Nigeria cuts benchmark interest rate to 23%
Nigeria’s Central Bank cut its benchmark interest rate by 350 basis points to 23% in Abuja. Business groups welcomed the move but said cheaper credit will depend on banks passing the reduction through.
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Markets & economy
Economic disruptions, supply constraints and market developments, with the mechanism behind possible costs and delays.
Earlier reports
Back to newestOrdered by reported development. Each article describes what was known at the time shown.
Shell completes sale of Gulf of America assets to Talos and Ridgewood
Shell completed the sale of its interests in the Na Kika platform and associated fields and its Coulomb tieback in the Gulf of America. The assets were acquired by Talos Energy and Ridgewood Energy for about $840 million in cash proceeds, including adjustments.
Microsoft layoffs include Gears of War: E-Day story director
Microsoft’s latest Xbox restructuring eliminated more than 260 jobs across studios, including Juan Vaca, story director for Gears of War: E-Day. The game had already reached its gold master before his departure, but The Coalition’s longer-term plans remain unclear.
U.S. gasoline prices rise, with Detroit stations nearing $6 a gallon
Gasoline prices are climbing in U.S. markets. Detroit examples reached about $4.89 to nearly $6 per gallon, while San Antonio’s average was $3.96 and an analyst linked broader increases to conflict-related oil pressures.
Saudi oil pipeline restarts as Strait of Hormuz flows improve
Saudi Arabia restarted its East-West pipeline after a drone attack and was preparing to resume exports from Yanbu, while reported oil flows through the Strait of Hormuz increased. The sources say diplomatic conditions and the full restoration of traffic remain uncertain.
Spanish farmers demand aid as Iran war raises fuel and fertiliser costs
Spanish farm organisations are seeking immediate government aid after reporting sharply higher agricultural diesel and fertiliser costs linked to the Iran war. They have warned of protests and possible reductions in planting if support does not arrive.
Belarus says it lacks enough potash for U.S. demand
Belarusian President Alexander Lukashenko said the country lacks uncommitted potash volumes for Western markets, while stating Belarus has supplied the United States for the first time since 2021. He did not disclose the shipment’s size or status.
Germany’s cabinet proposes a three-month fuel-tax cut from October
Germany’s cabinet has approved a bill to reduce energy taxes on petrol and diesel from 1 October through 31 December. Parliament and the Bundesrat must still approve it; the calculated maximum relief is up to 17 euro cents per litre.
Alibaba unveils new AI chip and plans larger models
Alibaba announced the Zhenwu V900 AI chip in China and plans to train models with five to 10 trillion parameters. The move adds to competition over advanced AI hardware and systems.
Singapore extends 4% CPF interest floor through 2027
Singapore will extend the 4% interest-rate floor for Special, MediSave and Retirement Account savings through 2027. The Ordinary Account rate remains 2.5%, while the floor provides certainty when benchmark rates are lower.
Lifetime ISA withdrawal charges hit record 154,100 savers
HMRC data shows 154,100 UK savers paid withdrawal charges after taking money from Lifetime ISAs for unauthorised reasons in 2025–26. The figures have prompted Martin Lewis to call for reform of the £450,000 home-price limit.
New Zealand review says COVID-era stimulus lasted too long
An independent review found New Zealand’s Reserve Bank withdrew monetary stimulus too slowly after the COVID-19 recovery strengthened. The review says prolonged stimulus contributed to a costly boom-bust cycle, while officials said they would study its recommendations.
U.S. waives tariffs on up to 300,000 metric tons of beef
A 90-day U.S. policy allows up to 300,000 metric tons of beef products for ground beef to enter without the usual out-of-quota tariff. An economist said the change is unlikely to significantly lower retail burger prices.
Russia Removes Grain Export Duties Through End of 2026
Russia has suspended floating export duties on wheat, barley and corn through Dec. 31, 2026. The Agriculture Ministry said the measure is intended to reduce costs, improve sales predictability and support grain exports.
Pakistan raises petrol price by Rs4.61 per litre
Pakistan raised petrol to Rs393.75 per litre from September 22, 2026, while cutting high-speed diesel by Rs1.96 to Rs422.08. The change may affect fuel costs for motorists and businesses using petrol.
Trump says the US is pursuing a Belarus potash deal
President Donald Trump said the United States is working on a major deal to buy potash from Belarus instead of relying as heavily on Canada. The proposal could reshape a key fertiliser supply relationship, but no completed agreement is established.
Paramount settles US antitrust lawsuit over Warner Bros. Discovery deal
Paramount Skydance reached a settlement with 12 US states challenging its proposed Warner Bros. Discovery acquisition, clearing a path for the reported $110 billion merger. The settlement includes workforce funding and proposed editorial-independence boards for CNN and CBS, according to the cited reporting.
Artemis Gold agrees to acquire Australia’s Mt Todd project
Artemis Gold agreed to acquire Vista Gold in a $427 million all-share deal, gaining full ownership of the permitted Mt Todd project in Australia’s Northern Territory. The transaction would expand Artemis’s development pipeline beyond its Blackwater mine.
Fuel prices hit record highs in Cambodia and Portugal amid Middle East conflict
Fuel prices rose sharply in Cambodia and Portugal as sources attributed increases to higher global oil prices, regional tensions and the reported closure of the Strait of Hormuz. The increases are already affecting household and transport costs, though the sources describe separate national price developments.
UK diesel prices near record as average family-car fill-up reaches £107
UK average diesel reached 195.32p per litre, according to the RAC, leaving it close to the 2022 record. Petrol also exceeded 172p per litre, raising typical refuelling costs for motorists.
Bangladesh raises retail fuel prices by Tk 20 per litre
Bangladesh raised diesel, petrol, octane and kerosene prices by Tk 20 per litre, effective at midnight, citing higher import costs linked to the US-Iran war. The increase is expected to add pressure to transport and household costs.
US diesel prices exceed $6.50 a gallon as fuel supplies tighten
Average US diesel prices reached $6.505 a gallon, driven by curtailed Strait of Hormuz shipments, reduced regional crude flows and Russia’s export restrictions. Diesel costs are also setting records in Michigan and Canada.
Chile’s cost-of-living squeeze pushes up prices for a staple street food
In Santiago, vendors and consumers report that the price of the popular completo has risen as Chile’s broader economic slowdown and higher living costs weigh on household budgets.
UK diesel prices pass 190p a litre as oil volatility keeps pressure on forecourts
UK diesel pump prices have risen above 190p a litre, while the AA and RAC say wholesale costs remain volatile and offer no immediate relief for drivers.
Record diesel prices pressure freight and threaten higher consumer costs
US diesel prices reached record highs, averaging about $6.45 per gallon nationally and $6.83 in Oregon. Trucking costs are rising, and analysts said sustained fuel prices could feed into groceries and other goods over weeks or months.
Kalshi files to offer perpetual futures on individual US stocks
Kalshi submitted proposals to US regulators for perpetual futures tied to individual stocks. The contracts still require approval, and Coinbase and Kraken-related entities have filed similar proposals.
UK diesel prices exceed £2 per litre at more than 300 filling stations
Diesel has exceeded £2 a litre at 326 UK filling stations, while the national average reached 195.3p. A standard family-car fill-up at that price costs about £110, according to the reports.
Tight tanker capacity and conflicts strain global diesel supplies
Global diesel markets are tightening as conflicts disrupt supplies and a shortage of supertankers makes some long-distance crude trades uneconomical. US diesel reached a reported record of $6.31 per gallon.
India plans merchant fee on larger UPI payments from October 2026
A 0.4% merchant discount rate is scheduled for eligible person-to-merchant UPI payments above ₹2,000 from 15 October 2026. Traders and fuel dealers warn they may restrict digital payments or face margin pressure, while consumers are not charged directly.
Novo Nordisk halts two heart-failure drug trials after earlier late-stage failure
Novo Nordisk stopped two trials of experimental cardiovascular drug ziltivekimab after an independent committee found a low likelihood of success. One heart-attack recovery trial remains active, with results expected in early 2027.
Federal Reserve raises rates as officials keep further hikes possible
The Federal Reserve raised its benchmark interest-rate target to 3.75%–4%, its first increase since July 2023. Officials left open the possibility of additional hikes as inflation remains above target.
Germany’s coalition agrees on a temporary fuel-tax cut and planned price cap
Germany’s governing coalition reportedly agreed to cut fuel energy tax by 14 cents per litre, equivalent to 17 cents including VAT, with a rebate planned from October through year-end.
Cyprus fuel prices face further increases after recent rises
Cyprus importers, consumers and petrol-station operators expect another increase in petrol, diesel and heating-oil prices. The size and timing remain unclear, while officials and industry representatives have discussed targeted state intervention.
Uber exits Nigeria after 12 years, intensifying concerns over market access
Uber has closed its Nigerian operations after 12 years, following reported regulatory restrictions on commercial ride-hailing at airports. The exit has renewed debate about operating conditions for foreign businesses.
TotalEnergies and GIP sign $1.8 billion deal for African oil and gas infrastructure
TotalEnergies has agreed to bring Global Infrastructure Partners into selected African oil and gas infrastructure assets for a $1.8 billion capital contribution. The transaction changes ownership and financing arrangements but does not establish an immediate supply disruption.
UK household energy bills could rise 25% in January if wholesale prices stay high
A Bloomberg Economics forecast cited by UK outlets puts the January energy price cap at about £2,150, up roughly £427 from the £1,723 cap expected in October. The forecast is linked to higher wholesale energy prices attributed to the US-Iran confrontation, but it is not a confirmed tariff change.
U.S. gasoline prices rise as Iran war disrupts global oil markets
U.S. gasoline prices reached about $4.43–$4.46 per gallon, with some regional increases of 25 cents overnight as the war in Iran disrupted oil markets.
RBA governor says Middle East oil-price pressure is adding to Australia’s inflation risks
RBA Governor Michele Bullock told lawmakers that inflation risks are materialising as Middle East oil prices and other pressures rise, while Australian growth slows. The comments could influence the central bank’s next rate decision.
Bank of Japan raises policy rate to 1.25%, highest level in 31 years
The Bank of Japan raised its policy rate to 1.25% to limit inflation, continuing its shift away from decades of ultra-low borrowing costs. The move was widely expected.
US poverty falls to 10.2% as median household income reaches a record
US Census data for 2025 show the official poverty rate at a historic low and median household income at $87,460. Inflation and high prices may have limited how households experienced those gains.