Eight OPEC+ member countries on Saturday announced a sharp increase in oil production for the month of June at the risk of driving down already very low prices.
Economy
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CBEX defies EFCC probe, resumes operations, promises bonuses and easy withdrawal to new investors
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Mexican mega-port confronts Trump's tariff storm
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Inflation, hotel prices curtail Japanese 'Golden Week' travels
European airport traffic returns to pre-Covid levels
Passenger traffic at European airports returned to pre-Covid levels in the first half of the year as the sector finally "turned the corner" on the pandemic crisis, the main industry association said on Wednesday.
Zenith, Access, GTB, others borrow N73.6 trillion as CBN announces changes to funding costs
According to Afrinvest's weekly report, Nigerian banks accessed a significant amount of N73.6 trillion through the apex bank's SLF between January and July 2024.
Eurozone inflation unexpectedly rises in July
The eurozone's annual inflation rate unexpectedly edged up in July due to rising energy costs, official data showed on Wednesday. Across the eurozone, Finland recorded the lowest inflation rate in July, at 0.6 percent, Eurostat data showed.
CBN issues steps to reclaim dormant accounts as customers rush to Access, others to reactivate
Customers of various financial institutions are making last-minute efforts to reclaim the funds left in their dormant account before the CBN takes over in a few days
World Bank approves $1.5 billion Ethiopia rescue package
The World Bank has approved a $1.5 billion financial package to support cash-strapped Ethiopia's economic reform programme after officials loosened curbs on the local currency. The IMF board on Monday approved a four-year loan programme worth around $3.4 billion to support the reforms, with around $1 billion immediately disbursed.
Traders quote new rates for British pound, euro as CBN sells FX to dealers
The Nigerian currency, the naira, has shown a mixed reaction against the British pound and the euro following its recent crash against the dollar in all markets.
HSBC records $21.6 billion pre-tax profit in first half 2024
Banking giant HSBC said Wednesday that pre-tax profits in the first half of 2024 came in at $21.6 billion, slightly lower than last year's record performance. "After delivering record profits in 2023, we had another strong profit performance in the first half of 2024, which is further evidence that our strategy is working," said Noel Quinn, the group's outgoing chief executive.
Bank of Japan raises key interest rate for second time in 17 years
The Bank of Japan lifted its main interest rate Wednesday for just the second time in 17 years in another step away from its long-standing ultra-loose monetary policies. The bank is seeking to normalise its outlier ultra-loose policies, which have driven down the value of the yen.
“Thank you”: Nigerians react as federal government crashes bag of rice prices
Nigerians are taking to social media to react to the federal government’s decision to set the price of a bag of rice at N40,000, compared to N80,000 in the market.
Economy
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