Manufacturing output in the world's third-largest economy rose by 2.7% in September from a month earlier, beating forecasts for a 2.2% rise. The regional benchmark MSCI Asia Pacific Index rose by 0.4% in Tokyo, marking its fourth day of gains.
Updated 5 Years ago

Shares in the social network fell almost 10% in after hours trading after it said expenses would be up to 75% higher next year. The warning came after it reported third quarter revenues of $3.2bn (£1.98bn) well ahead of analysts' forecasts.
Updated 5 Years ago

High energy costs in Germany are pushing businesses to move production abroad, with BASF, the world’s largest chemical company, announcing it won’t be expanding its business domestically, but instead investing in other countries. According to the German Chamber of Commerce, one quarter of businesses involved in heavy industry is thinking about reducing production in Germany.
Updated 5 Years ago

For the first time in the 20-year history of the Nigerian film industry, better known as Nollywood, there is a calculated move by National Broadcasting Commission (NBC) to leverage the value premium the industry can add to the national treasure. The recent announcement of a major working relationship between the entertainment and broadcast environment in Nigeria is part of the move. Nollywood has garnered a good reputation in the last two decades as the leading product that projects Nigeria’s image to the outside world. The industry is estimated to worth over $250 million with a production capacity of over 200 home videos monthly. In recent times also the Nigerian government has acknowledged the commercial viability of Nollywood, first, through a N3 billion grant from President Goodluck Jonathan and being recognised as a critical factor in the rebasement of Nigeria’s economy.
Updated 5 Years ago

Chi Limited has introduced three new variants of Hollandia Yoghurt in addition to existing variants in the market. The new variants: ‘Green Apple,’ ‘Orange’ and ‘Pure and Plain’ are expected to cater to a growing demand for dairy products in general and yoghurt in particular. According to the company, the new variants will widen consumers experiences of Hollandia Yogurt, which they love because it has a rich mouthfeel and a balanced flavour. Some consumers say the new lowfat yogurts are excellent for taste. Hollandia Yoghurt is not only healthy and fulfilling, but a real delight to consumers. The variants come in 1 litre, 500ml and 250ml tetra paks.
Updated 5 Years ago

United Bank for Africa (UBA) plc has announced a deal with Ixaris and its Nigerian partner “Ojapay” to deploy a virtual card platform across its 20 African markets. UBA will use Ixaris payment server to deliver innovative payment options for individuals and corporates. The e-commerce market in Africa is predicted to reach $75 billion by 2025[1]. However, many consumers and businesses across the continent currently lack a secure, convenient and low-cost means to make purchases online. To take a share of the market opportunity, UBA selected Ixaris Payments Server to quickly and cost-effectively deploy payments programmes based on virtual prepaid cards.
Updated 5 Years ago

The protracted crisis engulfing the first national carrier, the Nigerian Telecommunications Limited (NITEL), is the fundamental setback responsible for the dearth of fixed line (landline) services, though market observers say the emergence of new technologies in the country seems set to spark-off a huge resurgence. According to them, landline still remains relevant all over the world because it is much cheaper for the telecoms consumers. It is very reliable in terms of voice, data quality, and not susceptible to bad weather conditions as opposed to other wireless technologies.
Updated 5 Years ago

The immediate fallout of the improvement in Nigeria’s macro-economic indices, especially with relatively stable interest rate, GDP growth and controlled inflation, are the rise in the value of investment asset class, investor-confidence and increased demand for real estate assets. Real estate, being the queen of the various asset class in the market, has benefited from the encouraging performance of the economy in the past 12-18 months, having seen a significant appreciation in the value of prime property, especially land, in highbrow locations.
Updated 5 Years ago

Concerned with the rising propensity of banks for foreign currency borrowings through foreign lines of credit and Eurobonds, the Central Bank of Nigeria (CBN) has put measures in place to avoid over exposure that could threaten the stability of the financial system. The essence, according to a circular released on Monday, is to ensure that the associated risks are well managed as well as avoid losses that could pose material systemic challenges.
Updated 5 Years ago

The Central Bank of Nigeria (CBN) has cut the limit on banks’ foreign currency borrowings to 75 percent of shareholders’ funds from 200 percent, according to a central bank circular on Tuesday. The regulation replaces a 2001 rule capping foreign borrowings, including Eurobonds, at 200 percent of shareholders’ funds as Nigeria tries to manage exchange rate risks and curb pressures on the naira from excess demand for dollars.
Updated 5 Years ago