The naira strengthened for most of the first week of September, reaching a five-month high, appreciating to N1,514 per dollar on the back of robust reserves.
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Striking Boeing workers aim to restore old retirement program
Some 33,000 Boeing workers have been on strike for seven weeks after twice voting down labor contracts, with the latest rejected offer featuring a 35 percent wage hike. Under the latest contract offer, which workers rejected on October 23, Boeing included a provision increasing the employer match.
Meta shows strong growth as AI spending surges
Facebook owner Meta saw net income and revenues top expectations on Wednesday as the company said it would expand investments into artificial intelligence, drawing nervousness from investors. Like its Big Tech peers, Meta is rushing into artificial intelligence as it tries to build revenue streams away from its social media core business.
Microsoft beats expectations, but AI concerns force shares down
Microsoft delivered solid quarterly results on Wednesday, beating analyst expectations with revenue jumping 16 percent to $65.6 billion, but questions were raised about the company's big spending on the AI boom. During the quarter, Microsoft also returned $9.0 billion to shareholders through dividends and share repurchases, helping pump up share value.
Argentina hit by massive transport strike
Planes, trains, trucks and taxis ground to a halt in Argentina on Wednesday in a major one-day strike over President Javier Milei's austerity policies. The unions called the protest over Milei's plans to privatize national flag carrier Aerolineas Argentinas and to denounce spiraling poverty levels since he took office late last year.
Economist reveals real naira rate as currency emerges among top worst-performing
According to Bloomberg in a new report, one of the top 10 underperforming currencies in the world is the naira, which is the currency used in Nigeria.
Ghana’s Springfield begins oil well appraisal after Nigeria’s Dangote refinery begins production
Ghana's first deepwater oil business, Springfield Exploration and Production Limited, said it had started well evaluation work at the Afina-1x offshore oil field.
Riyadh Air orders 60 Airbus planes
Saudi Arabia's new national airline, Riyadh Air, announced on Wednesday it has ordered 60 narrow-body aircraft from Airbus, as it prepares for takeoff next year. The deal announced on Wednesday is Riyadh Air's second major purchase after it agreed last year to buy 39 wide-body Boeing Dreamliners, with options for 33 more jets.
UBS smashes forecasts with $1.4 bn net profit
Swiss banking giant UBS said Wednesday it earned a net profit of $1.4 billion in the third quarter, beating analyst expectations. Analysts polled by Swiss agency AWP expected profit of $758 million on revenue of $11.5 billion.
Chinese EV giant BYD beats Tesla in quarterly revenue for first time
Chinese electric vehicle giant BYD reported surging sales on Wednesday, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances. The Shenzhen-based firm's quarterly revenue figure for the first time exceeded that of American EV powerhouse Tesla, which last week posted $25.2 billion in third-quarter revenue.
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