Taiwan’s President William Lai Ching-te said that a Taiwanese semiconductor company’s massive investment in Arizona is the “best model” for the island’s effort to build computer chips supply lines that don’t rely on Chinese producers, in remarks to the state’s visiting Governor Katie Hobbs. Taiwan’s leading chipmaker TSMC has committed $100 billion to build three […]
Gazprom is looking at every avenue to cut costs, including its portfolio of luxury hotels, after the group fell to its second successive year of losses as Russia’s war with Ukraine continues to hammer energy exports. The group’s net losses on Russian Accounting Standards (RAS) hit 1.076 trillion roubles ($12.89 billion) last year, largely attributable […]
The tariff wars and high spare capacity, mostly from the OPEC+ producers, are skewing the oil price risk to the downside in the medium term, according to Goldman Sachs. “While we reduced our Brent forecast range by $5/bbl to $65-80, we expect oil prices to edge up in coming months, and think that market pricing […]
The Dangote oil refinery has commenced the startup of its polypropylene facility in Lagos. Our correspondent gathered that the polypropylene facility will be officially unveiled soon. S&P Global also reports that starting up Dangote’s 830,000 metric tonnes per year polypropylene site was one of the last outstanding milestones for the oil refining and petrochemical complex […]
Nigeria and Germany are poised to enhance their bilateral economic relations, with a particular focus on trade and investment. In 2024, trade between the two nations demonstrated significant activity, with Germany importing goods worth €142 million from Nigeria and exporting €84.6 million to Nigeria in November alone. This resulted in a trade deficit of €57.5 […]
The U.S. is weighing in with Lebanon’s government on the selection of the country’s next central bank governor in a bid to curtail corruption and illicit financing for the armed group Hezbollah through Lebanon’s banking system, five sources familiar with the issue said. Washington’s feedback on the candidates for the top role in shaping Lebanon’s […]
The Nigerian National Petroleum Company Limited has revealed that reforms in the oil and gas sector, driven by the enactment of the Petroleum Industry Act 2021 and Executive Orders issued by President Bola Tinubu, attracted about $17bn in foreign investment in 2024. The Executive Vice President of Upstream, Udy Ntia, disclosed this during an investor […]
The S&P 500′s rapid 10% decline from a record high into correction territory has wiped out trillions of dollars in market value. The market value of the S&P 500 at its Feb. 19 peak was $52.06 trillion, according to FactSet. Thursday’s decline put the index’s market value down to $46.78 trillion. That makes for a total […]
The US Export-Import Bank has approved a nearly $5 billion loan for a long-delayed liquefied natural gas (LNG) project in Mozambique, marking a significant step toward restarting construction under French oil major TotalEnergies. The approval clears a key financial hurdle for the $20 billion project, which was put on hold in 2021 due to violent […]
BMW (BMW.DE) expects trade tariffs to cost the carmaker 1 billion euros ($1.09 billion) this year, its CEO said on Friday, factoring in EU duties on its China-made EV and newly imposed U.S. tariffs which are upending global trade. The car makers stock fell almost 2% before the bell on Friday. The premium carmaker expects […]