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Business News Brief – August 12, 2015

12
Aug

PUNCH

Senate seeks abolition of fixed electricity charges

The Senate on Tuesday directed the National Electricity Regulatory Commission to abolish the monthly fixed charges being collected from electricity consumers by the distribution companies.[Read More…]

Reps summon CBN gov over dollar deposits

The House of Representatives on Tuesday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, over the apex bank’s decision to bar deposit banks from accepting cash dollar deposits.[Read More…]

Naira drops to 224 as dollar demand rises

The naira dropped against the dollar at the parallel market on Tuesday driven by demand mainly from individuals travelling abroad for summer holidays and importers, traders said.[Read More…]

MAN meets CBN on new forex guidelines

The Manufacturers Association of Nigeria on Tuesday said despite its acceptance of some of the new guidelines provided by the Central Bank of Nigeria on foreign exchange, there were key areas that required the bank’s consideration.[Read More…]

Buhari fires MDs of NNPC subsidiaries

President Muhammadu Buhari on Tuesday evening fired the managing directors of the subsidiaries of the Nigerian National Petroleum Corporation and retired 38 top management staff of the firm, trimming down their number from 122 to 83.[Read More…]

VANGUARD

CBN faults banks on ATM cash withdrawal limits

The Central Bank of Nigeria, CBN, yesterday disagreed with the restructuring some banks have effected in their debit card, otherwise known as Automatic Teller Machine (ATM) services as well as some measures they introduced on foreign cash and e-payment transactions this week.[Read More…]

Bank of Industry launches N1bn for fashion industry

The Bank of Industry (BoI), on Tuesday in Lagos launched N1billion for the fast-growing fashion industry in the country.[Read More…]

THISDAY

House Queries N610m Appropriation for Dormant Commission

The House of Representatives on Tuesday raised questions about the over N610 million budgetary appropriation to Hydro Power Producing Areas Development Commission (HYPADEC) in the last five years, even though the body is yet to take off.[Read More…]

Complaint Bureau: NAICOM Facilitates Payment of N540m Claims

The National Insurance Commission (NAICOM) said it successfully resolved 34 complaints from the public arising from disputes over delayed or non-settlement of genuine insurance claims in the first half of 2015.[Read More…]

TUC: Proposed VAT Hike will Raise Poverty Level

The Trade Union Congress of Nigeria (TUC) on Tuesday kicked against the proposed plan by the federal government to raise the rate of value-added tax (VAT) from 5 to 10 per cent to shore up revenue.[Read More…]

FAO Food Price Index Hits Lowest Level in Six Years

Prices for major food commodities in July hit their lowest average monthly level since September 2009 as sharp drops in the prices of dairy products and vegetable oils more than offset some increases for those of sugar and cereals. Meat prices, meanwhile, remained stable.[Read More…]

THE NATION

Forex restrictions grow foreign reserves to $2.5b

Foreign exchange reserves rose by $2.5 billion last month to hit $31.5 billion.Head of Markets, FBN Capital, Olubunmi Ashaolu, in a report, attributed the increased earnings to the introduction of the Central Bank of Nigeria’s (CBN’s)  forex restrictions policy.[Read More…]

THE GUARDIAN

Eko disco reengineers, to procure 140,000 new meters

EKO Electricity Distribution Plc (EKEDP) has announced a corporate restructuring plan, which will maximally boost electricity distribution mandate to the public.[Read More…]

DAILY INDEPENDENT

Fuel Scarcity: IPMAN Wants70% PMS Allocation To Members

Independent Marketers Association of Nigeria (IPMAN) on Tuesday asked the Pipelines and Products Marketing Company (PPMC) to increase allocation of petroleum products to its members from 50 to 70 percent of daily supply.[Read More…]

REUTERS

Global stocks, yields tumble after China pushes yuan lower again

Markets around the world fell for a second day on Wednesday, with stocks, the dollar and emerging market currencies all under pressure after China pushed the yuan lower again overnight, boosting the appeal of top-rated government bonds.[Read More…]

Greece rolls over 3-month T-bills, yield steady

Greece sold 1.14 billion euros ($1.26 billion) of three-month T-bills on Wednesday to refinance a maturing issue, keeping its public finances afloat as parliament is expected to convene this week to vote on a new international bailout.[Read More…]

BLOOMBERG

Gold Advances on Yuan Depreciation as Investors See Haven Buying

Gold climbed after China’s devaluation spurred demand for haven assets. Yuan-denominated bullion in Shanghai headed for the biggest two-day gain in four years.[Read More…]

 

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