Business Planning

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Business Planning

Toyota global production down for 10th month despite rising sales

Tokyo, Dec. 25, 2024 – Toyota Motor’s global production decreased for a 10th straight month in November, the Japanese carmaker said on Wednesday, although its worldwide sales grew for the second consecutive month on solid demand in the United States and China. The world’s biggest automaker manufactured 869,230 vehicles globally in November, down 6.2% from the same month last year, a larger fall than October’s 0.8% dip. Toyota’s U.S. output was down 11.8%, making a slow recovery although the production of Grand Highlander and Lexus TX SUV models resumed in …

Business Planning Investment

Nissan, Honda plan to merge, creating world’s No. 3 automaker

Tokyo, Dec. 23, 2024 – Japanese automakers Honda and Nissan have announced plans to work toward a merger, forming the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses. Honda’s president, Toshihiro Mibe, said Honda and Nissan will pursue unifying their operations under a joint holding company. Honda will …

Business Planning Foreign Money market

Fed expected to combine interest rate cut with hawkish 2025 outlook

Washington, Dec. 18, 2024 – The Federal Reserve is expected to lower borrowing costs on Wednesday in what some observers are calling a “hawkish cut” set to be delivered alongside policymakers’ updated interest rate outlooks and economic forecasts covering the first months of the incoming Trump administration. The anticipated quarter-percentage-point move would lower the U.S. central bank’s benchmark policy rate to the 4.25%-4.50% range, a full percentage point below where it stood in September when it began easing the tight monetary policy used to counter a surge in inflation that …

Business Planning Money market

FAAC shares N1.7trn among FG, states, LGs as monthly allocations

Abuja, Dec. 14, 2024 – The Federation Accounts Allocation Committee (FAAC) has shared N1.727 trillion among the federal, states and local government councils from the federal revenue in November 2024. This was disclosed in a communiqué issued by FAAC at the end of its monthly allocation meeting on Friday. The federal government received N581.856 billion, the state governments received N549.792 billion, while the local government councils received N402.553 billion. The sum of N193.291 billion (13% of mineral revenue) was shared to the beneficiary states as derivation revenue. The allocated amount …

Business Planning Foreign

Business leaders fear recession, labour shortages, World Economic Forum says

London, Dec. 5, 2024 – Business leaders globally are worried about the risk of recession, labour shortages and rising inflation, despite some signs of improvement in economic conditions, a World Economic Forum survey said on Thursday. Extreme weather events are an increasing concern, following a year of record temperatures, severe flooding and wildfires, including in major economies such as Brazil, Germany, Indonesia and the United States, according to the survey of more than 11,000 business leaders from G20 countries. The WEF Executive Opinion Survey shows “a significant level of anxiety …

Business Planning

MAN urges FG to recapitalise Bank of Industry

Lagos, Dec. 4, 2024 – The Manufacturers Association of Nigeria (MAN) has urged the federal government to recapitalise the Bank of Industry (BoI) to enable it meet the demands of the industries. The association also called on the government to provide credit information to industries and widen the scope of assets for collateral. These are part of the recommendations of the MAN in its position paper on the third quarter Gross Domestic Product (GDP) of the country, MAN also called on government to create special windows for providing single-digit interest …

Business Planning

Tax reforms to streamline tax administration, make environment business friendly – Presidency

Abuja, Dec. 3, 2024 – The current tax and fiscal policy reforms are to streamline tax administration in Nigeria and make the operating environment conducive for businesses. The Presidency said this on Monday in a statement issued by Bayo Onanuga, the Special Adviser to the President on Media and Strategy. The statement was in reaction to criticisms that have trailed the new tax reform bill since it was submitted to the National Assembly. The presidency said businesses, investors, and private sector players in Nigeria had been complaining of being overburdened …

Business Planning Politics

Trump vows big tariffs on Canada, Mexico, China that threaten global trade

Washington, Nov. 26, 2024 – President-elect Donald Trump on Monday pledged big tariffs on the United States’ three largest trading partners – Canada, Mexico and China – detailing how he will implement campaign promises that could trigger trade wars. Trump, who takes office on Jan. 20, 2025, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal. Trump also outlined “an additional 10% …

Business Planning Money market

Businesses will benefit from tax reliefs under Tinubu tax reform, TMSG assures

Abuja, Nov. 25, 2024 – The Tinubu Media Support Group (TMSG) says the Tinubu tax reforms will significantly boost businesses in Nigeria. It said it, therefore, expected the Organised Private Sector (OPS) to rally behind the tax reform actively to champion its passage into law. The group made this observation in a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo. TMSG said it was worrisome that the business community was lukewarm in response to reforms that are clearly beneficial to its members.  “We note that the Tinubu administration …

Business Planning

ECOWAS business coalition calls for creation of rail linking member countries

Abidjan, Nov. 25, 2024 – Micro, Small and Medium Enterprises (MSMEs), under the aegis of ECOWAS Small Business Coalition (ESBC), have proposed the creation of a railway corridor connecting all ECOWAS countries, in addition to the existing road network. They made the call at the end of their inaugural exhibition and workshop in Abidjan, Ivory Coast. ESBC organised the event with the ECOWAS Commission and Ivory Coast’s Ministry of Commerce and Industry. The coalition noted the difficulties the small business operators face in transporting their goods and services between and among member states and emphasised …