money
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The Joint Committee of the House of Representatives investigating the arbitrary increase in the price of cement has expressed disappointment in the agency for not doing enough to protect the consumers of cement in line with the agency’s Establishment Act. The committee also issued a final summon to the Cement Manufacturers’ Association of Nigeria for…
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Companies listed on the main board of the Shanghai Stock Exchange (SSE) spent a total of nearly 900 billion yuan (126.7 billion U.S. dollars) on research and development (R&D) last year, latest data showed. This figure represents an increase of about 5 percent year on year and suggests that the trend of growth in R&D…
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Namibia called for increased international cooperation and partnerships to tackle illicit financial flows (IFFs) during Wednesday’s launch of a new initiative to strengthen financial integrity and support sustainable development. Maureen Hinda-Mbuende, Namibia’s deputy minister of finance and public enterprises, stressed the importance of global collaboration in combating IFFs, saying no country can effectively address IFFs…
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China-Europe freight train services saw solid growth from January to April this year, with continuous improvements to the transport capacity, efficiency and service quality. The number of China-Europe freight train services increased by 10 percent year on year to 6,184 trips in the first four months of 2024, the China State Railway Group Co., Ltd.…
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China’s central bank conducted 2 billion yuan (about 281.57 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Monday. The move aims to keep liquidity reasonable and ample in the banking system, the People’s Bank of China said in a statement. A reverse repo is a process in which the…
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Mongolia’s central bank announced on Monday the decision to cut its benchmark interest rate to 11 percent. “After taking into account the current and future state of the economy and financial markets, and external risks to the economy, the monetary policy council of the central bank made the decision to cut the benchmark interest rate…
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When will interest rates be cut? The Bank of England will announce its latest base rate decision on Thursday lunchtime – but no one is expecting a cut from the current 5.25%. It’s widely thought rates have reached their peak – they’ve been at their highest level for 16 years since August. But market forecasts…
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Southwest Airlines will limit hiring and stop flying to four airports as it copes with weak financial results and delays in getting new planes from Boeing. Both Southwest and American Airlines reported first-quarter losses Thursday. Demand for travel remains strong, including among business flyers, but airlines are dealing with higher labor costs, and delays in…
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Tesco is being monitored by the UK’s supermarket regulator after it began imposing an “Amazon-style” fulfilment fee on online suppliers, according to The Times. The supermarket faced criticism after it imposed the fee, which is linked to processing orders, picking and shipping products, and managing returns. Brands and suppliers said the fee could put many…
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Recent falls in inflation may have spurred talk of interest rate cuts, but the Bank of England’s deputy governor has said this is not necessarily enough reason to slash rates. Speaking at the University of Chicago, Huw Pill said it would be better to cut rates too late rather than too early. He said little…
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Inheritance tax receipts surged to a record high last year due to the government freezing the threshold at which you start to pay. Official figures show the government received £7.5bn in inheritance tax (IHT) receipts in the financial year to the end of March – an increase of £400m on the same period the previous…
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TSB has followed other major lenders in hiking mortgage rates this week – and theirs are pretty big. First-time buyer, mover and remortgage rates are going up by as much as 0.45%. Shared ownership/equity products will rise by up to 0.75%. The lender is also withdrawing some tracker mortgages – and all house purchase and…
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Bakeries in northern Gaza have resumed production after 170 days, the World Food Programme has said. The humanitarian organisation said after the delivery of fuel and wheat flour, four bakeries were now up and running. Last week, the union of bakery owners in Gaza said there were 140 bakeries operating in the area before the…
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Large U.S. airlines and some of their unions are asking the Biden administration to stop approving any more flights between the United States and China because of what they call “anti-competitive” policies that China imposes on U.S. carriers. The airlines and unions said Thursday that China closed its market to U.S. carriers at the outbreak…
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The Central Bank of Nigeria (CBN) has announced the sales of dollars to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible transactions. A statement by the apex bank on Monday said it will sell $10, 000 to each of the BDCs at the rate of N1,101/$1, adding that the…
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eBay has dropped fees for the sale of second-hand clothing. The online marketplace has scrapped any charges for the sale of pre-owned clothes as of today, in what it says is an effort to keep garments out of landfill. This means it is now free to sell second-hand clothing through the site, even if it has…
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