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Financial Stability Board chair warns of stability "triple whammy" as funding conditions tighten

Financial Stability Board chair warns of stability "triple whammy" as funding conditions tighten

WASHINGTON, April 9 (Reuters) - The global financial system has so far absorbed the economic shock caused by the Iran war, partly thanks to post-2008 crisis reforms, but rising funding costs may exacerbate growing stress in other parts of the system, the chair of the Financial Stability Board warned
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Federal Government Supports 87 Pharmaceutical Manufacturers with Incentives to Boost Local Production

Federal Government Supports 87 Pharmaceutical Manufacturers with Incentives to Boost Local Production

The Federal Government of Nigeria has reaffirmed its commitment to enhancing the pharmaceutical sector through deliberate policies and strengthened regulatory systems. Minister of State for Health, Dr. Adekunle Salako, emphasized the sector's importance to Nigeria's economic and healthcare agenda during the commissioning of a new manufacturing facility by SAM Pharmaceuticals Limited in Ogun State. The government has implemented reforms, including executive orders to support local production, resulting in 87 local manufacturers benefiting from incentives such as zero tariffs on machinery and raw materials. Efforts are underway to strengthen research capacity, including the establishment of an API Capacity Building and Production Centre. The Director General of NAFDAC, Prof. Mojisola Adeyeye, highlighted the impact of regulatory reforms, noting that these measures have enabled local manufacturers to expand operations and utilize installed capacity.
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Iran war weighs on global economy as IMF meeting starts

Iran war weighs on global economy as IMF meeting starts

By Mark John LONDON, April 13 (Reuters) - Alarm over the impact of the Iran war on the global economy grew on Monday with more countries announcing emergency support measures to combat rising energy costs, while others appealed for international support.
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China's Telcos Face New Challenges with Increased Tax Burdens and Cloud Competition

China's Telcos Face New Challenges with Increased Tax Burdens and Cloud Competition

China's telecommunications companies are encountering significant challenges due to recent tax hikes and increased competition in the cloud services sector. The Ministry of Finance has reclassified state-owned telecom operators into a higher tax bracket, aligning them with major industries like electricity and fossil fuels. This change raises their tax rate from 20% to 35% on after-tax earnings, significantly increasing their financial obligations. For instance, China Mobile's tax contribution would rise from RMB27.4 billion to RMB48 billion under the new rate. Additionally, a higher value-added tax on data services and SMS has been implemented, increasing from 6% to 9%. These tax increases coincide with a downturn in the cloud business, which had been a key growth area for these companies. As enterprises shift towards AI-driven solutions, telcos are struggling to compete with private sector giants like Ali Cloud and Baidu, who offer more comprehensive AI-native cloud services.
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Analysis-Protracted Iran war narrows BOJ's rate hike options

Analysis-Protracted Iran war narrows BOJ's rate hike options

By Leika Kihara TOKYO, April 13 (Reuters) - Once seen as a strong possibility, a Bank of Japan rate hike in April is turning into a fainter prospect as fading hopes of an end to the Middle East conflict keep markets volatile and muddle the outlook for a fragile economy.
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CPPE Criticizes World Bank's Import Recommendations, Advocates for Industrial Focus

CPPE Criticizes World Bank's Import Recommendations, Advocates for Industrial Focus

The Centre for the Promotion of Private Enterprise (CPPE) has criticized the World Bank's recommendation for increased importation of petroleum products and food in Nigeria. Dr. Muda Yusuf, CPPE founder, argues that this advice contradicts Nigeria's reform path and threatens long-term development goals. He emphasizes that industrialization is crucial for Nigeria's economic transformation and warns that import-driven solutions could lead to de-industrialization, limit job creation, and expose the economy to external shocks. Yusuf advocates for a coherent industrial strategy to expand domestic production capacity and strengthen manufacturing competitiveness.
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Federal Reserve Faces Inflation Challenges Amid Energy Cost Surge

Federal Reserve Faces Inflation Challenges Amid Energy Cost Surge

Federal Reserve Faces Inflation Challenges Amid Energy Cost Surge
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President Tinubu Commends Aliko Dangote's Industrial Contributions on His Birthday

President Tinubu Commends Aliko Dangote's Industrial Contributions on His Birthday

President Bola Ahmed Tinubu has extended his congratulations to Aliko Dangote, a leading industrialist in Africa, on his birthday. Tinubu praised Dangote for his significant contributions to Nigeria's economy and industrial sector. The President highlighted Dangote's role in establishing major industrial projects, such as the Dangote Refinery and Petrochemical Company, and cement manufacturing plants across Africa. These ventures have not only boosted Nigeria's industrial capacity but also created jobs and improved infrastructure. Tinubu also acknowledged Dangote's philanthropic efforts through the Dangote Foundation, which have positively impacted health, education, and poverty alleviation across the continent.
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President Tinubu Commends Aliko Dangote's Industrial Contributions on Birthday

President Tinubu Commends Aliko Dangote's Industrial Contributions on Birthday

President Tinubu Commends Aliko Dangote's Industrial Contributions on Birthday
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IMF Chief Warns of Cybersecurity Risks from Anthropic's AI Model Mythos

IMF Chief Warns of Cybersecurity Risks from Anthropic's AI Model Mythos

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), has expressed concerns about the cybersecurity risks posed by Anthropic's new AI model, Mythos. In an interview set to air on 'Face the Nation,' Georgieva highlighted the exponential growth of cyber risks and the lack of global capacity to protect the international monetary system. She emphasized the need for more attention to guardrails to ensure financial stability in the AI domain. Federal Reserve Chair Jerome Powell and Treasury Secretary Scott Bessent have also engaged Wall Street leaders in discussions about these risks, indicating ongoing coordination among regulators.
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Edelson Lechtzin LLP Investigates Figure Lending Corp. Data Breach Impacting Nearly 1 Million Users

Edelson Lechtzin LLP Investigates Figure Lending Corp. Data Breach Impacting Nearly 1 Million Users

Edelson Lechtzin LLP Investigates Figure Lending Corp. Data Breach Impacting Nearly 1 Million Users
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IMF Chief Raises Concerns Over Cybersecurity Risks of Anthropic's AI Model

IMF Chief Raises Concerns Over Cybersecurity Risks of Anthropic's AI Model

IMF Chief Raises Concerns Over Cybersecurity Risks of Anthropic's AI Model