The International Monetary Fund announced an agreement with Senegal on Tuesday for a new $2.2-billion loan programme, after a prior deal was suspended following the discovery of previously unreported debt. The announcement comes nearly two years after Senegal’s current government, which rose to power on an opposition electoral victory, accused the former administration of ex-president...
Category: Business
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Fast-Fashion Giant Shein Plunges 10% On Hong Kong Debut
The long-awaited IPO put the company's valuation at around US$26.3 billion with its listing price of HK$48.56 well short of the nearly US$100 billion during private fundraising rounds in 2022.
Shein, known for its ultra-low prices and rapidly produced clothes, said proceeds from the sale would be used to finance its technological capabilities and boost its international presence.
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Record US$947m July Remittances Bring Cardoso’s US$1bn Monthly Target Within Sight
The Governor of Central Bank of Nigeria Olayemi Cardoso has disclised that Nigeria has recorded US$947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, which he siad is the highest monthly inflow ever recorded through formal channels and approaching the US$1 billion monthly target set by Central Bank of Nigeria...
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MTN Channels 62% Of $2.7 Trillion Spent In 2025 To Nigerian Suppliers – CFO
“The real measure is not the invoice. The real measure is actually the capability that remains in the economy after the investment is made,” he said.
Kadiri stressed some categories remain difficult to source locally at scale because of the highly technology-dependent nature of the telecommunications industry.
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Colombia Estimates Quake Damage At $9.6 Billion
The powerful earthquake that killed hundreds of people in western Colombia caused $9.57 billion in economic losses, President Abelardo de la Espriella said on Tuesday, issuing a preliminary estimate. The 7.4-magnitude tremor, which struck on August 10, was the most powerful in Colombia in nearly half a century. The death toll stands at 289, with...
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Canada Inflation Hits 3% As New US Tariffs Loom
The Middle East conflict drove up Canada’s annual inflation rate to three percent in July, data showed Monday, days before punishing new tariffs threatened by US President Donald Trump could further roil Canada’s economy. Statistics Canada said gasoline prices last month were 25.7 percent higher than in July 2025. “The conflict in the Middle East,...
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IMF Announces New $439 Million Program For Guinea
The agreement came after an IMF delegation visited Conakry and held talks with the country's prime minister, finance minister and other top officials in June, according to a statement released on Tuesday.
The agreement is subject to approval by the IMF's executive board in September.
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Naira Gains N5.54 At Official Market
The naira appreciated against the United States dollar at the official foreign exchange market, trading at N1,360.14 per dollar. Data published on the official website of the Central Bank of Nigeria showed that the naira gained N5.54 from the N1,365.68 per dollar recorded on Friday. The latest movement represents a 0.4 per cent appreciation in...
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NGX Market Cap Rises By N1.91tn As Investors Gain
The Nigerian Exchange Limited started the week on a positive note, with market capitalisation rising by N1.91 trillion, or 1.20 per cent, to N160.42 trillion. The All-Share Index also gained 2,956.15 points to close at 248,529.75, pushing the market’s year-to-date return to 59.71 per cent. The rally, the fourth consecutive bullish session, was driven mainly...
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US Stocks Dip Ahead Of Key Inflation Data
Crude prices rose about 1.5 percent after Iran said it would not reopen the Strait of Hormuz until the United States complied with a list of demands, including paying compensation for war damage.