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BUSINESS NEWS BRIEF – Thursday, June 16th, 2016

16
Jun

 

PUNCH

Nigeria’s foreign debt rises by $7.18bn in 10 years
Ten years after Nigeria’s historic exit from the Paris Club of Creditors, the country’s external debt balance has climbed to $10.72bn, up from $3.54bn, investigation has shown.The Federal Government had between 2005 and April 2007 paid over $15bn to exit from both the Paris Club and London Club of Creditors after receiving a write-off of about $18bn from the former.[Read More…]

Firm plans to add 500MW to national grid
The Obijackson Group has said its subsidiary, Century Power, is looking to add 500 megawatts to the nation’s power grid.The Group Managing Director, Obijackson Group, Dr. Ernest Obiejesi-Azudialu, disclosed this in a statement from the firm.[Read More…]

FBN Merchant Bank records N3.8bn PBT
FBN Merchant Bank Limited, the merchant banking subsidiary of FBN Holdings Plc recorded a profit before tax of N3.851bn for the year ended December 31, 2015.[Read More…]

US imports of Nigerian oil rise by 558%
imports of Nigerian crude oil by the United States grew significantly in the first three months of the year, after plunging to record lows in recent years on the back of the US shale oil boom.The US imports of Nigerian crude, which has come under pressure since the start of the decline in global oil prices, rose by 577.8 per cent to 26.3 million barrels in the first quarter of 2016, compared to 3.88 million barrels in the same period last year, latest data from the Nigerian National Petroleum Corporation showed.[Read More…]

IPMAN, Star Synergy sign five-year supply deal
The Independent Petroleum Marketers Association of Nigeria has signed a five-year throughput and trading agreement with Star Synergy Petroleum Services Limited.The agreement involved the storage and supply of petrol, diesel, kerosene and aviation fuel across Nigeria, Star Synergy said in a statement.[Read More…]

Marketers tackle Kachikwu over fuel pump price
Oil marketers under the aegis of the Association of Mega Filling Station Owners of Nigeria have threatened to stop dispensing Premium Motor Spirit, also called petrol, accusing the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, of creating price disparity in the market.[Read More…]

NSE reviews composition of market indices
The Nigerian Stock Exchange has announced the expected review of the NSE 30, and the six sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices.[Read More…]

Renewable power installations hit record in 2015
A record 147 GW of renewable generating capacity was installed worldwide in 2015, according to REN21’s Renewables Global Status Report published Wednesday.Renewable heat capacity increased by 38 GW (thermal), according to Platts.[Read More…]

ACPML procures new facilities to improve port environment
African Circle Pollution Management Limited says it has procured new specialised garbage trucks and mini oil spill response stores to improve the operational environment at the ports..[Read More…]

Dangote Cement appoints Ufot as director
Dangote Cement Plc has announced the appointment of Mrs. Dorothy Ufot, SAN, as an independent non-executive director.[Read More…]

DAILY TRUST

FEC approves new debt management strategy
The Federal Executive Council (FEC) met yesterday and approved the 2016-2019 Debt Management Strategy.Briefing State House reporters after the meeting chaired by Acting President Yemi Osinbajo, Finance Minister Kemi Adeosun said since the previous debt strategy expired last December, a new one was needed.[Read More…]

FG to borrow more from foreign market
The Federal G+overnment will borrow more abroad in foreign currencies than domestically, to take advantage of lower interest rates and to allow local banks to lend to small businesses, the country’s finance minister said on Wednesday.[Read More…]

60 MDAs to share N280bn for capital projects
The Federal Government said that about 60 ministries, departments and agencies would benefit from the N280 billion released for the implementation of capital projects captured in the 2016 budget.The Minister of State for Budget and National Planning, Hajiya Zainab Ahmed, said the names of 60 ministries, departments and agencies (MDAs) have been sent to the Federal Ministry of Finance for approval.[Read More…]

THISDAY

Livestock Feeds Prepares to Raise N2bn to Boost Operations
Livestock Feeds Plc has commenced the process of raising additional capital to boost its operations. Shareholders of the company had last year approved that about N2 billion should be raised through a rights issue.[Read More…]

THE NATION

NNPC, PPMC, NAPIMS owe NIMASA $3.78b
The Nigerian National Petroleum Corporation (NNPC),  the Pipeline Products Marketing Company (PPMC) and the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the NNPC are jointly owing the Nigerian Maritime Administration and Safety Agency (NIMASA)  $3.78 billion, the House of Representatives has said.[Read More…]

S/Africa’s Petrocam to build refinery in Nigeria
The list of International Oil Companies (IOCs) wishing to build refineries in Nigeria has swollen with the latest interest coming from Petrocam, a South African-based oil firm.The company, which is known in crude oil trading in Africa and beyond, said its decision was borne out of the need to explore opportunities in crude oil processing in Nigeria.[Read More…]

THE GUARDIAN

Government signs N25b contract to aid school feeding
As part of preparations for the takeoff of proposed free feeding for school children, the Federal Government has signed a N25 billion contract with Tuns Farms to facilitate egg production in the country.Minister of Agriculture and Rural Development, Audu Ogbeh disclosed this yesterday.[Read More…]

REUTERS

European stocks, oil slide as growth fears add to Brexit pressure
European stocks fell while oil prices headed for a sixth session of declines on Thursday after the Bank of Japan refrained from taking further stimulus steps, hours after the Federal Reserve struck a cautious note on its policy outlook.[Read More…]

BLOOMBERG

Stocks Slide With Oil as Yen Jumps on BOJ’s Inaction; Gold Gains
Stocks slumped with oil and industrial metals after central bank meetings in the U.S. and Japan spurred concern the global economy is losing momentum. The yen soared after the Bank of Japan refrained from easing monetary policy, rallying with gold and sovereign bonds.[Read More…]

fake richard mille
There are not many functions of richard mille replica, except for the basic time display, there is only a very powerful tourbillon function. Its time display function has only two hands, hour and minute hands. Although it cannot display the time accurately to the second, it has a good effect on the overall style of the watch. The diameter of the tourbillon is 10.90 mm, and its position is just in the mouth of the skull. It can be said that the position is very classic. When the watch is working, the tourbillon is spinning fast in the skull's mouth, faintly visible through the gaps of the cage-shaped teeth made of rose gold, giving people not only a mechanical beauty but also an indescribable feeling. It can be said that it is a kind of awe of death, or it is a shock of immortal imagery. In short, let go of your thinking, on this fast-moving tourbillon, your thoughts have no end. This watch also uses a back-through design. The movement of the movement and the operation of the tourbillon can also be seen through the back of the watch. This watch is also known as a fine product in terms of machinery.
The latest and best quality materials in today's watch field are used in conjunction with precious metals to make it surrounded by a luxurious and noble aura when it is born. The detailed processing of each screw and each plane is a manifestation of its high quality. It perfectly combines the unconventional skull design with the tourbillon technology that Richard Mille is famous for. It gives people visual enjoyment and brings us thinking about the ultimate problem of life, which is evocative. endless. Coupled with a movement that has applied many advanced technologies to show the beauty of machinery in front of people, its performance is beyond doubt!