Newsbreak 2 weeks ago in Around The World, Business, Finance, Silicon Valley Bank, Startups, Tech, Tech Insider, Venture Capital 0 Category: Business
SXSW may be in Texas, but Silicon Valley Bank’s implosion is casting an uneasy cloud over the tech festival
Newsbreak 2 weeks ago in Around The World, Business, Finance, Silicon Valley Bank, Startups, Tech, Tech Insider, Venture Capital 0 Silicon Valley Bank employees react to the bank’s collapse Getty Images As the South by Southwest tech conference began in Austin on Friday, Silicon Valley Bank failed. The annual festival is known for attracting hundreds of startup founders and tech investors. Attendees from startupland are privately scrambling to make sense of the news. As South By Southwest kicked off in earnest on Friday, many attendees…
Seplat Energy Appoints Acting CEO as Brown Steps Down
March 10 (THEWILL) – Seplat Energy said Friday its chief operating officer, Samson Ezugworie, has been asked to take over as the chief executive officer of the oil & gas company. The decision followed an interim order of a judge, C.J. Aneke, of the Federal High Court, Lagos, restraining Roger Brown, the company’s CEO, from […] The post Seplat Energy Appoints Acting CEO as Brown…
PwC Fined $8.9m For ‘Serious Breaches’ On Babcock Audits
March 09, (THEWILL) – Britain’s auditing watchdog has imposed a 7.5 million pound ($8.9 million) penalty on PwC (PriceWaterhouseCoopers) for “serious breaches” found in audits of engineer Babcock International (BAB.L), Reuters said on Wednesday, quoting the regulator. The Financial Reporting Council (FRC) said the penalties related to failings on audits of Babcock’s accounts up to […] The post PwC Fined $8.9m For ‘Serious Breaches’ On…
Naira redesign: Old, new notes are legal tender – CBN reveals
The Central Bank of Nigeria said that both old and new notes are now legal tender. The Acting Director of Corporate Communications CBN, Dr Isa Abdulmumin disclosed this on Tuesday. He affirmed that commercial banks have started issuing both the old and new notes to their customers. But insisted that the apex bank is yet issue official statement. He said, “Banks are paying old notes…
Biden administration to take steps toward challenging Mexico corn ban
Newsbreak 3 weeks ago in Around The World, Business, Farming, International, Mexican corn ban, U.S. trade representative, USMCA 0 The Biden administration is preparing to challenge the Mexican ban on shipments of genetically modified corn from the U.S., a policy that has threatened billions of dollars in economic activity for American farmers. The Mexican government is planning by next year to stop its imports of genetically modified corn, which makes up about 90 percent of what is grown in the U.S. The Biden administration…
NSIA opens application portal for $255,000 maiden innovation prize
Following the recent launch of its US$255,000 innovation prize to be awarded as a combination of cash and equity investment in the underlying businesses of the winners, the Nigeria Sovereign Investment Authority (NSIA) is set to open its application portal to the public. Application for the Innovation Prize programme which is structured as a business enhancement initiative to support early-stage, scalable solutions through education, mentorship,…
Telecom company Ericsson to lay off 8,500 workers
Newsbreak 4 weeks ago in Around The World, Business, Layoffs, News, Tech layoffs, Technology, Telecommunications companies 0 Telecom tools maker Ericsson plans to lay off 8,500 of its staff globally to cut prices, in accordance to a memo despatched to staff from the company’s CEO Borje Ekholm. “The way headcount reductions will be managed will differ depending on local country practice,” Ekholm wrote. According to Reuters, the layoffs are predicted to have an effect on North America and can be the most…
US could default on debt as soon as June: analysis
Newsbreak 4 weeks ago in Around The World, Budget, Business, Debt Ceiling, debt default, Economy, federal debt limit, Inflation, Personal Finance, Recession, Treasury Department 0 The U.S. could default on the nationwide debt as soon as June if lawmakers and the White House don’t strike a deal to lift the federal borrowing restrict, in accordance with projections released Wednesday by outstanding non-partisan suppose tank The Bipartisan Policy Center (BPC), which intently tracked the debt ceiling, issued new projections Wednesday of the “X-Date,” the date at which the Treasury Department will…
Naira disaster: Banks lose N5bn to protesters
The Association of Senior Staff of Banks, Insurance and Financial Institutions, an umbrella body of banking sector staff, disclosed that banks lost N5 billion following assaults on property by protesters over naira shortage. The group’s president, Oluwole Olusoji, made this disclosure in Lagos on Thursday. He added that protesters had attacked 17 business banks nationwide. He explained that financial institution buildings had been burnt and…
Small business owners say federal government is failing to meet their wants: survey
More than two-thirds of small companies owners said in a Goldman Sachs survey that the federal government is failing to meet their wants. The survey, published on Sunday, discovered that 70 % of small business owners surveyed gave the federal government a “C” grade or beneath on the effectiveness of the packages, companies and tax credit accessible to them. Only 16 % gave the federal…
Moody’s downgrade of 9 Nigerian banks surprising development — Finance Minister
Amidst the cash disaster rocking the monetary system, the Minister of Finance, Budget and National Planning, Zainab Ahmed has expressed shock over the detrimental ranking slammed on 9 banks in Nigeria. Recall that the most recent Moody’s report on Nigeria downgraded the long-term issuer ranking of the Government of Nigeria to Caa1 from B3, and adjusted the outlook to steady, on January twenty seventh, 2023….
Nigeria’s public debt stock increases to N44.06trn in Q3 2022 – NBS
Nigeria’s public debt stock elevated from N42.84 trillion (103.31 billion {dollars}) in the second quarter of 2022 to N44.06 trillion (101.91 billion {dollars}) in the third quarter of 2022. The National Bureau of Statistics, NBS, said this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q3 2022 launched in Abuja, NAN experiences. The report said Nigeria’s public debt stock which incorporates exterior…
Walmart, CVS reduce pharmacy hours amid staffing crunch
Newsbreak 2 months ago in Around The World, Business, Finance, Healthcare, labor shortage, pharmacies, Policy 0 Walmart and CVS are chopping back on their respective pharmacy hours amid a continued nationwide scarcity of pharmacists and different pharmacy workers. Walmart plans to reduce pharmacy hours by closing at 7 p.m. as a substitute of 9 p.m. at most of its shops, the corporate confirmed. The present hours are 9 a.m. to 9 p.m. A spokeswoman said the change will assist associates keep…
Elon Musk loses world richest man title to Bernard Arnault
Tesla boss and Twitter proprietor, Elon Musk, on Wednesday, misplaced the world’s richest title to Bernard Arnault after a steep drop within the worth of his stake within the electric-car maker and a $44 billion wager on the social media agency. Tesla’s shares fell about 4 per cent in morning buying and selling on Wednesday, seventh of December 2022. This is coming months after Musk…
Over N200bn official transactions tracked close to 2019 elections – NFIU
The Nigerian Financial Intelligence Unit (NFIU) has mentioned that close to the 2019 common election, the company was ready to observe official transactions to the tune of N200 billion. The Director and Chief Executive Officer of NFIU, Modibbo Tukur, disclosed this Thursday in Abuja on the Anti-Corruption Situation Room (ACSR) Program organised by HEDA Resource Centre. Tukur, who was represented by Mr. Badaru Abubakar, mentioned…
Increment of excise duty will cause more inflation, scarcity – NBCC warns FG
The Nigeria-British Chamber of Commerce (NBCC) has warned that the proposed increment within the excise duty by the federal authorities will result in more inflation within the nation. DAILY POST gathered that the federal authorities by way of the Federal Ministry of Finance, Budget and Financial Planning has concluded plans to impact a hike within the particular excise element of some merchandise akin to alcoholic…
Expert gives reason for devaluation of Naira
A Financial professional, Mr Idakolo Gbolade, mentioned the elevated Money Supply, in any other case referred to as M2, is the reason for the continued fall of the Naira. In perspective, the cash provide refers to all of the foreign money and different liquid devices in a rustic’s economic system on the date measured. According to knowledge from the Central Bank of Nigeria, CBN, the…
Minister disowns N206bn project fund inserted in 2023 budget
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Mrs. Sadiya Umar Farouq, has disowned the N206 billion inserted into the ministry’s 2023 budget by the Ministry of Fiance, Budget and National Planning. Farouq, who appeared earlier than the Senate Committee on Special Duties for 2023 budget defence, claimed that the ministry requested funding for some initiatives of the North East Development Commission, NEDC,…
Nigerian laws protect foreign investment – Malami
The Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami has clarified that Nigerian laws present probably the greatest authorized safety for foreign traders on the earth. Malami, SAN, made the assertion on Monday when he acquired the management of the Rice Farmers’ Association of Nigeria (RIFAN) along with the visiting delegation from Egypt National Service Project Authority (NSPA), Cairo, led by…
S’South foreign debt above $873m – FRC
The six South-South states in Nigeria are owing greater than N988 billion in home money owed in addition to $873.3 million as of December 2021. Chairman of Fiscal Responsibility Commission (FRC), Victor Muruako disclosed this in his handle in Calabar throughout a two-day sensitisation programme and workshop on transparency and accountability. “An analysis of fiscal fundamentals of states of the South-South geopolitical zone, as of…
Lack of economic productivity reason most Nigerians live in poverty – Expert
An economic skilled, Dr Boniface Chizea, has stated that lack of economic productivity is why most Nigerians live in poverty. Chizea made this disclosure to DAILY POST on Friday whereas reacting to the newest National Bureau of Statistics, NBS, Multidimensional Poverty Index, MPI, report. In perspective, the Report launched on Thursday revealed that 133 million, 65 % of Nigerians live in poverty. The Report’s findings…
Sokoto, Bayelsa record highest as 133 million Nigerians experience poverty – NBS
Sokoto, Bayelsa states have recorded the highest as 133 million, representing 65% of Nigerians are experiencing multidimensional poverty. DAILY POST learnt this on Thursday in keeping with the National Bureau of Statistics, NBS Multidimensional Poverty Index, MPI report. Also, the report acknowledged that Gombe and Kebbi states ranked third and fourth within the latest poverty information. Meanwhile, Ondo state recorded the bottom poverty index at…
Stop cattle grazing to meet milk production target in Nigeria – Denmark tells FG
Nigeria can meet its need to be self-sufficient in milk production by embracing ranching not cattle grazing, the Danish Embassy in Nigeria has suggested. Mr. Paul Jacob, Sector Councillor on Foods and Agriculture, whereas talking on behalf of the Danish Embassy in Kaduna on Thursday, opined that Nigeria has no drawback importing milk product into the nation with 21 million cattle if ranching is totally…
Nigeria Air won’t benefit Nigerians – Former NAMA DG
The former Director General of Nigerian Airspace Management Agency, NAMA, Captain Roland Iyayi stated the proposed Nigeria Air wouldn’t benefit the Nigerian public. Also, he alleged that the award of a majority stake in Nigeria Air to Ethiopian Airlines was not clear and would result in unfair competitors within the nation’s airspace business. Captain Roland Iyayi made this disclosure in an AriseTV interview monitored by…
Inflation: Grant concessionary import duty to food processors, industrialists – CPPE urges FG
The Centre for the Promotion of Private Enterprise, CPPE, has suggested the federal authorities to grant food processors and industrialists concessionary import duty as an answer to tackling rising inflation in Nigeria. In an announcement launched to DAILY POST on Wednesday by CPPE’s CEO, Dr Muda Yusuf, he acknowledged that stakeholders are severely anxious about Nigeria’s macroeconomic issues. The nation’s inflation hiked to 21.09 per…
Prices of maize, paddy rice, other food commodities to rise in Q4 2022 – Survey
A survey has disclosed that the costs of maize, paddy rice and soybeans are anticipated to rise in the fourth Quarter(Q4) of 2022. DAILY POST learnt this on Wednesday on the presentation of AFEX 2022 Wet Season Crop Production Report in Abuja. Specifically, the report acknowledged that maize would bounce to 214,890/MT and 220,000/MT by the top of Q2 2022, in contrast to a median…
Expert reveals solution to Nigeria’s rising inflation
A Financial Inclusion/Wealth Management skilled, Mr Idakolo Gbolade, has revealed the solution to ending Nigeria’s rising inflation. Less than 24hrs in the past, the National Bureau of Statistics, NBS, launched its October inflation determine, standing at 21.09% from 20.77% within the prior month. Also, meals inflation skyrocketed from 23.34% to 23.72% within the interval beneath evaluation. Speaking on recurring Nigeria’s inflation fee in a chat…
Rising inflation will plunge average Nigerians into more poverty trap – Experts
On Tuesday, the National Bureau of Statistics, NBS, disclosed that Nigeria’s headline inflation fee elevated to 21.09 % on a year-on-year foundation in October 2022 from 20.77% final month. The growth, consultants mentioned, would plunge the peculiar Nigerians and the average revenue earners into a poverty trap and financial distress. In the report, Nigeria’s housing, water, electrical energy, gasoline, and different fuels (power) inflation fee…
(*63*) at stake as Reps seeks to probe 63 agencies over unauthorised budget
The complain by President Muhammadu Buhari that agencies of the Federal Government have robbed the federal government with undue expenditure over unauthorised budget has begun to take investigative dimension. This is as the National Assembly has commenced what would appear as its oversight perform, probing into agencies discovered wanting of operating unauthorised budget amounting to N2 trillion. Moves by the House of Representatives have discovered…
Naira Redesign: We’re committed to protecting Nigerians in unbanked, rural areas – CBN
The banking public in rural and underserved areas can entry Central Bank of Nigeria branches in the 36 States throughout the federation. This is to allow them enquire about choices for depositing their present N200, N500 and N1,000 notes and account opening processes, monetary entry factors, and different monetary companies. A press release by the Director Corporate Communications of the CBN, Osita Nwanisobi indicated that…