IMF Backs Ghana’s Growth Policies, Macroeconomic Stability

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Investors Hub Asian stocks fell broadly on Wednesday as hopes for a resolution to the U.S.-China trade dispute faded, offsetting comments by Fed Chairman Jerome Powell about expanding the central bank?s balance sheet. Trade optimism waned after the Trump administration imposed visa restrictions on Chinese officials and expanded its trade blacklist to include some of China’s top artificial intelligence startups. The Trump administration is also moving ahead with discussions around possible restrictions on capital flows into China, with a focus on investments made by U.S. government pension funds, Bloomberg reported. Chinese stocks shrugged off weak global cues to end

By Dipo Olowookere A deadline has been given to leading telecommunications firm, MTN Nigeria, to list its shares on the Nigerian Stock Exchange (NSE). In November 2015, MTN Nigeria was fined $5.2 million for failing to disconnect lines of 5.2 million unregistered subscribers on its network as required by law. According to Section 20(1) of Registration of Telephone Subscribers Regulations (TSR) 2011, which telecoms firms operating in the country signed to, any erring MNO shall be charged with N200,000 or $1000 per unregistered SIM on their network after the deadline for the registration. Subsequently, the commission demanded the sum of

By Adedapo Adesanya Nigerians will have to contend with a total blackout as the national electricity grid of Nigeria has collapsed again. Reports emerged across the country that customers Ikeja Electricity, Eko Electricity and other nine power distribution companies have reported no power supply on Monday. As of the time of this report, only Eko Electricity has issued a statement confirming this development. The Disco said in the statement, “Dear esteemed customer, we regret to inform you of a total system collapse on the national grid at 10:40 am today, leading to outages across our network,” “We are closely monitoring

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) remained weak on Tuesday for the second trading session, depreciating by 0.87 percent. Specifically, the All-Share Index (ASI) went down by 384.42 points to settle at 43,877.30 points, while the market capitalisation decreased by N138 billion to close at N15.746 trillion. In addition, the market breadth remained weak with 18 share risers and 48 share fallers recorded at the close of trading activities. Stanbic IBTC emerged the highest price gainer, appreciating by N1 to settle at N47 per share, while Dangote Sugar also rose by N1 to finish at N22 per share.

By Sodeinde Temidayo David Top financial institution, Union Bank Nigeria Plc, has asked students in the country to participate in its 2021 Next Robotics Legend Programme. The Next Robotic Legend is part of the bank’s initiatives under its Edu360 platform in collaboration with Awarri limited, a Pan-African technology company, to infuse Robotics and Artificial Intelligence (AI) into the education of young Nigerian students. In this year’s edition of the robotics competition, according to Union Bank, it started receiving entries for the contest from August 9 via its website. It stated that applications would close on August 23. From the pool

By Dipo Olowookere One Tuesday, a famous Lagos socialite and filmmaker, Mr Seun Egbegbe, was accused of stealing some iPhones at the popular Computer Village in Ikeja, Lagos. The report dominated the blogosphere yesterday and pictures of the filmmaker with bloodied face as a result of mob action on him filtered the internet also. According to reports, the Ebony Films Productions boss ‘stole’ nine iPhones valued at over N2 million. But his spokesman, BK Media Concepts, has issued a statement concerning the issue, insisting Mr Egbegbe never stole the high-end phones as alleged. “Seun Egbegbe was at Keelcech shop, located

By Modupe Gbadeyanka Leading global telecommunications services provider with operations in 17 countries across Asia and Africa, Bharti Airtel Limited, has announced entering into a definite agreement to acquire 100 percent equity interest in Tigo Rwanda Limited. The deal was entered into between Airtel and Millicom International Cellular S.A., under which Airtel Rwanda Limited is buying up the stake in Tigo Rwanda. It was gathered that the acquisition will consolidate the Rwandan telecom market and position Airtel as a strong number two operator in the country, The consideration for the transaction is based on approximately 6x EBITDA multiple, payable over

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday, with stocks likely to see further upward after recovering from an early sell-off in the previous session. Early buying interest may be generated in a reaction to a report from the Chinese customs office showing unexpected annual growth in Chinese exports. The report said Chinese exports in July were up by 3.3 percent compared to the same month a year ago, while economists had expected a 2 percent decrease. While the report also showed a 5.6 percent year-over-year drop in Chinese imports, that was