Business archive

Page 7

1. Unacademy Sells to upGrad for $206M, Down About 94% From Peak Valuation

   Unacademy sold to rival upGrad for ₹19.55 billion (about $206 million), roughly a 94% decline from its $3.44 billion 2021 peak.

2. Nokia Risks Margin Erosion Unless It Secures Africa’s AI Network Role

   Nokia is shifting to AI-native networks and edge computing after launching AI-RAN on July 15, 2026, to win value in Africa’s $66 billion telecom

3. 10-Year Treasury Yield Hits 4.788%, Raising Borrowing Costs Nationwide

   The 10-year Treasury yield rose to 4.788%, the highest since Jan. 14, 2025, as Middle East tensions and stronger oil prices rekindled inflation fears.

4. Ikea Cuts Prices Across Europe, Spending €1.2bn to Counter Falling Sales

   Ikea is cutting prices on hundreds of European products and spending €1.2bn to do so. The aim is to lift sales but margins may shrink.

5. MTN, Airtel Lift Telecoms to 10.38% Growth, Add ₦5.20 Trillion to Q2 GDP

   Telecoms and information services grew 10.38% in Q2 2026, contributing ₦5.20 trillion and 9.72% of Nigeria’s real GDP.

6. Kenya Overtakes Nigeria In M&A Value, Nedbank Secures 66% Of NCBA

   Kenya climbed to the top of Africa's M&A value rankings as deal totals hit $1.44 billion; Nedbank won approval to acquire 66 percent of NCBA.

7. NUPRC Keeps $300 Helicopter Levy, Exempts Private Offshore Landings From TNC

   $300 per-landing helicopter charge stays in force and must be paid to NAMA. NUPRC says the Terminal Navigational Charge will not apply to private

8. Cornwall Hospitality Demands Permanent VAT Cut After Short Summer Scheme

   Businesses say the £300m Great British Summer Savings cut to 5% for just under 10 weeks failed to reach many, and they want a permanent rate.

9. Victoria Beckham Brand Posts First Profit After 18 Years, £7.3m Gain

   Victoria Beckham Holdings recorded a £7.3m operating profit in 2025, its first since 2008, driven by fashion growth and skincare demand.

10. FBNBank Senegal Named First Official Bank Partner For Dakar 2026 Youth Olympic Games

    FBNBank Senegal will sponsor Dakar 2026 as the first Official Bank Partner, advancing youth development through the First@Sports programme.

11. Bolt’s Survival Hinges On Breslow’s $27M Pay-To-Play Bridge

    Ryan Breslow is putting $5 million of his own money into a pay-to-play convertible bridge of up to $27 million to stabilize Bolt.

12. Bailey Warns G20 That AI Could Trigger Global Market Downturn

    Bank of England governor Andrew Bailey told G20 finance ministers AI-driven market concentration and cyber threats could spark a global downturn.

13. George Santos Permanently Banned From Kalshi, Fined $71,356

    Kalshi barred former Rep. George Santos and fined him $71,356 after alleging he traded on his State of the Union attendance and tried to skew

14. MapQuest Tops U.S. Navigation Charts After Refusing To Rename Lake Ontario

    MapQuest rose to No. 1 in U.S. Navigation after refusing to rename Lake Ontario, drawing hundreds of thousands of downloads and major chart gains.

15. Investors Gain As PZ Cussons Posts ₦260.46 Billion Revenue, PAT Up 349%

    Revenue rose 22% to ₦260.46 billion in FY2026; profit after tax hit ₦45.2 billion. Board proposes ₦2.50k dividend per share.

16. OpenAI Ads Hit $1 Billion Run Rate, Strengthening IPO Case

    OpenAI’s ad unit reached a $1 billion annualized run rate about 200 days after launch, bolstering its IPO revenue case.

17. Court Ruling Exposes Tax Avoidance at 2 America Square, Risks Rate Mitigation Industry

    The court of appeal has found short-term 'box shifting' does not count as lawful occupation, threatening firms that saved companies millions.

18. Bailey Warns AI-Driven Cyber Risk Threatens Global Financial Stability

    Bailey told G20 officials frontier AI could amplify cyberattacks, exploiting common tech providers and risking broad market disruption.

19. Baristas Vs Billionaires Amplifies Pressure on Starbucks Union Talks

    A new documentary about the Buffalo union drive lands as contract talks stall, a boycott grows and hundreds of labour charges wait resolution.

20. Nigeria Orders Crypto Firms To Lock 80% Of Customer Assets Offline

    SEC rules require exchanges and custodians to segregate client funds, keep most assets in cold storage, and meet tougher capital and insurance

21. Import-Dependent Marketers Risk Losing Dangote Petrol Over Blended Imports

    Dangote may curb petrol supplies to marketers that keep importing PMS, citing blending with imported fuel and risks to its product quality.

22. BYD Profit Decline Sends Shares Lower As Competition Narrows Margins

    Shareholders lost value after BYD’s first-half net profit slid, pushing Hong Kong stock nearly 5% lower.

23. Investors Pull Back As Nigeria’s State Electricity Markets Hit Bankability Wall

    Decentralisation has not unlocked billions, only 16 states have autonomy and investors cite payment and credit risks that block financing.

24. Tariff Fight Costs Ontario Tens Of Thousands Of Jobs, Redirects Canadian Exports

    US and Canadian tariffs on C$28bn of trade have driven job losses in Ontario and pushed Canadian firms to seek foreign buyers.

25. Aon Nears $17 Billion Purchase of USI, Targeting Midsize Insurance Market

    Aon is set to buy insurance broker USI for about $17 billion, including debt. The deal could be announced as soon as Monday.

26. Investment In Local Refineries At Risk Unless NMDPRA Limits Fuel Imports

    CPPE wants NMDPRA to approve fuel imports only for verified domestic deficits, noting imports hit 19.7 million litres/day in July.

27. Mansfield Seeks $4 Million, Judge Orders $2.75 Million Held in Fuel Dispute

    Mansfield Oil sued Aug. 19, alleging KRSM took more than 1.1 million gallons and left about $4 million unpaid. A judge ordered $2.75 million held.

28. Filmhouse Honors Guards, Bolsters Security After Lekki Attack

    Filmhouse Group will upgrade security at all locations and has paid tribute to two frontline guards after a deadly attack in Lekki.

29. OpenAI To End Model Access To Cursor After Acquisition By Elon Musk's SpaceX

    OpenAI will cut off model access through Cursor in Nov.; the move follows Cursor's acquisition by Elon Musk's SpaceX.

30. Sony Music And Warner Move To Hold Anthropic Accountable For Alleged IP Theft

    Sony Music and Warner accuse Anthropic of broad intellectual property theft, centring their complaint on alleged illegal piracy.

31. US To Cut Off Banque Misr's UAE Branches Over Iran Ties

    The US Treasury will remove Banque Misr's United Arab Emirates operations from the US financial system, an official said.

32. IMAX CEO Calls An 'Imax Awakening' As Nolan's 'The Odyssey' Pulls Crowds

    Christopher Nolan's "The Odyssey" has movie and history buffs flocking to theaters this summer.

33. Naira Strengthens to N1,337/$ as Nigerian FX Turnover Falls 48.7%

    The naira rose to N1,337/$ while weekly Nigerian FX turnover plunged 48.7% to $2.71 billion, extending recent currency gains.

34. Two Banks Pause Sales Of Mark Walter's Delaware Life Products Amid Probes

    Two banks have halted sales of Delaware Life products while probes continue. Walter's holding company insists "there has been no fraud."

35. Markets Face Less Guidance After Fed Chairman Warsh Flags Inflation, Urges 'Quieter' Fed

    Warsh framed a policymaking philosophy focused on inflation, but he avoided giving explicit signals, leaving markets to infer next steps.

36. Edinburgh Launches New Media Event After TV Festival Moves To Manchester

    Edinburgh's long-running TV Festival is relocating to Manchester next year, and the city is preparing a new media event to follow its final edition.

37. Atorie Raises $9.5M to Sell Factory-Made Luxury Without Markups

    Atorie sells handbags and clothes made in the same factories and materials as high-end brands, for a fraction of the usual price.

38. Phillips Consulting’s PASGA Report Gives Nigeria an Evidence Base to Strengthen Federal Civil Service

    Phillips Consulting presented the PASGA Report, closing a nationwide audit that maps personnel and skills across MDAs.

39. AWS to Add 2 Million Nvidia GPUs, Deepening Amazon-Nvidia Tie

    Amazon will add 2 million Nvidia GPUs to AWS data centers in 2027 and 2028, expanding a partnership as demand outpaced prior plans.

40. Nvidia Poised to Become $100B-Quarter Company With $108B Forecast

    Nvidia projects $108 billion next quarter after reporting a record $96.2 billion, driven by a surge in data-center revenue.