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The Black, Red and Yellow Germany's National flag
Business

Germany to help mineral-rich countries with processing infrastructure

The Chancellor of Germany,  Olaf Scholz announced on Sunday that Germany aims to help mineral-rich countries such as Chile, Indonesia, and Namibia in establishing their processing infrastructure to decrease their dependence on China. Reuters reported that Berlin is seeking to balance its relationship with China and decrease reliance on China for crucial inputs such as […]

China's National Flag
Business

China’s home prices hit highest in March 

An official data released on Saturday showed that new home prices in China rose at the fastest pace in 21 months in March, indicating that the housing market is picking up due to a series of supportive policies. However, there is some uncertainty about the sustainability of this growth momentum. According to Reuters’ calculations based […]

Minister of Economy, Trade and Industry of Japan
Business featured

G7 to finance climate action in developing countries 

Japan’s economy and trade minister, Yasutoshi Nishimura, on Saturday stated that members of the G7 must take action to help emerging countries reduce emissions, including financing decarbonisation in “hard-to-abate” industries. Reuters reported that the G7 ministers are meeting in Sapporo on Saturday and Sunday for climate and energy talks. Meanwhile, Nishimura emphasized that it is […]

China
Business

China’s exports hits unexpected inrease first time in six months

China’s exports saw an unexpected increase in March, rising 14.8% from that of 2022 after close to six months of declines. This surprised economists who had predicted a 7.0% fall. According to Reuters, officials attributed the rise to increased demand for electric vehicles, solar products, and lithium batteries. However, analysts caution that the jump may […]

Car sales slump 14% in six months - Report
Business

Volkswagen to increase number of EV stations in China

A senior executive at Volkswagen AG in China has restated the company’s commitment to speeding up the process of vehicle electrification in China, by increasing charging posts. This is  despite facing challenges such as increasing competition and weak demand. Reuters reported that Volkswagen has plans to increase the number of charging stations for electric vehicles […]

News

Why Elon Musk plans to visit China, April

  By Christian George Tesla’s CEO, Elon Musk, is set to visit China in order to woo more foreign investment to help shore up an economy battered by three years of COVID curbs. It would be recalled that the World Richest Man visited the Asian country in the year 2020 to launch his internet business. […]

Energy

Global renewable energy hits 9.6% increase in 2022

The total amount of renewable energy capacity worldwide reached 3372 gigawatts, representing an increase of 295 gigawatts or 9.6 per cent at the end of 2022. A noteworthy 83 percent of the entire power capacity added last year was generated by renewable sources. Renewable energy has continued to grow at a remarkable pace  indicating a […]

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 […]

Foxconn
Business

Apple supplier Foxconn plans $200m AirPod factory in India

Apple’s largest IPhone assembler, Foxconn has won an order to make AirPods for Apple and plans to establish the factory for the wireless earphones in India. This was according to the information Igotten from two individuals with direct knowledge of the company’s decision and told Reuters. This contract will make Foxconn an AirPod supplier for […]

FG owes N100bn electricity bill debt - Distributors
Business

Nigeria secures China funding to fix national grid

The Transmission Company of Nigeria has signed an agreement with a group of Chinese companies to secure funding for the improvement of the strained  National grid. BusinessDay reported that the statement was according to the head of TCN, Sule Abdulaziz at the Middle East Energy Conference, on Tuesday, in Dubai. During a panel session at […]

China's National Flag
Business News

China raises defence budget by 7.2%

China will raise its budget on defence by 7.2% this year in a bid to enhance preparedness and build the nation’s security capacity.   Reuters reported that the increase is slightly more than that of last year at the same time faster than the government’s modest economic growth forecast.   It was also raised owing […]

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Picture taken May 16, 2017
Business

OPEC to reconsider output as China oil demand surges – IEA

The executive director of the International Energy Agency, Fatih Birol said on Sunday that OPEC and other oil producers will have reconsider the policies guiding their outputs as China demands expected to surge after the COVID-19 disruption. China is the largest world’s oil consumer, following the United State. It is also one of the countries […]

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