Business

South Africa’s Inflation Slows To 4.1% In September

South Africa’s Inflation Slows To 4.1% In September

October 23, 2019 7:52 am

South Africa’s headline consumer inflation slowed to 4.1 percent year-on-year in September, from 4.3 percent in August, data from Statistics South Africa showed on Wednesday.

On a month-on-month basis, price-growth was flat, at 0.3 percent, the same rate of increase as in the previous month.

READ ALSO: NADECO Not Formed Because Of June 12 – Osoba

Core inflation – which excludes the prices of food, non-alcoholic beverages, petrol and energy – slowed to 4 percent year-on-year in September versus 4.3 percent in August, while on a month-on-month basis prices rose 0.2 percent, compared with a 0.1 percent increase in the …

Globacom To Empower Over 1,000 Entrepreneurs In New Promo

Globacom To Empower Over 1,000 Entrepreneurs In New Promo

October 23, 2019 6:35 am

Beyond providing telecommunications services to a growing number of Nigerians on its customer base, telco giant, Globacom, says it is time to raise at least 1,000 entrepreneurs amongst Nigerians who are currently on its subscribers’ list and those who will be willing to join the train. Globacom is an indigenous telecom company, which has blazed the trail in the industry.

Globacom’s Chief Retail Officer, Mr. David Maji, while unveiling the ₦200 recharge and win promo christened, “My Own Don Beta,” in Lagos recently, described the offer as a life-changing promo, which would afford at least 1,000 Nigerians the opportunity to …

2020 Budget: FG Proposes ₦15bn For Life Insurance Of MDAs

2020 Budget: FG Proposes ₦15bn For Life Insurance Of MDAs

October 23, 2019 6:09 am

The federal government has proposed ₦15 billion for payment of group life insurance of its employees. The proposal was contained in the 2020 Appropriation Bill presented by President Muhammadu Buhari before the National Assembly recently.

According to the federal government, the ₦15 billion would be used to pay for Group life insurance for employees of all federal government ministries, departments and agencies including DSS/insurance of sensitive assets, Corpers plus administrative monitoring.

Section 4 (5), of the Pension Reform Act, 2014 states that “every employer shall maintain a group life insurance policy in favour of each employee for a minimum of …

Stanbic IBTC Bank Rewards Long-Serving Staff

Stanbic IBTC Bank Rewards Long-Serving Staff

October 23, 2019 4:15 am

Stanbic IBTC Holdings recently held the 2019 edition of its long service awards. The annual event was an avenue for the organisation to recognise and reward staff who had put in significant years of service in Stanbic IBTC.

Delivering his welcome remarks, the Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle, described the event as being in line with the bank’s tradition of honouring employees who have distinguished themselves through hard work, dedication and commitment to Stanbic IBTC Holdings Plc.

He said: “Ladies and gentlemen, you will agree with me that recognition is not just about instituting an award …

Report By Central Bank Reveals Rise In Consumer Confidence

Report By Central Bank Reveals Rise In Consumer Confidence

October 23, 2019 4:09 am

Consumers’ overall confidence outlook rose in the third quarter of 2019, as more consumers were optimistic in their outlook. The Central Bank of Nigeria (CBN), stated this in its “Consumer Expectations Survey Report for Third Quarter 2019,” a copy of which was posted on its website.

According to the report, the index at 3.8 points was 2.3 points higher than the index in the corresponding period of 2018.

Respondents attributed the favourable outlook to improved family income and family financial situation.

Furthermore, the report showed that consumer outlook for the next quarter and the next 12 months were …

Foreign Investments In Equities Market Soar To ₦1.2tn

Foreign Investments In Equities Market Soar To ₦1.2tn

October 23, 2019 3:51 am

Foreign transactions in the Nigerian equities market soared by 97.88 percent from ₦616 billion to ₦1.219 trillion in the last 12 years, figures released yesterday by the Nigerian Stock Exchange (NSE) have shown.

The jump, which is between 2007 and 2018, indicated foreign investors’ preference for the Nigerian equities market.

However, while foreign investors increased their investments, their domestic counterparts’ participation declined in the review period, falling by 66.6 percent from ₦3.556 trillion in 2007 to ₦1.185 trillion in 2018.

In 2018 alone, for instance, foreign transactions accounted for 51 percent while domestic investors accounted for 49 percent. But the …

Indomie Maker, Tolaram, To Build Regional Port In Lagos

Indomie Maker, Tolaram, To Build Regional Port In Lagos

October 22, 2019 1:55 pm

The Tolaram Group, maker of Indomie Noodles, is building the biggest port in West Africa on the east side of Lagos with $1bn facility from China, according to the Financial Times.

A report in Financial Times on Tuesday said the Singapore-based company was set to close financing this week for what could be the busiest port in West Africa sub-region, which would help transform Africa’s largest economy.

The port, the biggest development ever undertaken by Tolaram, the report said, “is being built on the back of a $450m annual business that has turned Indomie noodles into one of Nigeria’s national …

Western Delta University, Wema Bank Seal Deal

Western Delta University, Wema Bank Seal Deal

October 22, 2019 4:36 am

The Western Delta University, Oghara, Delta State has signed a memorandum of understanding (MoU) with Wema Bank Plc, to introduce the institution to the Electronic Bills Payment (e-BillsPay ) and WebPay platforms.

The MoU was to enable students and other residents of the university community to receive payment and other transactions through the platform.

A statement explained that the bank also agreed to provide a School Portal Solutions through their technical partner (Upperlink) to the university.

In addition, the MoU would bring the WDU and the bank in a close relationship that would see the bank aiding the university, especially …

NDIC: Savannah Bank Remains Licenced To Operate

NDIC: Savannah Bank Remains Licenced To Operate

October 22, 2019 4:30 am

*Insists no cover for virtual currency subscribers

The Nigeria Deposit Insurance Corporation (NDIC) has insisted that the defunct Savannah Bank remains a bank with an operational license even though it is currently not in operation.

The corporation further clarified that the bank is not presently under its purview as it has not yet been declared as a liquidated financial entity.

Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim, gave the clarification, against the backdrop of growing anxiety over the fate of the institution.

The bank initially had its operating license revoked by the Central Bank of Nigeria (CBN) but challenged the …

Emielu Harps On Human Capital Development In Oil Sector

Emielu Harps On Human Capital Development In Oil Sector

October 22, 2019 2:52 am

The Summit Director, Africa Oil and Gas Talent Summit (AOGTS) Emmanuel Emielu, has stressed the need for enhanced investment in human capital in the oil and gas sector.

Emielu, stated this in Lagos during a media briefing on the annual Pan- African meeting of oil and gas business and human resources leaders to take place in Lagos, from October 30th to 31st.

According to Emielu, “The abundance of people does not necessarily mean the availability of human capital. It is, therefore, no surprise, that Africa’s oil sector is heavily challenged with the human capacity, skills and expertise to deliver the …

Banks CEOs Disclaim MTN Over USSD Transactions Charges

Banks CEOs Disclaim MTN Over USSD Transactions Charges

October 22, 2019 2:25 am

•We don’t need permission to impose service charge, says telcom

Chief Executive Officers (CEOs) of commercial banks have distanced themselves from the moves by MTN Nigeria to impose charges on Unstructured Supplementary Service Data (USSD) transactions.

The bank chief executives under the aegis of Body of Bank CEOs that have the MD/CEO of Access Bank Plc, Mr. Herbert Wigwe, as chairman, said in a statement yesterday that they never asked MTN to start charging customers as contained in the text message sent by the telecommunication company.

Their disavowal came a day after the federal government ordered MTN to suspend the …

Boeing 737 MAX Crisis Deepens, Hitting Shares

Boeing 737 MAX Crisis Deepens, Hitting Shares

October 21, 2019 4:06 pm

The pressure was mounting Monday on Boeing as newly-surfaced documents deepened doubts about the company’s ability to return a top-selling jet to service soon and amplified calls for a leadership shakeup.

Shares tumbled for the second day in a row after the Federal Aviation Administration on Friday sharply criticized Boeing for withholding key documents for months in probes following two crashes that killed 346 people.

The FAA rebuke added to the travails facing Boeing seven months after its top-selling jet was grounded, prompting Wall Street analysts to downgrade the company and raising speculation that it could be forced to temporarily …

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