Business archive

Page 6

1. U.S. Government Gains Control of Venezuela Oil Reserves, Pentagon Secures Stake

   The Pentagon took a 35% stake in North American Blue Energy Partners, giving the U.S. control of 65 billion barrels of Venezuelan crude.

2. Polymarket Gains High-Profile Partner as LeBron James Teases Deal

   LeBron James teased a partnership with prediction platform Polymarket, signaling a campaign centered on football and a broader marketing push.

3. SUNU Assurances Lists ₦9.34 Billion New Shares to Fund AI-Led Growth

   SUNU added 2,075,285,714 shares worth ₦9.34 billion, lifting issued stock to 7,886,085,714. Management says proceeds will fund AI, digital and

4. Portfolio Cuts AI Winners and Adds Defensive Stocks as Yields Rise

   Rising oil and Treasury yields prompted a shift from AI leaders to defensive stocks. The portfolio locked gains in Palo Alto and Corning and added

5. Jenny Olson Runs Sweet Martha’s at Minnesota State Fair and Keeps Output Near Three Million Cookies

   Olson leaves Los Angeles for 12 days to run Sweet Martha’s at the Minnesota State Fair, producing up to three million cookies on peak days.

6. Jaguar Land Rover Opens Voluntary Redundancies to Cut £1.7bn

   The carmaker launched a voluntary redundancy programme to save about £1.7bn over two years, after a cyber-attack forced months-long shutdown.

7. OpenAI‑Hugging Face Agent Hack Pushes CISOs Into Boardrooms and Sparks Hiring Frenzy

   The OpenAI‑Hugging Face agent hack elevated CISOs from technical stewards to boardroom figures, driving a scramble for AI‑proven security chiefs and

8. Ethiopian Airlines Raises Nigeria Flights to 53 and Adds Port Harcourt Service

   Ethiopian Airlines lifted weekly services to Nigeria to 53 and launched four weekly flights to Port Harcourt, deepening its domestic footprint.

9. Flight Prices Rise After Middle East War, Branson Blames 'Foolish Leaders'

   Middle East tensions have pushed jet fuel costs sharply higher, prompting airlines to add surcharges.

10. Judge Blocks Rival From Using Twitter Name, Keeps 'Tweet' Available

    A federal judge temporarily barred an X rival from using the Twitter name, while finding X likely abandoned the 'Tweet' trademark.

11. Firmus Energy Raises Tariffs, Ten Towns Bills Up £7 and Greater Belfast £12

    Firmus Energy will raise tariffs by 8.98% in the Ten Towns from 1 October and by 12.5% in Greater Belfast from 8 October.

12. Dangote Refinery Sets IPO Price at ₦525 and Seeks $1.5 Billion Raise

    Dangote Petroleum Refinery plans to price shares at ₦525, aiming to raise about $1.5 billion to fund a major capacity expansion.

13. UK Drivers Face Highest Petrol Prices Since Iran War Began

    Average petrol rose to 163.6p per litre as Brent crude stays elevated after renewed fighting in the Middle East. Diesel is 184.99p.

14. Nvidia Raises Equity Holdings to $99 Billion, Becomes Major AI Backer

    Nvidia has pushed equity investments to $99 billion, directing more than $40 billion in 2026 into AI labs, cloud firms and infrastructure.

15. India’s 7.8% June-Quarter GDP Faces Credibility Risk After Ex-Official’s Claim

    A former finance secretary says last year’s GDP was cut by 6 trillion rupees, making the June-quarter 7.8% growth appear stronger.

16. Tolaram Secures $51 Million Loan, Eases Repayment Pressure on Guinness Nigeria Debt

    Tolaram borrowed $51 million from Mauritius Commercial Bank to refinance part of its Guinness Nigeria acquisition debt.

17. Nigeria Secures IEA Support to Bolster Energy Data and Attract Investment

    Nigeria and the IEA signed a Joint Work Programme to build reliable energy data, strengthen policy and lift investor confidence in the sector.

18. Nigeria’s $420 Billion Economy Leaves 31.8 Million Facing Hunger

    Headline growth pushes GDP to $420 billion, while 31.8 million Nigerians face acute food insecurity and food inflation hits 40.9% in August 2026.

19. Volkswagen Approves 50,000 More Job Cuts, Total 100,000 by 2030

    Volkswagen's board approved cutting 50,000 more jobs, raising planned losses to 100,000 by 2030 as the group reshapes to cut costs.

20. Sadiq Khan Agrees to Text and Email Searches in Palantir Lawsuit

    Khan will have his texts, WhatsApp and Teams messages reviewed after he vetoed a £50m Palantir deal with the Metropolitan Police.

21. Chinese Connected Vehicles Face U.S. Ban That Would Block Sales

    The Alliance for Automotive Innovation asked Congress to outlaw Chinese connected vehicles, hardware and software before the Jan. 3 adjournment.

22. Lululemon Shares Drop 15% After Revenue Falls and Full-Year Outlook Is Cut

    Shares plunged 15% after Lululemon reported a 4% revenue decline, a 9% comparable-sales drop and a weaker full-year revenue and earnings outlook.

23. Accel Moves to Lead $1B Round for Thinking Machines at $40B Valuation

    Accel is in talks to lead a $1 billion round for Thinking Machines at a $40 billion valuation. The startup’s revenue run rate tops $100 million.

24. Retail Options Rush Boosts Robinhood, Tesla, Palantir and SpaceX Volume

    Calls outnumbered puts by at least 2 to 1 as options volume surged in Robinhood, Tesla, Palantir and SpaceX, with the VIX trading below 15.

25. Ghana Industry Gains On-Demand Parts as Arridex Launches Borderless Manufacturing Network

    Ghanaian firms gain immediate access to advanced parts after Arridex activated an ADAM Network node tied to its Lagos Omnifactory.

26. Kwara Courts Investors, Seeks to Turn Reforms into Jobs

    Kwara is pitching institutional reforms and infrastructure to attract private capital. The state aims to convert investment into industries and jobs.

27. Ten Nigerian Firms Added to FTSE Frontier Index, Including Dangote Cement and MTN

    FTSE Russell added 10 Nigerian companies to its FTSE Frontier Index Series, a move that comes as Nigeria prepares to return to Frontier Market status.

28. Nvidia Acquires Hugging Face, Gains Open-Model Hub

    Nvidia will buy Hugging Face for $12.93 billion, adding a hub that hosts three million models, one million apps and over 18 million developers.

29. U.S. AI Buildout Faces Higher Costs and Delays From Chinese Power and Optical Parts

    Heavy reliance on Chinese transformers, switchgear, batteries and optical transceivers threatens higher costs and delivery delays for U.S. AI data

30. Capitec Secures A2X Listing, Gives Investors a New Trading Venue

    Capitec will begin trading on A2X on September 7, offering shareholders a second market. The listing arrives as the bank expands into payments and

31. Naira Strengthens to ₦1,326.69, Bolstering Official FX Liquidity

    The naira rose to ₦1,326.69 in the official FX market on stronger dollar liquidity, higher reserves and record formal remittances.

32. Otedola’s First HoldCo Stake Climbs To ₦1.82 Trillion After Calvados Buys

    Calvados spent ₦351.17 billion to buy 2.867bn First HoldCo shares, lifting Otedola’s stake to 26.71% worth about ₦1.82 trillion.

33. Broadcom Bets On $230 Billion AI Revenue, Sees EPS Above $30

    Broadcom trimmed near-term revenue guidance while projecting $230 billion in AI sales by fiscal 2028 and earnings per share above $30.

34. Trump Becomes First Living President On US Coin In A Century

    The US Mint issued a $1 commemorative coin of Donald Trump, the first living president on US currency in a century. Rolls cost $61; bags $154.50.

35. Bolt Commits To Nigeria After Uber Exit, Riders Lose A Competitor

    Bolt will remain in Nigeria after Uber wound down operations on September 2, 2026. The exit narrows consumer choice and reshapes the mobility market.

36. Los Angeles Angels Sale Sets Record at $4 Billion, Raising MLB Valuation Benchmark

    The Los Angeles Angels agreed to sell for a record $4 billion, establishing a new high-water mark for Major League Baseball franchise values.

37. Uber Exits Nigeria And Uganda, Cuts Around 10% Of Global Staff

    Uber has wound down operations in Nigeria and Uganda effective 2 September 2026. The move follows a global restructuring that cuts roughly 10% of

38. China Risks Strained Ties After Dissent From G20 Statement, Bessent Says

    China was the lone G20 dissenter to a joint warning against 'cheap exports', Treasury Secretary Scott Bessent said.

39. Range Rover Launches First Fully Electric Model, Built in Solihull

    Range Rover unveils its first fully electric model, built in Solihull as JLR retrains 10,500 staff and adds battery production capacity.

40. Thrive Faces Legal Scrutiny After Kushner Defends Role in Aborted FIFA Deal, Hires Alex Spiro

    UEFA has asked U.S. courts to force document disclosure over Thrive’s role in a scrapped $20 billion FIFA plan. Kushner calls the idea sound.