Two banks holding national banking licences are reportedly in talks to merge as the recapitalisation deadline set by the Central Bank of Nigeria (CBN) nears.
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- New tax law replaces reliefs with rent-based deductions, capped at N500k
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- First Bank, FCMB, 4 others seek N731 billion to meet CBN recapitalisation as deadline nears
- CBN Injects $166m into forex markets as naira struggles, forward contracts slide
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'Anti-woke' Americans hail death of DEI as another domino topples
America's largest private employer, Walmart, is the latest name to join a list of US businesses and institutions rethinking programs to bolster minority groups as support for progressive policies erodes. Emboldened by Trump's campaign pledges to end "wokeness," conservative groups have been filing numerous lawsuits targeting corporate and federal programs aimed at elevating minorities and women.
'Retaliate': Trump tariff talk spurs global jitters, preparations
Donald Trump's tariff threats have rattled foreign businesses and governments, with many fearing it could signal the opening salvo of an all-out trade war when he returns to the White House next year. The US trade deficit with Vietnam has widened in recent years on a surge in goods imports.
Mexico president hails 'excellent' Trump talks after US tariff threat
Mexico's president discussed migration and drug trafficking with US President-elect Donald Trump on Wednesday -- two issues he had raised as justification for raising import tariffs on America's southern neighbor.
Coffee price heats up on tight Brazil crop fears
The price of Arabica coffee hit the highest level since 1977 on Wednesday, approaching a record high as drought in top producer Brazil this year hits supplies. Brazil, the world's largest coffee producer, faced a record-breaking drought this year which has raised significant concerns for 2025/2026 crops amid already tight supplies.
Brazil's top court takes on regulation of social media
Brazil's Supreme Court on Wednesday started examining four cases that turn on how far social media should be regulated, and what responsibilities platforms have in cracking down on illegal content. One key point it is looking at is whether social media platforms can be fined for illegal content posted by users.
UBS acquitted on appeal in Credit Suisse cocaine trial
Swiss banking giant UBS, which took over its rival Credit Suisse last year, has been acquitted on appeal in a high-profile money laundering trial, Switzerland's Federal Criminal Court said Wednesday. A pillar of Swiss banking and the second-largest Swiss bank at the time, Credit Suisse in 2022 was slapped with a $2 million fine in a money laundering case linked to a Bulgarian cocaine network.
Canadian fund drops bid for Spanish pharma firm Grifols
Canadian investment fund Brookfield said Wednesday it has dropped its bid for Spanish pharmaceutical firm Grifols following disagreement over its valuation. In a statement sent to Spanish stock market regulator CNMV, Brookfield said it was "not in a position to continue with a potential offer" for Grifols.
Experts react to CBN's decision to increase interest rate again
Experts have reacted to the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) decision to once again increase the benchmark interest rate.
Mexico says Trump tariffs would cost 400,000 US jobs
Mexico said Wednesday the United States will be shooting itself in the foot if President-elect Donald Trump implements his threats to impose 25-percent tariffs on Mexican imports. He said he would charge 25 percent tariffs on Mexican and Canadian imports and 10 percent on Chinese goods "above any additional tariffs" on the world's second-biggest economy.
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