Global Business

Lagarde remains MD despite conviction, says IMF board

Share This: The executive board of the International Monetary Fund (IMF) says its Managing Director, Christine Lagarde must continue with her “outstanding leadership”, despite being convicted by a French court on Monday. Lagarde was convicted of negligence in the misuse of public funds, but after the IMF board reviewed her situation, it expressed its “full confidence” in her work. “The Executive Board met today to consider recent developments in the legal proceedings in France involving Managing Director Christine Lagarde,” the board said in a mailed statement. “The Executive Board took all relevant factors into account in its discussions, including the ...

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Oil prices fall as OPEC fails to stop excess production

Share This: Oil prices dipped Tuesday as expectations dimmed of an OPEC agreement to reduce the cartel’s gushing of crude into the massively saturated global market by around a million barrels per day. Prices were also hit as non-OPEC Russia confirmed it would not send a delegation to the Organisation of the Petroleum Exporting Countries’ meeting in Vienna on Wednesday. In late morning European trading, US benchmark West Texas Intermediate for delivery in January was down 73 cents a barrel to $46.35, in what market analyst Jasper Lawler at CMC Markets called “heebie-jeebies” on the eve of the talks. Brent ...

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Nigeria spends N499B on wheat importation

Share This: The nation’s seaports have taken delivery of wheat valued at $1.54 billion in the last 19 months from Russia, It was gathered. Nigeria spent $880 million on import of the product last year, while in the first nine months of 2016, a total of $660 million of the commodity was shipped through the ports. This week, two terminals at the Lagos Port Complex, Apapa Bulk Terminal Limited (ABTL) and Greenview Development Nigerian Limited (GDNL) will take delivery of 214,558 metric tons valued at N27.3 billion ($89.3 million). Nigerian Ports Authority (NPA)’s shipping position revealed that the six vessels ...

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Trump’s victory will not affect Naira – Economist

Share This: An economist and an analyst on Wednesday said the election victory of Donald Trump as U.S. president-elect would not affect the Naira. They said that Nigeria should focus more on policies that would revive the economy. Mr Okechukwu Unegbu, former Managing Director of Citizens Bank, said “the crash of U.S. markets before the announcement of the U.S. presidential election result was pelted. “On our Naira, we only need to look inwards, we can solve our problems not foreigners. “Trump’s win or otherwise cannot help the Naira. Our policies matter a lot. Observing the elections and the markets, you ...

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DTEK60 Preview: BlackBerry’s Surprisingly Speedy Return To The Smartphone Market

Share This: As part of its calendar Q3 earnings call, BlackBerry announced that it would no longer be manufacturing BlackBerry smartphones. The hardware-focused game was over and the future would be in software. This makes the timing of today’s launch of the new DTEK60 BlackBerry handset kind of awkward. It’s awkward but it’s not contradicting the previous statement. The DTEK60 is a good illustration of where BlackBerry sees its smartphone future. The Android manufacturer ecosystem is one that is becoming a commodity market for all but the highest-specification handsets at the top end. Margins are smaller, and with price as a key battleground the real value is ...

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Uber loses right to classify UK drivers as self-employed

Share This: Uber drivers are not self-employed and should be paid the “national living wage”, a UK employment court has ruled in a landmark case which could affect tens of thousands of workers in the gig economy. The ride-hailing app could now be open to claims from all of its 40,000 drivers in the UK, who are currently not entitled to holiday pay, pensions or other workers’ rights. Uber immediately said it would appeal against the ruling. Employment experts said other firms with large self-employed workforces could now face scrutiny of their working practices and the UK’s biggest union, Unite, ...

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Hilton expand operations in three African countries with 80 new hotels

Share This: Seye Joseph From its present 39 hotels around the world, Hilton Worldwide – one of the largest and fastest growing hospitality companies in the world has announced new properties and extensions in three African countries to more than 80 hotels in the next 3-5 years. This was announced at this year’s African Hotel Investment Forum (AHIF). According to the Senior Vice President, Patrick Fitzgibbon said that with hotel presence in Africa for more than 50 years, the global organisation is proud to have remained at the forefront of pioneering hotel growth on the continent. “This year at AHIF ...

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Investor Confidence Needed to Boost Economy – Afrinvest

Share This: Afrinvest West Africa Limited has stated that investors’ confidence is required to boost the Nigeria’s economy, even as it gets set to launch its banking reports. In this development, experts and stakeholders in the financial and other sectors of the economy have indicated interest to attend the Afrinvest West Africa Limited banking sector report launch, slated for September 21, 2016, in Lagos with a view to proffering solutions to the economic recession in the country. Ike Chioke, Managing Director of Afrinvest, revealed that this year’s report, which is the 11th edition since its inception in 2006, is titled ...

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Petrochemicals and Adventurous Diversification Expedition

Share This: John Sculley a U.S. businessman, entrepreneur and investor in high-tech startups in this technology quote said ‘’We try to picture what the products will be and then say, what technology should we be working on today to help us get there?’’ That should be the spirit in finding solutions to complex problems but who leads the symphony orchestra? That is our failing and melancholy as a nation. Buhari-oil President Muhammadu Buhari’s administration in the last 15 months has been grappling with a myriad of problems occasioned by low crude oil prices in the international market. Glutted market has ...

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Japan Pledges $30B for Africa’s Infrastructure Investment

Share This: Japan’s Prime Minister Shinzo Abe pledged billions of dollars to support Africa’s economic growth and infrastructure over the next three years and backed the bid for African countries to acquire a permanent seat on the U.N. Security Council. Abe’s promised investment of $30 billion at the Tokyo International Conference on African Development in Kenya is meant to show his “faith in Africa’s future.” “Let us make this stretch that is from Asia to Africa a main artery for growth and prosperity. Let us advance together, Africa and Japan, sharing a common vision,” he said. While speaking in front ...

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