The Nigerian currency has continued its upward climb against the dollar in official and parallel markets, closing at N1,527 and N1,565 per dollar, respectively.
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Pakistan braces for 'transitional pain' as IMF approves $7 bn loan
Pakistan said Thursday it would have to go through "transitional pain" after the International Monetary Fund agreed to a new relief package of $7 billion to bolster its faltering economy. "There will be transitional pain, but if we are to make it the last programme, then we have to carry out structural reforms," Finance Minister Muhammad Aurangzeb told local broadcaster Geo News.
Experts explain implications of Nigeria’s latest interest rate hike
The CBN raised the benchmark interest rate for the sixth consecutive time, this time by 0.5 percentage points to 27.25 percent, despite declining inflation.
French borrowing costs surpass Spain's, a first since 2006
The French government's borrowing costs surpassed Spain's for the first time in almost 18 years on Thursday as investors worry about France's yawning public deficit. Eric Dor, director of economic studies at France's IESEG School of Management, said the "dramatic improvement in the performance of southern countries" was the main factor behind Spain's borrowing costs being lower than France's.
World's first CO2 storage service soon ready in Norway
Norway inaugurated Thursday the gateway to a massive undersea vault for carbon dioxide, a crucial step before opening what its operator calls the first commercial service offering CO2 transport and storage. On the island of Oygarden, a key milestone was marked on Thursday with the inauguration of a terminal built on the shores of the North Sea, its 12 shiny storage tanks rising up against the sky.
South Korea surges in UN innovation index
South Korea made the biggest jump among the world's 10 most innovative economies in the UN's annual rankings published Thursday, alongside a gloomy global outlook for innovation investment. But South Korea was the biggest mover in the GII's top 10, up four places to sixth, leapfrogging Finland, the Netherlands, Germany and Denmark.
Ex-Harrods owner Al-Fayed presided over 'toxic culture': managing director
Harrods' managing director on Thursday said his former boss Mohamed Al-Fayed, who is accused of sexual assault by dozens of women, presided over a "toxic culture of secrecy, intimidation, fear of repercussion and sexual misconduct". In 2008, Fayed was accused of sexually assaulting a 15-year-old girl and CPS reviewed evidence in 2009.
Rivers, two others lead states with highest number of unemployed people in new ranking
A recent report shows Nigeria's unemployment rate has risen to 5.3% IN 2024 from five per cent in 2023, with Abia, FCT, and River State recording the highest rate.
Ubisoft shares sink after 'Assassin's Creed' delay
Shares in French video game giant Ubisoft plunged nearly 20 percent Thursday after it dropped its profit targets following a delay to its latest "Assassin's Creed" title. Sales of the hotly awaited title have been lower than expected, and Ubisoft said it developers were focused on improving the game before moving to "further polish" the game-play of "Assassin's Creed Shadows".
German economy to shrink again in 2024: think tanks
Germany's economy is expected to shrink slightly in 2024, leading economic institutes said on Thursday, as the traditional manufacturing powerhouse continues to stagnate. Most recently, the economy underperformed analyst expectations in the second quarter, shrinking by 0.1 percent.
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