EU threatens $12 bn in tariffs over US Boeing subsidies
Businessam StaffApril 17, 2019
The EU on Wednesday unveiled a wide-ranging list of US-made goods, from beeswax to car parts, subject to tariffs in retaliation for subsidies to Boeing as a transatlantic trade war risked re-erupting. “European companies must be able to compete on fair and equal terms… We must continue to defend a level-playing field for our industry,” […]
Petrol landing cost now N180 per litre, says Kachikwu
Businessam StaffApril 17, 2019
The landing cost of premium motor spirit, also known as petrol, is N35 higher than the pump price of N145 per litre, Ibe Kachikwu, the minister of Ssate for petroleum resources, said on a national television programme. Kachikwu said the rise in global crude oil prices after the 2016 hike in petrol price brought back […]
Access Bank records N41bn profit in Q1
Businessam StaffApril 16, 2019
Access Bank Plc has released its unaudited financial results for the first quarter (Q1) ended March 31, 2019 showing an increase of 86 percent in Profit after Tax which stood at N41.1 billion from N22.1 billion in Q1 2018. Profit before tax also grew by 64 percent to N45.1 billion from N27.4 billion recorded a […]
Bulls displace bears in Tuesday’s market revival
Adesola AfolabiApril 16, 2019
The bulls took center stage on Tuesday after Monday’s bearish trading session, lifting up the NSE All Share Index (ASI) by 0.85 percent to settle at 29,746.24 points. The positive performance was as a result of price appreciation in bellwethers such as Nestle Nigeria which gained 3.3 percent to close at N1500.3, Guaranty Trust Bank that […]
CBN to auction N58.5bn Treasury bills this week
Businessam StaffApril 16, 2019
The Central Bank of Nigeria will conduct a primary market auction on treasury bills this week, offering a total of N58.5bn across the 91-day (N5.8bn), 182-day (N29.2bn) and 364-day (N23.4bn) tenors. The 91-day tenor recorded the last stop rate of 10.29 per cent on Friday, the 182-day tenor recorded the last stop rate of 12.6 […]
CBN introduces guidelines for non-interest financial institutions
Businessam StaffApril 16, 2019
The Central Bank of Nigeria has introduced guidelines on the management of investment account holders for Non- Interest Financial Institutions in Nigeria. The regulatory body said the objectives of the guidelines was to provide the minimum standard to be met by NIFIs operating in Nigeria before they could recognise profit sharing investment account Holders deposits […]
Oil slips to $71 a barrel
Businessam StaffApril 16, 2019
Brent oil slipped to around 71 dollars a barrel on Tuesday, pressured by expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts. Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile […]
Inflation rate drops to 11.25% in March, says NBS
Businessam StaffApril 16, 2019
The National Bureau of Statistics on Tuesday released the consumer price index, which measures inflation with the index dropping to 11.25 per cent (year-on-year) in March 2019. The bureau in the report said the 11.25 per cent year-on-year inflation rate is 0.06 per cent points lower than the 11.31 per cent recorded in February 2019. […]
Again, MOSOP rejects Sahara Energy over OML 11 after Nigeria’s NNPC takeover bid
Ben EguzozieApril 16, 2019
… Sahara grapples with UBA’s N15bn debt suit Ogoni pressure group, the Movement for the Survival of the Ogoni People (MOSOP) is yet not satisfied with having another Nigerian oil company, after the Nigerian National Petroleum Corporation (NNPC), take over Shell Petroleum Development Company (SPDC’s) Oil Mining Licence (OML) 11 as possible operator of […]
ExxonMobil, other oil coys not exiting Nigeria – Kachikwu
Businessam StaffApril 15, 2019
Ibe Kachikwu, the minister of state for petroleum resource says that no international oil company (IOC) is planning to exit Nigeria contrary to reports in some section of the media. Mr Kachikwu made this known while briefing journalists after facility tour of ExxonMobil Erha Floating Production Storage and Offloading vessels (FPSO) in Lagos. FPSO unit […]