Wall Street Gears Up For Second Bout Against Reddit Traders
Wall Street is gearing up for another week of market mayhem, with signs that the retail frenzy that pumped up the stock prices of the likes of GameStop Corp and AMC Entertainment Holdings Inc is spreading to other assets. Some of Wall Street’s largest hedge funds are still licking their wounds after retail traders sought […]
PMI Shows South Africas January Increase In Manufacturing
South Africa’s manufacturing activity expanded slightly in January, the seasonally-adjusted Absa Purchasing Managers’ Index (PMI) showed on Monday. The index, a gauge of manufacturing activity in Africa’s most industrialised economy, inched up to 50.9 points in January from 50.3 in December. The figure was above the 50-point mark that separates expansion from contraction but well […]
Asos Buys Topshop, Topman And Miss Selfridge Brands
Online fashion retailer Asos has bought the Topshop, Topman, Miss Selfridge and HIIT brands from failed retail group Arcadia in a deal worth £295m. Sir Philip Green’s Arcadia group fell into administration in November last year, casting doubt over the future of its brands and 13,000 jobs. Asos is acquiring the stock and the brands. […]
IMF Foresees Improved Capital Spending In Nigeria
The International Monetary Fund (IMF) has projected that Nigeria’s capital spending will improve this year while anticipating that financing the country’s deficit will remain a challenge with its huge debt servicing burden. The IMF, in its updated ‘Fiscal Monitor’ report titled: ‘Government Support is Vital as Countries Race to Vaccinate,’ released yesterday, projected overall fiscal […]
Flour Mills Of Nigeria Grows Profit By 90% To $41m
Nigeria’s integrated food business and agro-allied group, Flour Mills of Nigeria Plc, has continued its strong performance, growing its profit after tax (PAT) for the third quarter ended December 2020/21 by 91 per cent. The Group posted a revenue of 1.46 billion dollars in Q3, up from 1.11 billion dollars in the corresponding period of […]
Former US Officials Urge Biden To Back ‘Stellar’ Okonjo-Iweala For WTO DG
Former senior United States government officials have advised President Joe Biden to support Nigeria’s candidate, Dr. Ngozi Okonjo-Iweala, to head the World Trade Organisation (WTO) as Director General. Okonjo-Iweala, who would be the first woman to lead the WTO is a dynamic leader who has the vision to manage the Geneva-based trade body through an […]
Nigeria: Zenith Bank To Bar Customers With Unrepatriated Export Proceeds
In line with a fresh directive from the Central Bank of Nigeria (CBN) that all exporters with unrepatriated export proceeds should be barred from accessing all banking services from January 31st, 2021, Zenith Bank Plc has notified its customers in export business of its readiness to enforce the policy. The bank gave the notification to its customers […]
(NCTP) Indicts Humanitarian Affairs, Disaster Management and Social Development Of Corruption And Inefficiency In Nigeria’s $2bn Cash Transfer Program
As Nigeria’s federal government plans to commence fresh disbursement of money to citizens, in short-term palliative measures to alleviate poverty, some operators in the government’s National Cash Transfer Programme (NCTP) have alleged a high-level of inefficiency, corruption, and nepotism in the system as run by the Minister of Humanitarian Affairs, Disaster Management and Social Development, […]
Asian Stocks Rises To Record Highs On Biden Stimulus Package
Asian stocks scaled to record highs on Thursday as investors were hopeful the incoming Biden administration will be able to secure passage of a massive new stimulus package to cushion the economic damage of the Covid-19 pandemic. Republicans in the US Congress have indicated they are willing to work with President Joe Biden on his […]
Expansion Drive: Access Bank Targets Eight More African Countries
Access Bank Plc has unfolded plans to expand to eight more African countries as part of a strategy to support trade and finance in the continent and take advantage of the newly formed African Continental Free Trade Area (AfCFTA). The countries are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia. The Group Managing […]
