A tax expert, Aderonke Atoyebi, has debunked the widespread misconception regarding the newly introduced Tax Identification, describing the rumours as dangerous.
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FG orders immediate release of ₦250bn loan to farmers, targets food security
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CBN crashes dollar with $29 million intervention in FX market
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Highlights from Nigeria’s Q4 trade data as exports rise above imports
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Lab-grown diamonds robbing southern Africa of riches
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Naira gains N37, experts warn dollar hoarders of big losses
Economy Latest News
China cuts amount banks hold in reserve to boost lending
China on Friday cut the amount banks must hold in reserve, releasing an estimated $142.6 billion in liquidity into the financial market as leaders embark on one of their biggest drives in years to kickstart growth. Also Friday, the bank cut the seven-day reverse repo rate -- the short-term interest paid by the central bank on loans from commercial lenders -- from 1.7 percent to 1.5 percent.
Hong Kong, Shanghai extend surge as China optimism boosts markets
Hong Kong and Shanghai ploughed on with their China-fuelled rally Friday on hopes that Beijing will press on with new plans to boost the world's number two economy. Hong Kong soared more than three percent in opening trades before paring the gains, while Shanghai was also sharply higher -- both markets are now up around 10 percent from Friday's close.
Vietnam president reiterates support for Cuba during official visit
Cuban President Miguel Diaz-Canel held talks with his Vietnamese counterpart To Lam in Havana on Thursday, with the two countries signing several bilateral agreements during the visit. Several bilateral agreements were signed during the visit, notably in the fields of health and agriculture.
Mexico's new president takes reins of shaky economy
Mexico's incoming president Claudia Sheinbaum will inherit an economy plagued by uncertainty after reforms pushed through by her predecessor upset investors and key regional trading partners. The United States, Mexico's main trading partner, has warned that the reforms threaten a relationship that relies on investor confidence in the Mexican legal framework.
US regulator urges safety checks on some Boeing 737 rudders
The US National Transportation Safety Board (NTSB) on Thursday issued "urgent safety recommendations" regarding the rudder systems on certain Boeing 737 aircraft, highlighting a risk of jamming. Boeing has come under increasing pressure following a number of safety incidents involving its aircraft.
Poverty rises to over 52 percent in Milei's Argentina
Poverty in Argentina rose to over 52 percent of the population in the first six months of self-declared "anarcho-capitalist" Javier Milei's presidency, according to data released Thursday by the INDEC statistics agency. Monthly inflation in Argentina fell to 4.0 percent in July, the lowest in 2.5 years, but the annual figure of 263.4 percent remains one of the highest in the world.
Pakistan braces for 'transitional pain' as IMF approves $7 bn loan
Pakistan said Thursday it would have to go through "transitional pain" after the International Monetary Fund agreed to a new relief package of $7 billion to bolster its faltering economy. "There will be transitional pain, but if we are to make it the last programme, then we have to carry out structural reforms," Finance Minister Muhammad Aurangzeb told local broadcaster Geo News.
Experts explain implications of Nigeria’s latest interest rate hike
The CBN raised the benchmark interest rate for the sixth consecutive time, this time by 0.5 percentage points to 27.25 percent, despite declining inflation.
French borrowing costs surpass Spain's, a first since 2006
The French government's borrowing costs surpassed Spain's for the first time in almost 18 years on Thursday as investors worry about France's yawning public deficit. Eric Dor, director of economic studies at France's IESEG School of Management, said the "dramatic improvement in the performance of southern countries" was the main factor behind Spain's borrowing costs being lower than France's.
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