Venezuela Looks To Asia, Europe To Fund Hard Currency Transactions

Venezuela Looks To Asia, Europe To Fund Hard Currency Transactions

  Venezuela is seeking to open bank accounts in Asia and Europe to carry out hard currency transactions, Economy Vice President Tareck El Aissami said on Tuesday, as the OPEC nation seeks to overcome U.S. sanctions that have hurt its foreign commerce.Hyperinflation-stricken Venezuela is in its fifth year of recession, prompting a surge in emigration that has overwhelmed its South American neighbors.President Nicolas Maduro frequently blames a U.S. “economic war” for Venezuela’s chronic shortages of food, medicine and other basic goods. Critics attribute the crisis to Maduro’s policies, including a…

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U.S. Crude Rallies Upwards On Account Of Saudi Tensions

U.S. Crude Rallies Upwards On Account Of Saudi Tensions

U.S. Crude Rallies Upwards On Account Of Saudi Tensions, Stockpiles Oil prices edged up on Thursday, steadying after a big drop overnight due to a jump in U.S. crude stockpiles and supported by ongoing tensions over the death of a prominent Saudi journalist. U.S. West Texas Intermediate crude for October delivery was up 17 cents, or 0.2 percent, at $69.92 a barrel by 0031 GMT, after falling 3 percent in the previous session to settle below $70 for the first time in a month. Front-month London Brent crude for December…

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Minimum Wage: PENGASSAN Calls For Urgent Resolution

Minimum Wage: PENGASSAN Calls For Urgent Resolution

The Petroleum and Natural Gas Senior Staff Association of Nigeria is demanding urgent resolution of differences associated with the new minimum wage for public workers across the country before the full commencement of electioneering both at the federal and state levels. According to PENGASSAN, the federal and state governments, organised private sector and other stakeholders should immediately resolve the impasse regarding the new minimum wage before the political campaigns begin in November. The association’s National President, Francis Johnson, disclosed this while speaking on the planned 40th anniversary celebration of the…

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Over 70% Of Gas Powered Plants Are Idle

Over 70% Of Gas Powered Plants Are Idle

Seventeen gas-fired power plants in the country have been struggling to utilise up to 30 per cent of their combined installed generation capacity, our correspondent has gathered. The nation generates most of its electricity from gas-fired power plants, while output from hydro power plants makes up the rest. But electricity generation from gas power plants has declined, with Shiroro hydro power plants producing the highest amount of electricity in recent days. Total power generation stood at 3,398.4MW as of 6am on Tuesday, out of which 1,187MW was produced by the…

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Nigeria’s External Reserves Loses $1.02 Billion In 2 Weeks

Nigeria’s External Reserves Loses $1.02 Billion In 2 Weeks

The nation’s foreign exchange reserves have dropped to a seven-month low, losing $1.02bn in the 13 days to Monday, latest data from the Central Bank of Nigeria showed on Wednesday. The external reserves, which stood at $44.30bn on September 28, fell from $44.02bn on October 2 to $43bn on October 15. The reserves, which rose to a high of $47.865bn on May 10, have dropped by $4.86bn in five months. As of March 5, the reserves stood at $43.12bn, up from $42.75bn on March 2, according to the CBN data….

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Senate Calls For Suspension Of Monthly ATM Card Maintenance Fee By Deposit Money Banks

Senate Calls For Suspension Of Monthly ATM Card Maintenance Fee By Deposit Money Banks

The Senate has condemned Deposit Money Banks over excessive and illegal charges imposed on their customers. While resolving to investigate the charges by commercial banks, the Senate asked the Central Bank of Nigeria to suspend the monthly Automated Teller Machine card maintenance fee imposed on users. These were some of the resolutions reached by the lawmakers at the plenary on Wednesday, while adopting a motion moved by Senator Gbenga Ashafa, entitled, ‘Illicit and Excessive Charges by Nigerian Banks on Customers’ Accounts with Particular Focus on ATM Maintenance and Withdrawal Charges’….

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Lafarge Posts N72 Billion Net Profit

Lafarge Posts N72 Billion Net Profit

Lafarge Africa Plc has recorded net sales of N72bn for the third quarter of 2018 and N234bn for the nine-month period ended September 30, 2018. The firm, in its third quarter financial report, which was made available to the Nigerian Stock Exchange on Wednesday, said the Q3 revenue was an increase of five per cent over that of the same periods in 2017. The firm said its positive performance in Q3 was mainly driven by strong volume growth in Nigeria and favourable pricing trends in South Africa. It said its…

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Budget: FEC Approves $2.9bn Eurobond Issuance

Budget: FEC Approves $2.9bn Eurobond Issuance

The Federal Executive Council on Wednesday approved the issuance of $2.9bn and other securities in Eurobond from the international capital market. The Minister of Finance, Zainab Ahmed, disclosed this to State House correspondents at the end of the weekly meeting of the council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. Ahmed said the Eurobond provided for in the 2018 Appropriation Act was meant to finance capital projects of the budget. She added that N374.618m was also approved as payment for the transaction partners. She said, “Today…

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