Economy
Economist reveals real naira rate as currency emerges among top worst-performing
According to Bloomberg in a new report, one of the top 10 underperforming currencies in the world is the naira, which is the currency used in Nigeria.
Ghana’s Springfield begins oil well appraisal after Nigeria’s Dangote refinery begins production
Ghana's first deepwater oil business, Springfield Exploration and Production Limited, said it had started well evaluation work at the Afina-1x offshore oil field.
Riyadh Air orders 60 Airbus planes
Saudi Arabia's new national airline, Riyadh Air, announced on Wednesday it has ordered 60 narrow-body aircraft from Airbus, as it prepares for takeoff next year. The deal announced on Wednesday is Riyadh Air's second major purchase after it agreed last year to buy 39 wide-body Boeing Dreamliners, with options for 33 more jets.
UBS smashes forecasts with $1.4 bn net profit
Swiss banking giant UBS said Wednesday it earned a net profit of $1.4 billion in the third quarter, beating analyst expectations. Analysts polled by Swiss agency AWP expected profit of $758 million on revenue of $11.5 billion.
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
Economy
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