Economic bridges continue to burn in the US-Russia sanctions standoff, with the latest casualty being US firm Applied Materials, which can no longer export IT equipment to Russia’s nanotechnology giant Rusnano. According to Rusnano CEO Anatoly Chubais, Russia has already found an alternative source for the technology (mostly memory MRAM) in China and other markets.
Updated 5 Years ago

In a public letter, Mr Ballmer said he had become "very busy" since he quit the top job and that it would be "impractical to continue". His decision to leave follows his recent purchase of the Los Angeles Clippers basketball team.
Updated 5 Years ago

The country's anti-monopoly regulator said the companies were found to have colluded to reduce competition. Japan's Sumitomo Electric and Mitsubishi Electric were among the firms that received the heaviest fines.
Updated 5 Years ago

In addition to its infrastructure upgrade and environmental transformation, the Lagos State government is using its pace-setting home ownership mortgage scheme—the LagosHOMS—to drive urban regeneration that would ultimately dovetail into its dream mega city status. This regeneration which has already seen some footprints in some parts of the state, particularly Ikeja and Lagos Island, involves the demolition of obsolete housing estates and their reconstruction into contemporary lifestyle communities.
Updated 5 Years ago

The Federal Government of Nigeria says it is optimistic that the establishment of the Nigeria Mortgage Refinance Company (NMRC) will scale up mortgage penetration in the country, assuring that everything possible is being done to ensure enhanced provision of mortgage access in support of the delivery of 10,000 homes to new and eligible home seekers. Akon Eyakenyi, the Minister for Lands, Housing and Urban Development, who stated this at the commissioning of 225 housing-unit Metrocity Estate developed by UAC Property Development Company (UPDC) Plc in Abuja recently, was also optimistic that the conclusion of the on-going revision of National Building Code (NBC) would improve housing delivery in line with set standards.
Updated 5 Years ago

Trading on the floor of the Nigerian Stock Exchange (NSE) further closed in the red zone yesterday. Driven by losses recorded by equities like that of Flour Mills Nigeria plc, Oando plc, Guaranty Trust Bank plc, Lafarge Cement WAPCO plc, and FBN Holdings plc, the stock market dipped by 0.02%, pushing the year-to-date (YtD) return down to 0.10%.
Updated 5 Years ago

Nigeria’s leading petroleum products marketer, Conoil Plc, recorded impressive financial performance at the end of its last financial year with 298 percent increase in profit before tax. Its profit rose from N1.15 billion in the preceding year, to N4.6 billion. According to the audited result of the company at the Nigerian Stock Exchange (NSE), its profit after tax also increased significantly by 329 percent; from N714 million to N3.07 billion. Its revenue increased from N149.9 billion to N159.5 billion.
Updated 5 Years ago

Piqued by the growing incidents of electronic fraud (e-Fraud) in the financial sector of the economy, the managing director/CEO of Enterprise Bank Limited, Ahmed Kuru, has called on banks to establish anti-fraud departments as a way of curbing the menace. Delivering a keynote address titled “When All Goes Wrong: Mediation and Arbitration Best Practices,” at the just concluded August 2014 meeting of the Nigeria Electronic Fraud Forum (NeFF) in Lagos, Kuru, who was represented by Chuks
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In a move that will see financial literacy spread among Nigeria’s rapidly growing young population of mobile phone users, Visa Incorporated, global leader in payment systems, in collaboration with Co-Creation Hub Nigeria(CcHub), a social innovation centre, has supported the launch of three locally-developed mobile applications. The three apps, ‘Money Talks’, ‘More Than Money’ and ‘Street Tinz’, are available on several mobile platforms like Android, iOS and Java enabled phones. They were designed to help Nigerians, especially the young generation of mobile phone users who are also active on social media, make better decisions by educating them on issues like saving, budgeting, investing and financial management.
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Following four decades of war, sanctions, nationalisation and unrest, oil and gas producers are gradually adjusting to rely less on the Middle East. The countries around the Persian Gulf and on the Arabian Peninsula still contain the greatest concentration of giant and super-giant fields anywhere in the world and have some of the most attractive oil and gas geology.
Updated 5 Years ago