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BUSINESS NEWS BRIEF – OCTOBER 26, 2015

26
Oct

PUNCH

FG shops for N40bn to complete Ajaokuta rail
Eighteen years after construction work commenced on the 276-kilometre standard gauge rail line linking Warri in Delta State to Ajaokuta, Kogi State, the project has not been delivered to the Federal Government.[Read More…]

THISDAY

Forex Curbs: CBN Moves to Ease Importers’ Plight
In a bid to ease the burden of importers that had made commitments to their partners abroad before the June 23, 2015 circular that restricted access to forex for 41 items, the Central Bank of Nigeria (CBN) has stated that Letters of Credit established before the date of the circular can now be paid from the interbank forex market.[Read More…]

TSA: CBN Fines FirstBank, UBA N4.82bn for Concealing NNPC Funds
In line with its threat to sanction commercial banks that failed to comply with the federal government’s directive on the remittance of government revenue to the treasury single account (TSA), the Central Bank of Nigeria (CBN) last Friday fined First Bank of Nigeria Limited (FirstBank) and United Bank for Africa (UBA) Plc the sum of N4.819 billion.[Read More…]

THE NATION

Nigeria gets EU’s deadline on banned agric produce
The European Union (EU) has given Nigeria up to June next year to get her acts together and imporve the standards of agricultural produce exported overseas. This is sequel to the EU Food Quality Agency’s ban of six food items produced in the country. The ban covers items such as beans, sesame seed, melon seeds, palm oil, bush meat and dried fish.[Read More…]

120m Nigerians not covered by social security, says Trust Fund
Over 120 million Nigerians living below the poverty line and working in the informal sector of the  are not covered by any form of social security as practised in several developed countries, the Nigeria Social Insurance Trust Fund (NSITF) has said.[Read More…]

TRIBUNE

ABCON faults use of BVN for forex transactions
Association of Bureaux De Change Operators of Nigeria (ABCON) has faulted the decision of the Central Bank of Nigeria (CBN) to make the Bank Verification Number (BVN) mandatory requirement for foreign exchange transactions.[Read More…]

REUTERS

Yellen, consensus-builder, needs to send strong signal at Fed meet
Federal Reserve Chair Janet Yellen, praised as an adept listener and consensus builder, may need to adopt a stronger tone at this week’s policy meeting if she expects to keep a December interest rate rise in play.[Read More…]

Some U.S. bond funds bet on high-yield survivors of oil carnage
High-yield energy bonds are on track for their worst year since the global financial crisis yet some funds are holding on, convinced that markets underestimate the ability of many oil companies to ride out the crude price slump.[Read More…]

BLOOMBERG

Asian Stocks Extend Global Rally After China Adds to Stimulus
Asian stocks pared gains, while the Australian dollar strengthened after China cut interest rates and lenders’ reserve requirements on Friday. The U.S. dollar slipped against major peers after capping its longest winning streak since January.[Read More…]

Bank of Japan Stepping Up Bond Buying Pace With or Without Stimulus Shift
The Bank of Japan will be stepping up its unprecedented bond purchases, whether it expands its stimulus program or not this week.[Read More…]

fake richard mille
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