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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Naira trades at new rate as dollar demand rises in FX market
The Nigerian currency, the naira, depreciated to N1,530 per dollar on Wednesday, July 16, 2025, from N1,518 the previous day, as dollar demand rose in the FX market.
South Africa warns global turmoil threaten development goals
G20 chair South Africa warned Thursday that abandoning the rules-based global order and declining cooperation could derail 2030 development goals to end hunger, eradicate extreme poverty and fight climate change.
Novartis first half net profits up 29 percent
Swiss pharmaceuticals giant Novartis posted Thursday a 29 percent increase in first-half net income, at $7.6 billion -- and unveiled its new chief financial officer. The Basel-based firm's net sales increased 12 percent to nearly $27.3 billion between January and June, it said in a statement.
Swatch profits plunge on weak China sales
Swatch Group said Thursday that weak sales in China wiped out growth elsewhere in the first half of the year for the world's top watch company, leaving it barely profitable. Besides its eponymous Swatch watches, the company owns high-end brands such as Omega, Longines and Tissot, and like other luxury firms the demand of Chinese consumers for Western goods has made it a top market.
EasyJet boss hits out over French air traffic walkouts
The boss of British no-frills airline EasyJet on Thursday bemoaned "unacceptable challenges" for staff and passengers resulting from strike action by air traffic controllers in France earlier this month. Strikes by French air traffic controllers in early July brought chaos to European skies, with flights for hundreds of thousands of people cancelled as the summer holiday season gathered pace.
Volvo Cars swings into loss on electric vehicles, tariffs
Volvo Cars announced on Thursday it had swung into loss in the second quarter, after it took an impairment charge for its electric cars, booked restructuring charges and dealt with a slower, tariff-troubled market. Volvo Cars announced in April an 18-billion-kronor cost-cutting plan, part of efforts to navigate a car market buffeted by US tariffs and a costly switch to electric vehicles.
US senators approve $9 billion of Elon Musk's federal cuts
The US Senate approved early Thursday a package of spending cuts proposed by President Donald Trump that would cancel more than $9 billion in funding for foreign aid programs and public broadcasting.
Dairy giant New Zealand endures butter price shock
Butter prices have soared in dairy export giant New Zealand, latest figures showed Thursday, with local supplies cut short as the industry chases fatter profits overseas. But while New Zealand consumers were feeling the price pinch, the overall economy was benefiting as exporters creamed off larger profits from sales overseas.
Taiwan's TSMC says second quarter profit up 60%
Taiwanese chipmaking giant TSMC reported Thursday a forecast-beating 60 percent rise in net profit for the second quarter on sustained demand for artificial intelligence technology. Second quarter revenue was up 39 percent on-year, also beating forecasts.
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