African infrastructure rises by 22%

The Infrastructure Consortium for Africa (ICA) has unveiled the 2017 infrastructure development in Africa which it said rose by 22 per cent. It published the outlook on the first day of the Africa Investment Forum, holding in South Africa. The ICA’s Infrastructure Financing Trends in Africa 2017 report shows that commitments to develop Africa’s infrastructure increased to $81.6 billion in 2017 from US$66.9 billion in 2016. The 2017 figure is the highest reported since 2010, and the ICA’s research shows that the main factors behind the growth include a $13…

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Toshiba slashes jobs, downgrades profit outlook

The boss of struggling Toshiba said Thursday he would cut 7,000 jobs over the next five years as the Japanese engineering firm pulled out of foreign investments and downgraded its annual profit forecasts. “Over the next five years, we expect a reduction of 7,000 jobs,” many coming from early retirement, CEO Nobuaki Kurumatani told reporters in Tokyo. In addition, efficiency gains from improved IT and the planned retirement of about 3,000 employees every year will contribute to the job cuts, he said. Toshiba also expects to scrap or consolidate some…

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Russia set to dump US dollar for FOREX

Russia is intensifying efforts to wean its economy off the US dollar as Washington considers tough new sanctions that could deny it access to foreign debt markets and cut its banks from the greenback. President Vladimir Putin has repeatedly slammed the US currency dominance on the world’s stage but the country’s previous efforts to de-dollarise its economy have so far had little success. But with Russian business circles fearing a new round of US measures over Moscow’s alleged international aggression and Washington’s trade policies becoming ever more unpredictable, authorities have…

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Oil rises as US renew sanctions against Iran

Oil prices rose on Tuesday as the U.S. reintroduced sanctions against major crude exporter, Iran, tightening global markets. Meanwhile, heatwave across Europe and other areas pushes oil up. Sweet Brent crude oil futures were at 74.08 dollars per barrel. U.S. West Texas Intermediate (WTI) crude futures were up at 69.21 dollars a barrel. The U.S. sanctions against Iran, which shipped out almost three million barrels per day (bpd) of crude in July, officially came into effect at 12.01 a.m. U.S. Eastern time (04.01 GMT) on Tuesday. Many countries, including U.S.…

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China’s economy slows down in Q2

Chinese growth slowed slightly in the second quarter as the world’s number two economy faced a snowballing trade fight with the United States. The economy expanded by 6.7 percent in April-June, down from 6.8 percent in the first quarter and in line with a 6.7 percent rate tipped in an AFP survey of economists. Despite the quarterly deceleration, growth was still higher than the annual target of around 6.5 percent set by the government. China faced an “extremely complex environment both at home and abroad”, said Mao Shengyong, a spokesman…

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NNPC under-remittance halts FAAC meeting

The Chairman, Commissioners of Finance Forum, Mr Mahmood Yunusa on Thursday said the Federation Accounts Allocation Committee (FAAC) has agreed to suspend meetings indefinitely until an effective revenue collection process is implemented. Yunusa said this in Abuja after the monthly FAAC meeting ended in a stalemate for the third consecutive time in one month. He said that the Committee was tired of battling with the Nigerian National Petroleum Corporation (NNPC) over oil revenue collections. The chairman said that the Committee had already taken the matter to President Muhammadu Buhari, adding…

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NSE market indices reopen with marginal growth

The Nigerian Stock Exchange (NSE) crucial market indicators opened for the week on Monday with a marginal growth of 0.06 per cent in a cautious trading. The market capitalisation rose by eight billion naira or 0.06 per cent to close at N13.637 trillion against N13.629 trillion achieved on Friday. Similarly, the All-Share Index, which opened at 37,625.59, grew by 22.34 points or 0.06 per cent to close at 37,647.93 following marginal gains by some blue chips. Dangote Cement Industries led the gainers’ table during the day, appreciating by N2 to…

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Official: Abuja light rail will boost FCT economy, transport system

Transportation Secretary of the Federal Capital Territory (FCT), Kayode Opeifa, has expressed optimism that most of the transport gridlock in Abuja would soon disappear with the commissioning next Thursday by President Muhammadu Buhari, of the Abuja light rail system. Speaking during a chance encounter with newsmen Monday, Opeifa, a former Commissioner for Transport in Lagos State, allayed fears that the transport situation in Abuja could relapse to the chaos that it has become at the former federal capital. According to him, “The Abuja rail system is as advanced as any…

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Dangote promises loyal cement customers refinery distributorship licence

For their continued loyalty, the management of Dangote Cement Plc, at the weekend announced cash and kind rewards and also a priority distributorship licence as soon as Dangote’s refinery project come on steam next year for the loyal cement customers. Aliko Dangote, President of Dangote Group, who made the pledge, profusely thanked the loyal cement distributors for their faith in the company and also assured them of consistent reward, as a form of motivation for their patronage and loyalty to the brand. Dangote said, “This event today is significant in…

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Facebook boss Zuckerberg now world’s third richest

Facebook CEO Mark Zuckerberg is now the third richest man in the world, overtaking Warren Buffett on Bloomberg’s list of the world’s richest people. Zuckerberg passed Buffett Friday as Facebook shares rose 2.4 percent, Bloomberg reported. Above Zuckerberg were Amazon CEO Jeff Bezos, in the No. 1 spot, and Microsoft co-founder Bill Gates. The daily rankings of the world’s 500 richest people listed in the Bloomberg Billionaires Index showed the top 3 remained the same Saturday. Zuckerberg is now worth $81.6 billion, nearly $400 million more than Buffett, chairman of…

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