Updated: IMF ranks Nigeria second worst in the world in use of sovereign wealth fund
Businessam StaffApril 10, 2019
The International Monetary Fund has ranked Nigeria as the second worst country in the world in the use of sovereign wealth funds. According to the Fiscal Monitor report released on Wednesday, Qatar was the only country worse than Nigeria on the index. The Bretton Wood institution said the index was compiled using the corporate governance […]
U.S. bank CEOs face off with Congress for the first time since financial crisis
Businessam StaffApril 10, 2019
Chief executives of some of the largest U.S. banks appeared before Congress on Wednesday, giving lawmakers their first opportunity to grill the lenders since the 2007-2009 financial crisis. JPMorgan Chase & Co’s Jamie Dimon, Bank of America Corp’s Brian Moynihan, Citigroup Inc’s Mike Corbat, Goldman Sachs Group Inc’s David Solomon and Morgan Stanley’s James Gorman […]
FG spent N731bn to subsidise inflated petrol imports, says W’Bank
Businessam StaffApril 10, 2019
A World Bank report called the “Nigeria bi annual Economic Update” for 2018, which was released in Abuja has disclosed that Nigeria spent N731 billion to subsidise petrol consumption in the year under review. The report, which is a product of the staff of the World Bank and tells of key developments in Nigeria’s economy […]
CBN Defends Position On Agriculture Financing, MSMEs commits N40bn to agric financing
Businessam StaffApril 10, 2019
The Central Bank of Nigeria (CBN), says it is directly involved in financing agriculture, infrastructure and Micro Small and Medium Enterprises (MSMEs) to ensure real growth in the economy. Isaac Okorafor, CBN’s director, corporate communication, said this on Wednesday in an interview with the News Agency of Nigeria (NAN) on the sidelines of the IMF/World […]
Oil up on tight supply, but economic slowdown weighs
Businessam StaffApril 10, 2019
Oil prices rose on Wednesday back toward five-month highs hit the previous day, as OPEC production cuts and U.S. sanctions on Iran and Venezuela continued to tighten supply, though economic worries increased. International benchmark Brent futures were up 18 cents, or 0.25 percent, at $70.79 a barrel by 1220 GMT. U.S. West Texas Intermediate (WTI) […]
N33bn probe: PenCom ignoring demands for bank statement – Lawmakers
Business StaffApril 10, 2019
The House of Representatives’ Ad Hoc Committee investigating the activities of the National Pension Commission and violation of the PenCom Act has alleged that the regulatory body has refused to provide the statement of its accounts with the Central Bank of Nigeria. At the investigative hearing of the committee in Abuja , there was also […]
IMF cuts global growth outlook amid trade tensions, Brexit worries
Businessam StaffApril 9, 2019
The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2019 and said growth could slow further due to trade tensions and a potentially disorderly British exit from the European Union. The global lender said some major economies, including China and Germany, might need to take short-term actions to prop up growth […]
Oil hits five-month high above $71 on Libyan supply threat
Businessam StaffApril 9, 2019
The prices of oil have hit a five-month high above $71 a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply already squeezed by the Organisation of the Petroleum Exporting Countries (OPEC) cuts and U.S. sanctions on Iran and Venezuela. The international benchmark Brent futures hit their strongest level since […]
Nigeria’s generated electricity drops to 3,522 megawatts
Businessam StaffApril 8, 2019
Electricity generating companies (GenCos) say they released 3,522 megawatts of electricity into the national grid on April 7. GenCos made this known in their daily energy report released on Monday. They said the electricity released by the GenCos, comprising gas-fired and hydro stations, was down by 657.07 megawatts from the figure released on Saturday. They […]
Fed set to post new rules of the road for foreign banks in U.S.
Businessam StaffApril 8, 2019
The Federal Reserve is set to vote on a new approach for overseeing foreign banks such as Deutsche Bank AG, Barclays Plc and Credit Suisse AG that’s expected to require some of them to hold bigger stockpiles of easy-to-sell assets to guard against losses. The new system being considered at a Fed board meeting in Washington on Monday closely matches the overhauled […]