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Italian divers discover 2,000-year-old Roman shipwreck

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Nigeria’s external debt drops by $1.57bn in Q3 – DMO

The overall external debt stock of Nigeria fell by $1.57bn in the third quarter of 2023, from $43.16 billion to $41.59 billion as of September 30, 2023. The Times reported that this is according to the Debt Management Office’s third-quarter public debt report. The cause for the reduction, according to the statement, is the redemption of […]

AIICO purchases 5% stake in InfraCredit
Business

AIICO purchases 5% stake in InfraCredit

AIICO Insurance Plc has been admitted as the second private domestic institutional investor in InfraCredit following Leadway Assurance Plc’s initial involvement. The Times revealed that AIICO’s investment equals 5% of the institution’s share capital, according to the press release announcing the move. This strategic move increased InfraCredit’s paid-in capital base to $175.14 million (N148.55 billion), […]

Alibaba new CEO prioritizes domestic e-commerce growth
News Tech

Alibaba new CEO prioritizes domestic e-commerce growth

Alibaba Group announced on Wednesday that its new chief executive will be in charge of its domestic e-commerce division directly. The former head of the division will now be overseeing non-core assets as the company struggles with slower earnings growth. With immediate effect, Group CEO Eddie Wu will assume leadership of Taobao and Tmall Group, […]

Google to restructure ads division
News Tech

Google to restructure ads division

Google’s parent company, Alphabet, intends to restructure a sizable portion of its 30,000-person ad sales division. According to The Information, Sean Downey, who is in charge of managing Google’s ad sales to large clients in the Americas, announced at a department-wide meeting last week that the company intends to reorganize its ad sales teams. He […]

News

Truce: US, EU pause trade war until 2025

The European Union and the United States have agreed to put their trade war on hold, postponing tariffs on steel and aluminium for over three years.   These tariffs, which were first imposed by the Trump administration for national security reasons, have strained the relationship between the two economic giants.   The move to suspend […]

Africa accounts for 2% of total world passenger flow
Business

Africa accounts for 2% of total world passenger flow

The Vice President of Africa, Qatar Airways, Hendrik du Preez, revealed that Africa’s portion of the global travel demographic is barely 2%, despite having around 17% of the world’s population. According to The PUNCH, Preez mentioned this in a news release issued on Monday. “Competition is not always negative; often, it stimulates more people to […]

Zenith Bank ranks among top 100 global corporation
Banking

Zenith Bank ranks among top 100 global corporation

Zenith Bank Plc has been named one of the World’s top 100 companies by World Finance Magazine. The PUNCH reported that the bank was the sole Nigerian firm on the exclusive list. Zenith Bank’s presence on the list, according to World Finance Magazine, “highlights its outstanding achievements and resilience in a dynamic and competitive global market.” […]

FG relocates FAAN headquarters from Abuja to Lagos
Aviation

FAAN inducts 201 new aviation security cadets

The Federal Airports Authority of Nigeria has inducted 201 aviation security cadets in an effort to solve current difficulties in airport and passenger management. The PUNCH reported that the Managing Director of FAAN, Mrs Olubunmi Kuku, said during the passing out parade ceremony for Aviation Security Cadets on Tuesday in Lagos that the training was one […]

Equity investors lose N1.5tn as bond yield rises
Business

Positive trading boosts equity market by N464bn

The Nigerian equity market gained N35 billion after the closing of trade on Tuesday on the Nigerian Exchange Limited. According to The PUNCH, this represented an increase in the figure of gains from Monday, which was almost N9 billion. The All-Share Index, which tracks the movement of stocks on the exchange, and market capitalization both […]

Power generation to fall 676MW due to plant maintenance
Business

Power generation to fall 676MW due to plant maintenance

The Transmission Company said that the Egbin Power Station has been shut down to allow the Nigeria Gas Company to preserve a gas pipeline connection to the power plant. According to the report, this would result in a reduction of 696 megawatts of electricity on the national power grid. The Nigerian grid delivers between 3,500MW […]

Toshiba delisted from Tokyo Stock Exchange after 74 years
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Toshiba delisted from Tokyo Stock Exchange after 74 years

Toshiba was delisted from the Tokyo Stock Exchange on Wednesday after 74 years, following a decade of upheaval and scandal that brought down one of Japan’s largest companies and ushered in a buyout and an uncertain future. A consortium of investors led by private equity company Japan Industrial Partners is taking the conglomerate private, together with financial […]

NNPC, First E&P provide free healthcare in host communities
Business

NNPCL receives awards for transparency, innovation

The Nigerian National Petroleum Company Ltd. has earned this year’s The Whistler Newspaper Award for Transparency and Innovation. The PUNCH reported that this was revealed in a statement by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye. The Company’s Group Chief Executive Officer, Mr Mele Kyari, accepted the award on behalf of the Company from the Governor […]

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