Business

Samsung in trouble for ‘misleading’ phones’ commercials

July 4, 2019 10:51 am

The world’s largest smartphone maker did not know or sufficiently test the effects of pool or saltwater exposure on its phones when ads showed them fully submerged, the Australian Competition and Consumer Commission (ACCC) lawsuit says.

The case is the first filed by a major regulator and could result in multi-million dollar fines. It centers on more than 300 advertisements in which Samsung showed its Galaxy phones being used at the bottom of swimming pools and in the ocean.

“The ACCC alleges Samsung’s advertisements falsely and misleadingly represented Galaxy phones would be suitable for use in, or for exposure …

Fidelity Bank collaborates with PwC to offer SME funding

Fidelity Bank collaborates with PwC to offer SME funding

July 4, 2019 12:02 am

Fidelity Bank Plc is collaborating with PricewaterhouseCoopers (PwC) to provide funding for Small and Medium Enterprises (SMEs) operating in Nigeria.

Mr Nnamdi Okonkwo, Managing Director, Fidelity Bank, said in Lagos on Wednesday that the bank came up with the initiative tagged, ‘SME Funding Connect,’ to deepen funding, which remained the biggest headache of SMEs.

Okonkwo who was represented by Executive Director, Lagos & South West, Mrs Nneka Onyeali-Ikpe, said the initiative was aimed at providing funding for SMES through the bank’s funding partners, venture capital and Angel investor, among others.

“Fidelity Bank is SME-friendly and we deemed it necessary to …

NNPC reports $226m oil revenue drop in June

NNPC pays $833.57m cash-call arrears to Mobil

July 4, 2019 12:00 am

The Nigerian National Petroleum Corporation (NNPC) says it has fully settled the total amount owed to Mobil Producing Nigeria (MPN) with a payment of 833.57 million dollars cash call arreas.

The corporation disclosed this in a statement signed by its spokesman Mr NDU Ughamadu, in Abuja on Wednesday.

He said that the corporation was able to achieve this barely two years after it signed a Cash-call Repayment Agreement with its Joint Venture partners to defray cash-call arrears within a period of five years.

According to him, the Group Managing Director of NNPC, Dr Maikanti Baru disclosed this at a commemorative …

Anambra man creates App to checkmate Internet fraud

Anambra man creates App to checkmate Internet fraud

July 3, 2019 11:55 am

Worried by rising cases of fraudulent transaction on the Internet, a former medical student, Mr Chinonso Okoye from Anambra State has designed an internet application known as ‘The Middle’.

Okoye, a software developer, said his decision to build the application was informed by series of complaints by those making purchases on the internet without their goods being delivered.

Addressing newsmen on Tuesday in Awka, Okoye said he was once a medical student of University of Calabar, Cross River State before abandoning the programme to pursue a career in the Information Communication Technology (ICT).

He described online shops as the easiest …

Lagarde resigns from IMF, moves to European Central Bank

Lagarde resigns from IMF, moves to European Central Bank

July 3, 2019 12:23 am

International Monetary Fund (IMF) Managing Director Ms. Christine Lagarde yesterday resigned from the Fund to head European Central Bank.

In a statement, she said: “I am honored to have been nominated for the Presidency of the European Central Bank. In light of this, and in consultation with the Ethics Committee of the IMF Executive Board, I have decided to temporarily relinquish my responsibilities as Managing Director of the IMF during the nomination period.”

Read Also: IMF congratulates Emefiele on reappointment as CBN Governor

The European Council officially nominated her for the position. She would succeed by Mario Draghi.

Ms. Lagarde, …

Nigeria's economy hits $8.5b in Q1, says NBS

Nigeria’s economy hits $8.5b in Q1, says NBS

July 3, 2019 12:01 am

Going by the capital importation report released for the first quarter of the year by the National Bureau of Statistics (NBS), $8.5 billion came into the economy between January and March.

The report released yesterday showed that the first quarter figure represents 216.03 per cent increase when compared with data for the fourth quarter of last year and 34.61 per cent rise when compared to the first quarter 2018 figure.

“The total value of capital importation into Nigeria stood at $8,485 million in the first quarter of 2019. This represents an increase of 216.03 per cent compared  to fourth quarter   …

UK, Norway to offer support for Nigeria’s Oil, gas sector

UK, Norway to offer support for Nigeria’s Oil, gas sector

July 2, 2019 11:48 am

The UK and the Norwegian governments on Tuesday pledged to support efforts that would drive growth and development in the Nigerian oil and gas sector

The two countries  reiterated their commitment at the ongoing Nigerian Oil and Gas Conference and Exhibition, in Abuja, on Tuesday.

The theme of the conference ”Promoting Investment collaboration in the oil and gas sector.”

The British High Commissioner to Nigeria, Catriona Laing said Nigeria was its second largest partner in Africa and 95 per cent of UK’s import was from Nigeria.

“We have a very strong bilateral and we have strong ambition with what we …

$9.6bn judgement debt: Experts proffer solution to Nigeria

Zimbabwe to allow U.S. dollar cash withdrawals

July 1, 2019 9:01 am

People and companies in Zimbabwe hold $1.3 billion in foreign currency accounts, central bank governor John Mangudya said on Monday after the finance minister announced that individuals will be allowed to withdraw their U.S. dollars in cash.

Mangudya told a parliament committee that individuals would be allowed to withdraw up to $1,000 a day from their foreign currency accounts without restrictions but that companies would need to talk to their banks if they needed cash dollars.

Zimbabwe made the RTGS dollar, an interim currency introduced in February, its sole legal tender last Monday, ending a decade of dollarization and taking
…
Vietnam, EU sign landmark free trade deal

Vietnam, EU sign landmark free trade deal

June 30, 2019 8:16 am

The European Union signed a landmark free trade deal with Vietnam on Sunday, the first of its kind with a developing country in Asia.

The agreement, paving the way for tariff reductions on 99 per cent of goods between the bloc and the Southeast Asian country, the countries  announced the deal in a statement.

Read Also: Commercial agriculture: Gov. Wike seeks partnership with EU

It still needs the approval of the European Parliament, which is not given as some lawmakers are concerned about Vietnam’s human rights record.

The European Union has described the EU Vietnam Free Trade Agreement (EVFTA) as …

Ive, iPhone designer to leave Apple

Ive, iPhone designer to leave Apple

June 28, 2019 7:00 am

Sir Jony Ive, the Briton who over two decades helped turn Apple into the world’s most valuable company, is leaving to set up his own venture.

Sir Jonathan, designer of the iMac, iPod and iPhone, leaves later this year to start a creative firm, LoveFrom, with Apple as its first client.

“This just seems like a natural and gentle time to make this change,” he said.

Apple boss Tim Cook said his “role in Apple’s revival cannot be overstated”.

But the departure comes at a time of wider change at the tech giant. Retail chief Angela Ahrendts left in April …

Google in Aba, Nigeria to support manufacturers

Google in Aba, Nigeria to support manufacturers

June 27, 2019 10:02 am

Google Nigeria on Wednesday announced the launch of the Google Digital Skills for Africa programme in Aba and other local communities in Abia State.

The Head, Brand and Reputation, Sub-Saharan Africa at Google, Mrs Mojolaoluwa Aderemi-Makinde, made this known at the unveiling of the digital skills in Aba.

According to her, the Google’s Digital Skills for Africa programme offers training courses to help individuals and communities develop and grow digital skills, find jobs and advance in their careers.

She said that the programme would provide free online courses, tools and in-person digital training of students, educators, job seekers and businesses.…

Oil slips below $66 ahead of G20, OPEC meeting

Oil slips below $66 ahead of G20, OPEC meeting

June 27, 2019 9:50 am

Oil slid below $66 a barrel on Thursday, pressured by concerns over whether the G20 summit will produce a breakthrough on trade and perceptions that supply is ample despite the prospect of continued OPEC curbs.

U.S. President Donald Trump said on Wednesday a trade deal with Chinese President Xi Jinping was possible but he is prepared to impose U.S. tariffs on most remaining Chinese imports if the two countries don’t agree.

“A complete breakdown of the talks will have a negative impact on the financial markets and also on oil, but the sell-off in risky assets should be short-lived,’’ said

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