Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Saturday, June 10, 2017

BUSINESS: Fears Grow Over UK Economy As Manufacturing & Construction Shake

In business news, Britain could miss out on an economic rebound as the manufacturing and construction sectors performed poorly in April, getting the second quarter of the year off to a bad start.

According to business news sources, manufacturing rose by just 0.2pc in the month, as did industrial production - which includes companies such as utilities and miners - which missed economists’ forecasts.

BUSINESS: Brazilian Group Closes In On £880M Deal

 In business news, French cosmetics giant L’Oreal has entered exclusive talks to sell the Body Shop chain to Brazilian make-up company Natura Cosmeticos for €1bn (£880m).

According to business news sources, L’Oreal said Natura had made a firm offer for the business, which it put up for sale following a review announced earlier this year. L’Oreal acquired the Body Shop for £652m in 2006.

Thursday, April 20, 2017

BUSINESS: Premier League Revenues Soar But Clubs Still Accumulate Loss

 Premier League clubs posted record revenues of £3.6bn in 2015-16, but still struggled to make a profit.

The 20 top-flight English teams made a pre-tax loss of £110m, after two consecutive seasons in the black, according to figures from Deloitte.

Clubs saw increased player expenditure, operating costs and

BUSINESS: Nigeria, U.S. Trade Rises To $1.36B

 Nigeria’s trade with the United States (U.S.) rose by 70.44 per cent from $799.93 million in January and to $1.36 billion in February, according to the latest U.S. Census Bureau data.

Data obtained from the Fact Sheet on Nigeria – U.S. Relations, showed that petroleum products dominated the U.S. import from Nigeria during the period in review. For instance, U.S. crude oil import from Nigeria stood at $936.65 million while gasoline import was

Wednesday, April 19, 2017

BUSINESS: CBN Dolls Out $280M Forex To SMEs, BDCs, Others

 The Central Bank of Nigeria yesterday continued its intervention in the foreign exchange segment of the financial market with the injection of fresh $220 million into the various sectors of the economy.

The CBN, in a statement issued by the Acting Director, Corporate Communications Department, Isaac Okorafor, said it had also commenced the weekly sale of $20,000 to Bureau de Change operators.

The statement said the CBN on Tuesday also opened bids where it

BUSINESS: Pace Of Global Economic Growth Is Picking Up — IMF

 The world economy seems to be gaining momentum, according the chief economist of the International Monetary Fund.

Writing in the IMF's new World Economic Outlook, Maurice Obstfeldt said "we could be at a turning point".

The report forecasts global growth this year of 3.5%, up from

Tuesday, April 18, 2017

BUSINESS: Fuel Prices Rise By 50.39 per cent

 Prices of some petroleum products, especially Automotive Gas Oil (AGO) popularly called diesel, and household kerosene (HHK or kerosene) have increased by over 50.44 per cent and 39.50 per cent in the last one year, according to the National Bureau of Statistics (NBS). Although, the agency’s data showed a slight decrease in the prices on month-on-month basis by 5.94 per cent and 11.59 per cent respectively, the commodities are still largely beyond the reach of the average income earners. Giving analysis of diesel and kerosene prices for March, the NBS said the average price paid by consumers for diesel decreased by 5.94 per cent month-on-month from N249.38 in February to

BUSINESS: Firms To Train Artisans, Build Capacity In Construction Industry

 Adeem Adex in conjunction with Dizayn Group is set to train builders, plumbers and other artisans on contemporary pipe laying and management technology. The Managing Director and Chief Executive Officer, Adeem Adex Limited, Adediran Adekoya stated this recently at a special event in Lekki, Lagos to unveil premium products of Dizayn Group to building experts, oil and gas professionals and key players in Nigeria’s construction industry. Adekoya, who observed that no matter how good a product is, wrong installation could create problems that can affect the utility, longevity and durability, assured that the company would take up the role of offering regular training for artisans as

BUSINESS: Like Tomato Like Rice, Another Special Intervention Policy

 The policy circus continues. The Federal Government has announced the launch of yet another special policy, this time targeting the tomato industry. The structure is the same as others. A couple of intermediary imports have been banned, and tariffs raised on others, to stimulate local production, with some incentives tacked on. The government has effectively banned the importation of tomato paste, powder, or concentrate for retail sales, as well as of preserved tomatoes. 

It has increased tariffs for tomato concentrate, presumably for

Sunday, February 26, 2017

BUSINESS: Guinness Nigeria Unveils 2016 Sustainability Report

 Guinness Nigeria Plc, has released its Sustainability Report for 2016, reporting its performance on various aspects of its operations, while outlining its sustainability targets for the future.

The report was unveiled in Lagos, on Thursday, at a formal ceremony attended by various stakeholder groups and partners such as the Federal Road Safety Corps (FRSC), Lagos Business School, Water Aid, Institute for Industrial technology (IIT) and Diageo’s Global Sustainable Development Director, David Croft, amongst others.

The Sustainability report, titled Sustainability: From

BUSINESS: Maneuvering The Naira & Devaluation Posers

 The word “volatility” has been recurring in any mention of crude oil price and the Nigerian foreign exchange (forex) market, especially at the parallel segment. This has been so since this round of oil price shock that started from June 2014 till date.

Consequently, there have been several policy actions and reactions, with the nation’s stock of forex reserves depleted to a record low, stoking high level speculations from both local and international investors. Currently, the reserves have rebounded to

Saturday, February 25, 2017

BUSINESS: MAN Advises CBN To Sustain New Forex Directive

 The Manufacturers Association of Nigeria (MAN) on Friday advised CBN to sustain its current directive on forex sales to rebound output by manufacturers.

The President of MAN, Mr Frank Jacobs, told the News Agency of Nigeria (NAN) in Lagos that the advice became necessary because the directive would help in strengthening the naira for production purposes.

According to him, the policy will, in the

NEWS: Transcorp Proposes 40 Kobo Per Share As Dividend Payout

 Ahead of its yearly general meeting (AGM) scheduled for next month, the directors of Transcorp Hilton have proposed the payment of 40 kobo per share as dividend subject to shareholders consideration.

Transcorp Hilton, which announced gross revenue of N14.6 billion for the 2016 financial year, said this was against a budget of N13.8 billion, (2015: N13.4 billion). It disclosed that the high revenue was driven by certain key events including visits by

Thursday, September 22, 2016

Supercar Maker McLaren Denies Apple Investment Report

 Formula 1 team owner McLaren has dampened down a report that Apple has made a buyout or investment approach for the supercar maker.

The Financial Times reported that talks had started several months ago.

But a McLaren spokesman said: "We can confirm that McLaren is not in discussion with Apple in respect of any potential investment."

However, the firm "regularly" has "confidential conversations with a

Wednesday, September 21, 2016

Wells Fargo Boss Urged To Resign

 During fierce criticism from a panel of US senators, Wells Fargo chief executive John Stumpf was told to resign over a bogus accounts scandal.

Senator Elizabeth Warrren told Mr Stumpf he should step down as his bank had "squeezed" its employees "so they would cheat customers".

Bank workers had opened more than two million deposit and

Central Bank Retains Double-Digit Benchmark Rate To Check Inflation

 Nigeria has kept its double-digit benchmark interest rate unchanged in two months to control rising prices and encourage foreign investments. The Central Bank of Nigeria (CBN)’s Monetary Policy Committee yesterday announced that it would be retaining Monetary Policy Rate at 14 per cent, with Governor Godwin Emefiele saying the subsisting rate “has attracted $1 billion” in foreign investment in the last two months, and that price level outlook was

Monday, July 4, 2016

Currency Still Costs More, Two Weeks After Float

 The Naira has been the subject of discussion amongst financial circles for the past few months. Should it be devalued? Does the government have a plan in place? Will the policies being pushed forward solve the problem?

These questions, and many more, have shaped the narrative of what is now a Nigerian economy clutching tightly to the threads of survival. As it stands, everything is wrong with Nigeria, and it's currency is a major crumbling pillar.

The decision of the Central Bank of Nigeria (CBN) float the

Insurance Industry Posts N350B Premium

 The Nigerian Insurers Association (NIA) has said the volumeof business underwritten by the insurance industry in 2015 reached N350 billion, against N294 billion in 2014. This represents an increase of about 19 per cent.

Also, a the 45th yearly general meeting of the association held in Lagos, the group endorsed the election of Eddie Efekoha, as 22nd chairman of the

Forex Trading & Trending Copy Strategy

 It is said that the forex markets are the domain of experienced traders, and it is certainly true that trading has become increasingly more fast-paced as new financial instruments and underlying assets become available. Advances in technology are also contributing to the creation of new ways to trade and leading the way are the increasingly popular copy trading platforms.

For new traders, the sheer range of choice and constant changes in