The dollar fell to an 8-month low against a range of currencies, before recovering slightly despite a partial shutdown of the US government. Analysts said the fall in the dollar had not been more pronounced as the shutdown had been expected. The shutdown began after the two houses of Congress failed to agree a budget.
Updated 6 Years ago

A review of the $1 billion seed capital contributed by the three tiers of government to the Sovereign Wealth Fund (SWF) has shown that Akwa Ibom, Rivers and Delta States made the highest contributions among the 36 states of the federation. Vice-President Namadi Sambo, last week, presented certificates of contribution to the federal, state and local governments, while inaugurating the council. But the actual contribution by the federal, respective states and local governments was not disclosed. The Nigeria Sovereign Investment Authority (NSIA) oversees the management and investment of the SWF.
Updated 6 Years ago

The Chairman of Honeywell Flour Mills Plc, Dr. Oba Otudeko, has distanced himself from the crisis rocking Ecobank Transnational Incorporated (ETI). He also insisted that he was not a party to the ongoing rift at the pan-African Bank, saying given his role as a founding shareholder of the bank, he had wished not to have to make any formal statement beyond his earlier plea for peace to prevail in the financial institution.
Updated 6 Years ago

Disturbed by the seeming dollarisation of the economy, the Central Bank of Nigeria (CBN) Tuesday proscribed the importation of all foreign currency by banks into the country. The central bank stated that the move was part of its resolve to save the naira as well as the economy from external threats and dominance.
Updated 6 Years ago

The U.S Senate rejected the House's third short-term government funding deal on Monday, triggering a partial government shutdown.
Updated 6 Years ago

Carl Icahn, who disclosed a $1 billion stake in Apple Inc. (AAPL) in August, said he had dinner with Chief Executive Officer Tim Cook and “pushed hard” for a $150 billion share buyback. Talks will continue in about three weeks, said Icahn, the billionaire activist investor who has made a career of urging companies to adopt changes to boost the value of shareholdings.
Updated 6 Years ago

Tesco Plc (TSCO), the U.K.’s largest retailer, said first-half earnings declined as European shoppers shunned its supermarkets and the grocer spent more on improving food quality to win back customers at home. So-called trading profit fell 7.6 percent to 1.59 billion pounds ($2.6 billion), Cheshunt, England-based Tesco said today. The median estimate of 13 analysts compiled by Bloomberg was 1.62 billion pounds. Operating profit in Europe slid 68 percent
Updated 6 Years ago

The Vatican’s bank has published its first annual report in its 125-year history as part of an attempt to become more financially transparent. The Institute for Religious Works (IOR) has been dogged by accusations of corruption. The report shows 2012 was a successful year for the bank, with net profits more than quadrupling to 86.6m euros, the BBC reports.
Updated 6 Years ago

The new tariff being levied on non-scheduled commercial operators by the Ministry of Aviation is likely to take a toll on luxury travellers as they will have to pay more for their comfort. Analysts say the new policy may also affect business of scheduled commercial operators as they are likely to regain some premium travellers they have lost to non-scheduled commercial operators.
Updated 6 Years ago

Nigeria double-edged power privatization exercise has received commendation from the government of the United States of America. Carlos Pascual, United States special envoy and coordinator for international energy affairs gave the commendation at the just concluded Nigerian Investment summit in New York, describing the exercise as unprecedented.
Updated 6 Years ago