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
- How the National Single Window transforms Nigerian commerce
- FG invites Nigerians to apply for N50k for their business, releases link
- 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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China's Xi arrives in Peru for APEC summit, Biden meeting
Chinese President Xi Jinping arrived in Peru Thursday for an Asia-Pacific summit where he will meet US counterpart Joe Biden under the shadow of a looming trade war with the incoming Donald Trump administration.
New York to revive driver congestion charge plan
New York said Thursday it will revive a controversial scheme to charge drivers entering parts of the city, a first in the United States, putting local authorities on a collision course with President-elect Donald Trump. Republican lawmakers have called on Trump to intervene in the case to terminate the revived plan, with the former president previously vowing to kill the scheme if elected.
Sotheby's to pay $6.25 mln in tax fraud case
The auction house Sotheby's will pay $6.25 million to settle charges that it helped art buyers avoid paying taxes. It said the auction house encouraged buyers to state fraudulently that they were acquiring works for resale later.
Satirical US outlet The Onion buys conspiracy site Infowars
Satirical news outlet The Onion said Thursday it had acquired Infowars, a conspiracy-laden website whose owner made money by running stories that called one of America's most notorious school shootings a hoax. A famous headline that The Onion runs after mass shootings is, "'No Way To Prevent This,' Says Only Nation Where This Regularly Happens."
Legal migration to OECD reaches new record in 2023
Migration to richer countries reached a record level for the second year running in 2023, the OECD said on Thursday, reflecting demand for foreign labour and gaps in the workforce left by ageing populations. About a third of OECD countries witnessed record legal migration last year, including Britain (747,000 arrivals), Canada (472,000), France (298,000), Japan (155,000) and Switzerland (144,500).
Central bank independence 'fundamental' for good policy: Fed official
An independent central bank is "fundamental" to good economic outcomes, a senior Federal Reserve official said Thursday, amid concerns that president-elect Donald Trump may seek to influence Fed policy. "It has been widely recognized -- and is a finding of economic research -- that central bank independence is fundamental to achieving good policy and good economic outcomes," Kugler said.
EU fines Meta $840 million for 'abusive' Facebook ad practices
The EU fined online giant Meta almost 800 million euros on Thursday for breaching antitrust rules by giving users of its Facebook social network automatic access to classified ads service Facebook Marketplace.
Coach owner Tapestry calls off Capri bid on regulatory blocks
Fashion group Tapestry said Thursday that it was dropping its $8.5 billion bid for Capri, the owner of luxury brands including Michael Kors and Versace, following a successful legal challenge by US regulators. "Capri and Tapestry mutually agreed that terminating the merger agreement was in the best interests of both companies," Capri said in a statement.
UK government announces ban on new coal mines
The UK announced Thursday that it will introduce legislation to ban new coal mines, as the Labour government ramps up its plans to make Britain a clean energy leader. Energy minister Michael Shanks said in a statement that "consigning coal power to the past" would "pave the way for a clean, secure energy system that will protect billpayers and create a new generation of skilled workers".
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