Category: Business
South Africa Freezes Funding For Johannesburg, Dozens Of Municipalities
Despite being home to Africa’s richest square mile, Johannesburg has grappled with the same municipal failures seen across much of South Africa, from burst water pipes and potholes to mounting garbage and decaying infrastructure. South African President Cyril Ramaphosa attends a community meeting after a flood near Mthatha on June 13, 2025. South African President…
Stocks Mixed Tracking AI Concerns, As Oil Rises On Tanker Attack
Seoul once again led losses in Asian stocks as Samsung’s share price tumbled despite the South Korean chip giant’s eye-watering rise in profit, stoking fears that the record-breaking AI-fuelled rally may have reached the end of the road. A currency dealer monitors exchange rates in a trading room at the KEB Hana Bank in Seoul…
Shell Offloads S.Africa Downstream Business To Abu Dhabi
The IOC said the sale, valued at about $1 billion, formed part of its strategy to focus on “key markets”, as the company separately flagged a big drop in second-quarter gas production because of the US-Iran war. FILE: In an aerial view, gas prices nearing $6.00 a gallon are displayed at a Shell gas station…
Foreign Investments Rebound But Recovery Uneven — UN
Foreign direct investment (FDI) swelled by 6.0 per cent last year to $1.6 trillion, according to the UN Trade and Development agency UNCTAD. UN Secretary-General Antonio Guterres delivers the opening speech of the first Global Dialogue on AI Governance, in Geneva on July 6, 2026. Worldwide foreign direct investment rose in 2025 after two years…
Samsung Expects 1,800% Operating Profit Leap On AI Boom
The world’s largest memory chipmaker estimated April-June operating profit at 89.4 trillion won ($58.4 billion) — up 1,810 per cent on-year, a company statement said. South Korean technology giant Samsung Electronics forecast Tuesday a massive 19-fold jump in second-quarter operating profit from a year earlier, buoyed by sustained AI-driven demand for memory chips. The world’s…
Toyota To Invest $3.6bn In Texas, Move Production From Mexico
The announcement comes just days after Washington declined to renew a North American trade pact with Mexico, as well as Canada, fuelling uncertainty for businesses. FILES) LAS VEGAS, NEVADA – JANUARY 07: Toyota Research Institute (TRI) P4 semi-autonomous prototype based on the current Lexus LS500h is displayed during a Toyota press event for CES 2019…
Elumelu To Step Down As UBA Chairman, Nnorom Named Successor
The bank credited Elumelu with driving UBA’s growth from a Nigerian bank into what it described as “Africa’s Global Bank,” connecting African businesses to global opportunities through innovation, resilience, and purpose. Emmanuel Nnorom and Tony Elumelu United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will conclude his 12-year tenure on…
BREAKING: Tony Elumelu to step down as UBA chair, bank names successor
Tony Elumelu. Credit: UBA United Bank for Africa Plc has announced that its group chairman, Tony Elumelu, will retire from the board of directors on August 21, 2026. The bank disclosed this on Monday during its board meeting, asserting that the process was necessary after the completion of the maximum 12-year tenure for non-executive directors…
FG Meets With Dangote Refinery, Marketers, Pushes For Petrol Price Reduction
The development comes after the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, directed petroleum marketers to immediately reduce the pump prices of petrol and others to reflect the recent decline in global oil prices. A fuel attendant pumps petrol into a motorcycle at a fuel station in Abuja on March 9, 2026, after…
Kebbi Flags Off 3.5MW Solar Power Project To Boost Supply
The solar power project being implemented by REA will significantly improve the electricity supply across the State. The Kebbi Governor, Nasir Idris, has flagged off the groundbreaking ceremony for the development of Lot 7 – design, supply, and installation of a 33kV power infrastructure project in the state. A statement by Ahmed Idris, the Chief…
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Opeyemi Precious
Precious Opeyemi is an independent media entrepreneur, journalist, and the founder of Scoop Lounge. Driven by a commitment to credible, balanced, and high-impact journalism, she established the platform to deliver rapid-response news summaries across multiple global sectors. Read full
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