EFCC has come under fire after sealing the residence of top minister under the administration of late Muhammadu Buhari in Abuja. The ex-minister is not in Nigeria.
The Nigerian FG has introduced 50 new tax breaks and reliefs aimed at easing financial pressure on small businesses and low-income earners particularly.
President Donald Trump said Wednesday that the United States will impose a 15 percent tariff on imports from South Korea, as he touted a "full and complete trade deal" between both countries. In contrast with the 15 percent tariff for South Korea, Trump on Wednesday also placed 25 percent tariffs on imports from India and 50 percent on those from Brazil.
Brazil's Central Bank on Wednesday held its benchmark interest rate steady at 15 percent after seven straight hikes that had angered leftist President Luiz Inacio Lula da Silva. Lula has argued high interest rates stifle growth.
The US Federal Reserve kept interest rates unchanged Wednesday, defying strong political pressure from President Donald Trump to slash borrowing costs -- although divisions emerged among policymakers. The president, citing Wednesday's GDP figures, earlier said Powell "must now lower the rate."
Meta reported robust second-quarter financial results Wednesday, with revenue jumping 22 percent year-over-year to $47.5 billion as the social media giant continues investing heavily in artificial intelligence. The results exceeded Wall Street expectations as advertising revenue climbed a stellar 21 percent to $46.6 billion.
Technology giant Microsoft on Wednesday said its profit soared above expectations in the recently ended quarter, driven by its cloud computing and artificial intelligence (AI) units. Microsoft was one of the first tech giants to double down on artificial intelligence when the launch of ChatGPT in 2022 rocked the tech industry.
European aerospace group Airbus posted an 85-percent rise in first-half profit Wednesday to $1.7 billion, even though it delivered fewer commercial planes compared with the same period last year. The jump in profits to 1.5 billion euros came a year after Airbus reported a 46-percent slump in earnings for the first half of 2024.
President Donald Trump ordered massive tariffs on Brazil Wednesday and sanctions against the judge overseeing a trial of his far-right ally Jair Bolsonaro, who is accused of attempting a coup in Latin America's biggest economy. Bolsonaro is on trial for allegedly plotting a coup to stay in power after losing the 2022 election to leftist Lula.
Tata Motors of India will buy Italy's Iveco Group for 3.8 billion euros ($4.4 billion) in a bid to create a "global champion" in the commercial vehicles sector, the two companies said Wednesday.
French auto giant Renault said Wednesday that Francois Provost, currently in charge of procurement, would take over as chief executive following Luca de Meo's departure in June. Procurement director Prevost, 57, has been with Renault for 23 years and was one of De Meo's closest advisors, in particular for his "Renaultution" strategic plan.
Economy
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