November 2019

Bonds Market Sell-Off Halts After OMO Restriction

Bonds Market Sell-Off Halts After OMO Restriction

November 4, 2019 3:45 am

Following the Central Bank of Nigeria’s (CBN) recent restriction of individuals, local corporates and non-bank financial institutions from participating in the primary and secondary markets for open market operations (OMO) securities, there was a strong bullish sentiment in the bonds market last week.

As such, the preceding week’s bearish performance came to a halt with average yield in the domestic market trending lower by 113 basis points (bps) to close at 12.87 per cent.

According to a report by Afrinvest, at the beginning of last week, average yield slumped 20bps. This was sustained on Tuesday and Wednesday as average yield …

Impeach Govs Who Refuse To Pay Minimum Wage - NLC

Impeach Govs Who Refuse To Pay Minimum Wage – NLC

November 4, 2019 3:44 am

The organised labour has appealed to state Houses of Assembly to identify with workers by compelling governors to pay the new minimum wage.

General-Secretary of the Nigeria Labour Congress (NLC), Mr. Emmanuel Ugboaja, made the appeal while fielding questions from journalists yesterday in Lagos.

According to Ugboaja, any governor who refuses to pay the minimum wage should be impeached.

The News Agency of Nigeria (NAN) reported that the Nigeria Governors’ Forum (NGF) had said governors would not pay beyond their individual capacities.

However, the NLC scribe said there was no basis for the governors to complain about payment of the …

Bayelsa Guber Poll: APC Recruiting Bandits To Rig Election

Bayelsa Guber Poll: APC Recruiting Bandits To Rig Election

November 4, 2019 3:43 am

Ahead of Bayelsa State governorship election scheduled for November 16, the Peoples Democratic Party (PDP) youths have alleged that the All Progressives Congress (APC) was recruiting herdsmen to cause mayhem and rig the election in its favour.

Expressing concern over this development, the PDP youths under the aegis of PDP South-south Youth Vanguard accused APC of not supporting the Ijaw struggle, but advised the party to desist from any form of violence during the election.

The youths, in a statement by their National Chairman, James Efe Akpofure, alleged that the only interest of APC was the oil in Bayelsa State, …

UBA Restates Commitment To AfCFTA

UBA Restates Commitment To AfCFTA

November 4, 2019 3:42 am

The United Bank of Africa (UBA) has affirmed its commitments to the African Continental Free Trade Agreement (AfCFTA), just as it pledged to deepen its support for micro, small and medium scale enterprises (MSMEs) in the continent.

The Chief Executive Officer(CEO), UBA Africa, Mr. Victor Osadolor, stated this at the opening ceremony of the 33rd Lagos International Trade Fair, with the theme: ‘Connecting Business, Connecting Values,’ at held in Lagos at the weekend.

He stressed that the would remain a role model for African businesses by creating superior value for all its stakeholders, adding that, “we have over the …

Dickson Moves To End Feud With Jonathan

Dickson Moves To End Feud With Jonathan

November 4, 2019 3:42 am

*  Says he visited ex-president 15 times before the primaries

The Senator Bukola Saraki National Reconciliation Committee may have recorded a breakthrough with its recent shuttles to reconcile aggrieved members of the Peoples Democratic Party (PDP) in Bayelsa State, with the state Governor, Seriake Dickson, indicating yesterday that he would formally present the candidate of the party, Douye Diri, and his running mate, Lawrence Ewhrudjakpor, to former President, Dr. Goodluck Jonathan.

Dickson stated that it was a mark of respect for the former president, noting that the visit  would take place at the earliest convenience of the former Nigerian …

PenOp: Pension Transfer Window Takes Off June 2020

PenOp: Pension Transfer Window Takes Off June 2020

November 4, 2019 3:40 am

The umbrella body of Pension fund administrators, Pension Fund Operators Association of Nigeria (PenOp), has revealed that the long -awaited pension transfer window will commence in June, 2020.

PenOp, however, said the exercise would depend on the ability of both the pension fund administrators (PFAs) and the regulator, the National Pension Commission(PenCom), to fine-tune issues relating to total cleaning of contributors’ data which had constituted delay to the take-off of the transfer window over the years.

Disclosing this at a one-day seminar organised by PenOp for the National Association of Insurance and Pension Correspondents (NAIPCO), in Lagos, at the weekend, …

DHQ: Operation Positive ID Will Track Fleeing Terrorists

DHQ: Operation Positive ID Will Track Fleeing Terrorists

November 4, 2019 3:39 am

The Defence Headquarters (DHQ) at the weekend rallied support from the public for the controversial Operation Positive Identification, saying it was launched to track fleeing terrorists and not to violate human rights of Nigerians.

Besides, it is optimistic of a quicker end to the insurgency in the North-east following the acquisition of helicopter gunships, which will give it a monopoly of aerial power over the insurgents and change the tide in favour of the military.

It also described the killing of the leader of the Islamic State in Iraq and Syria (ISIS), Abu Bakr al Baghdadi, by US Special Forces …

Tesco To Eliminate 1bn Pieces Of Plastic Packaging By 2020

Tesco To Eliminate 1bn Pieces Of Plastic Packaging By 2020

November 3, 2019 3:23 pm

The United Kingdom’s biggest retailer, Tesco, has pledged to remove one billion pieces of plastic packaging from products in its UK stores by the end of 2020, seeking to reduce its environmental footprint and meet growing consumer demand for less waste.

Britons have become increasingly aware of the amount of plastic they use following scientist David Attenborough’s Blue Planet II documentary, which highlighted the dangers of plastic pollution to marine life.

Last year, Tesco said it wanted to remove hard-to-recycle materials from its business. It said on Friday it will have eliminated the hardest-to-recycle materials from its own-brand products by

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Not Even A Strike Can Stop US Jobs Machine From Running

Not Even A Strike Can Stop US Jobs Machine From Running

November 3, 2019 3:21 pm

The United States jobs market continues to power ahead, slowing less than expected last month, and signalling that US consumers will continue to spend, spend, spend while growing the economy.

The US Department of Labor reported on Friday that the economy added 128,000 jobs in October – more than sufficient to absorb the estimated 100,000 new entrants into the labour force.

The headline was even more impressive given the drag from a 40-day labour strike at General Motors Co’s US factories, which ended last Friday. The strike was reflected in auto manufacturing, which shed 42,000 jobs in October. But strip

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Google To Buy Smartwatch Maker Fitbit For $2.1bn In Cash

Google To Buy Smartwatch Maker Fitbit For $2.1bn In Cash

November 3, 2019 3:16 pm

Alphabet Inc.’s Google agreed to buy smartwatch maker Fitbit Inc. for $2.1 billion in cash, a move that could shore up the internet giant’s hardware business while also potentially increasing antitrust scrutiny. Fitbit shares jumped 16%.

Google will pay $7.35 a share for San Francisco-based Fitbit, according to a statement Friday. That represents a 71% premium to Fitbit’s stock price before Reuters reported Google had made a bid on the company on Oct. 28. The acquisition is Google’s second major purchase this year, after it agreed to pay $2.6 billion for cloud software provider Looker in June.

The deal is

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WTO Panel: China May Levy Over $3bn In US Trade Sanctions

WTO Panel: China May Levy Over $3bn In US Trade Sanctions

November 3, 2019 3:15 pm

A World Trade Organization (WTO) panel said on Friday that China is entitled to slap compensatory sanctions on United States imports worth $3.579bn annually.

The decision stems from the US failure to remove anti-dumping duties, but the monetary value is roughly half the total amount that China had sought.

The ruling came as the world’s two biggest economies try to clinch phase one of a trade deal.

US President Donald Trump and his negotiators are “very optimistic” about concluding it, White House adviser Larry Kudlow has said.

With the WTO announcement, a three-member WTO arbitration panel said Chinese exporters suffered

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Trustfund Pensions Canvasses Savings Culture Among Youths

Trustfund Pensions Canvasses Savings Culture Among Youths

November 3, 2019 3:15 pm

A leading Pension Fund Administrator (PFA), Trustfund Pensions Limited, has expressed the need to inculcate savings culture among the youths, saying that the earlier they are being taught the enormous advantages, the better they appreciate its essence and adopt it as a lifestyle.

The PFA’s Managing Director/Chief Executive Officer, Mrs. Helen Da-Souza, who spoke in Abuja, weekend at the 2019 prize-giving ceremony of Trustfund Pensions essay competition for Senior Secondary School Students in the Federal Capital Territory (FCT), Abuja, said her organisation believed that there is no age restriction to savings.

“It is our belief that there is no age …

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