Economy
CBN issues steps to reclaim dormant accounts as customers rush to Access, others to reactivate
Customers of various financial institutions are making last-minute efforts to reclaim the funds left in their dormant account before the CBN takes over in a few days
World Bank approves $1.5 billion Ethiopia rescue package
The World Bank has approved a $1.5 billion financial package to support cash-strapped Ethiopia's economic reform programme after officials loosened curbs on the local currency. The IMF board on Monday approved a four-year loan programme worth around $3.4 billion to support the reforms, with around $1 billion immediately disbursed.
Traders quote new rates for British pound, euro as CBN sells FX to dealers
The Nigerian currency, the naira, has shown a mixed reaction against the British pound and the euro following its recent crash against the dollar in all markets.
HSBC records $21.6 billion pre-tax profit in first half 2024
Banking giant HSBC said Wednesday that pre-tax profits in the first half of 2024 came in at $21.6 billion, slightly lower than last year's record performance. "After delivering record profits in 2023, we had another strong profit performance in the first half of 2024, which is further evidence that our strategy is working," said Noel Quinn, the group's outgoing chief executive.
Bank of Japan raises key interest rate for second time in 17 years
The Bank of Japan lifted its main interest rate Wednesday for just the second time in 17 years in another step away from its long-standing ultra-loose monetary policies. The bank is seeking to normalise its outlier ultra-loose policies, which have driven down the value of the yen.
“Thank you”: Nigerians react as federal government crashes bag of rice prices
Nigerians are taking to social media to react to the federal government’s decision to set the price of a bag of rice at N40,000, compared to N80,000 in the market.
Greece tries to tempt its emigrants back home
When Konstantinos Tsanis got his doctorate in finance in 2011 at the height of Greece's debt crisis, his chances of a well-paid job at home were pretty thin. Some 350,000 people who emigrated during the crisis have since returned, the finance ministry said in March.
US Fed expected to pause again and hint at September rate cut
The US Federal Reserve is highly unlikely to waver from its position of holding interest rates at a two-decade high on Wednesday, but could drop hints about a September start to rate cuts.
Yen rises ahead of Bank of Japan decision as rate hike talk swirls
The yen extended its rally against the dollar Wednesday ahead of a much-anticipated Bank of Japan announcement, with debate centred on whether it will hike interest rates, while equities mostly rose on growing hopes for a cut in US borrowing costs.
Economy
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