Aliko Dangote Considers Selling $19bn Oil Refinery to Nigeria’s State-Owned Energy Company
Africa’s wealthiest individual, Aliko Dangote, is contemplating the sale of his multi-billion-dollar oil refinery to NNPC Limited, Nigeria’s state-owned energy company, due to ongoing disputes with the federal government. The 650,000 barrel-per-day refinery, which commenced operations last year after a decade of construction, has encountered several challenges, including difficulties in securing crude oil from international […]
Boeing to Plead Guilty to Fraud Conspiracy Charge Over 737 Max Crashes
Boeing has agreed to plead guilty to a criminal fraud conspiracy charge after the US government found that the company violated a reform deal following two fatal crashes involving its 737 Max planes, which resulted in the deaths of 346 passengers and crew members. The Department of Justice (DoJ) announced that Boeing would also pay […]
Samsung Electronics Forecasts 15-Fold Profit Surge Amid AI Boom
Samsung Electronics anticipates a dramatic 15-fold increase in profits for the three months ending June 2024, compared to the same period last year. The surge is driven by the rising prices of advanced chips amid an artificial intelligence (AI) boom, boosting the company’s second-quarter outlook. The South Korean tech giant, the world’s leading maker of […]
Webtoon Entertainment Sets $2.67 Billion Market Value Ahead of US Nasdaq Listing
Webtoon Entertainment, the world’s largest web comic platform, has set its market value at $2.67 billion (£2.11 billion) in anticipation of its US listing. The company’s shares are scheduled to begin trading on the Nasdaq stock exchange on 27 June at $21 each, the upper limit of their marketed range. Based in Los Angeles, Webtoon […]
Boeing CEO to Address Safety Concerns in Senate Hearing After Mid-Air Emergency
Boeing’s CEO Dave Calhoun is set to testify before US lawmakers on Tuesday, addressing concerns about the company’s safety culture following a mid-air emergency in January. In his prepared remarks for the Senate subcommittee hearing, Calhoun acknowledges, “Our culture is far from perfect, but we are taking action and making progress. We understand the gravity.” […]
Judge Orders Liquidation of Alex Jones’ Personal Assets for Sandy Hook Families
A judge has ordered the liquidation of Infowars host Alex Jones’ personal assets, paving the way for potential payouts to the families of the victims of the 2012 Sandy Hook mass shooting. However, US Bankruptcy Judge Christopher Lopez ruled against liquidating Jones’ company, Free Speech Systems, which owns the Infowars brand. The families have won […]
Tesla Shareholders Endorse Elon Musk’s $56 Billion Compensation Package Amid Controversy
Tesla shareholders have endorsed a record-breaking compensation package for CEO Elon Musk and approved the relocation of the company’s legal headquarters to Texas. This development marks a significant victory for Musk, who had vigorously campaigned for the payout, potentially worth up to $56 billion (£43.9 billion) depending on Tesla’s share price. Earlier this year, a […]
US Expands Sanctions on Russia Ahead of G7 Summit
The US has expanded its sanctions on Russia, intensifying restrictions on banks engaged with sanctioned entities. This move builds on a December program targeting foreign banks aiding Russia’s war effort in Ukraine. The new measures also include sanctions on the Moscow Stock Exchange, which halted trading in dollars and euros as a result. President Joe […]
OPEC+ Expected to Extend Oil Cuts Through 2024 and Into 2025
OPEC+ is expected to agree on Sunday to extend its significant oil output cuts into 2024, and possibly 2025, according to two OPEC+ sources. The decision aims to stabilize the market in the face of weak global demand growth, high interest rates, and increasing U.S. production. Currently, oil prices hover around $80 per barrel, which […]
Binance Executive Slumps During Trial at Federal High Court
The trial of Tigran Gambaryan, a detained executive of Binance, took a dramatic turn at the Federal High Court in Abuja when the defendant slumped in court on Thursday. As proceedings resumed, Gambaryan failed to enter the dock when called upon by the court registrar for the continuation of the trial, remaining seated at the […]
