Anonabox sought $7,500 (£4,700) on crowdfunding site Kickstarter but got pledges of more than $585,000 in its first five days. The project was pulled by Kickstarter which said it had worries about who made the hardware being offered. Other problems with the project also emerged via social news site Reddit.
Updated 5 Years ago

Profits at the technology giant were helped by sales of its new iPhone 6 models, which were on sale for ten days during the three-month period ending 30 September. Total iPhone sales numbered 39.3m. However sales of Apple's iPad disappointed, with 12.3m sold, down from 13.1m a year earlier.
Updated 5 Years ago

Gross domestic product rose by 7.3% in the third quarter from a year earlier, compared to 7.5% in the previous quarter, official data showed. The figure beat market forecasts for 7.2% growth but still marked its weakest performance since March 2009.
Updated 5 Years ago

Decreasing oil prices are “inevitable” and the chance they will exceed $100 per barrel is “unlikely” the Russia’s Finance Ministry said. However, the Russian budget can withstand lower prices. “The market is biased in favor of excess supplies. That is why price reduction is inevitable; it will have a structural character. We are unlikely to see prices higher than $100 per barrel in the near future,” Maksim Oreshkin, the head of the Russian Finance Ministry's strategic planning department told RBC TV in an interview.
Updated 5 Years ago

Russia’s recent trade figures show strengthening ties eastwards, not westwards. Trade with the 28-nation European Union declined 3.2 percent from the same period last year, whereas trade with China increased by 3.4 percent. The EU remains Russia's biggest trading partner and made up half of all trade worth $263.3 billion in the first half of 2014, but China remains the strongest single trade partner at $59.1 billion, Russia’s statistics bureau announced Monday.
Updated 5 Years ago

WSTC Financial Services Limited (WSTC), a dealing member of the Nigerian Stock Exchange (NSE), has envisaged a slide in the value of the naira as the 2015 general elections approaches. This is following the prevalence of domestic uncertainties, weak economic fundamentals and impending increase in interest rates in the US. Meanwhile, analysts do not expect the downward pressure on the naira to subside within the forth quarter of 2014.
Updated 5 Years ago

Anyone who has spent a great deal of time within the world of business is probably well aware of the term “POS,” which stands for Point of Sale system. Anyone who has not heard the term before may be surprised to find out that he or she most likely partook in POS systems during his or her last visit to a favorite restaurant. POS systems are incredibly popular among businesses, and restaurants continue to find that these complete kit systems are especially useful concerning customer service and the tracking of complicated orders while simultaneously simplifying any responsibilities associated with bookkeeping and tracking of funds.
Updated 5 Years ago

Nigeria will be one of the emerging markets where global brand, Symrise will be veering into this year with its annual £100 million portfolio, the company says. The new investment by the global supplier of fragrances, flavourings, cosmetic, active ingredients and raw materials in Nigeria will be in the region of €1 million in the short run, but with the capacity to swell between the next five and six years.
Updated 5 Years ago

Outlook for foreign exchange seem dim as analysts anticipate that the Naira will continue to experience pressure at all segments of the market this week against the backdrop of heightened socio-political risk and broader macroeconomic concerns. According to Afrinvest report, a long list of macroeconomic and socio-political headwinds still pose a challenge to price stability. For instance, the impending increase in systemic liquidity during the upcoming elections, expected food challenges due to deteriorating socio-political challenges, expected maturity of AMCON’s N978.35bn bond and recent capital reversals by Foreign Portfolio Investors (FPIs) are likely factors that may determine price levels in the medium term.
Updated 5 Years ago

Cement is leading the chase in Nigeria’s non-metallic products sector, which also includes ceramics, chalk and glass. Total output in the non-metallic products sector rose from N143.86 billion in the first half of 2013 (H1 2013) to N215.79 billion by the second half of the same year (H2 2013). Similarly, capacity utilisation in the sector rose 16 percent to 69.9 percent in H2 2013, from 53.8 percent in H1 2013, according to data from the Manufacturers Association of Nigeria (MAN).
Updated 5 Years ago