
South Africa: Wealthy Gupta Brothers Arrested In UAE
Two brothers from the wealthy Gupta family have been arrested in the United Arab Emirates, the South African government has announced. Atul and Rajesh Gupta are accused in South Africa of profiting from their close links with former president Jacob Zuma and exerting unfair influence. Extradition talks are taking place with the UAE, South African […]
Elon Musk’s Ultimatum To Tesla Execs: Return To The Office Or Get Out
The world’s richest man appears to have had it with this whole working-from-home business. Elon Musk, chief executive officer of Tesla Inc., weighed in on the return-to-office debate Wednesday on Twitter by elaborating on an email he apparently sent to the electric-car maker’s executive staff. Under the subject line “Remote work is no longer acceptable” […]
Russian Oil: EU Agrees Compromise Deal On Banning Imports
EU leaders say they will block most Russian oil imports by the end of 2022 to punish Moscow for invading Ukraine. The EU-wide ban will affect oil that arrives by sea – around two-thirds of imports – but not pipeline oil, following opposition from Hungary. Poland and Germany have also pledged to end pipeline imports, […]
