Economy
CBN predicts new naira rate as currency depreciates by 70% against dollar
Nigerian businesses expect the naira to weaken between now and December, but to strengthen the following year, according to a Central Bank of Nigeria (CBN) analysis.
World's second largest diamond found in Botswana
A massive 2,492-carat diamond -- the second largest in the world -- has been discovered in Botswana, the Canadian mining company that found the stone announced Thursday. Before the find was announced on Thursday, the largest diamond discovered in Botswana was a 1,758-carat stone mined by Lucara at the Karowe mine in 2019 and named Sewelo.
Nestle CEO Schneider to step down after eight years at helm
Nestle chief executive Mark Schneider is leaving the Swiss food group after eight years in charge and will be replaced by Latin America boss Laurent Freixe, the company said Thursday. The company has also faced controversy in recent years, with Swiss NGO Public Eye accusing Nestle of selling baby food with high levels of added sugar in low-income countries but not in wealthier nations.
Mpox vaccine maker says 'better prepared' than in 2022
Danish drugmaker Bavarian Nordic said Thursday that it was "better prepared" to supply its mpox vaccine for the current surge of the virus than it was for the 2022 epidemic. Last week, the health agency of the African Union said some 200,000 vaccines would be deployed across Africa, thanks to agreements with the EU and the Danish drugmaker, whose vaccine was approved in 2019.
Canada rail freight shut down threatens to disrupt economy
A labor dispute in Canada threatened to disrupt the North American economy on Thursday after the county's two rail operators shut operations, locking out nearly 10,000 workers.
US existing home sales rise in July, ending downward trend
Sales of previously owned homes in the United States edged up in July, industry data showed on Thursday, breaking a four-month trend of declines. Housing inventory also edged up from June, NAR data showed.
Access, others sell dollars at cheaper rate as naira gains in official market, falls in black market
The Nigerian currency, the naira, came back against the dollar in the official market after the CBN announced a record remittance inflows into the Nigerian economy.
French court dismisses appeal in Agent Orange case
A Paris court Thursday rejected an appeal by a French-Vietnamese woman who has been trying to sue Monsanto and other makers of Agent Orange for the chemical's use in the Vietnam war. The Paris Court of Appeal used the same argument in rejecting Nga's claim.
Climate change a mixed blessing for sun-starved Irish vintners
At a tiny outpost in the wine world, Ireland's handful of winemakers are cautiously eyeing long-term growth potential as climate change warms up its cool climate. Irish winemakers who are clever with site selection and willing to "play the long game" can reap rewards, she said.
Economy
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