Citigroup mistakenly credited a customer’s account with $81 trillion last year when it meant to send just $280. The payment, which took place last April, was missed by two employees but caught 90 minutes after it was posted, the Financial Times first reported Friday. It was reversed several hours later and reported to the Federal Reserve and […]
Chinese AI startup DeepSeek on Saturday disclosed some cost and revenue data related to its hit V3 and R1 models, claiming a theoretical cost-profit ratio of up to 545% per day, though it cautioned that actual revenue would be significantly lower. This marks the first time the Hangzhou-based company has revealed any information about its profit margins […]
Importers of Premium Motor Spirit (petrol) may lose an average of N2.5bn daily and N75bn monthly following the latest PMS price reduction announced by the Dangote Petroleum Refinery. Findings by The Punch revealed that the average landing cost of petrol as released by industry players is over N100 higher than the new ex-depot price of […]
Nestlé Nigeria Plc has made an early repayment of $20m in inter-group foreign exchange debt. In a release filed on the Nigeria Exchange on Thursday, the repayment, which was made ahead of schedule, comes as the company continues to navigate the impact of currency devaluation, inflation, and rising finance costs, which have affected its financial […]
The Nigerian equity market reversed its previous gains, recording a N77bn loss at the close of trading on Tuesday as investor sentiment weakened. The market capitalisation of the Nigerian Exchange Limited declined to N67.02tn from N67.1tn recorded in the previous session, reflecting a 0.11 per cent decline. Similarly, the All-Share Index shed 123.53 points to […]
The Qatar Investment Authority is leveraging its over-$500 billion in assets to attract venture capital firms to the hydrocarbon-rich state. The sovereign wealth fund’s $1-billion fund of funds program — which invests in both international and regional VC funds — is designed to bolster investments in areas such as technology and health care, as Qatar […]
Canada’s provincial governments have enough fiscal firepower to respond to looming U.S. tariffs without supersizing their debt burdens, a new report says. The analysis released Tuesday from Desjardins Economics predicted upcoming provincial budgets will be dominated by plans to prepare for an unknown 2025 as promised tariffs from U.S. President Donald Trump put a cloud over fiscal […]
Hong Kong authorities can only apply a new pricing model for the HK$2 (25 US cent) transport fare scheme by September of next year because they need time to organise updates, checks and tests covering 17,000 Octopus card readers on vehicles and ferries, the welfare chief has said. Secretary for Labour and Welfare Chris Sun […]
Elon Musk is now worth $400 billion, more than any person that has ever walked the earth. And if the rumors are true, he may choose to spend 0.025% of that on a penthouse in West Palm Beach, just across the bridge from Palm Beach, where President-elect Donald Trump presides at Mar-a-Lago. A $100 million […]
Automobile company Stellantis, which owns Fiat, Chrysler, Jeep, and Peugeot, announced on Wednesday that its 2024 profits had dropped 70% from the previous year due to issues in North America. The company, which is searching for a new CEO, also revealed a 17 per cent decline in turnover to 156.9 billion euros ($164.6 billion), which it attributed […]