Business

COVID-19: UK Goes Into Recession First Time In 11 Years

COVID-19: UK Goes Into Recession First Time In 11 Years

August 12, 2020 4:40 am

The United Kingdom, UK, has officially fallen into recession for the first time in 11 years due to the huge impact of the coronavirus pandemic.

A report from the Office for National Statistics stated that the country’s gross domestic product, GDP, is estimated to have fallen by a record 20.4% between April and June 2020, making it the second consecutive quarterly decline after it fell by 2.2% between January to March 2020.

According to the report, the collapse in output was driven by the closure of shops, hotels, restaurants, schools, and car repair shops due to the coronavirus pandemic.

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European Stock Markets Surge On Vaccine Hopes

European Stock Markets Surge On Growing US Stimulus Hopes

August 11, 2020 6:07 pm

Stock markets surged Tuesday on optimism that lawmakers in Washington will hammer out a new stimulus package for the crippled American economy, while concerns about the US-China trade pact eased.

Approaching the half-way stage, London’s benchmark FTSE 100 index was up 2.5 percent.

In the eurozone, Frankfurt and Paris rallied 2.6 percent.

Read Also: Asia Stocks Retreat As Virus Threatens Economic Reopening

European indices took “their cues from a positive Asia session, as investors focus on the prospect of a fiscal stimulus deal from US political leaders…. while setting aside concerns about an escalation in US-China trade tensions”, noted Michael …

In Q2, FCMB sustains new strengths

In Q2, FCMB Sustains New Strengths

August 10, 2020 11:25 am

First City Monument Bank (FCMB) sustained new strengths in operations in the second quarter despite the challenges of the COVID-19 economic lockdown. The bank kept all the growth levers up from the closing levels in 2019.

The addition of new strengths and retention of some key capabilities of the preceding year constitutes the operating advantage for the bank this year. It is maintaining the elevated revenue outlook seen in the first quarter, which is happening for the first time since 2017.

Both interest and non-interest incomes are contributing to revenue improvement but non-interest earnings keep leading the way. Against a …

Amina Mohammed, Okonjo’s Rival For WTO Top Post Unveils Agenda

Amina Mohammed, Okonjo’s Rival For WTO Top Post Unveils Agenda

August 10, 2020 11:21 am

Amina Mohammed, Dr. Ngozi Okonjo-Iweala’s rival for the top post at the World Trade Organisation (WTO) has pledged to push for reforms in the global trade governing body.

She also said she should be selected not because of her gender or origin, but competence.

Mohammed, a Kenyan and one of two female Africans competing for the job, had served as Kenya’s foreign affairs and international trade minister.

Read Also: WTO: South Korea Challenges Okonjo-Iweala’s Bid For Director-General

She promised to update the WTO rulebook “so that it’s fit for purpose and in sync with the global developments, global aspirations …

Nigeria's Refineries Post ₦406.62 Billion Loss In Two Years

Nigeria’s Refineries Post ₦406.62 Billion Loss In Two Years

August 9, 2020 7:22 am

The four refineries owned by the Federal Government made a total loss of ₦406.62bn in two years, the latest audited financial statements of the plants have shown.

The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity.

The country relies largely on importation for refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs.

Read Also: 10 Governors Visit Dangote Refinery

The Kaduna refinery recorded a loss of ₦64.34bn …

Access Bank Acquires Zambia's Cavmont Bank

Access Bank Acquires Zambia’s Cavmont Bank

August 7, 2020 8:06 am

Access Bank Zambia, a subsidiary of Nigeria’s Access Bank Plc, has reached a ‘definitive agreement’ with Cavmont Capital Holdings Zambia Plc (CCHZ) to acquire Cavmont Bank Ltd.

The tier-1 bank announced this latest development regarding the merger talk which has been ongoing for a while, in a statement that was signed by its Company Secretary (Sunday Ekwochi) and issued to the Nigerian Stock Exchange earlier today.

According to the statement by Access Bank, the deal is a highly complementary transaction that is expected to combine Access Bank Zambia’s wholesale and trade finance capabilities with Cavmont Bank’s retail and commercial banking …

31.3m Americans receive jobless benefits, 1.2m new

31.3m Americans Receive Jobless Benefits, 1.2m New

August 6, 2020 3:42 pm
Nearly 1.2 million Americans applied for state unemployment benefits last week, evidence that the coronavirus keeps forcing companies to slash jobs.

The Labor Department’s report Thursday marked the 20th straight week that at least 1 million people have sought jobless aid.

All told, the Labor Department said Thursday that 31.3 million people are receiving some form of unemployment benefits, though the figure may be inflated by double-counting by states.

Before the pandemic hit hard in March, the number of Americans seeking unemployment checks had never surpassed 700,000 in a week, not even during the Great Recession of 2007-2009.

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US slaps sanctions on leading Zimbabwe businessman

US Slaps Sanctions On Leading Zimbabwe Businessman

August 5, 2020 5:24 pm

The United States on Wednesday imposed sanctions on one of Zimbabwe’s top businessmen and political operators, accusing him of abetting corruption that plagues the nation.

The move against Kudakwashe Tagwirei comes days after Zimbabwe thwarted protests called by a small opposition party over graft and a slumping economy.

Calling Tagwirei “notoriously corrupt,” Secretary of State Mike Pompeo said the United States wants “a stable and democratic Zimbabwe.”

Read Also: Zimbabwe Nixes Coup Rumours

“Our actions today demonstrate to the government and people of Zimbabwe that the United States does not tolerate public corruption and will promote accountability for perpetrators of …

Shoprite To Pull Out Of Nigeria

Shoprite To Pull Operations Out Of Nigeria

August 3, 2020 7:49 am

One of Africa’s biggest grocery retailer, Shoprite, has indicated plan to exit the Nigerian market 15 years after it entered the country.

The company disclosed this in a statement titled: “Operational and Voluntary Trading Update (52 Weeks Ended June 28, 2020), seen by THISDAY on Monday.

“Following approaches from various potential investors and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.

Read Also: No Face

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TikTok Sale Uncertain As Trump Ban Looms - Reports

TikTok Sale Uncertain As Trump Ban Looms: Reports

August 2, 2020 9:42 am

Negotiations for Microsoft to buy the US operations of Chinese-owned TikTok are on hold after President Donald Trump threatened to bar the social media app and came out against the sale, the Wall Street Journal reported Saturday.

Trump has pledged to get tough on the massively popular video-sharing app, which US officials have said could be a tool for Chinese intelligence — a claim the firm, owned by Chinese internet giant ByteDance, has repeatedly denied.

While there has been no sign yet of the ban he threatened on Friday to impose, his words were reportedly already adding to uncertainties for

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Microsoft In Talks With Bytedance To Buy TikTok

Microsoft In Talks With Bytedance To Buy TikTok

August 1, 2020 3:39 pm

Microsoft Corp. is exploring an acquisition of TikTok in the U.S., as President Donald Trump threatens to ban its operation.

Bloomberg reported that the deal would give the software company, a popular social-media service a soft landing and relieve U.S. government pressure on the Chinese owner of the video-sharing app.

The Trump administration has been weighing whether to direct China-based ByteDance Ltd. to divest its stake in TikTok’s U.S. operations, according to several people familiar with the issue.

The U.S. has been investigating potential national security risks due to the Chinese company’s control of the app.

Read Also: 50 Journalists

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Cathay Pacific Airways

Cathay Pacific Airways Offers Older Pilots Voluntary Retirement

August 1, 2020 10:35 am

Cathay Pacific Airways Ltd said it will offer an early voluntary retirement scheme to its Hong Kong-based pilots, who are approaching retirement age.

It said this is in a continued effort to cut costs amid the coronavirus pandemic.

The airline said in an email to Reuters on Saturday it is looking at different ways to reduce costs in the medium term, given reduced passenger demand with no immediate signs of improvement.

The retirement plan was first reported in local media.

Read Also: British Airways Retires Fleet Of Boeing 747 Jumbo Jet

Cathay has already taken short-term measures including executive pay …

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