U.S.-China trade talks sputtering at 100-day deadline
Businessam Staff
July 16, 2017
Bilateral talks aimed at reducing the U.S. trade deficit with China have yielded some initial deals, but U.S. firms say much more needs to be done as a deadline for a 100-day action plan expires on Sunday. The negotiations, which began in April, have reopened China’s market to U.S. beef after 14 years and prompted […]
Corruption can hurt growth and ruin people’s economic chances, warns IMF
Steve OmanufemeJuly 15, 2017
*Estimates global cost of bribery at $2trn annually…. A research by the International Monetary Fund (IMF) shows that in countries with greater levels of corruption, infant mortality and dropout rates are especially high, partly due to less spending on health and education. It says that reduced investment in health and education tends to hurt poor […]
US go after $144m bribe related assets linked to Diezani, former OPEC president
Businessam StaffJuly 15, 2017
The United States Department of Justice (DOJ) has made a court filing seeking to retrieve assets worth about $144 million said to be related to a bribery scheme that is linked to former Organisation of Petroleum Exporting Countries (OPEC) and Nigerian immediate past oil minister, Diezani Alison-Madueke, who is believed to be living presently in London, where she relocated after […]
Nigeria’s telecommunications regulator to earn 60% commission on spectrum swap deals
Steve OmanufemeJuly 14, 2017
Nigeria’s telecoms regulator, the Nigerian Communications Commission (NCC), is to earn a 60 percent commission on all spectrum swap deals in the country, according to new guidelines on spectrum trading due to be released soon. The final draft of the Spectrum Trading Guideline 2017 seen by Businessamlive, among other things, stipulates that a 60 percent […]
Nigerian stocks closed trading on positive note, records 2.47% gain week-on-week
Businessam StaffJuly 14, 2017
Nigerian stocks closed trading on a positive note Friday as the bourse’s all-share index rose marginally by 0.04 percent to close at 33,261.66 basis points against 0.80 percent appreciation recorded Thursday. Friday’s performance thus capped a week of rally with 2.47% gain week-on-week as year-to-date (YTD) returns stood at 23.77 percent, the highest so far […]
Shell declares force majeure on Nigerian Bonny Light crude lifting on shutdown of pipeline by operator
Businessam StaffJuly 14, 2017
Shell Petroleum Development Company of Nigeria, a subsidiary of Royal Dutch Shell, has declared a force majeure on the export of Bonny Light crude oil grade, following the shutdown of a key pipeline transporting the crude oil grade to the export terminal. In a statement Friday, the company said it declared the force majeure due […]
Digital finance seen driving Nigeria’s economic growth by 12% in a decade, says McKinsey
Steve OmanufemeJuly 14, 2017
The Nigerian economy has potential of growing by as much as 12 percent in less than a decade if the government takes heed to a new report by McKinsey Global Institute (MGI) and broaden the country’s access to digital finance tools, including having payments and financial services delivered via the phone and the Internet. Nigeria […]
Nigeria’s new tax initiative needs growth in collection to push tax-to-GDP ratio from 6% to 15%
Oluwafemi OgunjobiJuly 14, 2017
Nigeria must grow its tax collection mechanism faster than GDP if its hope to see an increase in tax-to-Gross Domestic Product (GDP) ratio rise from its current six percent to its planned 15 percent target is to be realised, a gathering of tax experts and other interested parties put together by professional services firm, PriceWaterhouseCoopers […]
Nigeria ranks 21 in world’s most powerful economies in 2030
Businessam StaffJuly 14, 2017
PricewaterhouseCoopers, one of the world’s largest professional-services firms, just released its predictions for the most powerful economies in the world by 2030 and Nigeria is ranked 21 with $1.794 trillion gross domestic product by purchasing power parity (PPP). By the ranking, Nigeria is second in Africa, coming behind Egypt ($2.049 trillion) at 19th position, while […]
Nigeria Stock Exchange surges past Nairobi, J’burg in market gains on back of NAFEX stimulus
Businessam StaffJuly 13, 2017
Gains in the past two months have placed the Lagos-based Nigeria Stock Exchange (NSE) firmly ahead of peers in sub-Saharan Africa, the Nairobi and Johannesburg stock exchanges, according to FBNQuest Research. “Our occasional look at three stock market indices in sub-Saharan Africa (SSA) places Lagos well ahead of both Nairobi (NSE 20) and Johannesburg (all-share),” […]