Canada Slams Binance $6m Fine for Money Laundering Violations The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the anti-money laundering agency on Thursday said it had imposed a nearly C$6 million or $4.38 million fine on cryptocurrency exchange Binance for violating the money laundering and terrorist financing laws. The federal anti-money laundering watchdog […]

Bitcoin Price Slides as Cryptocurrencies Pullback The bitcoin price is struggling to stay above the $61,000 mark on Thursday, according to data from the crypto exchange.  The price of the largest crypto asset was falling Thursday and other cryptocurrencies were mixed, with momentum still lacking following a surge in prices earlier this year. Bitcoin has […]

FX Market: How Major Currencies Move vs US Dollar The Euro strengthened past $1.077, the highest in one month, as investors reconsider expectations for interest rate cuts by key central banks. The European Central Bank is projected to initiate rate cuts in their upcoming meeting on June 6 and market forecasts indicate a potential decrease […]

UK Keeps Interest Rates Unchanged at 16-Year High At the end of its policy meeting, the Bank of England (BoE) kept its key interest rate unchanged at a 16-year high. However, UK central bank indicated that it is on course to join its European peers in cutting rates over the coming months. The BoE on […]

Sterling Slides as UK Keeps Interest Rate The pound sterling came under pressure from a stronger US dollar and struggled for traction against other currencies after the UK central bank keeps rate unchanged at 16-year high on Thursday. GBP pressure mounted after Bank of England Governor Andrew Bailey introduced the possibility of a June interest […]

Oil Slides as US Inventories Climb by 509,000 Barrels In the global commodity market, oil prices declined as market reacted to an increase in crude inventories in the US, the world’s biggest oil consumer. Brent came under pressures yesterday amidst uncertainties in the Middle East. Market data shows that ICE Brent crude price declined by […]

Selloffs Reduce Equities Investors Combine Wealth to N55.55trn Investors in the Nigerian Exchange (NGX) are hurting following a sustained decline in the equities market capitalisation as a result of sustained risk-off sentiment. According to stockbrokers, the strength of daily losses reduced midweek, signaling a potential rally in the coming days on stock with good fundamentals. […]

Ex-MAN Chairman Urges CBN Not to Implement Cyber Security Levy Dr Wale Adegbite, a former Chairman, of the Manufacturers Association of Nigeria (MAN), Ogun Chapter, has urged the Central Bank of Nigeria (CBN) not to implement the recently announced cyber security levy. Adegbite appealed in an interview on Wednesday in Ota, Ogun. He said that […]

Saudi Aramco Profit Shrinks by 14.4% in Q1 Saudi Arabia’s national oil company, Aramco, posted a 14.4% drop in net profit during the first quarter of 2024 in line with analyst expectations, according to its financial results statement released to the market. The company attributed the decline to reduced crude oil volumes sold, weaker refining […]

Binance Bribery Allegation Diversionary-FG The Federal Government says the bribery allegation by Binance is a diversionary strategy to run away from their wrong doings. The Minister of of Information and National Orientation, Alhaji-Mohammed Idris made this known in a statement issued by his media aide, Mr Rabiu Ibrahim on Wednesday in Abuja. According to the […]