Business

Huawei releases OS source code in push for own ecosystem

Huawei Releases OS Source Code In Push For Own Ecosystem

Chinese telecom giant Huawei on Thursday said its nascent homegrown operating system could be available on smartphones early next year, as it pushes to build an alternative app ecosystem after the US barred it from using Google’s Android.

The source code for HarmonyOS will be made available beginning in December to software developers who create apps for smartphones, said Yu Chengdong, CEO of Huawei’s consumer products division.

HarmonyOS is so far used only with certain products including smart TVs, in-car entertainment systems and wearable devices, not the company’s smartphones.

Huawei is the number-two smartphone producer in the world after Samsung, …

Lloyds Bank sacks 865 workers (1)

Lloyds Bank Sacks 865 Workers In Fresh Cost-Cutting

Lloyds Bank in the UK is shedding 865 jobs, as it resumes cost-cutting measures amid COVID-19 pandemic.

Lloyds, the biggest domestic banking group in UK, had temporarily stopped job losses and restructuring early in the pandemic, with the commitment running until October.

Union Unite criticised the cuts, which come alongside the creation of 226 new roles.

“Unite is extremely worried about the future prospects of the 860 staff being told that they will lose their jobs during these very challenging times,” said Unite national officer Rob MacGregor.

Lloyds …

Fuel Price: Stakeholders, Analysts Blame 'Dysfunctional' Govt

Niger Exports Fuel To Nigeria As Egypt, Algeria Build 13 Refineries

Neighbouring Niger Republic, which started commercial oil production in 2011, now exports petroleum products to Nigeria, as Egypt and Algeria lead African operations with 13 refineries. Both countries (Egypt and Algeria) have combined capacity of 1.4 million barrels per day.

For decades, Nigeria’s three major refineries have been grounded to near-zero capacity utilisation with all of its refined fuel imported from other countries. Data exclusively obtained from the African Refiners & Distributors Association (ARA) revealed that strong refinery performance in Niger meets local fuel demand, and excess production exported to Nigeria, Mali and Burkina Faso.

The continental body also raised …

Ecobank announces new date for ‘Africa Trade Conference 2020’ (1)

Ecobank Announces New Date For ‘Africa Trade Conference 2020’

Ecobank Nigeria, a member of the pan African banking Group has concluded plans to host its first Regional Trade Conference.

The virtual forum with the theme “Facilitating Regional Trade in the emerging AFCFTA era” is slated for the 22nd of September.

The conference, which will feature presentations and panel discussions by highly experienced subject matter experts and thought leaders in relevant industries, will provide an opportunity for exporters and importers within Africa to engage, creating a marketplace experience.

The Ecobank Nigeria ‘Africa Trade Conference 2020’ earlier slated for March was postponed due to the lockdown restrictions following the outbreak …

Nigeria, Ghana Move To Improve Trade Ties With Business Council (1)

Nigeria, Ghana Move To Improve Trade Ties With Business Council

Ghana and Nigeria have agreed to establish reciprocal legislation known as “friendship act” to find a lasting solution to trade hostilities between nationals of the two countries spanning more than a decade.

The deal was reached between the Speakers of Ghana’s Parliament and the House of Representatives of Nigeria on Thursday following a two-day bilateral discussion between the most powerful nations within the West African sub-region.

A joint communique issued after the discussions stated, “a joint committee will be established to compose of members of both legislations to explore the possible passage of reciprocal legislation which could potentially be called …

UBA Plc loses executive director Emeke Iweriebor

UBA Plc Loses Executive Director Emeke Iweriebor

Emeke Iweriebor, a group executive director in pan-African UBA Plc, has died. He died on Sunday at 51 after an illness.

Iweriebor was for some years in charge of the bank’s east and southern Africa operations.

His death has devastated his colleagues in the leading bank with the chairman, Tony Elumelu mourning Iweriebor’s passage on Instagram, with a touching tribute.

Read Also: UBA Plc Appoints Aregbesola, Obeta, Hacko, 3 Others As Country Heads

Elumelu wrote:

“We are shocked, devastated & overcome by immeasurable grief as we mourn the unexpected demise of our brother, friend, & long time colleague, @emekeiweriebor. “Mr

Italy Plunges Into Recession As COVID-19 Bites

Italy Plunges Into Recession As COVID-19 Bites

Italy posted a record economic contraction Monday as household spending and investment crashed during the country’s coronavirus lockdown, driving the eurozone’s third-largest economy deep into recession.

The country’s gross domestic product fell by 12.8 percent in the second quarter compared to the previous quarter and by 17.7 percent versus the same period last year, national statistics agency Istat said.

“The full estimate of the quarterly economic figures confirm the exceptional extent of the drop in GDP in the second quarter, due to the economic effects of the health emergency and the containment measures adopted,” Istat said.

The contraction was even …

Cyber Attackers Hit Website Of New Zealand Stock Exchange

Cyber Attackers Hit Website Of New Zealand Stock Exchange

Cyber attackers have downed the website of the New Zealand Stock Exchange for the fifth day in a row.

The attack, which started last week hit the bourse’s ability to operate normally.

The cyber bullies hit the website repeatedly by distributed denial of service (DDoS) attacks, a common way to disrupt a server by overwhelming it with a flood of internet traffic.

But on Monday, despite the online disruption, trading was unaffected.

According to Reuters, the disruption came about an hour after NZX Ltd said it had agreed with the Financial …

Innocent Ike Announced As Acting MD/CEO Polaris Bank

Innocent Ike Announced As Acting MD/CEO Polaris Bank

Mr Innocent Ike, has been named the acting Managing Director/CEO of Polaris Bank, effective from 1 September.

Mr Babatunde Osibodu, the Company Secretary, said his appointment was approved by the board of Polaris Bank Limited and Asset Management Corporation of Nigeria (AMCON), the shareholder of the bank.

Ike will hold forte as the incumbent CEO, Mr Tokunbo Abiru, is proceeding on retirement with effect from Aug. 31.

Osibodu said Abiru had completed his two terms of two years each, first as Group Managing Director/CEO, Skye Bank Plc and Managing Director/CEO Polaris …

CBN Orders BDC Operators To Sell Dollar At ₦386

CBN Orders BDC Operators To Sell Dollar At ₦386

The Central Bank of Nigeria (CBN) has resumed sales of foreign exchange to Bureau De Change (BDC) operators.

The apex bank pegged sale to Nigerians at ₦386.

Ozoemena Nnaji, Director Trade and Exchange Department, made this known in a circular on Thursday.

Nnaji gave the applicable exchange rate for disbursements of proceeds of International Money Transfer Operators (IMTOs) for August 31 to September 4.

IMTSOs to banks – N382/$1; Banks to CBN – N383/$1; CBN to BDCs – N384/$1; BDCs to end-users – Not more than N386; Volume of sale to each market – $10,000 per BDC.

Read Also: CBN

No Deal: TikTok USA Rejects Microsoft Offer

TikTok CEO, Mayer Resigns Amid US Pressure

Kevin Mayer, the Chief Executive Officer of the Chinese-owned video app, TikTok, has resigned from his position amid pressure from the US.

Mayer announced his decision in a letter to employees, saying his decision to leave comes after the “political environment has sharply changed.”

President Donald Trump had announced that he was ready to sign an executive order banning the app.

China, reacting, warned the United States over its demand that TikTok must be sold to a U.S corporation.

Read Also: Trump Backs Oracle In Reported TikTok Bid

Its Foreign Ministry’s spokesman, Wang Wenbin urged the US to refrain from …

Tesco Unveils 16,000 Jobs As Online Food Sales Surge

Tesco Unveils 16,000 Jobs As Online Food Sales Surge

Tesco will create 16,000 permanent UK jobs to meet a coronavirus-fuelled surge in online grocery demand, the supermarket giant said Monday in a boost for the country’s embattled retail sector.

Britain’s biggest retailer added in a statement that it expects “the majority” of jobs to be filled by temporary staff drafted in during the pandemic to cope with soaring home food deliveries amid the country’s lockdown.

“Since the start of the pandemic, our colleagues have helped us to more than double our online capacity, safely serving nearly 1.5 million customers every week and prioritising vulnerable customers to ensure they get …