Economy
End of golden era for Chinese investors in Bordeaux wine
After over a decade of snapping up Bordeaux wine estates, buying into a dream of elegant living in France and good earnings in their home market, many Chinese investors are now selling up.
Ex-Abercrombie CEO pleads not guilty to sex crimes
The former chief executive of the Abercrombie and Fitch clothing giant has pleaded not guilty to trafficking male models for sex parties around the world, US prosecutors said Friday. Jeffries, Smith and the pair's fixer James Jacobson allegedly used a "casting couch" ploy to groom aspiring male models to attend sex parties at which victims were plied with alcohol and drugs.
Moody's cuts France outlook, opening door to credit downgrade
Ratings agency Moody's downgraded France's outlook Friday, opening the door to a potential credit rating cut as it cited concerns over the country's finances. In the same statement, the agency affirmed France's credit rating at Aa2, saying this was supported by its "large, wealthy and diversified economy."
Good news for naira as dollar inflows hit $57 billion monthly amid reserve increase
The Central Bank of Nigeria (CBN) has disclosed that foreign exchange inflows into the Nigerian economy hit $57bn in August, exceeding the previous year's record
Lagos govt launches initiative to boost GDP, tourism, gives Details
The Lagos state government has again taken a bold step to improve tourism and boost its gross domestic product (GDP). The latest move targets cultural heritage.
IMF responds to claims it directed President Tinubu to remove fuel subsidy, devalue naira
The International Monetary Fund (IMF) has responded to claims it advised President Tinubu to remove the fuel subsidy and devalue the naira, clarifying its role.
G20 affirms commitment to transition from fossil fuels
G20 leaders affirmed their commitment to shifting away from fossil fuels after talks this week in Washington, according to a ministerial statement released Friday. The latest talks took place as world financial leaders gathered in Washington this week for meetings hosted by the International Monetary Fund and the World Bank.
Boeing exploring sale of space business: report
Boeing is exploring a possible sale of its space business as its new CEO seeks to improve the embattled company's financial position, the Wall Street Journal reported Friday. Boeing has for years worked closely with the US National Aeronautics and Space Administration (NASA), but the company's space program has suffered major setbacks in recent years.
BHP, Vale agree to pay $30bn damages for Brazil dam disaster
Mining giants BHP and Vale on Friday signed a deal with Brazil's government to pay nearly $30 billion in damages for a 2015 dam collapse that triggered the country's worst environmental disaster. President Luiz Inacio Lula da Silva attended the signing of the deal over the November 5, 2015 collapse of a tailings dam at a mine in the southeastern town of Mariana, which triggered a giant mudslide.
Economy
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