The Nigerian currency faced a renewed volatility, depreciating in the Nigerians Forein Exchange Market (NFEM) due to the shortage US dollars in the FX market.
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Customer Service Week: How FIRS boss Adedeji transformed tax Sservice, Nigerians feel the change
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New tax law replaces reliefs with rent-based deductions, capped at N500k
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US Treasury chief to speak with China counterpart as tensions flare
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Big win for naira: CBN announces $8.6bn FX turnover as dollar inflows surge, reserves hit new high
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China's power paradox: record renewables, continued coal
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Asia markets tick up after Wall Street rebound
Asian stock markets were mostly up Thursday morning, tracking gains made on Wall Street as a weak labour market report in the United States boosted hopes for an interest-rate cut. A soft US labour market report Wednesday showing a decline in job openings helped lift investor confidence the Federal Reserve will cut interest rates.
Colombia coal exports plummet after ban on Israel sales
Colombia's coal exports fell by almost half in July compared to the same month last year, official figures showed Wednesday, amid a global price crisis and days after President Gustavo Petro's ban on sales to Israel. Last month, Petro issued a second decree for Colombia to halt coal exports to Israel in protest against its deadly war in Gaza, renewing a June 2024 edict.
Jury tells Google to pay $425 mn over app privacy
A US federal jury on Wednesday ordered Google to pay about $425 million for gathering information from smartphone app use even when people opted for privacy settings, the company confirmed. In the smartphone app privacy suit, plaintiffs argued that Google intercepted, tracked, collected and sold users' mobile app activity data regardless of what privacy settings they chose.
Record French fines for Google and Shein over cookies
France's data protection authority on Wednesday issued record fines against search giant Google and fast-fashion platform Shein for failing to respect the law on internet cookies. - 'Cookie wall' - Wednesday's fine against Google is the third issued by the CNIL over the search giant's use of cookies, after paying 100 million euros in 2020 and 150 million in 2021.
Ryanair slashes winter seats in Spain over airport fees
Irish budget airline Ryanair on Wednesday said it would slash more than one million winter seats in Spain over "excessive airport fees", sparking "extortion" accusations from the national airport operator. In January, the airline announced it was scrapping 800,000 seats on seven regional Spanish routes in response to Aena's airport fees.
Dollar inflows surge: Experts tip naira for stability as Nigeria’s reserves soar
Market watchers and experts have predicted a stronger naira and currency stability in the coming months following strong forex inflows into the economy.
Impact of US judge's ruling on Google's search dominance
Google has escaped a breakup of its Chrome browser in a major US competition case, but the judge imposed remedies whose impact remains uncertain just as AI starts to compete with search engines. Judge Amit Mehta, who found a year ago that Google illegally maintained monopolies in online search, did not order the company to sell off its widely-used Chrome browser in his Tuesday ruling.
UK govt pledges to keep grip on spending ahead of budget
Britain's finance minister Rachel Reeves on Wednesday promised to keep a "tight grip" on public spending as interest rates soar on the UK's long-term debt, and set November 26 for her annual budget speech. "We must bring inflation and borrowing costs down by keeping a tight grip on day to day spending through our non-negotiable fiscal rules," Reeves said in a statement.
EU presents Mercosur deal for member states' approval
The EU put forward a huge trade deal with South American bloc Mercosur for approval by member countries Wednesday, reassuring chief critic France it came with "robust" safeguards to protect farmers. Sensitive European products will be further protected from "any harmful surge in imports" by "robust safeguards", the commission said.
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