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Business
Amazon to recruit 100,000 as coronavirus expands online orders
Amazon.com Inc said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their…
BREAKING: CBN asks banks to restructure loan terms, cuts interest rate to 5%
The Central Bank of Nigeria (CBN) has directed all deposit money banks in the country to restructure loan terms and tenors to households and businesses affected by the…
First Bank in merger talks with local, foreign banks
First Bank Plc may have opened merger talks with some other Nigerian and foreign banks ahead of the banking industry recapitalisation plan of the Central Bank of Nigeria. The bank said similar to other Nigerian banks, it would…
Dollar crunch? Zenith Bank adopts 2015 strategy, sets withdrawal limit
Zenith Bank has sent a notice to its customers that their naira cards now have an international withdrawal limit of $1,000 a month. The bank also said daily limits for withdrawals outside Nigeria have…
Naira regains strength, trades at N370/$
The naira regained strength against the dollar on Yesterday to exchange at N370/$. This is compared to the N400/$ traded on Thursday and N375/$ traded on Wednesday. TheCable had reported that there was…
The Billionaires and The Guru: How a Family Burned Through $2 Billion
Along the river Beas in North India sits a sprawling spiritual commune that’s somewhere between a traditional ashram and a Florida gated community. There’s a grand meeting hall with tiered spires and pearl domes, but also tract housing and…
DEAL: Reports suggest Zenith Bank given green light to acquire Union Bank
Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc. Nairametrics got wind of this from a reliable source. We…
Naira improves as dollar sells for N380
The naira traded between N364 and N380 to a dollar on Friday at the Bureau De Change segment of the market, recording an improvement over its previous exchange rates earlier in the week. On Thursday, the naira exchanged between…
Bill Gates steps down from Microsoft board to focus on philanthropy
Microsoft co-founder Bill Gates is stepping down from the company's board to spend more time on philanthropic activities. He says he wants to focus on global health…
CBN goes hard on BDC operators, issues various fines
The Central Bank of Nigeria (CBN) is coming hard on Bureau De Change (BDC) operators over various infractions in the foreign exchange market. Over 100 BDC operators were fined N5 million…
Market unfavourable for Naira devaluation – CBN
The Central Bank of Nigeria (CBN) says market fundamentals do not support Naira devaluation this time around. The CBN made this known in a statement by the bank’s Director, Corporate Communications, Mr Isaac Okorafor in Abuja on…
N5b debt: Ecobank moves to sell Oba Akinruntan’s Abuja hotel
These are not the best of times for Oba Fredrick Akinruntan, the Olugbo Of Ùgbó Kingdom in Ilaje, Ondo State, as the High Court of the Federal Capital Territory (FCT), Jabi, Abuja, will on…
VAT still 5% for contracts signed before February 1 – FG
The federal government says the old 5% value-added tax (VAT) should be used for contracts signed before February 1. Garba Shehu, senior special assistant, media and publicity to the president, told journalists in Abuja on Wednesday…
Panic buying: Dollar ‘becomes scarce’ in Lagos, Abuja as naira hits 375
Bureaux de Change operators in the country have begun to experience dollar scarcity as market speculators have begun to stock up their dollar reserves. Checks by TheCable on Wednesday showed that…
Open market price of petrol crashes to N114.53 per litre – PPPRA
The Petroleum Products Pricing Regulatory Agency (PPPRA) said the Open Market price of Premium Motor Spirit( PMS) also known as petrol, in the Nigerian market has dropped to N114.53…
Dangote loses N240b in five hours to coronavirus
Africa’s richest man Aliko Dangote on Wednesday lost more than N240 billion in five hours as the effect of the coronavirus bit harder on the Stock Exchange.…
Africa’s Richest Man to Add Oil to Expanding Business Empire
Aliko Dangote, Africa’s richest man, will begin oil production from two assets he snapped up from Royal Dutch Shell Plc in July, adding a new source of income to a fast expanding business empire that includes cement, flour and sugar…
Saudi leads Gulf as oil prices rebound
Stock markets in the energy-rich Gulf states made a strong rebound in opening trade Tuesday, led by the Saudi bourse which jumped 5.6 percent, as oil prices bounced after heavy losses. Energy giant Aramco, which dominates the Saudi…
Nigeria stands tall amidst the global market chaos
2019 was packed with uncertainty thanks to persistent trade drama, global growth fears and volatile oil prices. Unfavourable global economic conditions left no prisoners…
Port Congestion: NPA Moves to Take over APM Operations
Barring any last-minute development, the Nigerian Ports Authority (NPA) will this week take over the operations of AP Moller Terminals (APMT) after the expiration of the 30-day ultimatum given to…
Coronavirus: £130bn wiped off FTSE 100 in minutes
The FTSE 100 has seen more than £130bn wiped from the value of its constituent companies within minutes, in a renewed coronavirus-linked sell-off. The…
Updated: Oil prices fall to $31 in wake of Saudi price war
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a…
Owners of unoccupied buildings will soon pay taxes – FCT
The federal capital territory administration (FCTA) says it has concluded plans to collect taxes on unoccupied buildings in the territory. Dele Yaro, leader of the FCT ministerial joint…
Nigerians shun PoS transactions over charges
THE volume of electronic payment transactions through Point of Sale (PoS) terminals dropped by 4.83 billion in one month. It dipped from 46.13 billion…