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.