Economy
CBN gives clarification on NNPC’s right to buy dollar from FX market
According to Yemi Cardoso, governor of the CBN, NNPC Limited has the same freedom as any other customer to buy dollars from the foreign exchange market.
BHP, Vale agree to pay $30bn compensation for Brazil dam disaster
Mining giants BHP and Vale on Friday signed a deal with Brazil's government to pay nearly $30 billion in compensation for a 2015 dam collapse that triggered the country's worst environmental disaster.
IMF raises concerns about effects of Sudan conflict on neighbors
The war in Sudan is likely to cause heavy economic damage in neighboring countries, the IMF's deputy director for Africa, Catherine Pattillo, told AFP. "What is going on there for the people in Sudan is just so heart wrenching and devastating. "You could think of Sudan (and) also some of the security issues in the Sahelian countries, also affecting growth," Pattillo said.
UK's Labour govt prepares to unveil its first budget
Britain’s new Labour government unveils its maiden budget Wednesday, with Prime Minister Keir Starmer warning of "painful" decisions over taxes and public spending. "Alongside tough decisions on spending and welfare... taxes will need to rise," Reeves wrote in the Financial Times on Thursday.
No more N167k: Elon Musk’s Starlink slashes subscription fee again
For the time being, Elon Musk's satellite internet company Starlink has temporarily stopped hiking its monthly subscription rate for its Nigerian clients.
Germany promises more visas for Indians during Scholz visit
Germany promised to dramatically boost the number of skilled Indians it permits to work in the country as Prime Minister Narendra Modi hosted Chancellor Olaf Scholz in New Delhi on Friday. His administration agreed to increase the number of visas granted annually to skilled Indian workers to 90,000, up from 20,000.
Nigeria’s total debt profile Rises to N134 trillion amid Tinubu’s new borrowings
Nigeria's total domestic and external debt has hit N134.3 trillion in three months amid new borrowings by the Nigerian government under President Bola Tinubu
Russia hikes interest rates to 21%, highest since 2003
Russia's central bank hiked interest rates to 21 percent on Friday, taking borrowing costs to their highest level in more than 20 years amid surging inflation. Official borrowing costs in Russia have not been above 20 percent since 2003.
New billionaires set to join Dangote, others as FG begins screening bidders for 2024 oil block
The Nigerian Upstream Petroleum Regulatory Commission has started the technical screening of financially eligible bidders for the 2024 licensing bid rounds.
Economy
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