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💼 Business, economy and finance from Nigeria, Africa and the world. Major deals, markets, companies and money — no fluff. Advertisement: @TGowner999, @topovik_999

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🌐 Honda: 50% Canada Auto Tariffs Would Be "Catastrophic" Honda has warned that doubling U.S. tariffs on Canadian vehicles and parts from 25% to 50% would be catastrophic for the auto industry. The threat came from President Trump, who tied the tariff hike to the outcome of ongoing U.S.-Canada trade negotiations. Source

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🇳🇬 Dangote Refinery IPO Hits $1.6bn Target, Eyes $2.1bn Dangote Petroleum Refinery's IPO has already met its $1.6bn fundraising target from Nigerian and retail investors alone, with investors from 119 countries applying for shares. Demand from international investors is set to significantly exceed the $2.1bn target — which includes a 30% over-allotment option — according to sources cited by Bloomberg. Africa's richest man Aliko Dangote has pitched the listing as an "IPO for the people," targeting 10 million retail investors. Source
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🇳🇬 Some Nigerians Spend 120% of Income on Food Finance Minister Taiwo Oyedele says a government survey shows some Nigerian households spend up to 120% of their income on food, forcing them to borrow or rely on relatives to survive. Oyedele made the disclosure at Chatham House in London. Source
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💼 Microsoft Offers Buyouts to 60,000 Employees Amid AI Shift Microsoft has launched a Voluntary Exit Offer (VEO) for roughly
💼 Microsoft Offers Buyouts to 60,000 Employees Amid AI Shift Microsoft has launched a Voluntary Exit Offer (VEO) for roughly 60,000 employees — about 25% of its global workforce — in the US, UK, Canada, and India. The offer, announced by Chief People Officer Amy Coleman, targets staff at level 70 and below across participating teams, including AI experiences, Copilot, Xbox, finance, and HR. Terms mirror Microsoft's standard severance: a minimum of 60 days' base pay, up to 39 weeks depending on seniority. Eligible staff have until early December to decide, with exits at year-end. The move follows a Voluntary Retirement Program earlier this year, which about one-third of eligible employees accepted. Source
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💼 Anthropic Files for IPO, Targeting Nasdaq Under "ANT" Anthropic, maker of the Claude AI, has filed its S-1 prospectus with
💼 Anthropic Files for IPO, Targeting Nasdaq Under "ANT" Anthropic, maker of the Claude AI, has filed its S-1 prospectus with the SEC, moving toward what is expected to be one of the largest stock market debuts in history — and the first by a major frontier AI lab. The company plans to list on the Nasdaq under the ticker "ANT." The filing reveals explosive but costly growth: in H1 2026, Anthropic posted $16.3 billion in revenue alongside an $80.7 billion net loss. Anthropic had confidentially filed with the SEC in June before releasing the public document Monday. Source
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💼 SoftBank Eyes $50B Tech Investment in Malaysia SoftBank Group plans to invest $50 billion in Malaysia's technology sector,
💼 SoftBank Eyes $50B Tech Investment in Malaysia SoftBank Group plans to invest $50 billion in Malaysia's technology sector, including AI and data centers, according to Prime Minister Anwar Ibrahim. The move would expand SoftBank's footprint in Southeast Asia, which is emerging as a key hub for AI infrastructure. Source
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🇳🇬 Geopolitical Shocks, Oil Volatility Threaten Nigeria's Transport Sector The convener of JustNet has warned that rising geopolitical instability, volatile global oil markets, and maritime trade disruptions pose immediate threats to Nigeria's transport sector — air, road, and shipping — and broader economic stability. The warning calls for urgent integration of Nigeria's fragmented transportation networks as a buffer against external shocks. Source
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🇳🇬 Polysmart Repays ₦5.7bn in Commercial Paper Obligations Polysmart Packaging Limited, Nigeria's largest plastic recycling company, has fully repaid ₦5,711,405,308.33 across four series of its non-interest commercial paper (NICP) programme, with Marble Advisory Limited acting as adviser. The company is also reportedly building what it describes as Africa's largest food-grade recycled PET (rPET) plant. Source
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🌍 AfDB Raises $2.5bn Bond on $4.8bn Investor Demand The African Development Bank raised $2.5 billion through a three-year global benchmark bond, with investor orders reaching $4.8 billion — nearly double the amount issued. Source
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🇳🇬 NDPHC Targets 15-Year Blackout in Kaduna's Rigasa The Niger Delta Power Holding Company (NDPHC) and BAT-IG have launched
🇳🇬 NDPHC Targets 15-Year Blackout in Kaduna's Rigasa The Niger Delta Power Holding Company (NDPHC) and BAT-IG have launched a substation project in Rigasa, Igabi LGA, Kaduna State, aiming to restore electricity to a community that has gone without power for roughly 15 years. Source
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🌐 Oil Jumps 4% as Trump Threatens Iran Strike Brent crude surged 3.82% to $116/barrel and WTI rose 3.14% to $103/barrel Saturday after President Trump threatened Iran with another "Epic Fury" military operation. Source
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🇳🇬 CBN Grants JPMorgan Approval to Open Nigeria Merchant Bank The Central Bank of Nigeria has granted JPMorgan an Approval-
🇳🇬 CBN Grants JPMorgan Approval to Open Nigeria Merchant Bank The Central Bank of Nigeria has granted JPMorgan an Approval-in-Principle to establish a merchant bank in Nigeria. The proposed lender will be known as JPMorgan Merchant Bank Nigeria Limited. JPMorgan deposited $38 million as part of the process and must still meet remaining regulatory requirements before receiving a final banking licence. Source
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🇳🇬 NLC Sets Oct. 27 Strike Deadline Over Fuel, Wages Nigeria Labour Congress has given the Federal Government until October 27 to cut petrol prices and raise the minimum wage, or face a nationwide strike. Acting General Secretary Benson Upah said all core issues remain unresolved after talks with the Labour Minister ended inconclusively. Petrol prices have reached ₦1,429/litre, while labour is demanding an upward review of the current ₦70,000 minimum wage. NLC has directed state councils and affiliate unions to begin mobilising for potential industrial action. Source
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💼 Meta Hit With Record $25B Fine Over Facebook Privacy Lies A New Mexico jury has ordered Meta to pay $25 billion — its largest-ever penalty — after finding Facebook misled users about how their data was handled. The verdict marks a landmark moment in U.S. data privacy enforcement against Big Tech. Source
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🇳🇬 US Lobby Firm Demands Details on Nigeria's $700bn Mining Deal Von Batten-Montague-York, a US political advisory and lobbying firm, has filed a Freedom of Information Act (FOIA) request seeking full details of the $700 billion mining deal signed between Nigeria and the United States. The firm announced the move on its verified X account. Source
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🌐 US Jobless Claims Hit 194,000, Near 60-Year Low Initial unemployment insurance filings fell to a seasonally adjusted 194,000, hovering near the lowest levels since the 1960s, as the low-layoff trend in the US labour market continues. Source
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💼 Barclays Cuts 5,000 Jobs in AI Efficiency Push Barclays announced it is cutting 5,000 jobs — about 5% of its full-time wor
💼 Barclays Cuts 5,000 Jobs in AI Efficiency Push Barclays announced it is cutting 5,000 jobs — about 5% of its full-time workforce — citing AI-driven efficiency gains. The British bank disclosed the move in its third-quarter earnings statement, linking the reductions directly to "organisational simplification and technology change efficiency driven by AI." The cuts come as third-quarter profits fell short of analyst expectations. Source
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💼 Walmart Opens Doors to AI Shopping Agents as Amazon Blocks Them Walmart is rolling out two tools — "agent profiles" and an
💼 Walmart Opens Doors to AI Shopping Agents as Amazon Blocks Them Walmart is rolling out two tools — "agent profiles" and an "agent gateway" — letting third-party AI agents shop on customers' behalf. Agent profiles link transactions to specific bots and let customers set spending limits; the gateway gives agents direct API-style access instead of navigating a human-facing website. The move contrasts sharply with Amazon, which blocked Meta's Muse and Perplexity's shopping agent, and sued Perplexity over similar activity. Walmart says agents must follow its terms: same pricing as human shoppers, standard returns policy, and no changes to payment methods without customer approval. Source
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📈 Wall Street's Big Three Capture 80% of Equity Trading Market Goldman Sachs, JPMorgan and Morgan Stanley have generated $52 billion in equity trading revenue this year, driven by the AI stock boom and rising margin lending to hedge funds — cornering roughly 80% of the market between them. Source
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🌍 600 Million Africans Still Without Power, Summit Pushes Reform ACBF, the African Union and Benin are convening policymakers and investors to overhaul Africa's failing power utilities, unlock energy financing and accelerate industrialisation. The summit targets the persistent gap leaving nearly 600 million sub-Saharan Africans without electricity access. Source
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