German, French, UK Shares Depreciate on Tuesday

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

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By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Modupe Gbadeyanka Some computers, printers and other office tools were distributed to various Ministries, Departments and Agencies (MDAs) in the Kwara State civil service on Friday by Governor AbdulRahman AbdulRazaq. Mr AbdulRazaq said he decided to equip the civil service with modern tools in order to make the workers more efficient for the benefit of the state. According to him, his administration discovered that most of the offices either did not have these items or the ones they had were not working. He said the civil service is a good system with good people which only requires adequate tools

By Jerome-Mario Chijioke Utomi It is no longer news that the Delta State Government recently addressed the media on the multi-billion naira contract for the construction of the Ayakoromo Bridge in the Burutu Local Government Area of the state, stating that it has cancelled the contract for the bridge due to poor performance by the contractor. At first glance, the latest action for me depicts Delta State government as an administration that is internally directed, people-focused, externally open and above all, a right step taken in the right direction, particularly as such action is long overdue. However, as an author

By Investors Hub The major U.S. index futures are pointing to a lower opening on Monday, with stocks likely to see further downside following the sell-off seen last Friday. The downward momentum on Wall Street comes amid lingering concerns about global economic growth as well as continued uncertainty about trade between the U.S. and China. Traders may also be on edge ahead of the Federal Reserve?s highly anticipated monetary policy announcement scheduled for Wednesday. The Fed is widely expected to raise interest rates by another quarter point, although traders are likely to closely scrutinize the central bank?s accompanying statement and

Phillips Consulting will, on July 3, 2019, hold its annual digital learning roundtable. This year’s event will expand the conversation on digital transformation with a focus on how organisational leaders can raise digital intelligence in their workplace. In a statement by Modupe Thomas Owoseni, managing consultant in PCL’s digital learning & technology practice, “digital transformation is not just about technology, but also a people-centric initiative.  Therefore, for any organisation to stay relevant in the knowledge economy, they need to empower their employees with the right skill to align with the demands of the current wave of digital disruption”. On his

By Adedapo Adesanya The National Insurance Commission (NAICOM) has revealed that 95 per cent of insurance operators have uploaded their data on its platform as instructed within the last one month. This disclosure was made by the Deputy Commissioner Technical, NAICOM, Mr Sabiu Abubakar, at an event in Lagos. He added that the commission was optimistic that before the end of the third quarter, the remaining 5 per cent will meet up the deadline. He submitted that online processing of licenses, approvals and data uploading has started for most of the operational requests of the regulated agencies, stressing that issues

By Kester Kenn Klomegah Russia is ready to support Mozambique in the fight against terrorism through cooperation in the field of intelligence, and further promises strengthening cooperation in various economic sectors, Russian Deputy Minister for Foreign Affairs Mikhail Bogdanov said at the end of a meeting with Prime Minister Carlos Agostinho do Rosário in Maputo. Bogdanov, who is also Russia’s Special Presidential Representative for the Middle East and Africa, defended the importance of African countries, including Mozambique, launching initiatives on their own real needs for combating the phenomenon in international forums, especially at the level of the United Nations. In

By Aduragbemi Omiyale The national scale ratings assigned to LAPO Microfinance Bank Limited have been downgraded to BBB(NG) and A3(NG) in the long and short term respectively. The ratings were lowered by Global Credit Ratings (GCR) with the outlook accorded as stable following the review of some parameters. In a statement issued by GCR, it LAPO’s asset quality (loan and advances) remains highly susceptible to macroeconomic vagaries, particularly the COVID-19 pandemic and the recent nationwide protest, which it said was evidenced by the deterioration in gross non-performing loans (NPL) ratio to 21.4 per cent at 3Q FY20 in contrast to

By Seun Adu and Olanrewaju Alabi Consider this puzzle. It takes 5 machines 5 minutes to manufacture 5 widgets. How many minutes will it take 100 machines to manufacture 100 widgets? If you answered this in a hurry, you probably said 100. This is wrong. The correct answer is 5. But what does this have to do with the Multilateral Instrument (MLI)? I will come back to this in a bit. When the international community agreed there was a need to fix the international tax rules through the BEPS project, one of the problems they had to address was how