Nigeria’s central bank says it is not funding government beyond threshold
Businessam Staff
September 26, 2017
In reacting to concerns shown by a member of the monetary policy committee of Nigeria’s central bank that the apex bank was acting like a ‘piggy bank’ with its funding of government, Godwin Emefiele, the CBN governor said that the apex bank was neither over-funding the Federal government or was it operationally strained in anyway. […]
Israel gets $240mn Africa deal to protect aircraft from missiles
Businessam StaffSeptember 26, 2017
Israel’s Elbit Systems Ltd. said Tuesday it won a contract worth 240 million dollars to provide a wide array of defence electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder-fired missiles, […]
Lagos tax authorities issue guidance on taxation of foreigners with temporary work permit
Businessam StaffSeptember 25, 2017
The Lagos State Internal Revenue Service (LIRS) has issued a public notice regarding the taxation of non-nationals with temporary work permit (TWP), according to Deloitte Nigeria blog. Based on the notice seen by businessamlive, a non-national employee who pays income tax in a country that has a double tax treaty (DTT) with Nigeria only becomes […]
Euro trades low in Asia as market witnessed sell-offs on German’s Merkel challenges in forming govt
Businessam StaffSeptember 25, 2017
The euro fell Monday in early Asian trading after Angela Merkel won the fourth term as the German Chancellor Sunday as traders engaged in sell-offs on uncertainty around the Merkel’s party forging a coalition, according to reports. The shared currency by most European countries was down 0.6 percent to $1.1185, just as the yield on […]
GE plans sale of industrial solutions unit as it divests non-core assets
Businessam StaffSeptember 22, 2017
General Electric Co. is nearing a deal to sell its industrial solutions unit to Swiss engineering company ABB Ltd (ABBN.S) in a deal valued at $2.5 billion to $3 billion, according to Bloomberg reports, which cited internal sources close to the deal. The companies are likely to announce an agreement by next week, the report […]
India considers $7.7bn spending to halt economic slowdown, says government sources
Businessam StaffSeptember 21, 2017
India’s government is considering a plan to loosen its fiscal deficit target to enable it to spend up to 500 billion rupees ($7.7 billion) more to halt an economic slowdown, two government officials with direct knowledge of the plan said Thursday. According to Reuters report, Growth in Asia’s third-largest economy slowed to a three-year low […]
Nigerian treasury bills oversubscribed 400% as investors bet on government, increased yield
Bukola OdufadeSeptember 21, 2017
Nigeria’s central bank Wednesday saw its fortnightly treasury bills auction oversubscribed 400 percent as total subscription outstripped the N140.9 billion it originally planned to raise by N418.1 billion. Actual subscription stood at N559 billion. However, the Central Bank of Nigeria could only allot bills worth N215.88 billion at the auction, which is N75 billion more […]
Nigeria’s debt office to sell N135bn bonds next week
Businessam StaffSeptember 19, 2017
Nigeria’s debt management office (DMO) Tuesday indicated its planned auction of N135 billion ($442 million) in bonds next week. The DMO is specifically planning to sell N35 billion of bonds due in 2021 and N50 billion each of bonds due in 2027 and in 2037, using a Dutch auction system. The settlement is expected two […]
Vietnam’s foreign currency lending skyrockets in 8 months
Businessam StaffSeptember 19, 2017
Vietnam’s lending in foreign currencies grew 11.5 percent in the first eight months of this year, 6.7 fold higher than the same period last year. Meanwhile, lending in Vietnamese dong (VND) grew 11 percent, according to the country’s National Financial Supervision Commission on Tuesday. Local experts attributed the significant growth in foreign currency credit to […]
South Africa’s Pravin Gordhan slams auditing firm, KPMG over tax report
Businessam StaffSeptember 18, 2017
Pravin Gordhan, who was ousted from his post as South Africa’s finance minister in March, slammed KPMG LLP after it withdrew the findings of a report on the country’s tax agency that was used as evidence in a police probe against him and led to the removal of senior staff. According to Bloomberg, the auditing firm said on Friday […]