Economy
Canadian fashion mogul Nygard sentenced to 11 years for sexual assaults
Peter Nygard, the founder of one of Canada's largest clothing brands, was sentenced Monday to 11 years in prison for four counts of sexual assault of women and a girl in Toronto.
FG clears air on another tax hike after instructing fintechs to deduct N50 from customers’ account
The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, denied on Monday the rumors that the Value-Added Tax rate had increased from 7.5 to 10%.
Battery maker Northvolt to cut jobs, slash operations
Beleaguered Swedish electric car battery maker Northvolt said Monday it would cut its workforce as it scales back operations to focus on its main gigafactory in Sweden.
First step for Europe's hyperloop vehicles with test launch
The dream of hurtling between European cities at speeds of more than 700 kilometres per hour moved a step closer Monday with the first successful vehicle tests at the European Hyperloop Centre. Hardt Hyperloop hopes to start testing the lane switch soon with vehicles and eventually build a bigger centre to enable the pod to reach the dizzying speeds possible.
China's Hellobike looks to say hello to Europe
Chinese bicycle-sharing giant Hellobike plans to expand to Europe, its management said Monday, with its point of entry likely to be Paris. Hellobike also plans to submit bids in other French cities as well as Barcelona and Sevilla in Spain.
Europe needs 'unprecedented' investment surge, says key report
Europe must massively ramp up investment including through joint borrowing as part of a "new industrial strategy" to keep pace with the United States and avoid dependence on China, a keenly awaited report warned Monday.
Nigerians ask questions as FG begins sale of bag of rice for N40,000, sets conditions
As part of its efforts to alleviate the suffering of Nigerians, the federal government has announced that it has begun selling bags of rice for N40,000.
ECB to deliver fresh rate cut as inflation cools
The European Central Bank is expected to cut interest rates again this week as inflation drifts back down towards its two-percent target, but policymakers will likely stay tight-lipped on future moves. The central bank has in recent times insisted it will not foreshadow its future moves, and will rely solely on incoming data.
Asian markets tumble as US jobs data stoke recession fears
Asian markets tumbled Monday after another batch of worse-than-expected US jobs data revived fears about a possible recession in the world's top economy. "The current batch of data no longer requires patience, it requires action," he warned, while adding that he did not think the economy was in recession or headed for one.
Economy
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