Britain’s Serious Fraud Office (SFO) is investigating the alleged use of chatrooms by forex traders in a conspiracy to rig exchange rates. An estimated $5.3 trillion in currencies changes hands daily. The SFO, an independent government department that prosecutes fraud and corruption, announced the case on Monday.
Updated 5 Years ago

Chinese President Xi Jinping has signed a row of oil and mineral deals with Venezuela. The Chinese leader is on a four-country tour of Latin America aimed to increasing influence in the region. The 38 economic agreements are related to the production and development of Venezuelan oil and agriculture, as well as social and cultural expansion, says the BBC. The deals provides a credit line of $4 billion in return for Venezuelan oil and oil products, as well as allocating $691 million to explore Venezuela's gold and copper reserves, and an agreement to develop the countries' third jointly-owned satellite.
Updated 5 Years ago

US and European airlines suspended flights to Israel's Ben Gurion airport after a rocket landed one mile (1.6km) away. The US Federal Aviation Administration (FAA) ordered three US carriers that fly to Israel - Delta, United and US Airways - to halt flights for 24 hours. Europe's aviation regulator is also urging airlines not to fly to Tel Aviv.
Updated 5 Years ago

The naira eased 0.21 per cent against the United States dollar yesterday after some importers took advantage of its recent appreciation against the greenback to lock in rates, dealer said. The local currency eased after last week's gains, closing at N162.25 to a dollar yesterday after closing at N161.90 a dollar last Friday. Dealers informed Reuters that some importers had set limit orders to buy hard currency and were in the market after recent gains. Italy's local unit of Eni sold $11.5 million, but that was not enough to lift the naira.
Updated 5 Years ago

A group, the Niger Delta Citizens and Budget Platform (NDCBP), has expressed concern that the external debt profile of Rivers State has hit $322 million with the approval of $280 million World Bank/African Development Bank (AfDB) by the state House of Assembly. It said it was worried over what it described as the constant recourse to borrowing and the rising external and domestic debt profile of the state. The NDCBP, a coalition of non-governmental organisations interested in transparency and accountability, in a statement issued in Port Harcourt yesterday, said it had previously advised the state government against predicating a significant percentage of its programmes and projects on funds expected to be derived through borrowing either as bonds, grants, domestic or external loans.
Updated 5 Years ago

Joe runs a company with 19 salespeople, a mix of veterans and newcomers. Sales have been flat for the past 18 months even though the economy has improved. He is constantly making futile attempts to get his team to prospect more. Joe tries to show them how to sell more effectively, but they continue to fall back into the same old habits. Sound familiar? Entrepreneurial organizations often underperform because they haven't built their sales teams systematically. Follow these seven steps to turn an ineffectual sales crew into a high-performing championship team:
Updated 5 Years ago

What can we learn by reading about the world’s greatest entrepreneurs? Often, it’s the small but telling details, such as the fact Warren Buffett and Bill Gates solidified their "bromance" during a dinner party after they both cited focus as the attribute that led to their success. Or the fact that Zappos leader Tony Hsieh honed his entrepreneurial chops selling pizzas in college or Barbara Corcoran’s failing at 22 jobs before she founded a billion-dollar business. For those looking for a little inspiration, here are five must-read books that show what entrepreneurial success really takes, and how we can apply the principles of the best to our business.
Updated 5 Years ago

The Central Bank of Nigeria’s Monetary Policy Committee will leave interest rates unchanged for the 17th time in a row on Tuesday as it tries to balance controlling inflation and supporting the naira with fostering growth, Reuters reported quoting its poll. The MPC meeting will be the first chaired by the new Governor of CBN, Mr. Godwin Emefiele, and will be closely watched by foreign investors and analysts, Reutersreported. The former group managing director of Zenith Bank Plc struck a dovish tone on rates two days after taking office in June, saying he would seek a gradual reduction in borrowing costs, which have been stuck at 12 per cent since late 2011.
Updated 5 Years ago

Nine months after it made an entry into the country, Carmudi Nigeria, fastest growing online car classified, is poised to continue its significant growth in the country, where it is changing shopping experience for car buyers as well as boosting sales for sellers and dealers. Carmudi Nigeria, which launched its website in October 2013, has unveiled its global mobile application in the country to allow users to browse thousands of cars on the go.
Updated 5 Years ago

Global leader in mobile communications BlackBerry Limited said Nigeria is a critical market in its strategy to return to profitability by 2016, with a renewed focus on its traditional strengths. The company disclosed this last Thursday in Lagos, during the unveiling of the new BlackBerry Z3 smartphone in the country.
Updated 5 Years ago