VW Wins German Regulatory Approval For 460,000 Diesel-Car Fixes

Volkswagen (VOWG_p.DE) has won German regulatory approval for technical fixes on another 460,000 diesel cars with illicit emissions control software, it said on Sunday, raising the number of vehicles cleared for repair to over 5 million.

Approval by Germany's motor vehicle authority KBA is valid for countries throughout Europe where 8.5 million diesel cars are affected by Volkswagen's emissions test-rigging scandal. About 11 million autos are implicated globally.

Global Stocks Head For Another Week Of Gains After Wall Street Triple High

Reuters reports

World stocks were headed for their fourth week of gains in five on Friday after a surge in oil prices helped propel Wall Street's three main indexes to co-ordinated record highs for the first time since 1999.

Nigeria’s Bank of Agriculture to Give Single Digit Interest Rate Loans to Farmers

 In support of the diversification drive of the Federal Government, the Bank of Agriculture (BOA) is considering a single digit interest rate for farmers in the country.

Nigerian Airlines Risk Extinction Due To N30b Domestic Debt

Despite the plummeting fortunes of domestic airlines in the country due to the harsh economy, they will have to pay up their debts worth more than N30 billion or be grounded by regulatory agencies.

The Nigerian Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA) are going after airlines to recover over N30 billion debts accumulated in the last 16 years.

Naira Appreciates To N314,75 A Dollar After CBN Intervention

 The Naira pared some its previous day’s loss on the interbank forex market as it appreciated to N314.75 to the dollar on Thursday, stronger than the N317 to the dollar it closed on Wednesday.

Consumer Inflation Drops 16.7% In Ghana

Ghana’s annual consumer price inflation dropped to 16.7 percent in July from 18.4 percent in June as the cedi currency stabilised and food prices fell at the start of the harvest season, the statistics office said on Wednesday.

UK Launches 24-Hour Visa Service In Nigeria

 The UK has launched Super Priority Visa Service in Nigeria to allow customers to process their applications within 24 hours.

The British High Commission, on its website, said the new service was to particularly meet the needs of those who required urgent service to travel.

South Africa Overtakes Nigeria, Reclaims Spot As Africa’s Largest Economy

South Africa’s economy has again overtaken  Nigeria  as Africa’s largest economy  in dollar terms, reclaiming the top spot it lost two years ago.

Both economies face recession after contracting this year. But while the South African rand has gained more than 16 per cent since the beginning of 2016, Nigeria’s naira has plunged by more than a third of its value.

Household Debt Hits $35B to $12.3 Trillion In US

 Investigation has shown that household debt in the United States of America has climbed to the roof.

In the second quarter, total household debt increased by $35 billion to $12.3 trillion, according to the New York Fed's latest quarterly report on household debt. That increase was driven by two categories: auto loans and credit cards.

U.S. Crude Trades Below $43 on Oversupply Concerns

Oil prices fell on Wednesday as a global supply overhang weighed on markets, while talk of a potential producer meeting to discuss propping up prices was largely expected by analysts to have no impact on supplies.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $42.43 per barrel at 0657 GMT, down 34 cents from their last settlement, or 0.79 percent.

InnJoo Launches Max3 Smartphone with Fingerprint Technology

Fast-selling mobile device brand InnJoo, this week, launched its latest brand offering of smartphone known as Max 3, which is a high-specification smartphone with an epic six inch High Definition (HD) screen with fingerprint technology into the Nigerian mobile devices market to offer more value to millions of consumers.

2500 Diamond Bank Customers Get N4 Billion through Extra-promo

No fewer than 2,500 customers of the Diamond Bank Plc across the country have received over N4billion through the Diamond Extra promotion.

The Head, Mass Market Segment of Diamond Bank, Osita Ede stated this in Enugu during the south east Regional draw DiamondXtra season 8 organised for customers of the Bank in the south east zone.

AG Leventis To Inject Fresh Funds Into Its Operations

A.G Leventis (Nigeria) Plc is to inject fresh funds into its operations as part of its revival strategies. The Executive Vice Chairman of A.G Leventis, Mr. Michael Economakis stated this yesterday, while speaking at the ‘Facts behind the figures’ presentation ceremony at the Nigerian Stock Exchange (NSE).

Nigeria Government Earns N692 Billion Form Oil And Gas Sales Between July 2015 And June 2016

The Muhammadu Buhari administration has earned a total about $3.46 billion (about N692 billion) as oil and gas sales proceeds between July 2015 and June 2016, latest Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report has revealed.

The report said a total of $2.3 billion was realised from crude oil sales proceeds, while a total of $1.17 billion was received as proceeds from gas sales.

Germany's DAX Hits 2016 High, Boosted By Wall Street And Earnings

Germany's top share index hit a new high for 2016 on Tuesday as European shares advanced for a fifth straight session, boosted by new highs on Wall Street and strong results from companies like Munich Re.

Germany's DAX closed up 2.5 percent, having hit 10,701.33, its highest level since the last trading day of 2015.

Valeant Pharmaceuticals To Sell Billions In Assets To cut Debt

 Valeant Chief Executive Officer has revealed that the company is set to sell billions of dollars of non-core assets and could accept offers for its main businesses, as the drug company is working to restore investor trust after a year of bad news.

Valeant's U.S. shares rose more than 25 percent, touching a two-month high, after the company outlined its reorganization and sell-off plan, and also confirmed full-year forecasts. Even so, the stock is down nearly 90 percent from a year ago.

ENI Wraps Up Deal With Exxon On Mozambique Gas Project

Italian oil firm Eni has reached a deal  to sell a multi-billion dollar stake in its planned Mozambique liquefied natural gas (LNG) development to Exxon Mobil, two sources with knowledge of the matter told CNBC.

"The deal is done but won't be announced for several months at Exxon's request," one of the sources said.

Eni declined to comment, while a spokesman for Exxon said, "We do not comment on market rumours or speculation".

Burundi Reports Stronger Inflow From Domestic Taxes

Burundi’s tax revenue increased to 13 percent last month compared with a year ago. Data released on Monday showed a boost in the country’s economy after a year of unrest which was attributed to the re-election of  Pierre Nkurunziza as President.

More than 450 people have been killed in violence and more than a quarter of a million people have fled to neighbouring countries since Nkurunziza was re-elected for a third term in the small east African country in what the opposition said was a violation of the constitution.

Naira Hits All-Time Low, As CBN Intervenes

The Nigeria currency, Naira, crashed further to 350 to a dollar in the interbank rate on Tuesday as the Central Bank of Nigeria tried to savage the situation.

The naira closed at 310.50 to the dollar following the CBN’s  intervention. A single trade of $100,000 was carried out at 350 to the dollar. A total of $6.86 million traded on Tuesday.

Pound Crashes Below $1.30

The pound fell below $1.30 for the first time in almost a month as investors prepared for data that will give further clues on the state of the U.K. economy in the wake of the decision to quit the European Union.

I Have Not Been Directed To Increase Fuel Price- NNPC GMD

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said there is no plan to increase pump prices of petroleum products.‎

Baru, who reluctantly answered only one question from  State House correspondents after he met with President Muhammadu Buhari at the State House, in Abuja,  said:‎ “I have not been directed to increase pump price; even the other price was based on recommendation from the regulatory body.

Wall Street Near Record Highs As Oil, Tech Stocks Lift

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S

Picture-Reuters

U.S. stocks traded near record highs on Tuesday morning as a rise in technology stocks added to the lift from steadying oil prices.

Oil edged further above $45 on estimates of a drop in U.S. inventories and speculation of producer action to freeze output.

"Today, it seems like whatever oil does, equities will follow," said Peter Cardillo, chief market economist at First Standard Financial in New York.

US Approves Sale Of Tanks, Other Equipment To Saudi Arabia

The U.S. State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armored recovery vehicles, and other equipment to Saudi Arabia, worth about $1.15 billion, the Pentagon said on Tuesday.

The Defense Security Cooperation Agency, which oversees foreign arms sales, said the sale would contribute to the national security of the United States by improving the security of a regional partner.

US Productivity Drops Third Straight Quarter- Report Says

U.S. nonfarm productivity unexpectedly fell in the second quarter, pointing to sustained weakness that could raise concerns about corporate profits and companies' ability to maintain their recent robust pace of hiring.

Trade Deficit Widens In UK,Possible Recession Looms

The Bank of England has suffered a setback in the bond markets in its first attempt to buy long-dated debt under its new QE programme, according to Reuters.

The Bank of England failed to get enough offers for its planned purchase of £1.17bn of government bonds with maturities longer than 15 years, sending gilt yields to new record lows across a range of maturities.

NBC Universal Buys 'Harry Potter'

The company has acquired the broadcast and cable TV rights to the eight "Harry Potter" films in the franchise and the forthcoming "Fantastic Beasts" films.

Starting July 1, 2018, the original eight films will be available to air on NBC's broadcast channels as well as its cable channels, USA Network and Syfy.

Oil Companies Lose N2.26 trillion in Nigeria Due To Low Prices, Militancy- Reports

Reports have shown that International Oil Companies IOCs and indigenous oil firms lose N2.26 trillion in Nigeria as a result of the unrest in the Niger-Delta region of the country and low oil prices in the international market in the first half of 2016.

International Oil Companies like Shell, Exxon Mobil Corporation, and Chevron Corporation, suffered a loss of over $7.1 billion, representing about 70 per cent of its earnings as crude oil prices continued to decline.

Pound Drops Below $1.30 On Central Bank’s Post Brexit Stimulus

AFP PHOTO

The pound dropped below $1.30 in Asia on Tuesday as the Bank of England’s post-Brexit interest rate cut and surprise stimulus weighed on the unit.

Sterling fell for its fifth day after the central bank last week voted to reduce rates to a record low 0.25 percent, cutting borrowing costs for the first time in more than seven years.

The central bank also announced £170-billion ($221-billion, 199-billion-euro) stimulus package, which it added could be expanded further.

Samsung Galaxy Note7 Makes Debut In The Market

Samsung Electronics Co., Ltd has unveiled Galaxy Note 7 and defining leadership with innovative features that set a new standard for large-screen devices. Featuring a refined craftsmanship, premium materials and a unique, symmetrical edge design, the Galaxy Note7 strikes a balance between work and play, enabling people to achieve more than what they thought possible on a smartphone.

AFDB Approves $9m Equity Investment For SME’s In Nigeria

The African Development Bank (AfDB) has approved a $9million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs),this was made known in a statement issued by the bank on Sunday, August 8, 2016.

First-Bank of Nigeria Gets Thumps-Up From Interswitch

First Bank of Nigeria Limited has been recognised by Interswitch Group, Africa’s leading integrated payment and transaction processing company, as the first financial institution in the country to achieve sustained transaction volumes of 100 million transactions, first in December 2015 and again in May 2016.

Wal-Mart Agrees To Buy Jet.com For $3.3 billion

World largest retailer, Wal-Mart has agreed to acquire online retailer, jet.com in a deal valued at 43.3 billion making it one of the largest ever acquisition of e-commerce in the world.

The world's largest retailer said a portion of the $3 billion will be paid over time. Additionally, $300 million of Wal-Mart shares will be paid over time as part of the deal, which is expected to close this year, subject to regulatory approval. Terms of those payments were not disclosed.

Crude Price Rises To $41.99 A Barrel On Monday

Oil prices rose on Monday, lifted by reports of renewed talks by some members of the Organization of the Petroleum Exporting Countries (OPEC) to restrain output.

U.S. West Texas Intermediate (WTI) crude futures were at $41.99 per barrel at 0643 GMT (2:43 a.m. ET), up 19 cents, or 0.5 percent, from their last close.

Brent futures were trading at $44.42 per barrel, up 15 cents, or 0.34 percent.

Steinhoff International to Buy Mattress Firm For $3.8B

 South African retailer Steinhoff International Holdings will buy Mattress Firm Holding, the largest specialty bedding retailer in the United States, for $3.8 billion which includes debt, both companies said on Sunday.

Steinhoff said it will pay $64 per share, a premium of about 115 percent to Mattress Firm's Friday close in a deal that will create the world's largest mattress retail distribution company. The boards of both firms have approved the deal, the companies said in a statement.

Bitcoin Owners May Lose 36% of their money Due To Hackers

Bitfinex, the Hong Kong-based exchange that was hacked, has started to bring its platform back online. It was shut down last week after 119,756 bitcoins, worth more than $65 million based on exchange rates at the time, were stolen from some users' accounts.

Bitfinex said it decided "after much thought, analysis and consultations" to generalize the losses across all users. That means even people who weren't affected by the hack will find that 36% of the value of their accounts will be replaced by a "token" labeled BFX.

The company said it will use those tokens to keep track of customers' losses and will work to compensate the accounts in the future. Bitfinex said those discussions are "in early stages" and "will likely take time to play out."

Tanzania’s $3.5b Oil Pipeline From Uganda To Finish In 2020

 Tanzania plans to complete construction of a crude oil pipeline from Uganda in 2020 at an estimated cost of $3.5 billion, its energy ministry said on Monday.

Uganda said in April it would build a pipeline, to ship out crude from its fields in the Albertine rift basin, through Tanzania rather than Kenya, which had wanted to secure the export route.

Nigeria Government Recovers N644 Billion From Debtors- AMCON

The Asset Management Corporation of Nigeria (AMCON) yesterday said that the corporation has so far recovered N644 billion from debtors.

Speaking during a media briefing in Lagos, the AMCON Chief Executive Officer, Ahmed Kuru, said the corporation would continue to engage debtors to pay up their debts.

Sifax Group Berates Nigeria Government For Reduction In Cargo Volume

The Managing Director of Sifax Group, John Jenkins has decried the activities of companies in the group in the first half of the year, saying they were adversely affected by the economic policies of the federal government, particularly the challenge of sourcing foreign exchange.

Consequently, he said Sifax Group recorded significant decline across its various business units during the period.

Trade Deficit Is 10-Month High In US

 Deficit in US trade rose high in June due to domestic demand and higher oil prices which was boosted by import bill.

Chinese Investors Buy AC Milan For $820 Million

Italian businessman and former prime minister Silvio Berlusconi has agreed to sell famous soccer club AC Milan to a Chinese consortium for 740 million euros ($820 million).

Despite a recent slump, AC Milan is one of Europe's elite football clubs. It has won the European Cup and UEFA Champions League seven times, a record beaten only by Spain's Real Madrid.

Diamond Bank, FCMB Set To Raise Fresh Capital

Diamond Bank Plc and First City Monument Bank Limited (FCMB) have disclosed plans to raise fresh capital.

According to Diamond Bank MD, Uzoma Dozie, the bank is considering raising fresh capital and selling some assets in order to strengthen its capital base.

Diamond Bank’s capital adequacy ratio had fallen to 15.6 percent of assets by mid-year from 18.6 percent a year ago.

Naira Crashes To N390 A Dollar In Parallel Market

Nigerian currency, Naira, has crashed to N390 to the dollar at the parallel market on Wednesday from the previous 382 the previous day.

On the interbank market, the Naira strengthened to N311.03 to the dollar, higher than the N316.83 to a dollar from previous day.

Fed Orders Goldman Sachs To Pay $36.3 Million Penalty

Goldman Sachs has been ordered to pay a $36.3 million penalty relating to a case in which a former employee allegedly used confidential regulatory information to win clients, reports CNBC.

Don’t Patronise Unregistered Fund Transfer Operators- CBN Warns

The Central Bank of Nigeria has described the activities of unregistered money transfer operators in the country as detrimental to the economy  and therefore warned  people  from patronising them or risk losing their money.

“Members of the public are advised to beware of the activities of such unregistered IMTOs for the greater economic good of Nigeria, said Isaac Okafor, acting director of communications in a statement.

“All financial service providers in Nigeria, just as in other jurisdictions, are required to be duly licensed in order to protect both customers and the financial system as well as to ensure the credibility of financial transactions.”

Oando Revenue Increases to N212 Billion In Six Months

Oando Nigeria Plc’s revenue  grew from 18% (N180 billion) to N212 billion in six months for the half year ended June 30, 2016.

 Gross profit decreased by 49 per cent from N37.1 billion in 2015 to N19 billion in 2016. However, the company recorded one-off unrealised foreign exchange loss of N28.6 billion from dollar denominated liabilities as a result of currency devaluation. Consequently, it ended the H1 with a loss after tax of N27 billion in 2016, as against a loss of N35 billion in H1 of 2015.

Oil Price Edges To $42 Per Barrel After Slide

Picture Credit:Reuters

Price of oil in the international market went up  to $ 42 a barrel on Wednesday from the previous lowest price.

Brent crude was up 27 cents a barrel at $42.07 at 0957 GMT (0557 EDT). It reached $41.51 on Tuesday, the lowest since April 18. U.S. crude added 28 cents to $39.79.

US Private Sector Creates 179,000 Jobs in July

Job Seekers- Pic by Reuters

Report by payrolls processor has revealed that the private sector in the United States employed 179,000 people in the month of July, 2016.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 170,000 jobs, with estimates ranging from 140,000 to 190,000 jobs added.

HSBC Admits It Breached US Regulator’s Order To Bolster Defence Against Financial Crime

The guardian has reported that USBC has admitted that it is breaching US regulator’s order to cover up financial crimes as UK’s biggest bank announced a slump in first-half profits in shaky market.

Saatchi & Saatchi Chairman Resigns Amid Sexism Row

Kelvin Roberts, resigned Chairman of Saaatchi &Saatchi.Photo Credit- The Guardian

Kevin Roberts, the executive chairman of Saatchi & Saatchi, has resigned after provoking fury by claiming that women in the advertising industry lacked ambition and were not held back by sexism.

Roberts was put on leave by Publicis, the parent company of Saatchi & Saatchi, last week after denying that sexism was an issue in the advertising world.

Ghana’s Law Makers Reject $918 Million Aid Deal with IMF

Ghana's parliament on Tuesday overwhelmingly rejected a key tenet of a $918 million aid deal with the International Monetary Fund (IMF), breaching the terms of a 3-year programme meant to fix an economy dogged by high public debt, reports CNBC.

South Africa's PPC Shareholders Approve Rights Issue

Photo: Pexels.

Shareholders in South Africa's PPC on Monday overwhelmingly approved a proposal to issue additional shares for a planned 4 billion rand ($289 million) rights issue as the loss-making cement maker seeks cash to reduce debt.

PPC, which has pushed deeper into the rest of Africa as profit has slumped in its domestic market, is raising funds after a credit rating downgrade to "junk" status by ratings agency S&P.

Uber Activities Come To Halt In Kenya

The activities of cab operators signed to Uber in Kenya became shaky on Tuesday as the operators went on a massive protest over fare cuts.

Uber which  started in East Africa in 2015 is now cutting cost by up to 25 percent to boost demand for service due to local competition from other firms.

According to Simon Mutebi, one of the drivers said “if they don’t do this we have other alternatives.We have so many other platforms where we can go because I need to eat. I need to feed my family”, quoted CNBC.

Flour Mills Nigeria To Sell N40 Billion Naira Shares

Photo: www.nse.com.ng

Flour mills of Nigeria is making all the necessary registration with Nigeria regulators so as to sell about   40 billion naira ($128 million) this was according to the company’s chief financial officer, Jacque Vauthier.

Jacque Vauthier said the company's directors had decided that the most appropriate way to raise the funds was via a shelf programme, enabling Flour Mills to sell shares in several tranches over a three-year period.

CPC Directs FCMB To Return N1.54bn To Bauchi Government

The Consumer Protection Council (CPC) has ordered First City Monument Bank (FCMB) to refund, within 30 days, the sum of N1.54 billion it deducted from the Bauchi State Government’s loan account as interest charges.

The council said it established after investigations that the bank had illegally deducted the amount from the state government.

It explained that it gave the order after the conclusion of investigation into a petition from the state government which alleged that it had been short-changed by FCMB to the tune of N1, 864,188,594.78 which arose from excess interest and other charges on its loan account.

Chinese Consortium Agrees To Buy Caesers Online Game For $4.4B

A Chinese consortium that includes game developer Shanghai Giant Network Technology and e-commerce company Alibaba Group Holding founder Jack Ma has agreed to acquire Caesars Interactive Entertainment Inc's online games unit for $4.4 billion in cash, the companies said.

Caesars Interactive Entertainment is currently owned by Caesars Acquisition and Caesars Entertainment. The sale will be a boon to the two affiliated companies, which are looking for cash as they embark on a complex merger.

The deal follows a period of exclusive negotiations between Caesars Interactive Entertainment and Giant's consortium that were first reported on July 21 by Reuters.