Egypt’s central banker sees more volatile exchange rate
Businessam Staff
January 22, 2019
Egypt’s stagnant exchange rate is likely to see more movement after a system that guaranteed foreign investors could repatriate dollars was terminated, but the central bank stands ready to fend off speculators and ensure debt holders don’t lose out, Governor Tarek Amer said. “We will witness more volatility in the currency after the repatriation mechanism […]
Verdi union speaks out against any Deutsche Bank, Commerzbank merger
Businessam StaffJanuary 22, 2019
Germany’s Verdi labor union on Tuesday voiced concern over any possible merger between Germany’s largest banks – Deutsche Bank and Commerzbank. Jan Duscheck, head of Verdi’s banking division, said that any possible merger would lead to big job cuts. Speaking to journalists, Duscheck also said that the union did not see any added value from […]
NIPC assures SEC of conducive business climate to attract investors
Adesola AfolabiJanuary 21, 2019
In a bid to scale up the level of investors and investment portfolio in the Nigerian economy the Nigerian Investment Promotion Commission (NIPC) has assured the Securities and Exchange Commission (SEC) of its commitment to ensuring that the nation has the required business climate to attract both foreign investors and Nigerians in the diaspora. Yewande […]
Aruma Oteh, ex World Bank treasurer joins Eco Bank board
Adesola AfolabiJanuary 18, 2019
Arunma Oteh the immediate past World Bank treasurer has been appointed as a non-executive director of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group. The banking group notified the Nigerian Stock Exchange (NSE) of the development in a statement on Friday. As a non-executive director, Oteh and other non-executive directors will be […]
Ecobank pledges digital products customisation for SMEs development
Businessam StaffJanuary 17, 2019
Ecobank Nigeria Plc has pledged its commitment to building a strong small and medium enterprises (SMEs) sector by ensuring that ts digital products accommodate and transform the entire value chain of SMEs in the country. Towards this goal, the bank is deploying digital products like Omnilite which is an online internet banking platform that provides access […]
Bank of Japan to cut inflation forecast due to sharp fall in oil prices
Businessam StaffJanuary 16, 2019
The Bank of Japan is almost certain to cut its inflation forecast for the fiscal year starting in April given the sharp fall in oil prices, according to sources familiar with the matter. The government’s decision to make preschool education free adds to the case for the downgrade, which will be delivered at the end […]
China central bank’s record $83 billion injection heightens worries over ailing economy
Businessam StaffJanuary 16, 2019
China’s central bank injected a record $83 billion into the country’s financial system on Wednesday, seeking to avoid a cash crunch that would put further pressure on the weakening economy. China’s policymakers are pledging to step up stimulus measures this year and do more to protect jobs as economic growth cools to 28-year lows. But […]
Top three sectors that boosted Nigeria’s VAT collection in 2018
Adesola AfolabiJanuary 15, 2019
Nigerians applauded a historical feat achieved by the apex tax collecting agency of the federal government of Nigeria when it boasted of its highest collection amounting to N5.3 trillion last week. While VAT charges constitute a significant portion of revenue generated in the country, a perusal of major contributors to this income boost revealed that […]
Onyema, NSE CEO to review 2018 market performance, provide 2019 prognosis
Adesola AfolabiJanuary 8, 2019
Oscar Onyema, the chief executive officer of the Nigerian Stock Exchange (NSE) will next week Monday address the capital market community in a forum to review the performance of the market in the preceding year and give prognosis for the market for the New Year, 2019. The forum scheduled for January 14, 2019, at the […]
JPMorgan says payments to Libya oil-fund fixer weren’t bribes
Businessam StaffJanuary 7, 2019
JPMorgan Chase & Co. acknowledged that Bear Stearns made millions of dollars of payments to a friend of the son of Libyan dictator Moammar Al Qaddafi around the time it raised $200 million for the country’s wealth fund. But the bank is refuting the Libyan Investment Authority’s central allegation in a London lawsuit that the […]