Naira advances to one week high
The naira climbed the most in more than a week against the dollar on speculation that the Central Bank of Nigeria would continue to support the currency by dipping into its rising foreign reserves. The...
View ArticleCyprus finance minister quits after bailout concludes
Cyprus’s finance minister resigned on Tuesday after concluding a 10 billion euro bailout deal with international lenders in which the country slashed its dominant banking sector and hit depositors with...
View ArticleZenith Bank posts N100bn profit after tax
Zenith Bank Plc on Tuesday announced a profit before tax of N102.10bn for the financial year ended December 2012, up by 51.4 per cent from the N67.44bn recorded in 2011. A statement by the bank showed...
View Article$1tn capitalisation: NSE focuses on new listings, derivatives
The Nigerian Stock Exchange has said it will concentrate on some key areas that encourage new listings into the bourse, and introduce derivatives to help meet its $1tn market capitalisation target. The...
View ArticleQatar Airways connects Nigeria to Hamad
Qatar Airways has said it will soon start moving its Nigerian passengers to the Hamad International Airport in Doha. The $15.5bn airport, the airline said, would soon to be declared open and it would...
View ArticleBailout: ‘FG needs to probe defaulting airlines’
The Federal Government has been advised to investigate airlines, which benefitted from the aviation intervention funds but have stopped flying. The Assistant General Secretary, Airlines Operators of...
View Article‘Auto show’ll focus on parts, fleet management’
The eight edition of Lagos motor show will focus on the development of spare parts and fleet management, the organiser of the event, BKG Exhibition Limited, has said. Already, the firm said about 70...
View ArticleS&P 500, Nasdaq fall on energy shares decline
The S&P 500 and Nasdaq fell by more than one per cent in afternoon trading on Wednesday, with energy among the sectors leading declines on the S&P 500 as oil prices fell sharply. Reuters...
View ArticleNigerian banks may record high bad loans -S&P
Indications have emerged that Deposit Money Banks may record huge non-performing loans next year. Rating agency, Standard & Poor’s, said on Tuesday that the banks might report increased loan losses...
View ArticleNew distribution substations’ll relieve overloaded facilities –NDPHC
Eight newly delivered distribution facilities in the South-East and the South-South zones of the country are expected to relieve existing ones that are currently overloaded. This was the submission of...
View ArticleEuro zone inflation dropped to 1.7% in March
BRUSSELS: The rate of consumer price inflation in the 17 countries using the euro fell to an annual rate of 1.7 per cent in March, according to a first estimate from the EU’s statistics agency Eurostat...
View ArticleSterling Bank’s gross earnings up by 51%
Sterling Bank Plc has recorded a 51 per cent increase in its gross earnings for the year ended December 31, 2012. Its results, released to the Nigerian Stock Exchange on Wednesday, showed that the...
View ArticleShell generates $1.1bn from sale of oil blocks
Royal Dutch Shell, which sold its stakes in some Nigerian onshore oil blocks in 2012, said it generated a whopping sum of $1.1bn from the transactions. This was revealed in the Shell Annual Report for...
View ArticleBelarus tones down, sticks to pre-crisis policies
MINSK: Shortly after emerging from a crisis that wiped out its foreign currency reserves and forced a 65 percent rouble devaluation, Belarus appears to be sticking with some of the policies that caused...
View ArticleUS service growth dropped in March — Report
NEW YORK: Companies hired at the slowest pace in five months in March as recent strong demand for construction jobs evaporated, but separate data on Wednesday showed the pace of growth in the vast...
View ArticleGTBank posts N87bn profit after tax
Guaranty Trust Bank Plc has announced a profit after tax of N87bn at the end of its 2012 financial year, as against N51.7bn recorded in 2011. The 2012 profit represents an increase of 69 per cent. A...
View ArticleNCDMB acquires site for Bayelsa pipe mill project
The Nigerian Content Development and Monitoring Board has said it will immediately begin preparation of the site for the construction of proposed pipe mill. A statement signed by the Public Affairs...
View ArticleBudget cuts hurt March revenue — US Airways
WASHINGTON: United States Airways Group said on Wednesday that federal budget cuts likely hurt a key revenue measure in March because of reduced last-minute demand for flights, Reuters reported on...
View ArticleNIPCO boss decries industry challenges
In spite of the 64 per cent turnover growth recorded in 2012, the Managing Director, NIPCO Plc, Mr. Venkataraman Venkatapathy, has decried the numerous challenges that affected the downstream oil...
View ArticleNigerians urged to imbibe energy-saving culture
Imbibing energy-saving culture by Nigerians has become imperative in the face of inadequate power supply and huge electricity demand, the Chief Executive Officer, Dubrai Contractors Limited, Mr....
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