European Stocks Up as Catalan Worries Persist

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

The Procter & Gamble Company has detailed the roadmap and actions its leadership brands are taking to increase positive impact on society and the environment through its “Brand 2030” criteria. At the Sustainable Brands Paris conference, senior company officials presented a forward-looking framework, including innovation strategies that will inspire and enable responsible consumption for the five billion consumers served by P&G each day. P&G leading brands including Pampers®, Ariel® and Herbal Essences® are progressing in adopting this framework with actions and commitments that will help accelerate sustainable lifestyles. “Consumers are no longer willing to compromise performance for living sustainably and

By Modupe Gbadeyanka Residents of Magboro, Ibafo, Mowe and environs have been urged to be patient as the load shedding being experienced at the moment is just temporary. The supplier of electricity to the areas, Ibadan Electricity Distribution Company (IBEDC) Plc, said it was making efforts to make things better for the inhabitants. In a statement issued by the Chief Technical Officer (CTO) of IBEDC, Mr Akin Abiodun, on behalf of the management, it was stated that the issue was discussed with the community leaders on March 15, 2021, and an agreement reached. Mr Abiodun stated that during the meeting,

By Aduragbemi Omiyale The Federal Government of Nigeria (FGN) savings bond for the month of July 2022 would be sold at a coupon rate between 8.075 per cent and 9.075 per cent. Subscription for the debt instrument commenced on Monday, July 4 and is expected to close on Friday, July 8, according to a circular issued by the Debt Management Office (DMO) yesterday. The retail paper, which would be offered in two maturities of 2 years and 3 years, is to sell at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject

By Adedapo Adesanya  Prices of crude oil slipped on Wednesday, December 11, after the Energy Information Administration (EIA) released a report that showed that the United States crude oil inventory surprisingly increased for the week ended December 6. Brent crude, the global benchmark, dropped 51 cents or 0.79 percent to trade at $63.83 per barrel, while the US benchmark, West Texas Intermediate (WTI) crude, fell by 40 cents equivalent to 0.68 percent to sell at $58.54 per barrel at the market yesterday. The increase in US crude inventory extended by 822,000 barrels. This beat expectations for a 2.8 million-barrel drop.

By Dipo Olowookere Commercial banks in Nigeria have been directed by the Central Bank of Nigeria (CBN) to ensure they refund all charges from customers for cash deposits and withdrawals since the beginning of this month. This followed the reversal of the cashless policy reintroduced on April 1, 2017, by the apex bank. In a circular issued by the bankers’ bank, its Director of Banking & Payments System Department, Mr Dipo Fatokun, ordered the banks to ensure “all necessary refunds should be made accordingly” to customers already charged for the suspended services. “You will recall that a directive was issued

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited has reaffirmed its desire to support sustainable products that promote gender equality. The Divisional Head of Capital Markets at the NGX, Mr Jude Chiemeka, gave this assurance last Thursday at the closing gong ceremony to commemorate the 20th anniversary of 100 Women in Finance and the launch of the group’s Nigeria chapter. Mr Chiemeka informed the company’s guests that the bourse, in light of its gender leadership in the Nigerian private sector, was committed to closing the gender gap for women. “We are currently in partnership with International Finance Corporation (IFC) under

By Modupe Gbadeyanka The remains of the lawmaker representing Mushin Constituency 2 at the Lagos State House of Assembly, Mr Abdul-Sobur Olawale, have been buried. The legislator, fondly called Omititi, slumped and died at the flag-off of the presential campaign of the candidate of the ruling All Progressives Congress (APC), Mr Bola Tinubu, in Jos, Plateau State, on Tuesday. The deceased travelled from Lagos to Jos to support one of his political godfathers, Mr Tinubu, who governed Lagos State between 1999 and 2007, but he did not return to his base alive. His body was brought back to Lagos on

By Investors Hub European stocks are turning in another lackluster performance on the day after ending the previous session mixed. While the German DAX Index has fallen by 0.3 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both up by 0.3 percent. Shares of Ericsson have moved sharply higher after the telecom giant reported a narrower first quarter loss on improved gross margin and reduced operating expenses. Meanwhile, consumer good company Reckitt Benckiser has come under pressure after reporting weaker than expected first quarter results. In economic news from the eurozone, German producer price inflation