South Korea reveals staggering $1bn transfer fraud
South Korean prosecutors have detained and charged a Korean American with the illegal transfer of a staggering 1.09 trillion won ($1.02bn) in Iranian money frozen in South Korea under international...
View ArticleCapital requirement: Microfinance banks call for deadline extension
Microfinance banks have urged the Central Bank of Nigeria to extend the deadline given to them to comply with the Revised Microfinance Policy Framework, which prescribes new capital requirements. The...
View ArticleFCMB distributes relief materials to flood victims
First City Monument Bank Plc has commenced the distribution of post-disaster relief materials to flood victims in some of the affected states in the country. A statement by the bank on Friday said the...
View ArticleNaira strengthens as investors buy Nigerian debt
The naira strengthened, paring a weekly loss, as foreign investors brought dollars into the country to buy Nigerian debt after sales this week. The currency of Africa’s biggest oil producer gained...
View ArticlePure monetary policy won’t reduce inflation rate — Analysts
Financial analysts have said that pure monetary policy will not bring down the inflation rate to a single digit as desired by the Central Bank of Nigeria. The analysts, in a report made available to...
View ArticleDissecting CBN’s 12% benchmark lending rate
The decision by the Monetary Policy Committee to retain the benchmark lending rate at 12 per cent for the eighth time in a row is seen as a two edged-sword. Ademola Alawiye examines the effect of the...
View ArticleMajor losses drag down indices by 0.3%
Significant losses recorded by some large capitalised stocks on the Nigerian Stock Exchange on Monday dragged down major market indicators at the close of trading. For instance, Dangote Cement Plc,...
View ArticleWITIN opens mobile apps challenge for girls
Women in Technology in Nigeria has initiated the Technovation Challenge, a mobile app contest for secondary school girls between the ages of 13 and 18. A statement on Monday said the initiative was...
View ArticleRyanair lifts profit forecast on resilient Northern Europe
Ryanair hiked its full-year profit forecast on Monday as strong demand in Northern Europe lifted average fares dramatically in the last three months of 2012. Reuters reported that Dublin-based Ryanair,...
View ArticleOil workers plan warning strike in Onne FTZ
Oil workers under the auspices of the National Union of Petroleum and Natural Gas Workers and Petroleum and Natural Gas Senior Staff Association of Nigeria have issued a notice to embark on a three-day...
View ArticleUS bans mobile phones unlocking without network permission
A temporary waiver has ended and it is now illegal to unlock a mobile phone to work on another mobile network in the United States – with potential for a fine of up to $500,000 and five years in jail...
View ArticleSymantec adopts new growth strategies
Amid an impending reduction in workforce, a global information security solutions provider, Symantec, has adopted new strategy and product focus. The development is to enable the firm attain the next...
View ArticleFG targets 1,000MW from 10 new power plants
The Federal Government expects that the 10 new power plants being built across the country will add about 1,000 megawatts of electricity to the national grid by December when they would have been...
View ArticleNaira falls on strong demand
The naira fell the most in almost a week on demand for dollars to fund gasoline imports. The currency of Africa’s largest oil producer weakened 0.1 per cent, the most since January 23 on a closing...
View ArticleDollar slips against yen after recent rally
The dollar slid from a two-and-half-year high against the yen on Monday as traders booked profits on its recent rally, with the weaker yen trend likely to stay intact on expectations of further...
View ArticleNigeria, Canada target $6bn trade volume by 2015
The Federal Government and the Canadian government on Monday in Abuja agreed to strengthen trade and investment ties between both countries. This will be achieved by leveraging on areas of competitive...
View ArticleS&P 500 slips after rally
The S&P 500 edged lower on Monday as a four-week rally stalled, while a rebound in Apple shares helped buoy the Nasdaq. Caterpillar shares helped cap losses in the Dow industrials even as the...
View ArticleToyota wins back world’s top auto sales crown
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 Toyota Motor Corporation regained the crown as the world’s top selling automaker in 2012, posting record-high sales and...
View Article$50m IFC bond’ll offer diversification – PenCom
The National Pension Commission has thrown its weight behind the International Finance Corporation’s $50m bond to be issued on the Nigerian Stock Exchange. A statement by the commission on Monday said...
View ArticleJapan forecasts real GDP growth of 2.5%
Japan’s economy will likely grow 2.5 per cent in the fiscal year starting in April, the government said on Monday, as Prime Minister Shinzo Abe’s ambitious fiscal and monetary policies boost domestic...
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