Business News

Page: 2

China has released a list of sixteen US imports that will be exempted from tariffs in the ongoing trade war between the world’s two largest economies. They include anti-cancer drugs and animal feed. But with more than five thousand products on it, the list of goods that are still subject to extra taxes is much […]

The Economic and Financial Crimes Commission (EFCC) has extended to Olusegun Obasanjo Presidential Library, its investigation of the laundered 150 million euros cash-for-poll by associates of former vice-president Atiku Abubakar. It was learnt that the investigators went to the Library on August 8 to authenticate the claims by one of those under probe that he […]

The Nigerian National Petroleum Corporation (NNPC) yesterday said oil and gas pipeline vandalism rose by 77 per cent in June this year.The newly released June edition of the corporation’s Monthly Financial and Operations Report (MFOR) showed that 106 pipeline points were breached as against the 60 points vandalised the preceding month. NNPC’s Group General Manager, […]

Precarious economic conditions have created an increase in the cost of living in Nigeria. Instead of reflecting this change, however, working conditions for average citizens remain problematic. The Nigerian informal economy is a largely hostile and volatile environment. The nature of the informal economy is that it is not subject to federal labour laws. Small-time […]

South Korean-American president of the World Bank, Jim Yong Kim stands unopposed for a second term, with an invaluable endorsement by the US Treasury Department. In keeping with an unbroken tradition, the US nominee will again fill the presidency at the World Bank, while the International Monetary Fund remains in European hands as Christine Lagarde […]

The head of the International Monetary Fund says that governments need to directly support those who suffer from globalization amid a rising tide of protectionist sentiment around the world. Christine Lagarde, who spoke at an event hosted by The International Economic Forum of the Americas in Toronto Monday, said that the backlash against globalization represents […]

Nigeria’s external reserves have been depleted by one billion dollars in the last five weeks, according to the latest statistics from the Central Bank. The decline was attributed to the regulator’s almost daily sale of currencies or interventions at the new floating foreign exchange market. Africa’s largest oil producer sees its external forex reserves down […]

South Africa avoided slipping into recession today with official statistics showing the economy grew three-point-three percent in the second quarter after a one-point-two percent contraction in the previous quarter. The annualized growth rate was mainly spurred by the manufacturing sector which expanded by eight-point-one percent, as well as the real estate and transport sectors that […]

In view of the current economic condition of the country, stakeholders in the Maritime industry have called on the Nigerian Ports Authority, NPA, to halt charging tariffs in foreign currencies saying it is having adverse effects on the industry and could lead to further retrenchment in the industry. They also urged the NPA to review […]

South Africa has regained the title of Africa’s largest economy, two years after Nigeria rebased its GDP to claim the spot, according to IMF data. A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar. Both economies face recession after contracting this year. But while the […]

Current track