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Silicon Valley Bank
Business

First Citizens considers acquiring Silicon Valley Bank

First Citizens BancShares Inc is considering the acquisition of the Silicon Valley Bank that was closed down by the United State regulators on March 10, 2023, owing to several factors including high-interest rate and the inability of the bank to sustain investment causing a bank run. Bloomberg News on Saturday reported that the information was […]

Unity Bank appoints Bashir, Obasanjo's daughter chairman, director
Appointments

Unity Bank appoints Bashir, Obasanjo’s daughter chairman, director

Mr. Hafiz Mohammed Bashir has been chosen by Unity Bank Plc as the board of directors acting chairman. The board also named Halima Babangida and Iyabo Obasanjo as non-executive directors. The appointments were made following the retirement of Mr. Aminu Babangida as Chairman of the Board of Directors and Dr. Oluwafunsho Obasanjo as Non-Executive Director, […]

Nigerian firm seals $750k solar deal
Business featured

FG to provide subsidies for solar power developers 

The Rural Electrification Agency has revealed that the Federal Government intends to provide subsidies to developers of mini-grids powered by solar energy. The aim is to install these mini-grids at 150 electricity sites in seven states that are currently underserved or not served at all. The Punch reported that the Federal Government On Friday issued […]

Georgia, UAE reach free-trade agreement after three rounds of meetings
Economy

Georgia, UAE reach free-trade agreement after three rounds of meetings

In an effort to strengthen their economic connections, the UAE and Georgia have reached an agreement on a new trade deal that will lower tariffs and remove other barriers. Arab News reported that the UAE’s minister of foreign trade, Thani bin Ahmed Al Zeyoudi, and Georgia’s vice prime minister and minister of economy and sustainable development,  Levan Davitashvili, signed […]

Mark Zuckerberg beats Elon Musk in billionaire rankings
Business

Meta launches paid IG, Facebook blue tick in US

Meta has on Friday announced the launch of its subscription service in the United States. The service will allow Facebook and Instagram users to pay for verification and obtain a blue badge, similar to what is currently offered by Twitter, which is owned by Elon Musk. The service, known as Meta Verified, will require users […]

MTN has been given the approval to take over the Enugu-Onitsha Expressway construction under the road Infrastructure Tax Credit Scheme of around ₦202.8 billion.
Business featured

MTN to merge Momo, Yello financial subsidiaries

Telecommunications company, MTN Nigeria, plans to merge two of its finance subsidiaries – Momo Payment Service Bank Limited and Yello Digital Financial Services Limited. The Punch reported that this was disclosed in its proposed resolutions for its 2023 Annual General Meeting scheduled to hold in April. According to the company, the merger “hold the Payment […]

Silicon Valley Bank
Business

SVB Financial seeks bankruptcy protection

SVB Financial Group has on Friday filed for Chapter 11 bankruptcy protection in order to reorganize and find potential buyers for its assets. This decision comes after its former subsidiary, Silicon Valley Bank, was recently taken over by US regulators. Reuters reported that the company had announced its plans to explore strategic alternatives for its […]

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing
Business

China cuts bank reserve first time in 2023

China’s central bank announced on Friday that it will reduce the amount of cash that banks must retain as reserves for the first time this year. The aim of the reserves cut according to the bank is to to maintain a surplus of liquidity and to promote the country’s economic recovery. The second-largest economy in […]

Workers are participating in industrial action - Strike
Business

Hundreds of flights cancelled over German airport strike

German airport’s strikes over pay and work conditions have resulted in the cancellation of hundreds of flights on Friday. In addition to the most recent industrial action disrupting travel plans for some time now, strikes have taken place at four German airports. Reuters reported that German union Verdi called on security and ground handling personnel […]

NCC, Telecom operators urge states to review policies for broadband expansion
Business

NCC to regulate data depletion for telecom consumers 

The Nigerian Communication Commission stated on Thursday that it will take steps to regulate data depletion and make sure telecom consumers got their money’s worth. According to NCC, Data depletion is one of the most common complaints from telecoms consumers. The Executive Vice Chairman/ Chief Executive Officer, NCC, Prof Umar Danbata made this statements at […]

US adds over 500,000 jobs despite global workforce reduction
Business

Weekly jobless claims in US drops below prediction

The number of Americans submitting new unemployment benefit claims dropped more than anticipated last week, indicating ongoing labor market strength in the country. The Labour department said on Thursday that, “Initial claims for state unemployment benefits dropped 20,000 to a seasonally adjusted 192,000 for the week ended March 11.” Meanwhile, Reuters’ survey of economists predicted […]

TLG Capital, OnePipe sign N2.25bn agreement to finance Nigerian SMEs
Business

TLG Capital, OnePipe sign N2.25bn agreement to finance Nigerian SMEs

TLG Capital, a pan-African alternative investment firm today declared that it has teamed up with OnePipe to offer financial services to Nigeria’s unorganized sector. The firm is giving N2.25 billion Naira in a collateralized loan facility to OnePipe, a Nigerian financial infrastructure company that uses its technological platforms to enable conventional businesses to incorporate financial […]

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