Royal Exchange Group, a member of the financial service sector of the Nigerian Stock Exchange (NSE) with subsidiaries in Life insurance, general insurance, healthcare, micro finance, and finance and investment has recorded a written premium income of N7.61 billion at the end of 2012 financial year, translating to 11.58 percent increase over N6.82 billion in 2011.
Updated 6 Years ago

As the year slowly grinds to an end and 2014 approaches we have decided to unveil our top investment themes for next year. The NSE has gained 39 percent year to date (Nov 29), providing ample returns for investors, however gaining alpha in 2014 may prove a little trickier. Re-pricing of global risk: There will be a reprising of risk globally in 2014 as abundant liquidity due to QE, starts to get rolled back by the US FED. Foreign investor holdings of Nigerian bonds and Treasury bills stood at $11.6 billion as at September 2013 (25 percent of total debt stock). If investors feel risk adjusted returns are more attractive in developed markets as US interest rates rise, then they will pull funds from Emerging Markets (EM), including Nigeria. Scoping Sanusi’s successor: Investors will be keenly watching to see if a credible successor is appointed to replace Nigeria’s highly effective CBN Governor Sanusi Lamido Sanusi. As one offshore fund manager told us “reforms at Nigeria’s financial sector will continue to require a safe pair of hands.”
Updated 6 Years ago

Zenith bank grew gross earnings by 11 percent year on year(YoY) for the nine month period to September (Q3) 2013 to N255.3 billion from N229.1 billion recorded in the corresponding period of September, 2012. Net interest income soared by 16 percent to N138.9 billion in the third quarter of September 2013 from N119.7 billion Q3 2012, while interest income climbed to N190.9 billion(14 percent increase) from N168.2 a year earlier.
Updated 6 Years ago

To meet the growing demand for new airplanes, Boeing has increased production of its popular 737, 777 and 787 airplane families just as it has forecast a long-term demand for 35,280 new airplanes, valued at $4.8 trillion, globally. According to the aircraft giant manufacturer, these new airplanes will replace older, less efficient airplanes, benefiting airlines and passengers
Updated 6 Years ago

Recent happenings in the financial services industry occasioned by the closure and takeover of two discount Houses, Express and Consolidated by the Central Bank of Nigeria (CBN) and the need to meet year end regulatory requirements, among others, are making banks to embrace the CBN discount window facilities at the expense of the interbank market, Business Day investigations have shown.
Updated 6 Years ago

Chinese state-backed investors are eying a stake in one of the domestically focused U.K. banks, and have hired lawyers at Norton Rose Fulbright in London to examine their options for gaining a foothold in the U.K. market, sources have told CNBC. A source close to the situation told CNBC that they had favored the Co-operative Bank, but recent publicity around its difficulties, after its former chairman Paul Flowers was exposed buying cocaine and major bondholder Aurelius sold its stake, has put them off. The Co-op Bank is owned by its parent Co-op Group and a group of hedge funds who bought up its bonds forced it into are structure of its debt earlier this year. A source advising the Chinese told CNBC the funds have also studied Clydesdaleand Yorkshire Banks, currently owned by the National Australia Bank Group.
Updated 6 Years ago

The great controversy playing out over oil reform this month in Mexico will be central to Mexico's economic future. Can declining oil production be turned around in order to support an expanding industrial economy rivaling the BRICs and become a global manufacturing hub? This oil reform is so important for Mexico that it is the number one plank in President Enrique Pena Nieto's "Pact for Mexico" modernization program. The outcome also matters a lot to the United States, both as a top trading partner and in terms of whether economic growth in Mexico will reduce illegal immigration and pressure on the border between the two countries.
Updated 6 Years ago

Bank of America said it settled all claims with Freddie Mac arising from residential mortgages sold to the government-backed housing agency through the end of 2009.
Updated 6 Years ago

The Commissioner for Economic Planning and Budget, Lagos State, Mr. Ben Akabueze, has said Lagos State requires an investment of $50 billion in ten years to address its infrastructural challenges. The Commissioner explained that the investment, which will spread over a decade, would involve private sector's involvement to raise the $50 billion investment.
Updated 6 Years ago

After hitting an all-time high the previous week, the Nigerian equities market ended the month of November on a poor note as the bears dominated activities on four trading days of the week. As a result, the week-to-date (WTD) return declined by 0.83 per cent, while the month-to-date (MTD) return dipped to 3.45 per cent. The market lost about N20 billion in value on daily basis bringing the week’s decline to N104 billion to settle at N12.449 trillion. Sustained profit-taking by anxious investors was largely blamed for the poor showing.
Updated 6 Years ago