industry

U.S. Restaurants Ask Trump, Congress For $455bn Bailout

U.S. Restaurants Ask Trump, Congress For $455bn Bailout

March 19, 2020 6:10 am

U.S. restaurants on Wednesday asked President Trump and congressional leaders for at least $455 billion in aid to help them weather the coronavirus crisis, saying the industry could shed nearly half of its 15.6 million jobs and a quarter of annual sales.

Restaurants could take a $225 billion hit over the next three months, equal to a quarter of their projected 2020 sales of $899 billion, the Washington D.C.-based National Restaurant Association (NRA) said on Wednesday.

State and local officials are trying to slow the spread of the respiratory illness that has infected more than 7,300 nationally and killed 118 …

FG Retirees Owed Pensions Since March 2020 – PenCom

Expanding Coverage of Pension Industry

December 15, 2019 3:06 am

Recently, the National Pension Commission (PenCom) held a workshop in Benin City to brainstorm on and address issues in the pension industry. On the front burners was the way forward in the expansion of coverage of the Contributory Pension Scheme (CPS). Amby Uneze reports

It was a gathering of some key journalists including business editors and senior correspondents of major news media houses as well as the civil society recently in Benin City, Edo State, for PenCom’s 2019 Journalists’ Workshop. The one-day event also gave another opportunity for the National Pension Commission to assemble specialists in the pension industry to …

Oil

Mammoth Field Fires Up Norway’s Oil Industry

December 12, 2019 2:32 pm

Under yellow metal legs stretching beneath the sea, billions of dollars lie buried. As the world tries hard to halt global warming, a huge oil field breathes new life into Norway’s oil sector.

“Massive!”, exclaims a delighted Arne Sigve Nylund, the head of energy giant Equinor’s Norway operations.

“At its peak, it will represent approximately 25-30 percent of the total oil production from the Norwegian continental shelf,” he says as he takes reporters on a tour of the Johan Sverdrup oil field, hardhat firmly secured on his head.

Fifty years after the Scandinavian country first struck black gold, the …

Izomor: Oil Industry Must Jettison Lowest Bidder Concept

December 10, 2019 1:07 pm

Mr Godwin Izomor is the Managing Director of MG Vowgas group, an operator in the oil and gas sector. In this interview, he speaks about challenges facing indigenous companies in the sector. Emmanuel Addeh brings the excerpts:

You have a huge facility here. What is the investment profile like?

The Ncdmb under-quoted our company at about $125 million, but this facility is over $175m.

How did this whole journey start?

The journey started in 2009, on May 11 precisely in my parlor in Woji here in Port Harcourt. I recruited two other staff, Victor and Aliu. Victor was earning …

Pain For German Car Industry As Daimler Axes 10,000 Jobs

November 29, 2019 4:41 pm

Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric.

The Mercedes-Benz maker said it wanted to save 1.4 billion euros ($1.5 billion) in staff costs by the end of 2022 as it joins rivals in investing huge sums in the greener, smarter cars of the future.

“The total number worldwide will be in the five-digits,” Daimler personnel chief Wilfried Porth said in a conference call about the job cull.

He declined to give …

No Industry For Women: Bollywood #MeToo Accused At Work

November 29, 2019 4:35 pm

A year after Bollywood followed Hollywood by naming male predators accused of sexual harassment, many women say they have suffered while alleged perpetrators are back in the limelight.

In the US, #MeToo triggered the downfall of powerbrokers including Harvey Weinstein, Kevin Spacey, and Brett Ratner. Victims were hailed as trailblazers for speaking out, and millions of dollars were raised to support their cases.

In Bollywood, women have faced a backlash, campaigners say.

When singer Sona Mohapatra accused composer Anu Malik of sexual misconduct she was told to vacate her judge’s seat on TV talent show, “Sa Re Ga Ma Pa”.…

FEC Approves ‎₦200 Billion Loan For Bank Of Industry

November 21, 2019 2:44 am

The Federal Executive Council (FEC) has approved the issuance of a Sovereign Guarantee of 500 million Euros (‎₦200bn) from the Credit Suisse AG London Branch and a syndicate of international lenders as collateral for 500m Euro facility to the Bank of Industry (BoI). The Minister of State, Budget and National Planning, Clement Agba, who spoke with State House Correspondents yesterday after the FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja, said the loan was basically to finance major industrialization projects and micro-small and medium enterprises values chains in Nigeria for up to five years tenure …

Oil

‘Local Content Will Curb Production Cost In Oil Industry’

November 10, 2019 2:50 am

The Minister of State, Petroleum, Chief Timipre Sylva yesterday said that federal government would continue to support local content in the oil industry, noting that it would reduce the rising cost of production in the oil industry.

Sylva spoke while inspecting the 17-story Office Complex of the Nigeria Content Development and Monitoring Board (NCDMB) and a 10 mega-watts power plant in Bayelsa expected to supply electricity to the building, the Nigerian Oil and Gas Plant Scheme (NOGAPS) and selected government institutions.

Read Also: Hope Rises for Akpabio as A’Court Orders Rerun Election

Sylva said that local content to a large …

Music Industry Neglected Mad Melon - Mountain Black

Mad Melon Neglected By Music Industry – Mountain Black

September 28, 2019 3:27 pm

Mountain Black on behalf of the Danfo Drivers has said that the music industry neglected his recently deceased colleague, Mad Melon, before his death.

Hours after news of the artiste’s demise surfaced on the Internet; many artistes had posted his picture on social media, mourning his death. However, some of his colleagues were of the view that it was just a show of ‘fake love’. A particular artiste, Kelly Hansome, described the Nigerian music industry as disrespectful and ungrateful, stating that those mourning his colleague did not support him before his death.

In a chat with SATURDAY BEATS, Mountain Black …

Nigeria’s music industry revenue to hit $50 million by 2020

Nigeria’s music industry revenue to hit $50million by 2020

June 23, 2019 12:34 am

Nigerian Music pundits and executives of the Disruptive Creative Economy Meeting Group, DCEM have revealed in a new report that the Nigerian Music Industry is set to reach revenue of N18bn ($50Million) by 2020.

Findings from the report also reveal the Nigerian recorded music industry is poised to spike in growth significantly over the next 3-5 years. ‘As the world continues to witness the globule penetration and purchasing power of mobile data and phones, so will the consumption of entertainment products from creatives increase.

The DCEM Nigerian Recorded Music Industry Report is intended to be an annual publication with …

Bank of Industry disbursed over ₦270 billion loans in 2018

June 16, 2019 12:07 am

The Bank of Industry (BoI) disbursed over N270billion in 2018, the Executive Director, Large Enterprises, Bank of Industry, Mr. Simon Aranonu has said.

Speaking in an interview with The Nation at the weekend, he said, the Bank generated a total of N36billioin as profit within the same period, as against N22 billion made in the previous year.

According to Aranonu, BoI in the last 18 months has also grown its balance sheet from N700b in 2017 to N1.1trillion as of Dec 31 2018.

While commenting on the modus operandi deployed by the Bank to resolve loan repayment, Aranonu revealed that …

Google earns $4.7b from news industry

Google earns $4.7b from news industry

June 14, 2019 12:59 am

Search engine giant, Google, made a whopping $4.7 billion from the work of reporters last year via search and Google News.

This took a huge cut from the online ad revenue of media houses which lost a crucial source of income, resulting in many of them getting shrunk or closed, a report said yesterday.

News is a significant part of Google’s business, according to a study to be released next week by the News Media Alliance (NMA) which represents more than 2,000 newspapers across the US.

The journalists who create that content deserve a cut of that $4.7 billion, president …

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