Economy
Shareholders lament loss of profits as 10 banks declare N20.8 trillion mandatory deposit with CBN
The Cash Reserve Ratio of 50% mandates Deposit Money Banks to keep 50% of their deposits idle with the CBN, without getting any interest paid on it.
China seeks to 'tariff-proof' economy as trade war with US deepens
China is trying to tariff-proof its economy by boosting consumption and investing in key industries, but analysts say it remains critically vulnerable to the economic storm triggered by Donald Trump's 104 percent levies on its goods.
Some US consumers in 'survival mode' as Trump tariffs arrive
American consumers braced for pain even ahead of President Donald Trump's hefty tariffs on imported products, which came into effect overnight Tuesday into Wednesday. "I am a libertarian on tariffs, always have been," he said Tuesday, adding he plans to pick up a new Apple iPhone on Wednesday in case prices rise.
Japan to sell more rice reserves as prices soar
Japan will sell more rice from its emergency stockpile through July in an attempt to stabilise soaring prices, the agricultural minister said Wednesday. "In order to stabilise rice prices that have soared, the government will sell off its reserve rice every month until this summer" when newly harvested rice enters the market, agricultural minister Taku Eto said.
Vietnam, Spain pledge to upgrade ties after tariff shock
The leaders of Spain and Vietnam pledged on Wednesday to upgrade ties to the highest level, as the two countries attempt to manage the fallout from enormous tariffs imposed by Washington.
India central bank cuts interest rates as Trump tariffs kick in
India's central bank cut interest rates in the world's fifth-largest economy on Wednesday as US President Donald Trump's tariffs kicked in and policymakers warned of "challenging global economic conditions".
Taiwan exporters count the cost of Trump's 'ridiculous' tariffs
Taiwanese exporters are crunching numbers and talking to American clients as they scramble to figure out how to respond to US President Donald Trump's tariff blitz that threatens to derail their businesses. Hsu estimated tariffs would cost Taiwanese exporters US$15 billion-US$20 billion a year.
Trump tariffs leave Italy's luxury furniture makers sitting uncomfortably
Even the most sumptuous cushions cannot ease the pain that Italian luxury furniture makers -- gathered at their annual fair -- can already feel from US President Donald Trump's tariffs.
EU plan to end Russian fertiliser imports unsettles farmers
The EU's plans to impose tariffs on fertiliser imports from Russia in a bid to increase pressure on Moscow over the Ukraine war have alarmed European farmers worried about possible price hikes.
Economy
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