Business Planning

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Business Planning

Amazon made $1 billion through secret price raising algorithm – US FTC

Washington, Nov. 3, 2023 – Amazon.com used a series of illegal strategies to boost profits at its online retail empire including an algorithm that pushed up prices U.S. households paid by more than $1 billion, the U.S. Federal Trade Commission detailed in a new court filing on Thursday. The FTC lawsuit was filed in September, but many details were withheld until Thursday when a version of the lawsuit with fewer redactions was made public in U.S. District Court in Seattle. Amazon, which has one billion items in its online superstore, created …

Business Planning Money market

Tinubu sends N2.1trn supplementary budget to Reps

Abuja, Oct. 31, 2023 – President Bola Tinubu has sent the N2.177 trillion Supplementary Budget to the House of Representatives for consideration and approval. The President also sent the 2024-2026 Medium Term Expenditure Framework & Fiscal Strategy Paper to the House. On Monday, the Federal Executive Council (FEC) approved the 2023 supplementary budget of N2.1 trillion. Atiku Bagudu, the Minister of Budget and Economic Planning, had told journalists at the State House on Monday that the supplementary budget was to fund urgent issues of security and wage awards. “The council considered a …

Business Planning General News

LASG re-opens Alaba, trade fair markets

Lagos, Oct. 28, 2023 – Lagos State Government has reopened the Alaba International Market and markets within the Trade Fair Complex in Ojo, Lagos. The markets, which were closed a week ago, were reopened on Saturday. They were closed down for sanitary and environmental reasons. Tokunbo Wahab, the Commissioner for Environment and Water Resources, said the markets were reopened after the environmental issues were addressed. “I state emphatically that the closure of those markets had no ethnic or political motives as it was done to ensure cleanliness and environmental sustainability …

Business Planning Foreign Manufacturing/Industry

Hyundai to build car plant jointly with Saudi Arabia

Riyadh, Oct. 23, 2023 – South Korea’s Hyundai Motor Group will build a car plant in Saudi Arabia jointly with the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, South Korea’s President Yoon Suk Yeol, said on Sunday. Yoon was speaking in Riyadh where the PIF and Hyundai signed the agreement on the plant, which will have an annual production capacity of 50,000 electric and gas-powered cars and will be the first South Korean automobile factory in the Middle East, a joint statement said. PIF will hold a 70% stake …

Business Planning Investment Trade

Afreximbank, Morocco sign MoU on trade, investment promotion

Marrakech (Morocco), Oct. 16, 2023 – The African Export-Import Bank (Afreximbank) has entered into a Memorandum of Understanding (MoU) with Morocco to develop a US$1billion Morocco-Africa Trade and Investment Promotion programme. According to the terms of the MoU, the programme aims to facilitate and guide future cooperation in areas of common interest between Afreximbank, the Ministry of Economy and Finance of Morocco, other government departments, and Moroccan economic operators.    Areas of collaboration under the programme will include financing and promoting intra- and extra-African trade through the implementation of credit, risk bearing …

Business Planning Money market

Euro zone inflation falls to lowest in 2 years as economy slows

Frankfurt, Sept. 29, 2023 – Inflation in the euro zone fell to its lowest level in two years in September suggesting the European Central Bank’s steady diet of interest rate hikes was succeeding in curbing runaway prices albeit at a growing cost for economic growth. Consumer prices in the 20 countries that share the euro rose by 4.3% in September, the slowest pace since October 2021, from 5.2% one month earlier, according to Eurostat’s flash reading published on Friday. Inflation excluding food, energy, alcohol and tobacco, which is closely watched …

Business Planning General News Politics

 NLC Strike: NEC holds crucial meeting

Abuja, Sept. 28, 2023 – The National Economic Council (NEC) is holding a crucial meeting today, Thursday, at the Presidential Villa in Abuja. The meeting, being presided over by Vice President, Kashim Shettima, is holding ahead of the planned nationwide strike by the Nigeria Labour Congress (NLC). Sources said the nationwide strike and issues surrounding the palliatives are top on the agenda of the meeting. The meeting is being attended by the 36 state governors, the Minister of Budget and National Planning, Atiku Bagudu as well as the Minister of …

Business Planning Capital market

NGX, UN Women partner to promote gender bonds in Nigeria

Lagos, Sept. 19, 2023 – Nigerian Exchange Limited (NGX) and United Nations Women (UN Women) will partner on the integration of gender bonds and other gender-themed sustainable financing mechanisms as strategic instruments to drive gender equality and sustainable development in Nigeria. This was deliberated at a high-level engagement between NGX and UN Women officials during the visit of Dr. Maxime Houinato, Regional Director for East and Southern Africa Region (ESARO) and interim Regional Director for West and Central Africa Region (WCARO), to the Exchange. During the engagement, the parties spoke …

Business Planning Foreign

Shettima to represent Tinubu at G77+ Leaders Summit in Cuba

Abuja, Sept. 13, 20023 – Vice President Kashim Shettima is to represent President Bola Tinubu at the G77+ Leaders Summit in Havana, Cuba. The summit is holding from Sept. 15 to Sept. 17. Olusola Abiola, the Director of Information at the Vice-President’s Office, disclosed this in a statement in Abuja. According to a statement, Shettima will be joining other world leaders, including Antonio Guterres, the United Nations Secretary-General, to deliberate on development issues facing members mostly from the global south. He said the summit would also explore proactive ways of …

Business Planning Investment

AFC is not backing out of fossil funding – official

London, Sept. 8, 2023 – Africa Finance Corporation (AFC) has no intention of backing away from fossil fuel investments, a senior executive said. AFC is owned by Nigeria’s central bank and other African financial institutions, While governments and U.N. leaders at Africa’s first-ever climate summit in Nairobi this week sought to promote the continent as a source of renewable energy solutions, the development of fossil fuel projects remains firmly on the agenda for many countries. “We cannot and will not run away from doing fossil fuel-based investing because the development …


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