Economy
US new home sales slow slightly in August
Sales of new homes in the United States cooled less than expected in August, according to government data released Wednesday, with lower interest rates potentially boosting the market going forward. This could, in turn, boost the market for home sales further.
CBN, Access, Zenith, UBA, others Sell $9.9 billion as traders Quote new rates for naira against USD
The Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a surge of forex in August, resulting in a massive turnover of $9.9 billion in August 2024.
Google files EU complaint over Microsoft cloud services
Google said Wednesday that it had filed a complaint against Microsoft at the European Commission, accusing its rival of "anticompetitive" licensing practices to force customers to use its cloud service. The complaint was filed on Tuesday.
Group reacts as CBN adjusts changes to interest rate for customers of Access, UBA, GTB, others
The organized private sector is worried that this could make bad loans in different deposit money banks worse following the recent decision of the MPC.
Unions vow 'bitter resistance' as Volkswagen talks begin
Volkswagen bosses and workers' representatives started crunch talks Wednesday about the ailing German auto titan's drastic cost-cutting plans, with thousands of staff staging a protest and unions vowing "bitter resistance". "Anyone who sows fear and gambles with the future of our colleagues will reap bitter resistance," vowed Groeger.
Good news for naira as CBN explains how Dangote refinery will reduce FX pressure
According to Yemi Cardoso, the governor of the CBN, the need for foreign currency will decline after petroleum products are taken out of the Dangote Refinery.
OECD calls for higher property taxes to fight debt
The OECD slightly raised its world economic growth forecast for 2024 on Wednesday but called for higher property and environmental taxes to combat soaring debt in many countries. "On the revenue side, efforts to eliminate distortive tax expenditures and enhance revenues from indirect, environmental and property taxes are called for in many countries," the organisation said.
Britain's Rightmove rejects higher £6.1-bn Murdoch bid
British property website Rightmove said Wednesday it had rejected a third "unsolicited" proposal, worth £6.1 billion (US$8.2 billion), from REA Group, the Australian peer majority-owned by Rupert Murdoch's News Corp empire. The first takeover proposal was priced at £5.6 billion.
Cuts, cash, credit: China's latest bid to jumpstart flagging economy
China this week unveiled a bundle of new measures aimed at kickstarting its economy, which has been battered in recent years by unprecedented headwinds including a property sector crisis and sluggish spending. The raft of measures, including the cuts, are considered the boldest in years as Beijing aims to revive economic activity.
Economy
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