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Oil and Gas

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Nigeria Breweries suffers N70bn FX loss
Business

Nigeria Breweries suffers N70bn FX loss

Nigeria Breweries Plc recorded an exchange rate loss of N70.6 billion for the second quarter ended June 30th, 2023. This is according to the information in its recently released interim report for the first half of the year. Key highlights 2023 Q2: Net revenue N154 billion +13% YoY Gross Profit N68.4 billion +21.5% YoY Operating […]

WhatsApp launches short video messages
Tech

WhatsApp launches short video messages

Popular messaging platform, WhatsApp, has unveiled a new feature that allows users to record and share short videos lasting up to 60 seconds directly in chats. According to WhatsApp, this update aims to revolutionize communication on the platform. In a blog post, WhatsApp explained, “Video messages are a real-time way to respond to chats with […]

Facebook to shut down news tab in US, Australia
News Tech

Meta considers strategies to ‘hook’ users on Threads

Executives at Meta are putting a lot of effort into increasing Threads user retention after the app lost more than half of its users in the weeks following its launch. Despite being “not perfect,” user retention on the text-based app was better than executives had anticipated, according to Zuckerberg, who was addressing at an internal […]

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

Exchange rate hits N869/$ on I&E Window

The naira-dollar exchange rate hit an intra-day high of N869/$1 at the Investor & Exporter Window. This is based on information from the FMDQ. On the official exchange rate market, the dollar was exchanged for the highest price at the intraday high. The closing rate and intraday low are also provided by the FMDQ. The […]

Investment

PHOTOS: FG to reopen aluminum plant, seeks Russian stakeholders investment

The Vice President, Kashim Shettima, has restated the determination of the President Bola Tinubu administration to revive the Aluminium Smelter Company of Nigeria, particularly by engaging with key stakeholders in the industry.   Sen. Shettima stated this on Thursday at a meeting with the management of Russian Aluminium Company – UC RUSAL and other stakeholders […]

People desire affordable, quality products - FoodCo CEO
Business

People desire affordable, quality products – FoodCo CEO

The Chief Executive Officer of FoodCo Nigeria, Ade Sun-Basorun, has stated that limited purchasing power is having a negative influence on the retail sector. He claimed that people were now choosing low-cost products and were price-sensitive. He said that providing affordable consumer engagement is now crucial for retail owners. Sun-Basorun stated in a statement that […]

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Shell warns against oil theft, sabotage

The Shell Petroleum Development Company of Nigeria Ltd. has issued a warning against sabotage and crude oil theft. The warning came as three Delta State host communities — Ogulagha, Iduwini Delta, and Iwereland – launched their development trusts in Warri on Thursday. The Petroleum Industry Act, which became law in 2021, established trusts as the […]

Twitter rival Mastodon set to sell products for fund raising
News Tech

Twitter rival Mastodon set to sell products for fund raising

An open-source, decentralised social network, Mastodon, said on Wednesday that it would start selling products to raise money for its ongoing development. The new merchandise, designed by artist Dopatwo, will feature Mastodon t-shirts, mugs, enamel pins, and stickers. According to a Mastodon release, partner FRESH Merch will produce the goods itself using materials that are […]

TotalEnergies to invest $6bn in Nigeria's Deepwater
Business

TotalEnergies exceeds earnings forecast by 31.3% for 2023 Q2

TotalEnergies Marketing reported an 11% rise in earnings per share for the second quarter ended June 2023. It’s earnings release that was posted on the Nigerian exchange contained this information. Revenue increased by 25% from N111.4 billion to N139.3 billion and the sales increase exceeded the company’s predictions of N84.8 billion by more than 31.3%. […]

Guinness Nigeria faces N49bn exchange rate loss
Business

Guinness Nigeria faces N49bn exchange rate loss

Guinness Nigeria Plc incurred a massive N49 billion in exchange rate losses according to information revealed in its full-year results for the period ending June 2023. Compared to N7.15 in earnings per share a year earlier, the stated loss per share was N8.29 kobo. The year’s revenue was N229.2 billion, up 10.9% year over year. […]

White House leads TikTok acquisition deal
News Tech

TikTok won’t launch e-commerce services in Indonesia – Official

Short video platform, TikTok has disclosed that the platform has no intentions to launch a cross-border business in Indonesia. A government minister on Thursday voiced worries about how rumoured plans for the company’s new e-commerce push could saturate the nation with Chinese goods. The video app, which is owned by China’s ByteDance, has been developing […]

Sony sells 40m PS5 in two years
News Tech

Sony sells 40m PS5 in two years

Sony Group has disclosed that the company has sold more than 40 million PlayStation 5 consoles, since its launch in November 2022. The gaming company attributed the feat to the easing of supply chain problems. “It took months for supply chains to normalise so we could have the inventory to keep up with demand,” Jim […]

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