Business News

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Oil futures extended losses on today, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets. With a deadline less than 24 hours away, United States, Britain, France, Germany, Russiaand China were trying to break an […]

The Central Bank of Nigeria (CBN) has condemned in strong terms the dollarisation of the economy and vowed to go after perpetrators of the act. This is as the apex bank said it retained all monetary policy rates at the end of the two-day monetary policy committee (MPC) meeting which was held in Abuja on Monday […]

The European Union will impose anti-dumping duties from Thursday on imports of cold-rolled flat stainless steel from China and Taiwan, according to a notice on Wednesday in the EU’s Official Journal. The EU will apply tariffs of up to 25.2 percent for sheet, coil and strip imports from Chinaand up to 12 percent for Taiwanese product, […]

Despite Federal Government’s declaration of the Nigerian Shippers Council, NSC, as the Port Economic Regulator, there is still disagreement between the Council and the Nigerian Ports authority, NPA as to the constitutionally recognised body for the function. The disagreement between the two government agencies resurfaced at the recently concluded awareness seminar titled “Monitoring and Compliance […]

UK inflation rate fell to 0% in February, the lowest since records began, official figures show.  official figures shows that Lower prices for food and computer goods helped to cut the rate from 0.3% in January, February’s figure is the lowest rate of Consumer Prices Index (CPI) inflation since estimates of the measure began in 1988. […]

Kraft Foods Group Inc, the maker of Velveeta cheese and Oscar Mayer meats, will merge with ketchup maker H.J. Heinz Co, owned by 3G Capital and BerkshireHathaway Inc, to form the world’s fifth-largest food and beverage company. Kraft’s shares rose about 17 percent in premarket trading after the announcement of the deal, which will bring […]

Fovourable  policies by the federal government have attracted private-sector investment to the tune of N800 billion to Nigeria’s budding agricultural sector since 2012. The Investments, investigations revealed, were mostly in areas such as rice, sugar and palm oil segments. However, private-sector to agriculture has dipped below 2 per cent of the total despite that the […]

In line with its restrictive monetary policy stance, the Central Bank of Nigeria (CBN) has said it will issue treasury bills worth a total of N730.499 billion in the second quarter of this year. A breakdown of the Nigeria treasury bills issue programme obtained at the weekend showed that the proposed debt instrument to be […]

UK bank Standard Chartered has reported a steep fall in full-year profits, compounding recent troubles for the emerging-markets focused bank. Pre-tax profits – including exceptional items – were $4.24bn (£2.76bn), down 30% on 2013. Losses from bad loans increased to $2.14bn, up from $1.62bn, the bank said. Operating income was down 2% to $18.23bn in […]

The Nigerian Navy on Tuesday told the Senate Committee on Navy that the nation currently loses  as many as 100, 000 barrels of crude oil at the estimated cost of N1.18 billion everyday, amounting to N433.62 billion  a year. Making the disclosure during the organisation’s budget defence, the Chief of Naval Staff,  Rear Admiral Usman […]

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