UN Secretary-General Antonio Guterres expressed hope that the global economy would manage to avoid a recession in a new round of the trade war caused by tariffs introduced by the US. He told reporters Tuesday that he’s particularly worried about the effect of U.S. tariffs and the trade war it’s unleashing on “the most vulnerable…
In response to President Donald Trump’s tariffs, Canada says it’s implementing retaliatory tariffs of its own just after midnight on Wednesday. Canada will put a 25% tariff on auto imports from the United States that do not comply with the USMCA, the 2019 North American trade pact put into place during Trump’s first term. The…
In a bid to navigate the turbulence and uncertainty in the global economy created by United States’ President, Donald Trump’s new tariffs on countries, President Bola Ahmed Tinubu’s Economic Management Team (EMT) yesterday disclosed plan to appraise the various scenarios in the ongoing trade war and advise the federal government on the way forward. The…
TikTok faces a potential shutdown in the U.S. after Saturday, April 5, if its Chinese parent company doesn’t reach an agreement to sell a controlling interest in the hugely popular video app. Will TikTok go dark? With just days to go before the deadline set by President Trump, it’s not clear what will happen next…
Elon Musk announced on Friday that he has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal. Both companies are privately held, which means they are not required to disclose their finances to the public. Musk said in a post on X that the move will…
In historic business deals, the Dangote Petroleum Refinery yesterday announced that the United States imported over 2 million barrels of jet fuel from the 650,000 bpd facility this March alone, underscoring the growing global impact of the world’s largest single-train refinery, located in Lagos. The entrance of the Dangote refinery into the US market is…
The Dangote Refinery on Wednesday announced the suspension of petroleum products in Naira, implying that it cannot continue to dispense in the local currency while purchasing in dollars. In a statement, the facility in Lagos owned by Africa’s richest richest man, Aliko Dangote, stated that if it continues to sell in Naira, it will experience…
The Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, further declined to 23.18 per cent in February, compared to 24.48 per cent in the preceding month, the National Bureau of Statistics (NBS) said yesterday. Year-on-year, the headline inflation was 8.52 per cent lower than 31.70 per…
Nigerian National Petroleum Company Limited (NNPC) and the federal government yesterday said there were no plans to revoke the naira-for-crude deal with local oil refineries, including the 650,000 barrels per day (bpd) Dangote refinery in Lagos. Both NNPC and Chairman, Technical Sub-Committee of the Naira-for-Crude programme, Zacch Adedeji, who also heads the Federal Inland Revenue…
Stocks plunged Monday to a six-month low amid ongoing uncertainty about the impact of policies coming from the Trump White House and concerns about the outlook for the U.S. economy. The tech-heavy Nasdaq Composite dropped 4%, its biggest one-day loss since September 2022, while the S&P 500 shed 2.7%, as both indexes closed at their…
