Africa Features Investing World Traders Dust Off Old Disaster Hedge With Virus Fear Escalating March 6, 2020 Ekemini When markets are in turmoil, traders turn to their favourite hedges. They’re going for a classic form of protection against recession — buying short-dated German bonds versus interest-rate swaps —…
Africa South Africa’s rand steady in calm trade after coronavirus slide March 6, 2020 Ekemini South Africa’s rand traded slightly firmer early on Friday, recovering from a sharp dip in the previous session after the country confirmed its first case of coronavirus. At 0715 GMT…
World Gucci cancels fashion cruise due to rising coronavirus concerns March 6, 2020 Ekemini Fashion house, Gucci, has cancelled its Cruise 2021 show due to the ongoing Corona virus (covid-19) outbreak. Newsmen reports that the Italian fashion house confirmed its decision to cancel the…
Banking Local Coronation Merchant Bank declares N5.09bn profit after tax for 2019 March 6, 2020 Ekemini Coronation Merchant Bank Limited on Thursday announced a profit after tax of N5.09 billion for the financial year ended Dec. 31, 2019. The profit after tax represents a growth of…
Business Local Foreign investment inflow reverses trend March 6, 2020 Ekemini Foreign Direct Investment (FDI) into Nigeria may have returned to the downward trend after a mild recovery in 2018. The downward trend began in 2015. The Capital Importation Report by…
Business World Coronavirus: Fear returns to stock markets March 6, 2020 Ekemini Global stock markets have fallen sharply as investors continue to worry about the broader economic effects of the coronavirus. London’s FTSE 100 share index fell more than 3% and there…
Banking Local StanChart grows full-year profit by eight per cent March 6, 2020 Ekemini Standard Chartered (StanChart) has grown its full year 2019 profit by eight per cent and improved earnings per share by 23 per cent in its December 31, 2019 full year…
Banking Local Technology Unity Bank introduces USSD in Nigerian languages March 6, 2020 Ekemini Unity Bank Plc has launched an Unstructured Supplementary Service Data, USSD banking in Nigeria’s three major languages – Yoruba, Hausa and Igbo. This makes Unity Bank the first Nigerian commercial…
Banking Local Stanbic IBTC nets N75b profit in 2019 March 6, 2020 Ekemini Stanbic IBTC Holdings Plc recorded a net profit of N75.04 billion in 2019 as the financial holding company sustained steady growths across key performance indicators. The board of the holding…
Banking Local Union Bank pays first dividend in 11 years March 6, 2020 Ekemini Union Bank of Nigeria (UBN) Plc on Thursday announced a dividend recommendation of about N7.3 billion for the 2019 business year, its first dividend payment in 11 years. Shareholders will…
Africa Business Investing Local World What does Coronavirus outbreak mean for investors? March 6, 2020 Ekemini From Wuhan, one of China’s most populous cities, the 2019 novel Coronavirus (2019-nCoV) has now spread to 74 more countries, apart from China with over 92,000 confirmed cases, 3,130 deaths…
Business Investing World US markets in sharp drop amid rollercoaster over coronavirus March 6, 2020 Ekemini US stock markets closed sharply lower again on Thursday as fears about fallout from the virus outbreak sent more shudders through the financial world. The Dow Jones sank 968 points,…
Technology World Embattled Twitter chief Dorsey reconsiders Africa move amid coronavirus concerns March 6, 2020 Ekemini Twitter Inc (TWTR.N) Chief Executive Officer Jack Dorsey said on Thursday he is reconsidering a proposed stint in Africa this year due to coronavirus concerns, walking back his plans amid…
Business Features World OPEC seeks big oil cut in crunch talks with Russia amid virus outbreak March 6, 2020 Ekemini OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional 1.5 million barrels per day (bpd) of oil cuts until…
Banking Business Features World FX intervention pressure mounts on Brazil central bank to sell dollar reserves March 5, 2020 Ekemini Brazil’s currency is weakening so quickly the central bank may soon be forced to set aside its free-market principles and sell dollar reserves to halt the slide. Market volatility is…
Africa Banking Business World IMF: coronavirus means 2020 growth will be lower than 2019 March 5, 2020 Ekemini The International Monetary Fund is to offer $50bn (£39bn) in emergency funding for countries hit by the coronavirus, as it warned that the spread of the disease has already pushed…
Africa Business Local Moving goods from Apapa port 10 times costlier than Ghanaian, South African ports March 5, 2020 Ekemini A research carried out by SBM Intelligence has shown that it is 10 times costlier to move goods from the port in Apapa, Lagos than it is to move them…
Banking Business World Next Bank of England governor calls for funds for coronavirus-hit firms March 5, 2020 Ekemini The incoming governor of the Bank of England, Andrew Bailey, has called on the government to offer emergency financial support to help British companies through the worst of the coronavirus…
Local CBN widens activities of Mfbs to include issuance of CPs March 5, 2020 Ekemini The Central Bank of Nigeria (CBN) has widened the permissible activities of Micro Finance Banks (MfBs) to include the issuance of commercial papers (CPs) and appointment of agents under the…
Local Forex racketeering: Reps probe CBN, FIRS, others over $30bn leakages March 5, 2020 Ekemini The House of Representatives has resolved to investigate the Central Bank of Nigeria and the Federal Inland Revenue Service over alleged racketeering in the allocation of foreign exchange to companies.…
Africa Banking Business World South Africa Central Banker Sees No Need for Emergency Rates Meeting March 5, 2020 Ekemini South Africa’s central bank sees no need for an emergency meeting on interest rates and will wait for its regular gathering on March 19 to announce a policy decision, Governor…
Africa Banking Business Investing Local Nigeria Senate Approves President’s $23 Billion Loan Request March 5, 2020 Ekemini Nigeria’s Senate approved President Muhammadu Buhari’s plan to borrow $22.7 billion from external creditors to finance infrastructure projects. Lawmakers gave their endorsement to the government during Thursday’s proceedings in the…
Business Local Vitafoam reassures as shareholders okay N525.4m dividend March 5, 2020 Ekemini THE board and management of Vitafoam Nigeria Plc yesterday reassured shareholders and other stakeholders that the company would continue to be innovative in delivering quality products and services to customers…
Business Local Court grants claim for breach of contract against Shell March 5, 2020 Ekemini A Lagos High Court has set aside the arbitral tribunal award, which dismissed Global Gas and Refining Limited’s claim for a breach of contract for the supply of gas by…
Banking Zenith Bank Emerges As The Most Valuable Banking Brand March 5, 2020 Ekemini ZENITH Bank Plc has again emerged as the Most Valuable Banking Brand in Nigeria in the recently released Banker Magazine Top 500 Banking Brands 2020. For the third consecutive year,…
Africa Business Report Says Port Transport Is 10 Times Costlier In Nigeria Than Ghana, SA March 5, 2020 Ekemini Local transportation of goods from Apapa and Tincan Island ports in Lagos costs up to 10 times higher than the ports in Ghana and South Africa, according to a research…
Local Ikeja Electric Gets New CEO March 5, 2020 Ekemini Ikeja Electric Plc, one of the nation’s power distribution companies, has announced the appointment of Mrs Folake Soetan as its acting Chief Executive Officer, effective March 2, 2020. Soetan, according…
Local Bashir Jamoh Replaces Peterside As NIMASA DG March 5, 2020 akintunde The President, Major General Muhammadu Buhari (retd.), has approved the appointment of Bashir Jamoh as the Director-General of the Nigerian Maritime Administration and Safety Agency. According to The Cable, Jamoh…
Business Local FEC okays $2.571b Ajaokuta-Kaduna-Kano gas project March 5, 2020 Ekemini THE issuance of a sovereign guarantee to the tune of 85 per cent of the Engineering Procurement and Construction (EPC) contract for the Ajaokuta-Kaduna-Kano gas project has been approved, Finance,…
Africa Local Coronavirus: Nigeria may review 2020 budget – minister March 5, 2020 Ekemini The fast-spreading coronavirus from China is threatening Nigeria’s main source of revenue – oil. To this end, the Federal Government is likely to review the N10.59 trillion 2020 budget passed…
