Global insurance industry runs risk of ‘Kodak Moment’ as it is failing to respond to digital transformation
Businessam StaffAugust 22, 2017
The global insurance industry has been adjudged to be facing its very own “Kodak moment” as it fails to respond to digital transformation or changing customer behaviours, according to Darrel Orsmond, financial services industry head at SAP Africa. In an article, “The (very near) future of insurance: the digital transformation imperative”, Orsmond noted that the […]
Nigeria’s new tax policy on ‘vatting’ microfinance banks’ services seen promoting financial exclusion
Steve OmanufemeAugust 22, 2017
Analysts and operators are challenging the applicability of value added tax on services rendered by microfinance banks as contained in the new national tax policy, saying the move counters government and the central bank of Nigeria efforts at financial inclusion. Businessamlive learnt that the primary aim of the new National Tax Policy is to introduce […]
Nigerian stocks in yet another flip-flop performance as market opens week negative
Businessam StaffAugust 21, 2017
After closing positive last week, Nigerian stocks in yet another flip-flop performance close trade Monday negative with benchmark index dipping 0.91 percent as against 1.66 percent appreciation recorded previously to settle at 36,584.44 points. Year-to-date gain moderated to 36.1 performance as market capitalization contracted N115.9 billion to settle at N12.6 trillion. Monday’s negative close was […]
Nigeria’s domestic debt gulping over 90% of total servicing obligations- NEITI
Businessam StaffAugust 21, 2017
A recent quarterly review by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that domestic debt servicing has consistently outstripped external debt servicing in recent times, especially since 2015. “Domestic debt servicing has consistently contributed over 90 percent of total debt servicing since 2015. The Central Bank of Nigeria (CBN) in its Communique No. […]
Global investors pare risk as $1.7bn is pulled out of emerging-market funds on US-Korea face-off
Businessam StaffAugust 21, 2017
The standoff between the United States and North Korea, as well as increased racial violence in the US, have shifted investor sentiments on emerging-market bond and equity funds, which recorded the highest outflow year-to-date in the week ending August 16, 2017. According to Bloomberg reports, fears of an impending geopolitical turbulence were enough to break […]
Total acquires Maersk Oil for $7.45bn in a share and debt transaction
Businessam StaffAugust 21, 2017
Total, a leading international oil and gas company, has announced that its board and that of A.P. Møller – Mærsk, a Danish shipping and oil and gas giant, have both approved the acquisition of 100 percent of the equity of the E&P company Maersk Oil & Gas A/S (Maersk Oil), a wholly owned subsidiary of […]
Libya halts biggest oil field loadings in latest disruption
Businessam StaffAugust 21, 2017
Libya, Africa’s largest crude reserves, halted loadings from its biggest oil field in the latest disruption to the OPEC nation’s crude production and shipments. Force majeure was declared Saturday on shipments from Sharara, made through the Zawiya export terminal, state-run National Oil Corp. Chairman Mustafa Sanalla said Monday by phone. Force majeure is a legal status protecting […]
Nigerians trending electronic as instant payment platform records 67.5% of total value transacted in Q2
Businessam StaffAugust 21, 2017
Data from Nigeria National Bureau of Statistics (NBS) has indicated that the Nigeria Interbank Settlement Scheme (NIBSS) instant payment option (NIP) leads other platforms in transaction value, recording N13.36 trillion or 67.5 percent of the N19.78 trillion transacted in the second quarter of 2017. The data on electronic payment channels in the Nigeria banking sector […]
Nigerian lenders exposure to oil & gas still high at 22.5% despite sector’s NPL history
Businessam StaffAugust 20, 2017
A sectorial breakdown of Nigerian banks’ credit to the private sector in the second quarter of 2017 indicates that the oil and gas sector still account for a chunk of total credit despite a history of non-performing loans. Data released by the Nigerian National Bureau of Statistics (NBS) for Q2 2017 at the weekend showed […]
India to sell only electric cars within the next 13 years
Businessam StaffAugust 19, 2017
Every car sold in India from 2030 will be electric, under new government plans that have delighted environmentalists and dismayed the oil industry. It’s hoped that by ridding India’s roads of petrol and diesel cars in the years ahead, the country will be able to reduce the harmful levels of air pollution that contribute to […]