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FG agency unveils N250 Million fund to support local inventors
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Nigeria’s new 5% fuel tax: What it means for petrol prices, transport, and consumers
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Big win for naira: Strong reserves, CBN's moves push dollar to lowest in months
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Civil society to Edun, Ogunjimi: Release 2025 capital budget now, pay indigenous contractors
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Naira strengthens across FX markets as reserves hit $41.2bn, investors bet big on Nigeria
Economy Latest News
OpenAI releases ChatGPT search engine, taking on Google
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.
Musk's millions: Five ways the world's richest man helps Trump
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.
US Fed's favored inflation gauge cools in September
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.
Musk to appear in court as part of Trump campaign suit
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.
NAICOM appoints interim MD, others after sacking board, management of African Alliance Insurance
The National Insurance Commission (NAICOM) dismissed the board and management of African Alliance Insurance Plc, one of Nigeria's oldest life insurance companies.
Sales slump 27% at carmaker Stellantis
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).
New exchange rate as CBN crashes dollars to clear imported goods from ports
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.
EU probes shopping app Temu over illegal products
The EU launched a formal investigation Thursday into Chinese-founded e-commerce platform Temu on suspicion the site is doing too little to stop the sale of illegal products, in a probe that could lead to large fines. The EU wants to know more about the systems Temu has in place to "limit the sale" of illegal products as well as how the platform restricts their "reappearance".
Eurozone inflation rebounds more than expected in October
The eurozone's annual inflation rate rebounded more than expected in October due to rising food costs, official data showed on Thursday, but remains in line with the European Central Bank's two-percent target. Other Eurostat data published on Thursday showed the unemployment rate in the single currency area remained stable at 6.3 percent in September. raz/ec/rl
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