Economy
Ikea posts fall in annual sales after lowering prices
Ikea reported Thursday that its annual sales fell in value after the world's biggest furniture retailer lowered prices to revive traffic at its online and brick-and-mortar stores. Ikea said physical store visits increased by 4.5 percent following the price drops while online traffic jumped by 21 percent.
Nigeria Tax Bill 2024: A comprehensive framework for taxation
President Bola Tinubu's proposed Tax Bill will be a game-changer in the taxation system as it seeks to streamline and collapse taxes into one capsule.
7-Eleven owner restructures to fight takeover
The owner of 7-Eleven announced a major restructuring on Thursday as it seeks to boost its share price and fend off what would be the biggest foreign takeover of a Japanese firm. An improved share price would also make a takeover attempt by ACT more expensive for the Canadian firm, while also easing pressure from shareholders pressing management to restructure.
Chinese electric car companies cope with European tariffs
MG Motor, BYD and other Chinese electric car manufacturers say they will maintain their low sticker prices in Europe even after being hit with hefty tariffs this month. MG, the best-selling Chinese electric car brand in Europe, says it will guarantee its prices until the end of 2024, having stockpiled cars before the duties took effect.
Uniqlo owner reports record annual earnings
Uniqlo's parent company Fast Retailing on Thursday announced "a record high performance in fiscal 2024" with domestic profits in Japan boosted by hot summer weather and a tourism boom. Domestic Uniqlo stores maintained a "strategic inventory of core summer ranges through the end of the summer season" and enhanced its marketing initiatives, Fast Retailing said.
Naira reverses gain as Access, Zenith, others sell dollar at new rates in official markets
The Naira reversed its one-day gain against the US dollar in the official market, depreciating to N1,625.13 as against the N1,561 it traded the previous day.
China's solar goes from supremacy to oversupply
Strong state support and huge private investment have made China's solar industry a global powerhouse, but it faces new headwinds, from punitive tariffs abroad to a brutal price war at home. The sector's supersonic expansion has overleveraged the domestic industry, overloaded China's grid and sparked a brutal price war, experts say.
Asian markets track Wall St record as Hong Kong, Shanghai stabilise
Asian markets tracked a record day on Wall Street Thursday, with Shanghai and Hong Kong supported by a Chinese central bank move to boost liquidity for major stock-buyers. The gains led a rally across Asia, which came after the Dow and S&P 500 chalked up fresh records on Wall Street thanks to a burst in tech giants including Amazon and Apple.
China's central bank says opens up $70.6 bn in liquidity to boost market
China's central bank boosted support for markets on Thursday as it launched a "swap facility" offering firms access to $70.6 billion in liquidity as Beijing seeks to raise confidence in the country's flagging economy.
Economy
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