business news

BMW reports lower Q3 earnings as China woes mount

BMW reports a drop in profits in the July to September quarter amid fierce competition from China.

Supreme Court upholds States’ power to levy additional sales tax, says case has become academic

The seven-judge Bench, led by CJI Surya Kant, said the reference in the Orissa Sales Tax Act case no longer requires adjudication since the challenged provisions have been amended and GST governs the issue moving forward

US dollar slides after Democrats’ midterm election win as growth fears rise

Concern over greater AI regulation, while investors move into US treasuries as Trump faces political gridlock Business live – latest updates US midterm elections – live updates The US dollar has fallen sharply after the Democrats won control of the Senate and the House in the midterm elections, sparking fears that greater regulation of AI could slow economic growth. The dollar hit a one-month low on Wednesday while coming under pressure from falling bond yields, as investors moved into US treasuries, viewed as a safe haven from the political gridlock anticipated during the rest of Donald Trump

Dangote Unveils Namibia Energy Project, Proposes 1.6mb Tank Farm

Namibia is strengthening its position in Africa’s energy market, with Nigerian industrialist Aliko Dangote unveiling plans for a major petroleum storage and regional pipeline project in Walvis Bay. Dangote at the unveiling of the project in Walvis Bay, Namibia, on Wednesday, November 4, 2026.

Keralam CM confirms meeting businessman suspected of sting operation

UNSGSA Queen Máxima visits Ghanaian agribusinesses, showing how local markets can strengthen food security

Her Majesty Queen Máxima of the Netherlands, in her capacity as the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA), today visited Ghanaian agribusinesses working with IDH Ghana to see how locally led enterprises are connecting smallholder farmers to markets, finance and decent jobs. “Ghana’s agricultural opportunity is not only about growing more food; it is about building the markets that allow farmers and businesses to thrive,” said Robert Asugre, Country Director IDH Ghana.

District-level advisory committees to be formed in Tamil Nadu to address sales taxpayers’ grievances

The committees will meet once every three months to discuss issues relating to sales tax and take necessary steps.

Diri Presents ₦1.24trn 2027 Budget, Allocates 68% To Capital Expenditure

Bayelsa State Governor, Douye Diri, has presented a proposed budget of ₦1.24 trillion for the 2027 fiscal year to the State House of Assembly, with capital expenditure accounting for approximately 68 per cent of the total estimates. Receiving the appropriation bill, Speaker of the Bayelsa State House of Assembly, Abraham Ingobere, assured the governor that the legislature would give the proposal prompt consideration.

M&S takes more than a year to recover from cyber-attack as profits bounce back to £355m

M&S takes more than a year to recover from cyber-attack as profits bounce back to £355m. Sales and profit from clothing and homeware remain below two years ago but ‘brand is in good health’ Marks & Spencer has said a devastating cyber-attack that shut down its website last year continued to hurt clothing sales over the summer, more than a year after the hack. The attack, which began over Easter 2025, forced it to shut its website, which sells clothing and homewares, for more than six weeks.

Kenya’s Economy Grew 5pc Annually Between 2022 and 2025, Treasury PS Says

NAIROBI, Kenya, Nov 4 – Kenya’s economy expanded by an average of 5 per cent annually between 2022 and 2025, outperforming both the global growth average and Sub-Saharan Africa, Principal Secretary for the National Treasury Chris Kiptoo has said. The Principal Secretary represented Cabinet Secretary for the National Treasury John Mbadi at the launch of the economic update held in Upper Hill, Nairobi.

ED raids in Odisha, Bengal in investment 'fraud' case'

The promoters of the scheme collected about ₹120 crore from the public, according to the ED

Our house purchase is at risk from a frozen Revolut account

Access to our £37,000 deposit in a savings account is restricted after a ‘routine security review’ My wife’s Revolut account was frozen in what it calls a “routine security review” over a week ago. Nothing has been requested from her – no documents, the source of funds, or ID – yet, as a result, our house deposit of £37,000 in a joint savings account is also restricted.

2027 Budget to highlight inflation drop, economic progress – Agalga

Majority Leader in Parliament, James Agalga, says the 2027 Budget will provide an opportunity for the National Democratic Congress (NDC) government to showcase what it considers its economic achievements during its first two years in office. Mr Agalga described the budget debate as one of the key items expected to occupy the House during the coming weeks.

Sanusi credits Tinubu for rescuing Nigeria’s economy from brink

The Emir of Kano, Muhammadu Sanusi II, has said President Bola Tinubu deserves credit for bringing Nigeria’s economy back from the brink, citing improvements in economic growth, inflation, foreign reserves and export diversification. The former Governor of the Central Bank of Nigeria (CBN) spoke on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh.

Experts push renewables to tackle Nigeria’s power crisis

Speaking in separate interviews with Vanguard at the recently concluded Nigeria Energy Summit in Lagos, they said decentralised power solutions would improve electricity access, particularly for businesses and rural communities. Also speaking, Executive Director, Delmira Power Solutions, Dr. Moriam Jagun, said the company was bringing advanced power management solutions into Nigeria.

Nigeria’s high production costs threaten industrial competitiveness — Feese

By Favour Ulebor, Abuja The Nigeria Economic Summit Group has warned that high production costs, unreliable electricity and poor logistics infrastructure are undermining Nigeria’s industrial competitiveness, calling for a council within the Presidency to coordinate industrialisation policies. Co-facilitator of the NESG, Lumun Feese, said Nigeria needed a coordinated approach to industrial development to address structural challenges and enable local manufacturers to compete effectively in African markets.

Petrol hits N1,370/litre as depot prices rise

The increase followed sharp movements in depot prices, particularly in Lagos, where A.A. Rano raised its PMS price by N75 to N1,295 per litre, while African Terminal, Aiteo and Integrated increased their prices to about N1,300. In Port Harcourt, Matrix increased its PMS price by N15 to N1,300 per litre, while Bulk Strategic, Masters and T.S.L remained at N1,300.

Nigeria’s exports record 25% increase in 2yrs — NPA

By Godwin Oritse Nigeria’s exports have increased by 25 per cent in the last two years, driven by Federal Government reforms and improved collaboration with port terminal operators, the Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, has said. “We have got about four of those in Nigeria where we collaborate with the terminal operators, the Nigeria Customs Service and other agencies that have a stake, so that everything regarding the processing of cargo for export is done locally,” he stated.

LG reinforces leadership in refrigerator market with Brandcom award

LG Electronics has strengthened its position in Nigeria’s home appliance market following the recognition of its MoodUP Refrigerator at the BRANDCOM awards 2026 in Lagos. The recognition at the BRANDCOM Awards further highlights LG’s presence in Nigeria’s competitive refrigerator market.

REFORMS: Oil output has grown by 600,000bpd since PIA — NNPC

By Obas Esiedesa, Abuja Nigeria’s crude oil production has increased by 600,000 barrels per day (bpd), from about 1.2 million bpd to 1.8 million bpd, following the implementation of the Petroleum Industry Act (PIA) and reforms in the oil and gas sector, the Nigerian National Petroleum Company Limited (NNPC) has said. Group Chief Executive Officer of NNPC Limited, Mr Bashir Bayo Ojulari, disclosed this yesterday at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.

NESG: Economic growth must deliver jobs, higher incomes

By Babajide Komolafe Chairman of the Nigerian Economic Summit Group (NESG), Mr. Omoboyede Olusanya, has called for a shift from measuring Nigeria’s economic progress by headline growth figures to delivering tangible improvements in jobs, incomes, productivity and living standards. Olusanya made the call at the closing of the 32nd Nigerian Economic Summit (NES#32) in Abuja, saying: “Growth that delivers is growth whose impact is strongly felt.

Naira rises, now N1,374/$ in parallel market

…As interbank turnover rises 445% By Elizabeth Adegbesan The Naira yesterday appreciated to N1,374 per dollar from N1,377 in the parallel market on Monday. Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the official market rose slightly to N1,347.75 per dollar from N1,346.01 per dollar on Monday, indicating N1.74 depreciation for the naira.

Fidelity Bank becomes Ghana’s only bank to achieve 2X Certified Advanced status for gender-smart finance

Fidelity Bank Ghana has achieved 2X Certified Advanced status, becoming the only bank in Ghana to attain this distinction and reinforcing its commitment to advancing gender-smart finance and women’s economic empowerment. Commenting on the achievement, Atta Yeboah Gyan, Deputy Managing Director, Operations & Support Functions, at Fidelity Bank Ghana, said: “Achieving 2X Certified Advanced status is an important milestone for Fidelity Bank and a strong endorsement of the deliberate steps we are taking to embed gender inclusion across our business.

Australian banks lift interest rates

Australia's banks reveal they will raise their interest rates in response to the RBA's decision to lift the cash rate for the fifth time in 2026.