Economy
“No more N750/$:” FG explains new exchange rate for 2024 budget, says It’s achievable
The Nigerian government has explained the reason for readjusting the benchmark exchange rate for the 2024 budget from N750 to N800 per dollar, stating that its okay.
Wars to cast pall over meeting of global VIPs in Davos
The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine set to dominate the annual gabfest in the Swiss Alps. "We know that the war in Gaza is still going on and there are worries for a further escalation," Brende said, adding that the WEF meeting would "look how to avoid a further deterioration".
China, Russia trade soared in 2023 as commerce with US sank
Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday, as commerce with the United States fell for the first time in four years on the back of geopolitical tensions. Commerce with the United States was valued at $664 billion last year, down 11.6 percent from 2022.
Oil rallies as US, UK strike Huthis, stocks mixed after US CPI
Oil prices surged Friday after US and UK forces launched strikes against Iran-backed Huthi rebels in Yemen following attacks on ships in the Red Sea, fuelling worries about a wider conflict in the crude-rich region.
E-bike craze in high gear at CES gadget fest
Electric bicycle makers at CES touted slick features like ChatGPT as they rode a trend of people wanting to enjoy a breeze in their face without sweat on their brow. People wanted the convenience and cost-savings of getting around cities by bicycle, and were averse to public transport given Covid concerns, Ren said.
Biden sells economic strength, but voters aren't buying yet
US President Joe Biden has good news to sell on the economy as he seeks reelection in November -- but voters don't seem to be buying it. Biden's confidence that the economy would woo voters saw the White House last year rebrand his policies "Bidenomics" as they tried to sell the good news to voters last year.
2023 inflation tops 211 percent in economic crisis-torn Argentina
Argentina's annual inflation surged beyond 200 percent in 2023, the statistics agency said Thursday, as the country grapples with an economic crisis new President Javier Milei has vowed to address by slashing state spending. Milei has warned the country is on the brink of hyperinflation, and said economic "shock" treatment was the only solution.
US opens safety probe into Boeing after Alaska Airlines incident
The US Federal Aviation Administration (FAA) announced Thursday it is launching a safety probe into Boeing following last week's near-catastrophic incident on an Alaska Airlines-operated 737 MAX. "This incident should have never happened and it cannot happen again," the FAA said in a statement, after a panel known as a "door plug" blew out of the plane over the western US state of Oregon.
Iran seizes oil tanker off Oman in dispute with US
Iran's navy seized a ship off Oman to retaliate for the "theft" of its oil from the same tanker last year by the United States, state media said Thursday. The seizure was in retaliation for "violation committed by the Suez Rajan ship... and the theft of Iranian oil by the United States", IRNA said.
Economy
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