NSE inducts 46 dealing clerks
Adesola AfolabiJuly 16, 2019
The Nigerian Stock Exchange (NSE) on Monday inducted 46 qualified dealing clerks. A statement by the NSE said out of the 53 candidates who passed the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical automated trading system (ATS) training at the NSE, only 46 passed the final oral examination at the […]
Seplat’s gas business to yield $261m annually
Adesola AfolabiJuly 16, 2019
Seplat Petroleum Development Company Plc, is projecting at least $261 million in gas revenues annually from its Assa North / Ohaji South (ANOH) Gas Processing Company (AGPC). AGPC, according to Seplat is an incorporated joint venture (IJV) between Seplat and Nigerian gas Corporation (NGC) to develop a 300 MMscfd midstream plant on OML 53 for […]
Nigeria’s inflation dips to 11.22% in June
Tola AkinmutimiJuly 16, 2019
Tola Akinmutimi The National Bureau of Statistics (NBS) on Monday reported that Nigeria’s Consumer Price Index, (CPI), which measures inflation, increased by 11.22 percent (year-on-year) in June, representing 0.18 percent points lower than the 11.40 percent rate recorded in May. The agency stated that increases were recorded in all the Classification of Individual Consumption by […]
UK banks can cope with no-deal Brexit and trade war: BOE
Businessam StaffJuly 11, 2019
British banks hold enough capital to cope with a simultaneous disorderly no-deal Brexit and global trade war, the Bank of England said on Thursday as part of its half-yearly assessment of financial risks. In an assessment that raised little in the way of new concerns, the BOE confirmed it would intensify its focus on risks […]
France approves digital tax on American tech giants, defying US trade threat
Businessam StaffJuly 11, 2019
France’s senate approved a tax on the revenues of tech giants like Google, Amazon and Facebook on Thursday, defying a warning from the President Donald Trump administration that it “unfairly targets American companies.” On Wednesday, Trump ordered an investigation into France’s planned “digital tax” on tech companies. The 3% tax would apply to the French […]
South Africa may follow Nigeria’s steps as economists predict 25bps rate cut
Adesola AfolabiJuly 11, 2019
South Africa’s apex bank may reduce interest rate by 25 basis points next week, says economists who responded to a Reuters poll. The results of the poll released Thursday indicated that “twenty-four of 30 economists in the survey taken over the past three days said the repo rate would be cut by 25 basis […]
Sterling at the bottom of investors’ wishlist as no-deal Brexit fears persist
Chris IkosaJuly 10, 2019
The British pound has continued to spook investors amid fears of the U.K. crashing out of the European Union without a deal on Halloween day. Sterling fell to a new 6-month low against the euro during Wednesday morning trade, with the risk of a no-deal Brexit and a dovish shift in Bank of England expectations […]
Ramaphosa reappoints Kganyago as South Africa Central Bank head
Moses ObajemuJuly 10, 2019
South Africa. President Cyril Ramaphosa has reappointed Lesetja Kganyago as governor of the Reserve Bank. Kganyago will serve another five years after his first term ends in November, the finance ministry said in an emailed statement Wednesday. Ramaphosa also appointed Monetary Policy Committee members Fundi Tshazibana and Rashad Cassim as deputy central bank governors from […]
AfCFTA may boost inter-african trade by 25%, says UN chief
Businessam StaffJuly 9, 2019
The United Nations (UN) Economic Commission for Africa, Stephen Karingi, has said the new African Continental Free Trade Area (AfCFTA) agreement, which entered into force on May 30th has the capacity to increase inter-African trade by between 15 and 25 per cent, with two-thirds of gains in industrial goods trade. Karingi, said this during one […]
Nigeria identifies 22 foreign exchange earning sectors to replace oil
Businessam StaffJuly 8, 2019
About 22 sectors capable of generating foreign exchange for the federal government in place of crude oil have been identified, Segun Awolowo, the executivedDirector, Nigerian Export Promotion Council (NEPC), has said. Awolowo disclosed this on Friday while speaking with State House correspondents after a meeting with President Muhammadu Buhari. He did not disclose the 22 identified sectors. He said […]