Bipartisan Calls For Russian Oil Ban, Meet Resistance From White House
Bipartisan calls are growing on Capitol Hill for the United States to ban imports of oil from Russia over its invasion of Ukraine, but the White House stopped short of an outright ban — and experts said the impact would be limited. The United States and other Western nations have imposed an unprecedented raft of sanctions on […]
As Tensions Simmer, China Demands US Action To Improve Ties
China’s top diplomat called on the U.S. Monday to take steps to improve ties, as tensions simmer over Taiwan, trade and other issues. Foreign Minister Wang Yi’s remarks Monday were delivered virtually to a forum marking the 50th anniversary of the Shanghai Communique signed during the icebreaking 1972 visit to China by President Richard Nixon. That trip led […]
Russia Doubles Interest Rate After Rouble Slumps
Russia has more than doubled its interest rate to 20% in a bid to halt a slump in the value of its currency. The Bank of Russia raised the rate from 9.5% after the rouble sank 30% after new Western sanctions. The currency then eased back to stand 20% down. The collapse in value erodes […]
Dangote, Flour Mills Reprimand BUA Over Alleged Suspension Of Sugar Sales
BUA Foods Plc has been reprimanded by Dangote Sugar Refinery Plc and Flour Mills of Nigeria Plc for accusing them of suspending sugar sales. Flour Mills had suspended sugar sales since the government had refused the 2022 raw sugar allotment, according to BUA Foods in an adorial published on Monday. Dangote Sugar was also accused […]
UK Inflation Hits Nearly 30-Year High Of 5.5%
British consumer prices rose at the fastest annual pace in nearly 30 years last month, intensifying the squeeze on households and reinforcing the chances that the Bank of England will raise interest rates for a third meeting in a row. The annual rate of consumer price inflation rose to 5.5% in January, the highest since […]
Amazon Gains Record $190bn In Value, One Day After Meta’s Record Plunge
A day after Facebook owner Meta Platforms (msuffered the deepest loss of stock market value in history for a U.S. company, Amazon logged the greatest ever one-day increase in value. Shares of the online retail and cloud computing giant surged 13.5% on Friday following its blowout quarterly report, expanding its market capitalization by around $190 […]
World Bank Blames FG For Inflation Shock That Has Pushed Nigerians Below Poverty Line
Despite inflation shock putting an estimated eight million Nigerians below the poverty line, the World Bank says the Federal Government of Nigeria did not take any significant measures to reduce inflation in 2021. This was stated by the Washington-based bank in the most recent edition of its ‘Nigeria Development Update’ report 2021. It said, “Double-digit […]
Facebook Parent Meta Loses $230B In Value In Biggest One-day Drop In US History
Facebook and Instagram owner Meta saw $230 billion of its market value vanish into thin air late Wednesday and early Thursday — marking the biggest one-day drop for any US stock in history. The sharp decline came after the company reported slowing user growth, underlining that a declining number of eyeballs on his sites is […]
UBA Receives License To Operate In Dubai
Tony Elumelu, Chairman of Heirs Holdings, has announced that United Bank for Africa (UBA) has been granted a license to operate a bank in Dubai. Speaking on how much UBA has grown since he led a group of young bankers to take over the bankrupt Crystal Bank, transform it into Standard Trust Bank, and then acquire […]
Anambra Trader Pays Apprentice N100,000 After Nine Years Of Labor, Sparks Protests
Some traders and apprentices at the International Electrical Market in Obosi/Onitsha, Anambra State, on Saturday, protested against a trader for allegedly paying his trainee N100,000 after serving him for nine years. The demonstration took place in front of the man’s shop, while the group sang solidarity songs and screamed, ‘Enough is enough; the revolution has […]
