Notwithstanding the insecurity in the northern part of Nigeria and crude oil theft, which has negatively affected the nation's revenue base, the International Monetary Fund (IMF) has rated the nation’s economy as still strong. The IMF’s positive rating came only a day after the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, restated that Nigeria was not broke.
Updated 7 Years ago

The Central Bank of Nigeria (CBN) Tuesday warned that financial institutions that fail to comply with its regulations will face severe sanctions henceforth. The Deputy Governor, Financial System Stability, CBN, Dr. Kingsley Moghalu, said this while presenting an address titled: ‘Charting New Frontiers for Global Competitiveness Beyond Compliance: Imperatives for the Board,’ at the 2013 edition of the Continuous Education Programme for directors of banks and other financial institutions in Lagos.
Updated 7 Years ago

The Osun State Commissioner for Finance, Budget and Economic Planning, Dr. Wale Bolorunduro, Tuesday revealed that the Sukuk Bond issued by the state was oversubscribed by 20 per cent. The instrument, the Commissioner said, was approved by the Securities and Exchange Commission (SEC).
Updated 7 Years ago

Stanbic IBTC has been appointed as the local custodian of the Nigerian Sovereign Wealth Fund (SWF) by the Nigeria Sovereign Investment Authority (NSIA). The appointment was made following a rigorous exercise by NSIA. Stanbic IBTC’s experience and its track record of providing integrated securities services solutions form a key part of the reason for this selection.
Updated 7 Years ago

Companies will soon begin to raise capital from the Nigerian capital market through initial public offerings (IPO), the Executive Director, Business Development, Nigerian Stock Exchange (NSE), Mr. Haruna Jalo-Waziri, has said. Since the market witnessed a downturn in 2008, companies have not been making IPOs for the fear that such issues may fail due to low investor confidence. However, as the market begins to regain some level of confidence, which has led to significant recovery, Jalo-Waziri said the market would soon record the floatation of IPOs.
Updated 7 Years ago

British banking group Barclays is planning to expand its business footprint in the African nation of Nigeria without making a large and expensive acquisition in the country. Barclays CEO Antony Jenkins was quoted by bdlive.co.za as saying that the bank will cautiously work to strengthen its operation in the country.
Updated 7 Years ago

Samsung Electronics Co Ltd on Wednesday launched the world's first smartphone with a curved display, a variant of the Galaxy Note which moves the Asian giant a step closer to achieving wearable devices with flexible - even unbreakable - screens. Curved displays are on the frontlines of Samsung's innovation war with rivals such as Apple Inc and LG Electronics Inc, as the South Korean firm seeks to expand its lead in the slowing market for high-end smartphones.
Updated 7 Years ago

People living outside the U.K. accounted for about half of all new home purchases in London’s best neighborhoods as affluent investors sought a safe haven from turmoil in the Middle East and Europe’s debt crisis. Foreign-born buyers, including those living in the U.K., made 69 percent of new-home purchases in London’s prime areas in the two years through June, while those living abroad bought 49 percent of the homes, Knight Frank LLP said in a report today. About 28 percent of those who bought central London homes worth 1 million pounds ($1.6 million) or more in the year through June don’t live in the U.K., the broker said.
Updated 7 Years ago

Jenny Segerstedt learned about the downside of Sweden’s soaring real-estate market the hard way. The 39-year-old teacher, who needed to move this year after a divorce, lost out on one property after a bidding war sent the price to 2.2 million kronor ($342,000), 70 percent above the starting bid. She eventually found a 63-square meter (678 square-foot) apartment in a 1950s building in the western Stockholm suburb of Vaellingby for 1.7 million kronor.
Updated 7 Years ago

It was another rewarding day for Asia’s richest man, Li Ka-shing. The billionaire controls Hutchison Whampoa, a conglomerate with businesses in telecoms, retail, energy, and ports that is the biggest group in the Li empire, which also includes the city’s top power company and one of its largest property developers.
Updated 7 Years ago