Nigerian insurers attract stable rating despite rising operating costs, claims expense
Adesola Afolabi
February 20, 2019
Confidence in the underwriting capacity of insurance companies operating in Nigeria has started attracting a boost from credit ratings agencies, affirming clients of the insurance firm’s stability, in the wake of stringent regulatory stance and anticipated capital enhancements. Although the industry continues to be plagued with pressure points such as rising claims expenses, high underwriting […]
Capital flow: Nigeria to attract $5.6bn portfolio investment in 2019
Adesola AfolabiFebruary 20, 2019
Capital inflow into the country from portfolio investors is projected at $5.6 billion (about N2 trillion) in 2019 says Emerging Africa Capital (EAC) group in its maiden Economic and Investment Outlook Report 2019, titled “Cautious Optimism”. According to the National Bureau of Statistics (NBS), portfolio investment which accounted for over 70 percent of total capital […]
India to inject $6.8bn into state lenders to boost loans
Chris IkosaFebruary 20, 2019
India will inject 482 billion rupees ($6.8 billion) into government-controlled lenders to help them meet tighter regulatory requirements and to boost credit growth. The fund infusion will ensure that capital ratios for all state-run lenders are above the regulatory requirement and will help Allahabad Bank and Corporation Bank exit a so-called Prompt Corrective Action plan, […]
ECB to discuss new round of loans to banks soon, Praet says
Businessam StaffFebruary 20, 2019
The European Central Bank will soon discuss new, multi-year loans to banks, its chief economist said on Wednesday, but he hinted that a new round of credit may not be as generous as a previous facility. Banks, particularly in Italy and Spain, face a cliff-edge as the ECB’s 739 billion-euro ($839.13 billion) Targeted Long-Term Refinancing […]
Mexico pushes mobile payments to help unbanked consumers ditch cash
Businessam StaffFebruary 19, 2019
Mexico’s new leftist government is betting on financial technology to help lift people out of poverty. The administration of President Andres Manuel Lopez Obrador recently announced measures aimed at making financial services more affordable in a nation where more than half the population is unbanked. It is planning a digital payments system run and built […]
Improved revenue from power, hospitality business drive Transcorp’s 94% growth in 2018 post tax profit
Adesola AfolabiFebruary 18, 2019
Transnational Corporation of Nigeria Plc (Transcorp) has announced its audited results for the year ended 31st December 2018, with a 94 percent growth in profit after tax (PAT) of N20.6 billion in 2018 compared to N10.6 billion in the prior year. The Group recorded a 30 percent turnover growth to N104.2 billion, as Profit Before […]
EU broadens its dirty-money blacklist, adds Saudi Arabia
Businessam StaffFebruary 13, 2019
STRASBOURG (Reuters) – The European Commission added Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of nations that pose a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday. The move is part of a crackdown against money laundering after several scandals hit EU banks […]
CBN taps Nigerian judges in continued march to close MSMEs huge financing gap
Nse Anthony-UkoFebruary 12, 2019
In a move to make access to credit facilities more readily available to the over 17.5 million micro, medium and small enterprises (MSMEs) and close the estimated N48 trillion financing gap, the Central Bank of Nigeria (CBN) and the National Judicial Institute (NJI) have partnered on how to drastically reduce the perennial challenge of collateral […]
Carney confronts outlook after weakest growth in six years
Businessam StaffFebruary 11, 2019
Mark Carney may give some colour on what lies ahead after enduring the worst year of growth since he arrived at the Bank of England. In one of his last speeches before the U.K. leaves the European Union next month, the governor will discuss “the latest developments in the global economy and risks to the […]
India central bank surprises with a rate cut, changes stance to neutral
Businessam StaffFebruary 7, 2019
India’s central bank on Thursday unexpectedly lowered interest rates and, as anticipated, shifted its stance to “neutral” from “calibrated tightening” to boost a slowing economy after a sharp fall in the inflation rate. The monetary policy committee (MPC) of the Reserve Bank of India cut the repo rate by 25 basis points to 6.25 percent, […]