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Volkswagen plans layoffs, 10% pay cuts

Volkswagen is exploring substantial cost-cutting measures, including widespread pay cuts and layoffs, as well as potential reductions or closures of its plants in Germany, according to a statement from the company’s works council on Monday. The management recently outlined plans that propose a 10% pay reduction for all employees, along with wage freezes planned for […]

Microsoft to boost startup speed of office apps
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Microsoft accuses Google of running ‘shadow campaigns’ in Europe

Microsoft publicly accused its longtime rival Google on Monday of conducting “shadow campaigns” in Europe aimed at undermining the software giant’s reputation with regulators. In a blog post, Microsoft lawyer Rima Alaily revealed that Google had engaged a firm to enlist European cloud companies to advocate for its interests against Microsoft. This unprecedented move highlights […]

FG launches freight services on Apapa-Ibadan cargo rail
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FG to fund Kano-Maradi rail project with AfDB’s $350m

The Federal Government has secured $350 million from the African Development Bank to fund the Kano-Maradi rail project, connecting Kano to Maradi in Niger Republic. This was disclosed by the Chairman of the Senate Committee on Land Transport, Senator Adamu Aliero during an oversight visit to the Nigeria Railway Corporation in Lagos, according to NAN. […]

Transcorp reduces total shares by 75% to 10.2bn
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Transcorp reduces total shares by 75% to N10.2bn

Transnational Corporation Plc (Transcorp Group) has successfully completed a major share capital restructuring, reducing its total issued shares by 75%, from 40.6 billion to 10.2 billion. This consolidation, announced by the Group’s President, Owen Omogiafo, on Monday, aims to enhance long-term shareholder value without affecting the total worth of their investments. The share reduction was […]

Transcorp reports 132% surge in pre-tax profit for 2024
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Transcorp cuts total shares by 75% to N10.2bn

Transnational Corporation Plc stated it successfully completed a share capital reconstruction, reducing its total issued shares by 75%, from 40.6 billion to 10.2 billion shares. This move is likely aimed at improving the company’s financial structure and potentially enhancing shareholder value. This was disclosed in a statement on Monday by the President/GCEO of Transcorp Plc, […]

New Zealand approves work rights for migrant workers' partners
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New Zealand approves work rights for migrant workers’ partners

Starting December 2, 2024, New Zealand will implement new immigration rules that will allow more partners of migrant workers to work without restrictions, aiming to address labor shortages and enhance workforce retention across various sectors. The changes will grant open work rights to a broader group of partners, enabling them to work for any employer. […]

News

IFC, CBN partner to boost local currency financing

The International Finance Corporation has partnered with the Central Bank of Nigeria to enhance local currency financing, supporting the growth of private businesses in Nigeria. This agreement, signed by IFC’s Hlazo Mkandawire and CBN’s Hakama Sidi Ali, aims to manage currency risks and increase investments in the Nigerian naira across key sectors such as agriculture, […]

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Leverage tech for building safety, experts urge Lagos

The Building Collapse Prevention Guild has urged the Lagos State Government to utilize technology for monitoring building performance and preventing structural failures. This was disclosed by the BCPG Ikeja Cell Coordinator, Gbolahan Oyelakin in an interview with the News on Sunday, according to NAN. Oyelakin emphasized that implementing technology would enable the government to proactively […]

News

High production cost affecting local goods’ competitiveness – MAN

The Manufacturers Association of Nigeria has identified the high cost of production as a significant barrier to the competitiveness of locally made goods. The Director General of MAN, Segun Ajayi-Kadir, said while Nigerian products meet international quality standards, they face challenges in competing with imported goods due to a harsh operating environment, according to The […]

News

Lagos pledges technical support to distressed building owners, developers

The Lagos State Government has unveiled plans to assist developers and property owners in tackling the increasing problem of distressed buildings. The Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide, disclosed this in a statement released by the Deputy Director of the ministry’s Public Affairs Unit, Mukaila Sanusi, on Sunday, according to Nairametrics. […]

Kenyan CBN fines UBA, others for regulatory breaches
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Kenyan CBK fines UBA, others for regulatory breaches

The Central Bank of Kenya has imposed a fine on UBA Kenya for failing to meet the minimum core capital-to-deposit ratio, which is set at 8%. This violation is attributed to the bank’s continued losses, according to the CBK. UBA Kenya, alongside 11 other commercial banks, was penalized for various regulatory breaches. The bank’s core […]

News

Oil prices fall by over $3

Oil prices fell by more than $3 a barrel on Monday following Israel’s retaliatory strikes against Iran over the weekend, which did not target Tehran’s oil and nuclear facilities and thus did not disrupt energy supplies. This development eased geopolitical tensions in the Middle East. Both Brent and U.S. West Texas Intermediate crude futures opened […]

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