Trump rips ECB chief for pushing down the euro: ‘They have been getting away with this for years’
Businessam Staff
3 hrs
President Donald Trump went after European Central Bank President Mario Draghi on Tuesday for opening the door for more monetary stimulus in Europe, which would weaken the euro relative to the dollar. “They have been getting away with this for years, along with China and others,” Trump said in a tweet, noting a weaker euro […]
Presidential order to raise GPD, boost SMES in information technology sector
Samson Echenim5 hrs
By Samson Echenim A new policy of the federal government targeted at diversifying the economy by creating local demand for information technology and other engineering innovations will help to raise the sector’s contribution to Gross Domestic Product (GDP) and boost small and medium scale enterprises (SMEs), industry stakeholders have said. President Muhammadu Buhari, last […]
Nigeria has N2.1billion currency in circulation as at end of April – Emefiele
Businessam Staff5 hrs
The governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the currency in circulation in Nigeria increased from N1.956.22 billion in April 2018 to N2.158.70 billion at the end of April. This he said may suggest an increase in economic activities and the potential to improve economic growth in the country. Emiefele […]
Presidential order to raise GPD, boost SMES in information technology sector
Samson EchenimJune 17, 2019
By Samson Echenim A new policy of the federal government targeted at diversifying the economy by creating local demand for information technology and other engineering innovations will help to raise the sector’s contribution to Gross Domestic Product (GDP) and boost small and medium scale enterprises (SMEs), industry stakeholders have said. President Muhammadu Buhari, last […]
$124M Cabotage financing fund can’t float national shipping line —Expert
Samson EchenimJune 17, 2019
By Samson Echenim Nigerian shipowners will need more than the higly coveted $124 million Cabotage Vessels Financing Fund (CVFF) to establish the planned national fleet, a shipping industry expert, Mr Iloka Elvis has said. The CVFF was created in the Coastal and Inland Shipping Act, 2003, otherwise known as the Cabotage Act, to […]
How prohibitive taxes stopped ship building in Nigeria
Samson EchenimJune 17, 2019
By Samson Echenim Ship building firms which managed to berth in Nigeria’s free trade zone at Onne in Rivers State, have stopped building vessels and streamlined to only provide repair services, due to prohibitive taxes levied on the new vessels at exit point by the federal government. Even though the shipyards operate in a […]
KPMG to pay $50 million for using stolen data, exam fraud: U.S. SEC
Businessam StaffJune 17, 2019
KPMG LLC has agreed to pay a $50 million penalty over allegations former staffers used stolen information to alter some of the accounting firm’s previous audit work and cheated on training exams, the U.S. Securities and Exchange Commission (SEC) said on Monday. KPMG admitted to the SEC’s allegations and agreed to hire an independent consultant […]
Africa FDI rises as global investment declines to $1.3trillion
Businessam StaffJune 14, 2019
• Inflows decline by 43% in Nigeria Although global foreign direct investment (FDI) flows suffered a setback of about 13 per cent in 2018, with inflows sliding to $1.3 trillion from $1.5 trillion in the previous year, but sub-Saharan Africa (SSA), recorded growth of about 13 per cent, pushing investment inflow to $32 billion in […]
FG may lift land border vehicle importation ban — Customs boss
Businessam SatffJune 13, 2019
The Federal Government may relax the ban on importation of vehicles through the land border. The government had in January 2017 ordered a ban on importation of vehicles through the land borders. The restriction on the importation of vehicles followed that of rice, whose imports through the land borders had been banned since April 2016. […]
Sterling edges up as UK opposition tries to block no-deal Brexit
Businessam SatffJune 12, 2019
The pound rose towards a three-week high on Wednesday after Britain’s main opposition party said it would try to introduce parliamentary legislation to prevent a no-deal Brexit. Investors are concerned the next prime minister could put Britain on course for a no-deal divorce with the European Union and send the pound plummeting. Frontrunner Boris Johnson, […]