OpenAI is considering granting special voting rights to its non-profit board to preserve the power of its directors, as the ChatGPT-maker fends off an unsolicited takeover bid from Elon Musk. Chief Executive Officer Sam Altman and board members are evaluating new governance measures as the company transitions to a traditional for-profit structure, the report said, […]
Australian mining giant BHP reported strong demand for its output Tuesday despite global trade and economic uncertainties, citing early signs of a recovery in China. Sales of key commodities iron ore, copper, and steel-making coal all increased by volume year-on-year in the six months to Dec. 31, 2024, the group said. But falling iron ore […]
African billionaire Aliko Dangote is wealthier than ever now that his long-awaited Nigerian oil refinery is up and running. But his mood suggests a man who just built his dream house only for the roof to start leaking. The Dangote Refinery outside Lagos is the biggest single-train oil refinery in the world and one of […]
Nigeria aims to boost the development of its $257 billion non-associated gas (NAG) fields through implementing tax credits, as outlined in the Nigeria Tax Bill 2024. With an estimated 106.67 trillion cubic feet (Tcf) of NAG, which makes up 51 per cent of the nation’s total gas reserves, the proposed tax benefits under the Nigeria Tax […]
Ukraine has rejected a bid by the US to own 50 per cent of the country’s rare earth minerals, as President Volodymyr Zelenskiy seeks to negotiate a better deal. US Treasury Secretary Scott Bessent presented the proposal to Zelenskiy in a draft contract, which was brought to their meeting on Wednesday, NBC reported earlier, […]
China’s Ministry of Finance has transferred its stakes in a group of financial firms to a government-controlled fund as Beijing steps up its push to overhaul the financial sector. The asset reshuffle will allow Central Huijin Investment – a subsidiary of China’s sovereign wealth fund, China Investment Corporation – to take controlling stakes in five […]
HSBC and Standard Chartered Bank are expected to post bumper profits this week when they kick off the reporting season among Hong Kong’s banks, as demand for wealth management buttressed their income against thinning interest-rate margins. HSBC may report a 7 per cent increase in its 2024 profit to US$24.09 billion when it reports its full-year […]
Hong Kong will adopt reforms to capitalise on emerging trade corridors while strengthening its financial markets to be the gateway connecting China and the world, according to the city’s treasury and central bank chiefs. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu told a conference in Hong Kong on Monday that the city […]
Saudi Arabia is set to host the fifth edition of the Capital Markets Forum from Feb. 18 to 20 in Riyadh, uniting leading financial experts in the capital and highlighting the Kingdom’s position as a key economic hub. Organized by the Saudi Tadawul Group and held under the patronage of the Minister of Finance and […]
The parent company of President Donald Trump’s social networking site Truth Social says it lost $400.9 million last year and its annual revenue declined 12 per cent to $3.6 million. Trump Media & Technology Group reported its earnings late Friday, blaming the losses in part on a revenue-sharing agreement with an undisclosed advertising partner. After […]