Chinese-owned luxury carmaker Lotus said Thursday that it planned to cut up to 550 UK jobs, in part over uncertainty caused by US President Donald Trump's tariffs. The carmaker, which is majority owned by Chinese auto giant Geely, has several sites in the UK, including its headquarters in Hethel, eastern England.
According to a recent CBN research, entrepreneurs believe that the business climate in Nigeria will improve by August 2024 and the following six months.
As the biggest lender in West Africa saw a sharp rise in interest income, Access Holdings' net profit grew by more than 83% in the first three quarters of this year.
OpenAI on Thursday beefed up its ChatGPT generative AI chatbot with search engine capabilities, as the startup takes on Google's decades-long dominance of web search. This has been seen as a weakness of AI chatbots, especially at OpenAI, which does not have a stand-alone search engine providing more timely data.
In an extraordinary twist that has upended an already unpredictable election, the world's richest man has become Donald Trump's most influential supporter in his bid to return to the White House. White House officials have expressed concern about their diminished reach during potential crises, with their average post views dropping from 200,000 to 100,000.
The US Federal Reserve's preferred inflation measure cooled further last month and now sits just above its long-term target, according to government data published Thursday, shortly before the presidential election. Given the surge in post-pandemic inflation, the fact that headline inflation now sits just a tenth of a percentage point away from the Fed's target is a significant achievement.
Billionaire Elon Musk was expected in court in Philadelphia on Thursday, after a judge ordered him to attend a hearing in a lawsuit seeking to halt his $1 million giveaways to registered US voters in swing states. "It is further ordered that all parties must be present at the time of the hearing," judge Anne Marie Coyle said.
The National Insurance Commission (NAICOM) dismissed the board and management of African Alliance Insurance Plc, one of Nigeria's oldest life insurance companies.
Stellantis, the carmaker which owns the Jeep, Peugeot and Fiat brands, said Thursday that its sales fell 27 percent in the third quarter because of market difficulties in North America. Stellantis -- which has a vast stable of 15 car brands -- has hit a rough patch after years of record profits after its foundation in 2021 with the merger of PSA (Peugeot-Citroen) and FCA (Fiat-Chrysler).
The Central Bank of Nigeria (CBN) has reduced the foreign exchange rate for Nigeria Customs duty for cargo clearance at Nigeria's air and seaports.
Economy
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