Category: Economy
German Auto Supplier Slashes Jobs, Closes Site Amid Industry Crisis
Like other German carmakers and suppliers, the group has struggled with competition for its key products This photograph taken on October 1, 2015, shows the headquarters of German car equipment manufacturer Schaeffler in Herzogenaurach, southern Germany. German auto parts supplier Schaeffler said on November 3, 2026 that it planned to cut almost 3,500 jobs and…
Poverty Deepens Economic Exclusion Nationwide, Forum Warns
• EU says most of world’s poor in Nigeria, commits €45m aid• Stop campaigning for Tinubu, tackle hardship, HURIWA tells Oyedele Nigeria’s deepening poverty crisis is shutting millions of citizens out of economic opportunities, shrinking businesses and exposing vulnerable households to insecurity, displacement and worsening living conditions. The Federal Government, European Union (EU) and ActionAid…
Probe ‘missing’ N94.4bn oil revenue, SERAP urges Tinubu
more than ₦94.4bn in public funds reportedly diverted, unremitted, unaccounted for or irregularly spent by the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission. SERAP also urged the President to ensure the recovery and remittance of the affected funds to the Treasury and the prosecution of anyone found culpable. The…
GDP Growth Yet to Improve Nigerians’ Living Standards, Unions Warn
The Nigeria Labour Congress and other workers’ groups have criticised the Federal Government’s 4.43% second-quarter GDP growth, saying the expansion has failed to translate into better purchasing power, working conditions and living standards for ordinary Nigerians. Nigeria Labour Congress (NLC) and the Campaign for Democratic and Workers’ Rights (CDWR) have rejected the Federal Government’s celebration of 4.43…
UK’s Starmer announces 300-billion-pound defence investment plan
Plan includes more than 5 billion pounds for drones and autonomous systems over four years, Ministry of Defence says. British Prime Minister Keir Starmer presented the defence spending plan before he is expected to leave office in July [File: Stringer/AFP] Outgoing Prime Minister Keir Starmer has announced that Britain will spend almost 300 billion pounds…
Oil prices ease after spiking over halt to Strait of Hormuz evacuation plan
Brent crude rises after cargo ship comes under attack in key waterway. Tankers and cargo vessels in the Gulf of Oman, along shipping routes linking the Strait of Hormuz and the Arabian Sea, on June 16, 2026 Oil prices have eased after jumping earlier amid renewed violence in the Strait of Hormuz. Brent crude, the…
Core inflation rate hit 3.4% in May, highest since October 2023, Fed’s preferred gauge shows
KEY POINTS The Federal Reserve’s primary price gauge rose at its highest level since 2023, reinforcing the central bank’s recent tough talk on inflation. Excluding food and energy, the personal consumption expenditures price index showed a 3.4% annual rate after rising 0.3% for the month, both in line with the Dow Jones consensus. The annual core reading…
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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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