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.
Economy
Most viewed
Popular
- 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
Economy Latest News
Chinese EV giant BYD beats Tesla in quarterly revenue for first time
Chinese electric vehicle giant BYD reported surging sales on Wednesday, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances. The Shenzhen-based firm's quarterly revenue figure for the first time exceeded that of American EV powerhouse Tesla, which last week posted $25.2 billion in third-quarter revenue.
Volkswagen sees 'painful' cost cuts ahead as profit plunges
Ailing auto giant Volkswagen warned Wednesday that "painful" cost cuts were unavoidable as third-quarter profit plummeted, fuelling tensions with unions which fear mass job losses and factory closures on home turf Germany.
World Bank issues warning to CBN over sale of dollar to Zenith, Access, GTB others
The World Bank has cautioned the Central Bank of Nigeria against meddling in the foreign exchange market through FX auctions to banks and other institutions.
Eurozone economy grows faster than expected
The eurozone economy grew more than expected in the third quarter, official data showed Wednesday, thanks to Germany which defied expectations and dodged a recession. The figures will offer some relief, coming a month after Eurostat revised its data to show the eurozone grew by only 0.2 percent in the second quarter of this year.
Naira bounces back in official, parallel markets after CBN’s currency deal with IFC
The Nigerian currency, the naira, has gained about N40 in the official window following a currency funding deal between the Central Bank of Nigeria (CBN) and IFC
Worries for Japan economy after election shock
Political uncertainty after Japan's election shock risks slowing economic reforms, pushing up government spending and even holding up the Bank of Japan's exit from its outlier monetary policy, economists said. Businesses and economists worry that as concessions to other parties, Ishiba, 67, will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan's competitiveness.
Volkswagen profit plunges on high costs, Chinese slump
Europe's biggest carmaker Volkswagen reported a 64-percent drop in third-quarter net profit Wednesday, as it struggles with high costs and slowing sales in China. Global vehicle deliveries fell by seven percent in the July to September period, Volkswagen said, with an increase in sales in North America failing to offset a 15-percent fall in China.
Industrial slump leaves Germany on brink of recession
German output likely contracted again in the third quarter as an industrial slump drags on, official data is expected to show Wednesday, tipping Europe's largest economy into recession. Other major European economies were also set to publish third-quarter GDP data Wednesday.
US economy's solid growth unlikely to register at ballot box
The US economy is set to report another quarter of solid growth Wednesday, less than a week before the presidential election, but analysts say it remains unclear if positive data can sway inflation-weary voters. An October New York Times/Siena College poll of likely voters released last week showed that economic issues remained top-of-mind around two weeks before the election.
Economy
Load more