Business archive

Page 9

1. SEC Orders Capital Market Firms to Cut North Korea and Iran Ties

   Nigeria’s Securities and Exchange Commission has directed capital market operators to restrict dealings involving North Korea and Iran under new anti-money laundering rules.

2. Stripe and Advent Reportedly Renew Talks to Buy PayPal

   Stripe and private equity firm Advent are reportedly in continuing talks to acquire PayPal in a deal that could value the fintech company at $53 billion.

3. Drone Stocks Rally After Trump Orders Tariffs

   US drone stocks surge after President Trump announces import tariffs to boost national security and manufacturing.

4. Keyamo Orders Airlines and Aviation Agencies to Agree Debt Repayment Plans After Industrial Action

   Aviation Minister Festus Keyamo has directed airlines and aviation agencies to develop repayment plans for outstanding debts following an industrial action that disrupted flights at Nigerian airports.

5. Nigerian Banks Increase Marketing Spend

   Nigerian banks spent N76.5bn on marketing in Q1 2026, a 5.35% increase despite tighter regulations.

6. Denam Charity Foundation Awards Scholarships to 30 Students

   Thirty students receive two-year scholarships from Denam Charity Foundation to improve education access.

7. Apple Opens Houston Plant With Tim Cook, Howard Lutnick

   Apple CEO Tim Cook joins Secretary of Commerce Howard Lutnick to open a new manufacturing facility in Houston, Texas, as Cook prepares to step down

8. Nigeria’s Crude Oil Output Falls 4% in July, Remains Above OPEC Quota

   Nigeria’s crude oil production fell four per cent in July to 1.505 million barrels per day, though output remained above its OPEC quota for a third consecutive month.

9. Ghana Launches Agricultural Education Fund With GH¢100m Target

   Ghana has launched the Ghana Agriculture Fund for Education and Transformation, aiming to raise GH¢100 million by December 2028 to strengthen agricultural skills, innovation and enterprise.

10. Nvidia's $500 Billion AI Financing Plan Faces Risk

    Nvidia CEO Jensen Huang pitches GPUs as collateral to unlock $500 billion in funding, but China poses a threat.

11. US Oil Reserve Falls Below 300 Million Barrels

    US Strategic Petroleum Reserve hits lowest level since1983, sparking concerns about depletion.

12. Gambia Revenue Authority Boosts Transfer Pricing Audits

    Gambia Revenue Authority launches technical assistance programme to strengthen transfer pricing audits and protect tax revenue.

13. N1.17tn Loss for Investors as NGX Reverses Gain

    Investors on the Nigerian Exchange lost N1.17 trillion as the market reversed its four-session bullish run.

14. London Heathrow No Longer Europe's Busiest Airport

    Istanbul overtakes Heathrow whose passenger numbers on Middle East routes fell 20.2% year-on-year.

15. OpenAI Reportedly Completed a $7 billion Employee Tender Offer

    OpenAI has bought back $7 billion worth of shares from employees at the privately held frontier AI lab as part of an effort to provide liquidity to its workforce.

16. Indonesia Shares Anti-graft Success with ICPC, Pushes for Sting Operations

    Indonesia has shared its anti-corruption success story with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), stressing

17. U.S.-Africa Trade Commission Appoints Aremu as Nigeria Country Director

    Dr. Fakunle John Aremu is the new Country Director for Nigeria at the U.S.-Africa Trade Commission.

18. Trump Media Reports $238m Q2 Loss Despite Revenue Growth

    Trump Media & Technology Group reported a $238m net loss in the second quarter of 2026 despite an 89 per cent increase in revenue.

19. Libya Refinery Fire Puts Oil Operations at Risk after Drone Attack

    Drone attack on Zawiya refinery may force national oil company to halt operations, warns of potential force majeure.

20. Shein Faces Existential Threat as Tariffs Hit Low-Price Model

    Shein's growth stalls in the US and Europe as new tariffs force price increases, posing a threat ahead of its Hong Kong IPO.

21. Tinubu Targets More Than Double Nigeria’s $32bn Livestock Sector Contribution

    President Bola Tinubu says his administration aims to more than double the livestock sector’s current $32 billion annual contribution to Nigeria’s economy.

22. NNPC Listing Plan Returns as Tinubu Signals Full NGX Float

    President Bola Tinubu says NNPC Limited will eventually be listed in its entirety on the Nigerian Exchange, reviving a long-standing plan for the state oil company.

23. Geregu Power Defaults on N40.09bn Series 1 Bond Payments

    Geregu Power Plc has defaulted on its N40.09 billion Series 1 Senior Unsecured Bond, missing both its eighth semi-annual coupon read more Geregu misse

24. USPS Posts $2.5 Billion Quarterly Loss as Liquidity Crisis Deepens

    The United States Postal Service reported a $2.5 billion net loss in the third quarter of 2026, warning that it faces a worsening liquidity crisis despite higher revenue and cost-saving measures.

25. Berkshire Hathaway Profit Rises 16% as Greg Abel Accelerates Buybacks and Investments

    Berkshire Hathaway reported a 16% increase in second-quarter operating earnings as stronger performances across its energy, railroad and manufacturing businesses offset weaker insurance results, while CEO Greg Abel stepped up capital deployment.

26. IMF Projects Gabon's Public Debt to Reach 94.3% of GDP by 2027

    Gabon's public debt is projected to rise to 94.3% of GDP by 2027, according to IMF estimates, driven by widening fiscal deficits and increased borrowing, including a $920 million Eurobond issued in July 2026.

27. AfDB Approves $4.23m Grant to Expand Natural Capital Financing Across 13 African Countries

    The African Development Fund has approved a $4.23 million grant to support the second phase of a project aimed at integrating natural capital into development financing across 13 African countries.

28. BP Profit More Than Doubles to $5.73bn as Middle East Conflict Lifts Oil Prices

    BP reported its highest quarterly profit since 2022 after rising oil prices linked to the conflict in the Middle East boosted earnings, while campaign groups criticised the company over soaring energy costs.

29. Banks Park ₦83.95tn with CBN as Borrowing Drops 82%

    Nigerian banks increased deposits with the Central Bank of Nigeria's Standing Deposit Facility to N83.95 trillion in July 2026, while borrowing through the Standing Lending Facility declined sharply, according to the latest CBN data.

30. Okonjo-Iweala Urges Nigeria to Prioritise Infrastructure Maintenance Over Spending

    WTO Director-General Ngozi Okonjo-Iweala has urged Nigeria to prioritise infrastructure maintenance, fiscal discipline and regional industrial development, saying budget allocations alone cannot deliver sustainable economic growth.

31. Workforce Health Becomes A Balance Sheet Risk For Nigerian CFOs

    CFOs must treat workforce health as a measurable financial risk. Nigeria’s thin data and heavy out-of-pocket spending hide real costs.

32. Novo Nordisk Shares Drop After Ziltivekimab Fails To Cut Major Heart Events

    Shareholders reacted as Novo Nordisk’s experimental drug ziltivekimab failed to produce a statistically meaningful reduction in major cardiovascular

33. GM And Ford Talk Less About EVs, Raising Strategy Questions

    GM and Ford are talking less and less about EVs. The change forces new questions about their priorities and what comes next.

34. New York Sues Kalshi, Accusing Prediction Market Of Running Illegal Gambling Operation

    State accuses Kalshi of operating an unlawful betting marketplace. The suit follows a federal judge denying Kalshi's bid to intervene.

35. Sainsbury's Sells Argos For £120m, Nearly 14,000 Staff To Transfer To Swift Partners

    Swift Partners buys Argos for £120m. Argos will keep trading inside Sainsbury's, continue Nectar, and still sell Habitat products.

36. Tolaram’s Bet On Guinness Nigeria Soars 5 Times To $355 Million

    Tolaram’s majority-stake acquisition in Guinness Nigeria is valued at $355 million, roughly N486.8, a fivefold rise.

37. SK Hynix Up 25%, Samsung Shares Rise Over 20% as U.S. AI Rally Returns

    SK Hynix jumped 25% and Samsung Electronics climbed more than 20% on Friday, following a sharp U.S. AI-fueled rally.

38. Microsoft Gains 15% While Meta Falls 8% After AI Revenue Split and Cash‑Flow Miss

    Microsoft climbed 15% on Azure and Copilot momentum. Meta sank 8% after missing revenue guidance and a plunge in free cash flow.

39. Amazon’s Profit Surges to $62.6 Billion in Q2 2026 as Ad Revenue Rises 26%

    Amazon beat estimates in Q2 2026, topping $200 billion in revenue; ad sales rose 26% to $19.8 billion and profit reached $62.6 billion.

40. MeCure Plc Ends Co-CEO Structure, Appoints New CEO And Executive Director

    MeCure ends its co-CEO model and names a CEO and an executive director, a move the company says will boost competitiveness and growth.