BUSINESS

BUSINESS

BP Sees Record Quarterly Profit

BP sees record-high quarterly profit after oil and gas prices ratchet up. The energy giant saw underlying profits hit 8 point 45 billion dollars between April and June – more than triple the amount it made in the same period last year. The oil company recorded its highest profit for the first time in 14 years. This comes against the […]

BUSINESS

U.S. Job Openings Fall

According to the latest Job Openings and Labor Turnover Survey, U.S. job openings fell by the most in just over two years in June as demand for workers eased in the retail and wholesale trade industries. But overall, the labor market remains tight, allowing the Federal Reserve to continue raising interest rates. The total of employment vacancies fell to about […]

BUSINESS

Oil Producers Set To Pump More Oil

The world’s largest oil producers have agreed to increase the production of oil marginally in a bid to help ease high prices. Members of the oil producers’ group Opec+ – which includes Russia – today agreed to add 100,000 more barrels per day to the market from September. The latest production output increase is at a much slower pace than […]

BUSINESS

ExxonMobil Profits Ratchet Up

ExxonMobil and Chevron ratchet up profits to record levels in the second quarter, as both companies benefitted from the windfalls gained from the increase in energy prices. The war between Russia and Ukraine is partly responsible for the company’s current position. The huge earnings come as consumers reel from sky-high fuel costs that have helped drive inflation to levels not […]

BUSINESS

Jet Blue Flies With Spirit Airlines

JetBlue Airways has announced that it would purchase Spirit Airlines, thus making the combination America’s fifth-largest airline. The announcement comes after Spirit pulled the plug on a deal to merge with Frontier. JetBlue had been pursuing a hostile bid for Spirit even while Spirit sought shareholder approval for a lower-priced deal with Frontier. The announcement comes after Spirit pulled the […]

BUSINESS

China Set To Miss Target Growth

China has signaled that it may miss its annual economic growth target as Covid restrictions weigh on the world’s second-largest economy. The Politburo – the ruling Communist Party’s top policy-making body – says it aims to keep growth within a reasonable range. It did not mention the official growth target of 5.5% it had earlier set. China is continuing to […]

BUSINESS

The U.S. Economy In A Mirage

The U.S. economy showed signs of weakness, experiencing a second straight quarterly decline from April to June, dropping at an annual pace of nine-tenths of a percentage point and pushing the world’s biggest economy into a recession by one common measurement. The Commerce Department reported the decline in the gross domestic product – the broadest gauge of the American economy […]

BUSINESS

Africa’s Top 5 Richest Countries By GDP

Africa is said to be the cradle of civilization. The wealth of its natural resources is mind-blowing, but one would not readily recognize it given the level of poverty that prevails within the continent. With 54 countries on the continent, significant growth has occurred over the years.  Today, some of these countries have risen above their expected growth rate performance, […]

BUSINESS

H&M Set To Exit Russia

H&M, the multinational clothing company based in Sweden, has announced it is leaving Russia but will temporarily reopen its shops there to sell off its remaining stock. The world’s second-biggest clothing retailer said it was “impossible” to continue its business in Russia due to the Ukraine war. The decision comes after the Swedish firm suspended all sales in Russia in […]

BUSINESS

ECB Pushes Up Interest Rates

The European Central Bank (ECB) has raised interest rates for the first time in more than 11 years as it tries to control soaring eurozone inflation. The ECB increased its key interest rate by 0.5 percentage points to 0.0% and plans further hikes this year. The rate has been negative since 2014 in a bid to boost the region’s economy […]