Jaime Gilinski Bacal, a prominent Colombian banking and real estate entrepreneur, has assumed control of Metro Bank as part of a comprehensive rescue plan aimed at addressing financial challenges faced by the UK-based lender. In a statement released on Sunday, Metro Bank disclosed that it had successfully secured £325 million ($396 million) from investors, consisting…
President Bola Tinubu has taken decisive action in the fight against corruption by appointing a Special Investigator to look into the activities of the Central Bank of Nigeria (CBN) and Related Entities. In a letter addressed to Jim Osayande Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), Tinubu named him…
Global airlines are celebrating significant profits this year, buoyed by a surge in demand for leisure travel and events that have provided a substantial lift. Among the major players, International Airlines Group (IAG), which includes Aer Lingus and British Airways, proudly announced a record profit of approximately $1.4 billion for the first half of the…
The dominance of Big Tech companies in the stock market has raised concerns about potential monopolistic behaviour, with just seven stocks – Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN), Nvidia (NVDA), Tesla (TSLA) and Meta Platforms (META) comprising nearly $11 trillion in market value and contributing significantly to the S&P 500’s returns in the…
Hong Kong stocks suffered their worst day in four months on Thursday, with the Hang Seng (HSI) Index dropping 3%, the largest decline since March, as a result of Goldman Sachs downgrading major Chinese banks due to local government debt risks and the US Federal Reserve’s hawkish outlook. Financial shares led the sell-off after Goldman…
Former Nissan chairman Carlos Ghosn has filed a lawsuit against the company for over $1 billion, as revealed in a copy of the lawsuit seen by Reuters and filed with Lebanon’s public prosecutor. The lawsuit, filed on May 18, accuses Nissan, two other companies, and 12 individuals of various crimes, including defamation, slander, libel, and…
The chief executive officer (CEO) of Binance, Mr Changpeng “CZ” Zhao, has called Binance Nigeria Limited a scam entity, noting that the cryptocurrency exchange has issued a cease and desist order. In a recent tweet, Mr Zhao said, “Binance have issued cease & desist notice to the scammer entity Binance Nigeria Limited.” He further added…
Aliko Dangote, who was previously the richest man in Africa, has been displaced by South African billionaire Johann Rupert, according to the Forbes Billionaire Ranking. Dangote’s net worth has dropped by 20.7% due to the devaluation of the Nigerian currency by the Central Bank of Nigeria (CBN). The devaluation caused the naira to dollar exchange…
Instant Brands, the manufacturer of popular products like Instant Pot, Corelle, and Pyrex, has filed for bankruptcy under Chapter 11. This type of bankruptcy allows for the reorganization of the company rather than its complete liquidation. The filing occurred on Monday, citing tighter credit and higher interest rates as factors contributing to the decision. Despite…
Elizabeth Holmes, the disgraced former Theranos CEO, is arguing that she has “limited financial means” and should not be required to pay $250 per month to the victims of her crimes once she is released from prison, according to a court filing by her lawyers. This development comes after federal prosecutors acknowledged in a separate…
