Economy
Nigeria successfully repays Chinese, World Bank loans as debt servicing jumps by 277.64 Per Cent
The Debt Management Office (DMO) has revealed that debt servicing jumped to 277.64% in the third quarter of 2023, with China, the World Bank as top recipients
'Urban mining' offers green solution to old solar panels
As the world pivots from planet-warming fossil fuels to renewable energy, a new pollution problem is rearing its head: What to do with old or worn-out solar panels? With the United States among countries committed to weaning itself off fossil fuels following a landmark COP28 climate agreement, solar panel installation looks set to increase to a peak two decades from now.
Chinese EV automaker BYD to build car factory in Hungary
China's top electric automaker BYD will build a car factory in Hungary, the company said Friday, as it pushes forward with plans for expansion into Europe despite growing concerns around fair competition. BYD already has operations in Hungary, including an electric bus factory.
Cummins to pay $1.67 bn to settle engine emission control claims
US engine maker Cummins Inc has agreed to pay $1.67 billion to settle claims it installed devices to defeat emissions controls in hundreds of thousands of pickup truck engines, the Justice Department said Friday. Defeat devices and auxiliary emission control devices were allegedly installed on nearly one million engines produced since 2013 for RAM pickup trucks, which are made by Stellantis.
Key US inflation gauge cools in November as rate cut looms
A measure of inflation favored by the US Federal Reserve weakened in November on lower energy prices, government data showed Friday, providing further reassurance to policymakers keen to rein in price increases. Friday's numbers also showed that consumption ticked up 0.2 percent from a month prior in November, while personal incomes increased too.
US new home sales slow more than expected in November
Sales of new US homes cooled more than anticipated in November, slipping to the lowest level in a year, according to government data released Friday. Analysts noted Friday that home sales data can be volatile and subject to revision.
French caviar farms look forward to EU label of origin
At a French caviar factory this week, a worker used tiny pliers to carefully line up black sturgeon fish eggs against a ruler. When the eggs were not yet big enough or too mature, the fish was sent shooting down a slide back into the water.
FIRS launches digital scheme to include informal sector in Nigeria's tax net, monitor traders
The Federal Inland Revenue Service (FIRS) has launched a digital platform to include the market traders, plumbers and the entire informal sector in the tax system.
Zambia president blames private creditors for debt deal delays
Zambia's President Hakainde Hichilema on Friday blamed private creditors for holding up a long-sought debt restructuring deal for the first African nation to default after the Covid pandemic. The framework has been criticised as many African nations are either already in, or on the edge of, debt distress.
Economy
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