In the United Kingdom, the rate of inflation declined to 6.8% in the year up to July, marking a notable decrease from the 7.9% recorded in June. This marks the second consecutive month of significant inflation rate reduction, and the … Continue reading UK inflation sees second consecutive sharp decline, slipping to 6.8%
An elderly woman from Oakville, Ontario, shared her distressing experience of losing a substantial amount of money earlier this year due to a scam wherein a fraudulent caller posed as an employee from her bank. The incident, which occurred in … Continue reading Ontario senior loses $16,500 in bank investigator scam
The cessation of Nigeria’s fuel subsidy by President Bola Tinubu in May has led to a significant decline in petrol imports from Europe, causing a 48% decrease in demand for Premium Motor Spirit (petrol), according to data from S&P Global … Continue reading Nigeria’s petrol imports from Europe plunge by 48% following subsidy removal
The Australian dollar reached a nine-month low against the US dollar on Monday, causing global investors to become uneasy as another major Chinese investment firm exhibits signs of financial strain. The Australian dollar dropped to 64.59 US cents before recovering … Continue reading Australian dollar hits lowest level in nine months against US dollar amid concerns over Chinese investment
South African telecommunications giant MTN has announced that Mastercard, a global payment processing firm, will acquire a minority stake in its fintech division. MTN’s fintech division The partnership is part of MTN’s strategy to sell up to 30% of its … Continue reading Mastercard to invest in minority stake of MTN’s $5.2 billion fintech business
Oil marketers have disclosed that the introduction of a 7.5 percent Value Added Tax (VAT) on Automotive Gas Oil (diesel) and the ongoing foreign exchange crisis in Nigeria have led to a significant increase in diesel prices. The cost of … Continue reading Diesel price hits N950 per litre
The Northern Chamber of Commerce Industry, Mines, and Agriculture (NACCIMA) has raised concerns over the shutdown of rice mills in Kano, citing a scarcity of paddy as the cause. Dalhatu Abubakar, Chairman of the chamber, emphasized that the scarcity could … Continue reading Rice millers in Kano shut down operations due to paddy shortage
Nigeria’s pursuit of an expansive gas infrastructure to address its gas needs demands an annual investment of $20 billion, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). Dr. Orji Ogbonnaya Orji, NEITI’s Executive Secretary, made this assertion during a … Continue reading NEITI: Nigeria needs $20 billion annually for gas expansion projects
A variety of factors are driving the surge in high energy expenses, primarily attributed to the escalating diesel costs and the devaluation of the naira. As a consequence, companies are grappling with the impact on their profit margins, necessitating them … Continue reading Big companies struggle with high costs as energy bills reach N221 billion
The Nigerian Ports Authority (NPA) and Tucks Transit Parks (TTP) have introduced a compulsory N50.00 stamp duty payment for every N1,000 receipt given to truck drivers. Policy covers all government ministries In a notice to stakeholders, TTP’s management stated that … Continue reading NPA and TTP introduce N50 stamp duty on N1,000 receipts
United Bank for Africa (UBA) Plc has published its Annual Sustainability Report for 2022, presenting an overview of the bank’s dedication to Environmental, Social, and Governance (ESG) performance and principles. The report emphasizes UBA’s commitment to social inclusivity, ethical business … Continue reading UBA’s pledge to adhere to International Reporting Standards (IRS)
A report from Cordros Securities suggests that the liberalization of foreign exchange is expected to have a moderate impact on banks’ Lending to Deposit Ratio (LDR). Impact of CBN’s plan to reinforce LDR The report, titled ‘Impact of the CBN’s … Continue reading Banks could reevaluate customer loans amid naira depreciation – Experts
The Central Bank of Nigeria (CBN) has revealed that it provided loans amounting to N40.67 billion to its staff members by the end of December 2022, as stated in its audited financial report for the same year. This marks a … Continue reading CBN staff loans surge by 113%, reaching N40 billion
The Nigerian stock market experienced a slight increase last week, driven by MTN Nigeria Plc and other banking stocks. Investors adjust investment portfolios This trend occurred as investors adjusted their investment portfolios based on evaluations of certain companies’ H1’23 earnings … Continue reading Nigerian stock market records marginal gain
Nigerian households and small-scale businesses looking to adopt eco-friendly energy solutions such as solar panels, batteries, and inverters can now access funding of up to N10 million through the FCMB Energy Finance Loan offered by the First City Monument Bank … Continue reading FCMB provides N10 million loan for clean energy to homes and small businesses
The closure of borders in the northern region due to the Niger coup has led to a weekly revenue loss of N13 billion for northern traders, as reported by Ibrahim Dandakata, the Arewa Economic Forum’s chairman. Livestock trading contribute greatly … Continue reading Northern traders lose N13 billion weekly due to Niger border closure
The recently disclosed financial statements from the Central Bank of Nigeria (CBN) have raised concerns about the reliability of the country’s foreign exchange reserves, leading to doubts about the CBN’s ability to support the value of the national currency, the … Continue reading Naira’s stability threatened by uncertain CBN reserves
Strong indications suggest that the cost of petrol at the pump could be primed for a third increase in just 10 weeks, based on insights gathered from oil marketers. This potential hike may occur sooner rather than later, driven by … Continue reading Petrol prices likely to rise again as import costs increase
President Bola Tinubu’s administration is projected to allocate around N187.32 billion this year to clear debts owed to local contractors, based on information uncovered reporter. These debts are documented as promissory notes within a report titled ‘Schedule of promissory notes … Continue reading FG plans to clear N187.32bn contractor debt by November 2023
Economists have outlined several strategies to counter the depreciation of the Nigerian naira and address the scarcity of US dollars. One key recommendation is to secure balance of payment facilities from multilateral institutions, which could inject foreign currency into the … Continue reading Economists propose strategies to increase Dollar supply amid Naira depreciation
Stakeholders at Green Growth Africa have highlighted the transformative potential of a multi-billion-dollar climate and sustainable economy initiative, coupled with a pledge of over $100 billion to Africa. These measures are seen as crucial to catalyzing the green economy, equipping … Continue reading Green economy and $100 billion climate pledge bring hope for youth employment
Barretts Bakery, a popular bakery chain based in Western Australia, has collapsed with a debt of $2 million, prompting administrators to urgently seek a resolution to rescue the business. The Australian Taxation Office is owed the substantial amount. Administrators took … Continue reading Australian Barretts Bakery burdened with $2m debt to ATO
Thevamanogari Manivel, a 41-year-old Malaysian residing in Melbourne, has admitted to recklessly handling the proceeds of a banking error that saw crypto.com mistakenly deposit $10.5 million into her Commonwealth Bank account instead of a $100 refund. Manivel indulged in a … Continue reading Spending spree after $10.5M crypto transfer mistake: Woman’s lavish lifestyle raises questions
Sam Bankman-Fried, the founder of FTX crypto platform, has been returned to prison less than two months before his impending fraud trial due to allegations of attempting to tamper with witnesses. The cryptocurrency magnate is facing charges of wire fraud, … Continue reading Crypto chief, Sam Bankman-Fried jailed following revocation of bail
A recent research paper from the Bank of Canada delves into the prospects of a cashless society within the nation and investigates the potential role of a digital central bank currency in addressing payment discrepancies. Digital currency could mitigate potential … Continue reading Can a digital currency in Canada bridge gaps in a cashless society?
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