Economy
China's Xi in Hungary to celebrate 'new era' with Orban
Hungarian Prime Minister Viktor Orban will host Chinese President Xi Jinping in Budapest on Thursday in a bid to strengthen already flourishing ties between Beijing and its closest EU ally. After a dinner featuring traditional Hungarian specialities on Wednesday evening, Xi will be received with military honours in Budapest on Thursday morning, alongside Hungarian President Tamas Sulyok.
US forges new 'battery belt' in hopes of electric future
Growing up, Devante Cuthbertson assumed he might have to leave his North Carolina hometown to pursue a career, but a new multi-billion-dollar Toyota battery plant is offering him a reason to stay put. By 2028 the $13.9 billion battery plant will employ 5,100 people, up from some 800 now, said Sean Suggs, president of Toyota Battery Manufacturing, North Carolina.
EU eyes first ever sanctions on Russia's LNG sector
The EU is considering expanding its sanctions against Moscow over the war in Ukraine to target Russia's liquefied natural gas sector, EU diplomats said Wednesday. The EU has already unleashed 13 rounds of unprecedented sanctions against Russia since its 2022 invasion of Ukraine, many of which target its key oil and gas exports.
“This is not a good time”: Expert lists reasons CBN’s 0.5% cybersecurity levy is a big problem
The Centre for the Promotion of Private Enterprise has criticised the newly introduced cybersecurity levy on e-transactions by the Central Bank of Nigeria.
BMW says EU probe into China EV subsidies against free trade
The chief executive of German luxury carmaker BMW on Wednesday warned the European Union's investigation into Chinese electric car subsidies runs counter to free trade. Oliver Zipse -- CEO of BMW, which has major investments in China, the world's biggest car market -- said that the Munich-based group "always strives for free trade".
Bubbling profits for AB InBev despite Bud Light boycott
The world's largest brewer AB InBev on Wednesday toasted a jump in profits in the first quarter, despite a drop in beer sales driven by a Bud Light boycott in the United States. AB InBev got caught in the US culture wars in 2023 after it teamed up with a transgender influencer to promote Bud Light, which sparked a boycott by conservative figures.
AstraZeneca withdraws Covid vaccine as demand dives
Anglo-Swedish drugmaker AstraZeneca on Wednesday said it was withdrawing Covid vaccine Vaxzevria, one of the first produced in the deadly pandemic, citing "commercial reasons" following a slump in demand. The company will work with other regulators globally to start market authorisation withdrawals for the Vaxzevria "where no future commercial demand for the vaccine is expected".
New exchange rate as Naira bounces back, rises by over N46 against US dollar
The Naira has recorded an improved performance against the US dollar in the a massive gain against the US dollar in the official foreign exchange markets.
Markets mixed as traders weigh rates outlook
Equity markets were mixed Wednesday as the latest global rally ran out of steam due to a lack of major catalysts, while investors contemplated the outlook for monetary policy. "There was limited data on corporate earnings to worry the markets, with no unexpected surprises and a lack of major US economic data in the days ahead," said Kyle Rodda at Capital.com.
Economy
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