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
- CBN Injects $166m into forex markets as naira struggles, forward contracts slide
- Farmers name those responsible for rice selling above N80,00 per bag
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Afghanistan poppy cultivation grows 19 percent despite ban: UN
Opium cultivation rose by 19 percent in Afghanistan this year, the UN reported Wednesday, despite a Taliban government ban that almost eradicated the crop. The 19 percent increase year-on-year remains far below the 232,000 hectares cultivated when Taliban supreme leader Hibatullah Akhundzada banned the crop in April 2022, nearly a year after the Taliban returned to power, UNODC added.
Dollar crashes in official market as supply rises to $5.4 billion
The Nigerian currency, the naira rose 0.33% in the official foreign exchange market on Tuesday, November 5, 2024, to trade at N1,671 per dollar from N1,676.
Toyota maintains net profit forecast despite drop in first half
Japanese auto giant Toyota kept its annual net profit forecast unchanged on Wednesday, despite logging a 26 percent drop for the first half of this financial year. Although its second-quarter earnings were far lower than analyst expectations, the company still forecasts full-year net profit of 3.57 trillion yen.
Asian markets rise with dollar, bitcoin as ealy US results roll in
Most Asian markets rose with the dollar and bitcoin on Wednesday as traders await the outcome of the knife-edge US presidential election, with bets increasing on a Donald Trump victory as early results rolled in. In early trade, markets in Tokyo, Sydney, Shanghai, Seoul, Singapore, Wellington and Taipei rose, though there were losses in Hong Kong.
US writes off over $1 billion of Somalia debt
The United States and Somalia reached an agreement on Tuesday for Washington to cancel more than $1 billion debt owed by the troubled Horn of Africa nation. In March, Mogadishu secured an agreement with international creditors to cancel more than $2 billion in debt, the Paris Club of creditor nations said.
Dollar supply in forex market hits $5.4 billion as naira trades at new rates
Data from the foreign exchange market shows that despite the naira's fall, the forex turnover in October rose to $5.4 billion from $3.31 billion in September
US September trade deficit widest in over two years
The US trade deficit expanded in September to its widest since early 2022 as imports increased while companies stocked up ahead of possible disruptions like a dockworkers' strike, according to government data released Tuesday. The rise in imports came ahead of the year-end holiday season, and may be due to companies stocking up in anticipation of a dockworkers' strike.
'Black day': French workers protest Michelin plans to close two plants
Michelin factory workers burnt tyres in western France on Tuesday and vowed to stage a strike after the tyre company said it would close two plants by early 2026 over collapsing sales. Michelin had already closed its La-Roche-sur-Yon site in western France in 2020, and is preparing to close two plants in Germany by 2025.
Dutch, French authorities raid Netflix offices in tax probe
French and Dutch authorities raided streaming giant Netflix's offices in Paris and Amsterdam Tuesday as part of a tax fraud probe, a judicial source told AFP. The search of "various locations" in France by specialist financial investigators relates to suspicions of "covering up serious tax fraud and off-the-books work" and is part of a probe opened in November 2022, the source said.
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