The official gross domestic product (GDP) figure though was smaller than the 7.1% drop economists expected. The shrinkage was largely in response to a government sales tax, which held back consumer spending.
Updated 5 Years ago

The cable, dubbed Faster, will connect the US with Japan and cost about $300m (£179m; 225m euros), the consortium said. The trans-Pacific fibre cable would deliver speeds of 60 terabytes per second - enough to send more than 2,000 uncompressed HD films a second.
Updated 5 Years ago

In a recent filing with US regulators, Alibaba said it is selling off its small and medium enterprise (SME) loan business to Small and Micro Financial Services Company, in a cash deal for $518m (£308m). The deal is subject to regulatory approvals.
Updated 5 Years ago

Available in Japan since last year, the micro-console is the firm's efforts to take on other streaming television consoles like AppleTV and Roku. Unlike those, Sony's offering will allow gamers access to PlayStation games. Sony said consoles will go on sale in the US on 14 October and in the UK on 14 November.
Updated 5 Years ago

Egypt and the countries of the Customs Union are looking into creating a free trade zone, Russian President Vladimir Putin said after meeting with his Egyptian counterpart Abdel Fattah al-Sisi at the Black Sea city of Sochi. "An important agreement was reached to establish cooperation between Egypt and the Customs Union [of Russia, Belarus and Kazakhstan]," said the Russian President. "And now we are looking at a possibility of creating a free trade zone."
Updated 5 Years ago

The first phase of the ultra-modern Tejuosho Market is ready for business with over 4,000 shop spaces including lock up and K-Clamp shops, offering investment and commercial opportunities for savvy investors, businessmen and sundry interests in commerce. The new market complex, rising from the ashes of the old traditional Tejuosho Market gutted by fire in 2007, is strategically located along the Ojuolegba-Itire Road in Yaba with a fascinating and panoramic views of Surulere—a middle class settlement in Lagos.
Updated 5 Years ago

In North America, it is a given that in every decade a financial crisis occurs. In Nigeria, the Banking structure has only gotten deeper roots in recent times and there are no adequate time series data to estimate the regularity and timing of a financial crisis. However in light of increased borrowings to the real sector and large ticket deals in the Oil & Gas sector with plenty more to come, it is important to highlight structural weaknesses in the system if any, and a method to rectify them.
Updated 5 Years ago

Stanbic IBTC’s N1.005trn in assets under management (AUM) accords it a whopping 24.67 percent of the Nigerian Pension Fund industry, making it the largest in the country. Total Pension Fund Assets (industry size) currently stands at N4.058trn according to latest PenCom data.
Updated 5 Years ago

With Nigerians now being able to apply for and receive long term mortgages of up to 20 years, by the government through the Nigerian Mortgage Refinance Corporation (NMRC), citizens are now beginning to see a new face to a government that has all too often let them down in the performance of its key duties. As regards its promises for the Nigerian housing sector, the government, under President Jonathan has now launched the first tranche of 10,000 affordable mortgages.
Updated 5 Years ago

President of Africa’s largest conglomerate and Africa’s richest businessman, Aliko Dangote has joined Jeffery Immelt, CEO of General Electric (GE), American multinational giant, to call for further integration in Africa, saying it is a crucial factor for economic growth across Africa. The both CEOs made the plea at the just concluded US-Africa Business forum sponsored by Bloomberg Philanthropies and the US Department of Commerce.
Updated 5 Years ago