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Standard Chartered Appoints Husain Head Of Corporate Finance AME

Standard Chartered Appoints Husain Head Of Corporate Finance AME

June 2, 2020 1:26 pm

Standard Chartered has appointed Abbas Husain as the Regional Head of Corporate Finance, Africa and the Middle East (AME).

Abbas has nearly 24 years of banking experience, 17 years of which has been with Standard Chartered.

He has a proven track record in structuring and executing project finance transactions in the power, water, oil and gas, metals and infrastructure sectors.

Abbas’ will also expand his role as Head of Project & Export Finance for Middle East, North Africa and Pakistan (MENAP) to cover Europe, Africa, Middle East and Pakistan.

He will continue to be based in Dubai.

Read Also: CBN

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misinformation Facebook slams 'severe' Singapore misinformation law

Facebook Slams ‘Severe’ Singapore Misinformation Law

June 2, 2020 5:36 am

Facebook said Monday Singapore’s use of an online misinformation law is “severe” and risks stifling free speech, after the company was again forced to block a page in the city-state.

It was the latest criticism from the tech giant over legislation that empowers ministers to tell internet platforms to put warnings next to posts they deem false and order the blocking of pages.

Fringe political website the National Times Singapore was accused of making false statements via its Facebook page, including a claim that “every criticism” of the government had been outlawed under the disinformation law.

The site was ordered …

CBN Reacts To Circulation Of N2,000, N5,000 Banknotes

CBN Reacts To Circulation Of ₦2,000, ₦5,000 Banknotes

June 1, 2020 4:54 am
The Central Bank of Nigeria, CBN, has reacted to the circulation of pictures and videos of new ₦2,000 and ₦5,000 banknotes in the country.

There were rumors over the weekend that some persons were in possession of such banknotes

However, the apex bank on its official Twitter page, said such videos and pictures of N2000 banknotes was fake and false.

Read Also: CBN Issues Directive To Banks, Reduces Interest Rates

The post read: “Videos and pictures of purported circulation of ₦2,000:00 and ₦5,000:00 banknotes are false and fake.”

CBN directed the public to report anyone found in possession of such

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Spectre of oil giant Rosneft looms over Russian independent media

Spectre Of Oil Giant Rosneft Looms Over Russian Independent Media

May 31, 2020 4:18 pm

Russian oil giant Rosneft, run by a close ally of President Vladimir Putin, is wielding growing influence over Russia’s remaining independent media outlets, already squeezed by tightening press freedoms and pressure from the Kremlin.

Now, reporters at the country’s top liberal business daily Vedomosti — shaken in March by an announcement from owner Demyan Kudryavtsev that he planned to sell the newspaper — have denounced censorship under its new acting editor-in-chief.

Andrei Shmarov was appointed in late March, ahead of the sale’s completion. Journalists say they were barred from covering negative opinion polls of Putin, and that editors interfered in …

Insecurity Worsens Nigeria’s Inflation – CBN Boss, Emefiele

A Tumbling Naira Nigerians Cannot Bear

May 31, 2020 4:02 am
In 1980, a foreigner visiting Nigeria could only get ₦50, 500 in exchange for US$100,000. Forty years later, one would almost require the service of a bullion van to convey the naira equivalent of the same quantity of dollars. Naira, the currency of the biggest economy in Africa, has lost approximately a whopping 84,000 percent of its value against the dollar in the past four decades.

Today, the United States dollar is worth close to 500 times the value of the naira, which has continued to tumble. The Central Bank of Nigeria (CBN) has frittered billions of dollars from the …

50 Journalists Lose Job To Robots At Microsoft

50 Journalists Lose Job To Robots At Microsoft

May 31, 2020 3:58 am

About 50 journalists working with Microsoft are set to lose their jobs, as the American multinational tech giant reportedly moves to replace them with robots.

According to local media reports, those affected are contract employees working as curators for the company’s news website, MSN.

They perform functions such as selection of stories, headlines, pictures and other contents from news organisations for the MSN site.

The Seattle Times quoted unidentified insiders as saying the company has notified the affected workers that their services would no longer be needed beyond June 30.

Read Also: Amazon Stops Microsoft’s $10billion JEDI Contract

From then, …

CBN Explains Why Nigeria Can’t Stop Borrowing

CBN Issues Directive To Banks, Reduces Interest Rates

May 28, 2020 12:40 pm

The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs).

The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.

This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.

Read Also: Stop The Retrenchment Now, CBN Orders Banks

Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.

This is also effective March 1,

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Latin America's largest airline LATAM files for bankruptcy in US

Latin America’s Largest Airline LATAM Files For Bankruptcy In US

May 26, 2020 4:43 pm

Latin America’s largest airline LATAM filed for bankruptcy in the US on Tuesday, the company said in a statement, following a drastic slump in business caused by the coronavirus pandemic.

The world’s travel and tourism sectors have been hammered by the contagion, as they are directly affected by border closures and population lockdowns.

“Given the impact that the COVID-19-generated crisis has had on the aviation industry, LATAM has been forced to make a series of extremely difficult decisions in the past few months,” said the airline’s chief executive Roberto Alvo in a video statement.

Read Also: Rolls-Royce Cuts 9,000 Jobs

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Turkey Police Fire Tear Gas On Women Protesters

Hong Kong Leader Reassures Investors Rattled By China Law

May 26, 2020 4:40 pm

China’s plans to impose a new security law on Hong Kong will not erode freedoms, the city’s leader said Tuesday, as she tried to reassure international businesses and foreign governments alarmed by the proposal.

Chief Executive Carrie Lam said the controversial law would “only target a handful of lawbreakers” but she would not be drawn on what actions and opinions would be deemed illegal once the legislation is passed.

Her comments came as the commander of China’s military garrison in Hong Kong warned the law would “punish any acts of separatism”.

Read Also: Thousands Protest In Hong Kong Over China

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McLaren says to cut 1,200 jobs due to pandemic

McLaren Says To Cut 1,200 Jobs Due To Pandemic

May 26, 2020 4:39 pm

British Formula 1 team and supercar maker McLaren said Tuesday it plans to cut 1,200 jobs after the coronavirus crisis hit sales.

“We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected,” the group’s executive chairman Paul Walsh said in a statement.

Walsh said the cuts “will have a significant impact on the shape and size of our F1 team”.

British media reports said about 70 of the racing team’s 800 jobs will be eliminated by the restructuring plan.

“It is a course of action we have worked …

South Africa’s Currency Climbs To 8 Week High Against Dollar

South Africa’s Currency Climbs To 8 Week High Against Dollar

May 26, 2020 11:36 am

South Africa’s rand raced to its highest in more than eight weeks against the U.S. dollar on Tuesday, as optimism about a global recovery from the COVID-19 pandemic boosted riskier assets, with investors looking past Sino-U.S. trade tensions.

At 0605 GMT, the rand traded at 17.4700 per dollar, 0.91 percent firmer than its previous close.

The currency was at its strongest since March 27.

Read Also; South Africa’s Daily COVID-19 Cases Surpass 1,000 Mark

“The optimistic recovery narrative is holding within markets, keeping the dollar subdued and seeing the rand remain on a stable footing following last week’s rally,” Bianca …

Samsung Sends 300 More Workers To China

Samsung Sends 300 More Workers To China

May 23, 2020 8:55 am

Samsung Electronics Co., the world’s largest memory chipmaker, said on Friday that it had sent 300 more workers to China.

The company sent South Korean engineers and workers to complete the expansion of its second chip manufacturing facility there amid the coronavirus pandemic.

The move came a month after Samsung dispatched 200 engineers to the Xian plant in Shaanxi Province.

Under a fast-track entry system approved by South Korea and China, the said workers will be exempted from 14-day mandatory isolation.

Read Also: Samsung Profits Plunge 56% In Third Quarter

They will, however, still need to be quarantined for three …

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