Traders Dust Off Old Disaster Hedge With Virus Fear Escalating
When markets are in turmoil, traders turn to their favourite hedges. They’re going for a classic form of protection against…
Month: March 2020
South Africa’s rand steady in calm trade after coronavirus slide
South Africa’s rand traded slightly firmer early on Friday, recovering from a sharp dip in the previous session after the…
Gucci cancels fashion cruise due to rising coronavirus concerns
Fashion house, Gucci, has cancelled its Cruise 2021 show due to the ongoing Corona virus (covid-19) outbreak. Newsmen reports that…
Coronation Merchant Bank declares N5.09bn profit after tax for 2019
Coronation Merchant Bank Limited on Thursday announced a profit after tax of N5.09 billion for the financial year ended Dec.…
Foreign investment inflow reverses trend
Foreign Direct Investment (FDI) into Nigeria may have returned to the downward trend after a mild recovery in 2018. The…
Coronavirus: Fear returns to stock markets
Global stock markets have fallen sharply as investors continue to worry about the broader economic effects of the coronavirus. London’s…
StanChart grows full-year profit by eight per cent
Standard Chartered (StanChart) has grown its full year 2019 profit by eight per cent and improved earnings per share by…
Unity Bank introduces USSD in Nigerian languages
Unity Bank Plc has launched an Unstructured Supplementary Service Data, USSD banking in Nigeria’s three major languages – Yoruba, Hausa…
Stanbic IBTC nets N75b profit in 2019
Stanbic IBTC Holdings Plc recorded a net profit of N75.04 billion in 2019 as the financial holding company sustained steady…
Union Bank pays first dividend in 11 years
Union Bank of Nigeria (UBN) Plc on Thursday announced a dividend recommendation of about N7.3 billion for the 2019 business…
US markets in sharp drop amid rollercoaster over coronavirus
US stock markets closed sharply lower again on Thursday as fears about fallout from the virus outbreak sent more shudders…
Embattled Twitter chief Dorsey reconsiders Africa move amid coronavirus concerns
Twitter Inc (TWTR.N) Chief Executive Officer Jack Dorsey said on Thursday he is reconsidering a proposed stint in Africa this…
OPEC seeks big oil cut in crunch talks with Russia amid virus outbreak
OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional…
FX intervention pressure mounts on Brazil central bank to sell dollar reserves
Brazil’s currency is weakening so quickly the central bank may soon be forced to set aside its free-market principles and…
IMF: coronavirus means 2020 growth will be lower than 2019
The International Monetary Fund is to offer $50bn (£39bn) in emergency funding for countries hit by the coronavirus, as it…
Moving goods from Apapa port 10 times costlier than Ghanaian, South African ports
A research carried out by SBM Intelligence has shown that it is 10 times costlier to move goods from the…
Next Bank of England governor calls for funds for coronavirus-hit firms
The incoming governor of the Bank of England, Andrew Bailey, has called on the government to offer emergency financial support…
CBN widens activities of Mfbs to include issuance of CPs
The Central Bank of Nigeria (CBN) has widened the permissible activities of Micro Finance Banks (MfBs) to include the issuance…
Forex racketeering: Reps probe CBN, FIRS, others over $30bn leakages
The House of Representatives has resolved to investigate the Central Bank of Nigeria and the Federal Inland Revenue Service over…
South Africa Central Banker Sees No Need for Emergency Rates Meeting
South Africa’s central bank sees no need for an emergency meeting on interest rates and will wait for its regular…
Vitafoam reassures as shareholders okay N525.4m dividend
THE board and management of Vitafoam Nigeria Plc yesterday reassured shareholders and other stakeholders that the company would continue to…
Court grants claim for breach of contract against Shell
A Lagos High Court has set aside the arbitral tribunal award, which dismissed Global Gas and Refining Limited’s claim for…
Zenith Bank Emerges As The Most Valuable Banking Brand
ZENITH Bank Plc has again emerged as the Most Valuable Banking Brand in Nigeria in the recently released Banker Magazine…
Report Says Port Transport Is 10 Times Costlier In Nigeria Than Ghana, SA
Local transportation of goods from Apapa and Tincan Island ports in Lagos costs up to 10 times higher than the…
Ikeja Electric Gets New CEO
Ikeja Electric Plc, one of the nation’s power distribution companies, has announced the appointment of Mrs Folake Soetan as its…
Bashir Jamoh Replaces Peterside As NIMASA DG
The President, Major General Muhammadu Buhari (retd.), has approved the appointment of Bashir Jamoh as the Director-General of the Nigerian…
FEC okays $2.571b Ajaokuta-Kaduna-Kano gas project
THE issuance of a sovereign guarantee to the tune of 85 per cent of the Engineering Procurement and Construction (EPC)…
Coronavirus: Nigeria may review 2020 budget – minister
The fast-spreading coronavirus from China is threatening Nigeria’s main source of revenue – oil. To this end, the Federal Government…