Australia's stock exchange operator ASX and Bank of China said on Tuesday that they will provide a yuan settlement service to Australian and Chinese financial markets by mid-year, marking the latest step in the yuan's development as a global currency. China is Australia's biggest trading partner and Australian firms have increasingly been settling their Chinese trade in yuan rather than U.S. dollars, according to local media reports.
Updated 5 Years ago

Russia will buy $2 billion of Ukrainian eurobonds this week, Russian Finance Minister Anton Siluanov said on Monday, in a move that may bolster Ukraine's president and the country's struggling currency. The purchase will be the second tranche of a $15-billion loan plan agreed in December between Russian President Vladimir Putin and Ukrainian President Viktor Yanukovich.
Updated 5 Years ago

The head of the world's biggest oil trading company has called for immediate and far-reaching reform of Brent, the oil marker for more than half of the world's internationally traded crude oil supplies. The comments by Vitol chief executive Ian Taylor mark the latest intervention in a debate about the effectiveness about Brent, which critics claim is a "broken" benchmark.
Updated 5 Years ago

Coming to Enugu in August is one of the most interesting events I have ever seen. It is called NESDES for short and stands for the “Nigerian Economic and Social Development Summit”... For 1 week in August Enugu will light up like never before as 1200 delegates made up of top C.E.O’s, Directors and Chairmen of the largest most innovative and impactful organizations in Nigeria meet to think about the Nigerian Project.
Updated 5 Years ago

About 600 of over 800 microfinance banks in the country may be closed down soon by the Central Bank of Nigeria unless they merge within the next few months, investigation, by our correspondent has shown.
Updated 5 Years ago

The Federal Inland Revenue Service (FIRS) has developed a strategy to ensure appropriate taxation of multinationals and enterprises operating in the country. The move is part of efforts to boost revenue generation.
Updated 5 Years ago

The Excess Crude Account (ECA), which was created to provide succour in rainy days for the federation, now has only about $2.1 billion in its kitty.
Updated 5 Years ago

Among the 30 highly capitalised stocks listed on the Nigerian Stock Exchange (NSE), three banking stocks – Skye Bank plc, Ecobank Transnational Incorporated plc, and Fidelity Bank plc – were most negatively impacted in a recent value loss which took about N309 billion off Nigerian equities.
Updated 5 Years ago

Nigerian banks will be challenged in the weeks ahead to enhance professionalism within their systems by way of growing the requisite skills-set for real banking, improving risk appraisal, rendering enhanced customer service and re-assessing the overheads they bear in terms of number and cost of branches, among others.
Updated 5 Years ago

The Securities and Exchange Commission (SEC) has asked all public companies yet to register their shares to do so before June 30, 2014 or be sanctioned. Public companies, according to the Companies and Allied Matters Act, 1990, are firms that have more than 50 shareholders.
Updated 5 Years ago