European Shares Fall as Investors Chew on Mixed Earnings Updates

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Nneka Okumazie The enduring spouse of a transcendent visionary of remarkably positive impact is as fiercely dream driven as that spouse. What sort of woman commits to a husband in a relationship with the Lord, who often speaks, but expectations of how it would happen is hard to know? What builder is that woman, who builds with? What kind of faith, or hope, does she bear in the face of difficulty and adversity? What exceptional resourcefulness does she possess, having to contrive new paths – in the toughest of times in their lifelong journey? It is true that any

By Modupe Gbadeyanka The second edition of a roundtable event organised by the Nigerian Stock Exchange (NSE) and Bloomberg is set to take place on Wednesday, August 31, 2016. The programme tagged NSE Bloomberg CEO Roundtable, is slated for the headquarters of the Stock Exchange House, Marina, Lagos. Themed ‘Navigating the Changing Business Landscape in Nigeria’, the occasion, Business Post learnt, will bring together thought leaders and captains of industry to share in-depth knowledge about their sectors with capital market players and proffer much needed solutions to economic realities. The panel at the event will feature CEOs from the financial

By Investors Hub Asian stocks turned in a mixed performance on Thursday, as bond yields rose and the dollar stood near a one-week high against a basket of major currencies after the minutes from the Federal Reserve’s January meeting showed the central bank plans to raise interest rates three times in 2018. According to the Fed minutes, policymakers expressed rising confidence on inflation while agreeing that the strengthening in the near-term economic outlook increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate. Japanese shares fell sharply to close near a one-week low as

By Adedapo Adesanya Zimbabwe has launched a second stock exchange to solely trade shares in foreign currency. Business Post gathered from state media reports on Saturday that the move was aimed at luring external investors as the country grapples with a forex crisis. The new bourse has been named the Victoria Falls Stock Exchange and it will be a subsidiary of the Harare-based Zimbabwe Stock Exchange (ZSE) and will start trading on Monday, October 26. Speaking on this, the country’s Finance Minister, Mr Mthuli Ncube, said, “We saw an opportunity to work with the ZSE in creating a global platform

By Ebitonye Akpodigha Nigeria’s Independent Electoral Commission (INEC) has taken the lead as the best performing public institution in the country with 28.6% of the total vote casts in the ongoing online poll conducted by the African Leadership Magazine. The African Leadership Magazine’s poll indicates Nigerians’ faith in INEC to conduct free, fair and credible elections in the country, following the just-concluded Edo state gubernatorial election which has been adjudged as free and fair, as well as the preparations for the forthcoming Ondo state gubernatorial election. The Economic and Financial Crimes Commission (EFCC), which has in the last one stepped

By Modupe Gbadeyanka Two financial institutions in Nigeria have been assigned ‘4 Star’ ratings by Agusto & Co Limited, the leading Pan African credit rating agency in the country for over 26 years. The ratings were given after the conclusion of the 2019 Consumer Digital Banking Satisfaction Index report of the agency, which highlights customer’s preferences and attitude towards digital banking platforms provided by banks in Nigeria. This Index in its second year was carried out following an extensive online and offline consumer survey carried out by Agusto and Co. Limited across various geopolitical zones in Nigeria. The survey was

By Ashemiriogwa Emmanuel Nigerian bus hailing startup, Plentywaka, has secured $1.2 million in a seed round to expand its current reach as the provider of a better and safer transportation system for daily commuters in Lagos and Nigeria at large. The round was led by Canadian Venture Capitalist, The Xchange. Other investors engaged in the seed round were SOSV and Shock Ventures, a follow-on investment from Techstars Toronto and angel investors from Canada, the United States, and several African countries. It was not restricted to foreign investors as some Nigerian firms also took part in the seed round including Argentil