1.Russia says its recession is over:
Russia’s economy minister said the country has edged out of recession but the crisis-hit economy remains mired deep in trouble. “According to formal indicators the recession in the Russian economy has finished,” Alexei Ulyukaev said.
2.Greece has secured another bailout:
Eurozone finance ministers approved a €2 billion euro ($2.1 billion) payment to Greece on Monday, declaring that Athens had successfully met the strict reform commitments demanded in the country’s bailout.
3.VW says it has fixes for 90% of emissions scandal cars in Europe:
Berlin (AFP) – German auto giant Volkswagen, mired in a massive emissions cheating scandal, said Monday that it has found technical solutions for more than 90 percent of the vehicles affected in Europe.The recall process is now viable “technically, financially and in terms of manpower. This is good news,” chief executive Matthias Mueller said.
4.UN: Weather-related disasters are costing the world $300 billion each year:
Floods, storms, heatwaves and droughts cost the global economy between $250bn ($165bn) and $300bn each year, new research has estimated. The report, released by the United Nations on 23 November, also noted that 90% of major global disasters were caused by weather-related events.
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5.MTN, Airtel, Globacom face sanction over data migration:
The Nigerian Communications Commission on Monday said it would sanction MTN, Airtel and Globacom for defying its directive on automatic migration to Pay-As-You-Go data bundle.The commission made this known in its ‘2015 3Q Compliance Monitoring and Enforcement Report’, obtained by the News Agency of Nigeria in Lagos.
6.Eskom Profit Rises 22% as South Africa Electricity Price Climbs:
Eskom Holdings SOC Ltd. said first-half profit increased 22 percent as cash flows improved and the company that’s struggling to meet demand for electricity in South Africa raised power prices.
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7.While Pfizer Gets a Tax Break, Many Investors Face a Hit:
Pfizer Inc., the drug giant, has announced plans to merge with Allergan PLC, a Dublin-based firm, in an “inversion” deal that is expected to cut Pfizer’s tax rate by about one-third. But investors holding Pfizer shares could owe taxes due to the merger and may not get cash payouts sufficient to cover the bill.
8.Chow Tai Fook Net Falls 42% as China Slowdown Hurts Luxury Sales:
Chow Tai Fook Jewellery Group Ltd., the world’s largest publicly traded jewelry chain, reported first-half profit plunged 42 percent amid weak demand in Hong Kong and Macau as China’s economic slowdown hurt sales of luxury retailers.
9.Yuan Holds Near Three-Month Low as Investors Wait for IMF Vote:
The yuan stayed near a 12-week low on signs China will prevent big swings in the currency before the International Monetary Fund makes a final decision on whether to grant it reserve status.
10.Naira hits 242 as CBN cuts dollar supply:
The naira fell to 242 against the United States dollar at the parallel market on Monday after the Central Bank of Nigeria cut dollar supply to Bureaux de Change operators in a bid to conserve the external reserves.