Refineries in India have turned to Nigeria for the supply of crude oil following a drop in imports from Russia. This came as the Dangote Petroleum Refinery in Lekki, Lagos, has successfully purchased its first shipment of one million barrels of Algeria’s high-quality light sweet Saharan Blend crude It was reports that India’s crude oil […]
The Federal Government has announced plans to secure a total investment of $122.2bn to diversify the country’s energy sources, reduce dependence on the national grid, and enhance the overall stability and sustainability of the nation’s energy infrastructure. The amount to be raised between 2024 and 2045, representing 21 years, is to ensure energy diversification from […]
Former Barclays boss Jes Staley will on Monday mount a high-profile appeal against his proposed ban from Britain’s finance industry, which will once again highlight his relationship with disgraced financier Jeffrey Epstein. Staley – also a former executive at JPMorgan, where Epstein was once a major private banking client – has been battling to clear […]
Honor on Sunday pledged $10 billion in artificial intelligence investments over the next five years and announced a deepening partnership with Google, as the Chinese smartphone maker looks to bolster its market share overseas. The investment plan, revealed at Mobile World Congress in Barcelona, is designed to reposition the firm from a smartphone player into […]
Saudi Arabia has launched the third round of its Sah savings product for 2025, offering a 4.98 percent return for March under the Ijarah sukuk structure. Issued by the Ministry of Finance and managed by the National Debt Management Center, Sah is the Kingdom’s first savings bond designed for individuals. It operates under the Ijarah […]
China has granted approval to 13 foreign-invested companies to begin operating in the country’s telecommunications sector on a pilot basis, as it steps up efforts to attract more foreign investment and revitalise its economy. The permits granted by the Ministry of Industry and Information Technology will allow the companies to offer value-added services in areas […]
Saudi bank loans surpassed the SR3 trillion ($801.6 billion) mark for the first time in January, registering a 14.66 percent year-on-year increase. According to figures from the Saudi Central Bank, also known as SAMA, this growth marks the fastest expansion since October 2022 and is primarily driven by a surge in business financing. Corporate loans […]
Santander’s (SAN.MC), opens new tab executive chair Ana Botin was paid 13.77 million euros ($14.32 million) in 2024, 13% higher than her remuneration in 2023, the lender said in its annual report on Friday. The rise in Botin’s compensation comes after the euro zone’s biggest lender in terms of market value reported a record 12.57 billion euro net profit […]
Silicon Valley Bank’s former parent may pursue a lawsuit to recover $1.93 billion of deposits that the Federal Deposit Insurance Corp seized following the bank’s March 2023 collapse, a federal judge ruled. In a decision on Thursday, U.S. District Judge Beth Labson Freeman in San Jose, California said the former parent, now known as SVB […]
A storm is brewing over Washington’s commitment to global financial institutions, with US Treasury Secretary Scott Bessent’s absence at the G20 meetings fueling concerns about a potential American pullback from the International Monetary Fund (IMF) and World Bank. The prospect of the United States stepping away from these institutions is raising alarm bells worldwide. Born […]