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Zenith Bank Set To Acquire Union Bank

Zenith Bank Set To Acquire Union Bank

March 15, 2020 6:43 am

Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc. Nairametrics got wind of this from a reliable source. We understand talks are currently ongoing between the banks and a tentative arrangement may have been reached to commence due diligence.

Zenith Bank is Nigeria’s largest bank by profits and second by total assets and could increase its size significantly further with a potential acquisition or merger of this magnitude.

Why the merger: It is not immediately clear why both banks will be considering a merger, however, Union Bank owners Atlas Mara with …

Late Surge Lifts Wall Street Stocks Admist Virus Attacks

Late Surge Lifts Wall Street Stocks Admist Virus Attacks

March 14, 2020 3:46 pm

Wall Street stocks concluded a bruising week on a positive note Friday, rallying as President Donald Trump declared the coronavirus a national emergency and set the stage for more testing in the United States.

A late-afternoon surge enabled the Dow to finish almost 2,000 points higher, or 9.4 percent, at 23,185.62, nearly reversing the losses from Thursday, when the blue-chip index suffered its worst session since 1987.

The furious rally at the end showed volatility remains elevated in markets, a trend also apparent in Europe where major bourses gained but finished well below session highs as the World Health Organization …

Volkswagen Volkswagen Introduces New Anti-Accident Car Software

Volkswagen Introduces New Anti-Accident Car Software

March 13, 2020 5:06 am

Volkswagen says it will launch a new software operating system this year that it hopes will make accidents involving its cars a thing of the past by 2050.

Next-generation cars will be equipped with software, sensors and processors that enable vehicles to anticipate and avoid accidents, and to keep learning new reflexes, the German car brand’s strategy chief Michael Jost said in Berlin on Thursday.

“We want to have no more accidents by 2050,” he said.

The new software-based vehicle operating system, which is being launched with Volkswagen’s new ID:3 electric car, will be continually updated as software algorithms …

Stocks Rebound Fizzles Out Os Virus Response Disappoints

Stocks Rebound Fizzles Out Os Virus Response Disappoints

March 10, 2020 5:49 pm

A rebound in global stocks following their biggest one-day drop in more than a decade fizzled out Tuesday as hoped-for action to inoculate the economy from a coronavirus-induced recession failed to materialize.

Meanwhile oil prices jumped more than seven percent, having plunged by a third the previous day, in the biggest price swing since the 1991 Gulf War, as Russia reached out to Saudi Arabia, possibly in a bid to mitigate an oil price war.

Global stock markets collapsed on what has become known as “Black Monday”, with the Dow on Wall Street plunging more than 2,000 points, as a …

Oil Prices Fall To $31 In Wake Of Saudi Price War

Oil Prices Fall To $31 In Wake Of Saudi Price War

March 9, 2020 5:46 am

Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.

Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel. That was the biggest percentage drop since Jan. 17, 1991, at the start of the first Gulf War and the lowest since Feb. 12, 2016. It was trading at $35.75 at 0114 GMT.

U.S. West Texas Intermediate (WTI) crude fell by as much …

Facebook 'Rethinks' Plans For Libra Cryptocurrency

Facebook ‘Rethinks’ Plans For Libra Cryptocurrency

March 4, 2020 8:47 am

Facebook is reportedly rethinking its plans for its own digital currency after resistance from regulators.

It is now considering a system with digital versions of established currencies, including the dollar and the Euro, according to Bloomberg and tech site The Information.

The Libra Association, which Facebook founded to create the currency, will continue its work, the reports said.

The plan will include Libra, the company said in response.

The social network’s digital wallet is now expected to launch this autumn, several months later than initially planned, according to the reports.

Of earlier reports that it might drop Libra itself, the …

Emirates Airline Staff To Take One Month Unpaid Leave

Emirates Airline Staff To Take One Month Unpaid Leave

March 3, 2020 4:20 pm

A major international airline, Emirates, on Tuesday, asked staff to take unpaid leave for up to a month at a time due to the rapidly spreading coronavirus that has led to flight cancellations around the world.

Emirates have so far cancelled flights to Iran, Bahrain and to most of China because of the virus, and countries around the world have placed strict restrictions on the entry of foreigners.

Read Also: Mozambique: Emirates Plans To Fly To Maputo

According to its Chief Operating Officer, Adel al-Redha, the airline has more resources than it needs as a result of cutting frequencies …

S’Africa’s Mobile Market – Bottlenecks Of Competition

February 29, 2020 5:01 pm

In the recent State of the Nation address President Cyril Ramaphosa hailed the South African Competition Commission’s ruling to dramatically reduce data prices as an important step to improve lives, bring people into the digital economy and stimulate online businesses.

Late last year the Commission told dominant operators to reduce their retail prices by between 30% and 50% within two months. But will the proposed interventions produce these outcomes?

South Africans do indeed pay some of the highest prices for data on the continent. The country is ranked 19 out of 46 countries on the RIA African Mobile Pricing (RAMP) …

FedEx Welcomes First Black Female CEO

February 27, 2020 9:04 am

Ramon Hood who began as a receptionist at FedEx has been named its newest CEO.

The company announced on Wednesday, February that the former VP of operations, strategy, and planning is now CEO, bringing more than 28 years of company experience to her role. She will be overseeing the Custom Critical division. As the announcement stands, Ramon is the first black woman to become CEO in the company’s history.

Hood landed an 8 a.m. to 5 p.m. shift in 1991 as a receptionist for Roberts Express, which later became FedEx Custom Critical. It didn’t take long for her to develop …

Forex Expert Says COVID-19 Boomed Trading

U.S. Stocks Take Hard Nosedive

February 26, 2020 5:22 am
The United State stocks closed sharply lower on Tuesday, continuing a broad market sell-off amid rising risk-averse sentiment.

The Dow Jones Industrial Average lost 879.44 points, or 3.15 percent, to 27,081.36. The S&P 500 was down 97.68 points, or 3.03 percent, to 3,128.21. The Nasdaq Composite Index decreased 255.67 points, or 2.77 percent, to 8,965.61.

All of the 30 Dow component companies closed in red territory, with American Express and United Technologies shedding 5.69 percent and 5.30 percent, respectively, the top two laggards.

Read Also: Global Stocks End Week Mixed As Virus Fear Lingers

All of the 11 primary S&P …

Interswitch Opens New Partnership With American Express

February 26, 2020 5:20 am
Interswitch Limited, a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa, and American Express (AmEx), are pleased to announce a new partnership to expand the usage and acceptance of American Express Cards across Nigeria.

The partnership with Interswitch will enable American Express Cardmembers to transact using a wide range of merchants, who process payments through the Interswitch platform, for a range of travel, retail, hospitality and dining expenses, as well as ATM withdrawals. The partnership will also allow Interswitch to integrate its network of merchants in Nigeria into the global American Express …

Ikeja Electric To Refund Customers For Prepaid Meters

February 25, 2020 7:07 am

Ikeja Electric (IE) said it is designing a proposal to refund its customers for prepaid meters procured under the ongoing Meter Assets Provider (MAP) scheme.

Mr Felix Ofulue, Head, Corporate Communications, IE, made this known in Ikeja on Tuesday.

Ofulue said that the proposal was, however, subject to the approval of the Nigerian Electricity Regulatory Commission (NERC).

A customer under the network currently pays N39,765.86 for a single-phase meter and N72,085.68 (VAT inclusive) for a three-phase meter.

Ofulue said the refund would either be in discounted tariffs or release of energy usage to cover the amount over a period of …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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