bell: Slack — Shares of the messaging platform tanked 14% in after hours trading on Tuesday despite its better-than-expected quarterly results. Revenue came in at $215.9 million, higher than the estimated $209.1 million, according to Refinitiv. Slack reported a loss of 0 cents per share, while analysts expected a loss of 3 cents per share. Slack […]
Day: September 8, 2020
Qatar Airways To Relaunch Lagos Connections This Week
Qatar Airways will relaunch flights to Murtala Muhammed International Airport in Lagos, Nigeria, from September 10th. The four times weekly service to Africa’s largest city will be operated by Qatar Airways’ state-of-the-art Boeing 787 Dreamliner featuring 22 seats in business class and 232 seats in economy. With the addition of Lagos, Qatar Airways’ network in […]
NESG Expresses Worry Over Poor State Of Nigeria’s Economy
The Nigerian Economic Summit Group (NESG), a private sector-led think-tank and policy advocacy group that promotes sustainable growth and the development of the Nigerian economy, has expressed worry over the poor state of the Nigerian economy. NESG is concerned about some distortions in the liquidity and interest rate management of Nigeria’s financial system which has […]
African Nations Say They’re Being Ripped Off By Wall Street
Macky Sall had a bone to pick with creditors. Sitting before the head of the International Monetary Fund, investors and diplomats during a conference on African debt in December, the Senegalese president complained that Western prejudice keeps borrowing costs unfairly high on his continent. “This negative-risk perception is not in tune with the reality of […]
A Review Of The Recent CBN Directive On Form M Issuance From A Transfer Pricing Perspective
Following the drop in global crude oil prices and the economic shutdown caused by the COVID-19 pandemic, economies across the globe have been significantly impacted, leading to creative approaches to managing the situation for immediate survival and possible economic recovery. Sadly, the Nigerian economy was also badly impacted by this crisis. Among other economic concerns, […]
Singapore’s Temasek Says Its Portfolio Fell For The First Time In Four Years Due To Covid-19
Singapore’s state investment company Temasek said Tuesday the net value of its portfolio fell for the first time since 2016 as the coronavirus pandemic hit global markets. The size of Temasek’s portfolio fell to 306 billion Singapore dollars ($223.73 billion) for the financial year that ended March 31, around 2.2% lower than the previous year’s […]
Oil Drops 5% On Demand Fears
Oil fell below $42 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world. Coronavirus cases rose in 22 of the 50 U.S. states, a Reuters analysis showed on the Labor Day holiday weekend. New infections are also […]
Mitch McConnell Says Senate Will Vote On Coronavirus Stimulus Plan As Soon As This Week
The Senate will vote on a coronavirus stimulus bill as early as this week, Majority Leader Mitch McConnell said Tuesday. In a statement, the Kentucky Republican said the chamber aims to take up what he called a “targeted proposal, focused on some of the very most urgent healthcare, education, and economic issues.” He did not […]
Tesla Shares Crater More Than 13% After S&P 500 Snub
Tesla shares tumbled Tuesday, after Elon Musk’s electric vehicle maker was left out of the S&P 500 by the committee that decides on new additions to the index. Tesla shares were down around 15% in afternoon trading. The stock has been on a tear this year, having risen around 400%, and the company is now […]
Nigeria To Replace National Identity Card With Digital Numbers
The federal government has given an insight into the transfer of the National Identity Management Commission (NIMC) to the Ministry of Communications and Digital Economy. Isa Pantami, Minister of Communications and Digital Economy said with the development, the concept of Digital Number would be prioritized to replace the National Identity Card. He made the disclosure […]
Biden’s Hands May Be Tied On Trump’s China Tariffs
“Damaging,” “reckless” and “disastrous” are some of the words Joe Biden has used to describe tariffs imposed by Donald Trump on allies and rivals alike. He may keep some in place anyway if he is elected president of the United States in November. Republicans largely abandoned traditional party goals such as unfettered trade and balanced […]
Apple Announces Sept. 15 Event Where It’s Expected To Announce New products, iPhone Coming Later
Apple just announced a digital-only event on Sept. 15 where it’s expected to reveal new products. Apple typically unveils its new iPhones during an event at its headquarters in Cupertino, California, in September, but this year that may happen later, since Apple guided during its earnings that the iPhone was delayed a few weeks. It’s […]
‘Tenet’ Scores $20 Million In Biggest Domestic Opening Since Pandemic Upended Movie Industry
After months of delays Christopher Nolan’s “Tenet” finally landed in U.S. theaters over the weekend, cashing in more than $20 million in ticket sales. The spy thriller, distributed by Warner Bros., inched closer to $150 million globally, the company reported, garnering an estimated $78.3 million from foreign markets over the holiday weekend. This includes $30 […]
Bitcoin Is Finding A Niche In Africa
Africa is experiencing a quiet boom in the use of cryptocurrency. Over the last year, crypto transfers by individuals and small businesses soared by over 40% to a whopping $315 million in June. That’s according to U.S. blockchain research firm Chainalysis. Reuters Nigerian bureau chief Alexis Akwagyiram: “This trend is primarily being driven by small […]
Abuja International Airport Receives First Commercial Flight After Covid -19
An Ethiopia Airline plane on Monday, arrived at the Nnamdi Azikiwe International Airport, Abuja, conveying 120 passengers and 13 crew members from Addis Ababa. The aircraft with registration number ET-AUC arrived at 1:32 pm. It was the first commercial flight into the capital city since March 2020. Speaking with newsmen after the flight arrived, the […]
Insight-How Bitcoin Met The Real World In Africa
Four months ago, Abolaji Odunjo made a fundamental change to his business selling mobile phones in a bustling street market in Lagos: He started paying his suppliers in bitcoin. Odunjo sources handsets and accessories from China and the United Arab Emirates. His Chinese suppliers asked to be paid in the cryptocurrency, he said, for speed […]
Euro Zone GDP Revised Up, But Still A Record Drop
The euro zone economy declined by slightly less than initially estimated in the second quarter, but the drop was still the sharpest ever as consumer spending caved in due to COVID-19 restrictions. Gross domestic product (GDP) fell by 11.8% from the previous quarter and by 14.7% year-on-year, data from the European statistics agency Eurostat showed […]
Nigeria: Onne Customs Generates N70 Billion In Eight Months
The Area II Command of the Nigeria Customs Service at Onne Port, Rivers State, has said it generated N70 billion between January and August 2020. It also said it recorded a total of 31 seizures involving 27 containers with total duty paid value (DPV) over N825 million from smugglers at the Onne Port. Outgoing Comptroller […]
The Slump In Capital Inflow
The report released recently by the National Bureau of Statistics (NBS) that the total value of inflow of foreign capital into the Nigerian economy in the second quarter of this year crumbled by 77.88 per cent relative to the first quarter is quite worrisome. This is more so considering the fact that the nation’s economy […]
Forex Infractions: CBN Sanctioned 300 Firms In One Year
About 300 companies including Bureau de Change operators have been sanctioned or had their accounts frozen over forex infractions. The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwade, disclosed this to our correspondent on Monday, in a telephone interview. The CBN had on Friday instructed banks to place a post-no-debit on […]
Nigerian Languages Going Into Extinction – NICO
The Executive Secretary, National Institute for Cultural Orientation (NICO), Mr Ado Muhammed Yahuza, has said that some Nigerian Languages might go into extinction if urgent measures were not taken to reverse the trend. Yahuza said this at the 2nd edition of the Nigerian Indigenous Language Programme (NILP) on Monday in Abuja. According to him, some […]
Emirates Restarts More African Destinations As Optimism Improves
Emirates has announced it will resume passenger operations to Lagos and Abuja, both in Nigeria, beginning September 7 and September 9 respectively as the airline gradually resumes operations with the safety of its customers, crew and communities as its top priority. The resumption of passenger flights to both the Nigerian cities increases the carrier’s number […]
Oil Slides Over 3% To Lowest Since June On Demand Fears
Oil slid more than 3% towards $40 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world. FILE PHOTO: Oil pumps are seen, as oil and gas activity dips in the Eagle Ford Shale oil field due to […]
Korea Tasks FG On National EGovernment Master Plan
The Country Director, Korea International Cooperation Agency in Nigeria, Woochan Chang, has tasked the Federal Government to proactively implement the National eGovernment Master Plan, to ensure digital transformation of the Nigerian economy. Chang noted that the National eGovernment Master Plan is not just about the roadmap, but that its actual implementation will lead to the […]
Budget Support: IMF, World Bank Conditions Behind Subsidy Withdrawal, Electricity Tariff Hike
The Federal Government’s removal of petrol subsidy and the increase in electricity tariff are in line with reforms being sought by the International Monetary Fund and the World Bank, economic experts have said. The IMF had on April 28 approved Nigeria’s request for emergency financial assistance of $3.4bn to support the country’s efforts in addressing […]
We’ve Eliminated Over 95% Of Trade Barriers Along Borders For Member States – ECOWAS
The Economic and Community of West African States, ECOWAS on Monday said it has eliminated over 95% of trade barriers along borders for member states under the ECOWAS Trade Liberalization Scheme, ETLS. This was as it said that Nigeria alone accounts for 60 to 70 per cent of products under the scheme. Head of ECOWAS […]
5,180 BDCs Get $51.8m On Forex Sales Resumption
About 5,180 Bureau De Change operators got $10,000 each as the Central Bank of Nigeria fully resumed foreign exchange sales to the operators on Monday. The CBN had earlier announced it would commence sales of foreign exchange to BDCs on Monday as part of efforts to enhance accessibility to foreign exchange. However, the effect of […]
Nigeria’s Capital Airport Resumes International Flights After 6-Month Shutdown
Activities were resumed at the international wing of Nigeria’s ever-busy capital airport Monday, as the country recorded its first batch of scheduled flight operations at the facility after about six months of shutdown due to the COVID-19 pandemic. An aircraft operated by Ethiopian Airlines, carrying 120 passengers and 13 crew members, landed at the Nnamdi […]
150,000 Nigerian Passports Stolen Or Missing: NIS
About 150,000 Nigerian passports or travel documents may have either been stolen or lost, according to Nigerian Immigration Service records. The NIS INTERPOL i-24/7 desk said it has now seamlessly uploaded the information, about the Stolen and Lost Travel Documents (STLD) to INTERPOL Global System (IPSG) in Lyon, France. The Service spokesman, Mr Sunday James, […]
Losses Mount At Idle Nigerian Refineries
There is little hope that state-owned refiners will resume production, partly due to Covid-19, while the new Dangote refinery is insufficient to meet demand Nigeria’s four state-owned refineries have been idle for more than a year as they wait for essential maintenance, with little likelihood of resuming production as cashflow constraints and coronavirus-related movement restrictions […]