Cartier Partner Alibaba On China’s Online Luxury Market

Cartier Partner Alibaba On China’s Online Luxury Market

The partnership will feature offerings of Yoox Net-a-Porter Group (YNAP), the online retailer now fully-owned by Switzerland’s Richemont, to Chinese consumers, the companies said. YNAP and Alibaba, China’s biggest e-commerce player, will launch mobile apps in the country for the multi-brand Net-a-Porter store and men’s fashion specialist Mr Porter under a joint venture. Chinese consumers make up a third of all luxury goods purchases globally, and while many still snap up expensive watches, jewelry and clothes on overseas trips, shoppers are increasingly spending at home, encouraged in part by an…

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UK’s RBS Bank Sets Aside $128 Million For Brexit Uncertainty

UK’s RBS Bank Sets Aside $128 Million For Brexit Uncertainty

The provision means RBS is concerned that its customers might become less able to pay their debts when Britain leaves the European Union in five months’ time. While HSBC put aside $245 million at its half-year results to account for greater economic uncertainty, RBS is the first big UK bank to link the move to Brexit. CEO Ross McEwan said RBS was taking into account the possibility of more negative outcomes from the Brexit negotiations, under new accounting standards that require banks to be better prepared for possible future losses….

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GLOBAL LNG Prices Drops To 2 Month Low 

GLOBAL LNG Prices Drops To 2 Month Low 

High freight rates are also weighing on Asian demand, with deliveries of LNG heading to northwest Europe instead. December spot LNG  fell to $10.20 per million British thermal units (mmBtu), the lowest since Aug. 10. Bids and offers were far apart, while the price spread between December and January was estimated at about $1 per mmBtu. Illustrating the tepid demand, a fleet of half-a-dozen tankers carrying unsold LNG has been floating in Singapore and Malaysian waters for up to two weeks, traders said this week. The ships are carrying a…

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Heineken Declares 4.4% Rise Q3 Global sales

Heineken Declares 4.4% Rise Q3 Global sales

Dutch brewing giant Heineken on Wednesday toasted 4.4 percent growth in global beer sales for the third quarter after a warm European summer and strong performances in Brazil, Mexico, South Africa and Vietnam. The world’s number two brewer also reported an 8.0 percent increase in net profit for the first nine months to 1.6 billion euros ($1.83 billion). “Volume growth continued in the third quarter, benefitting from good weather in Europe and strong growth in Brazil, Mexico, Vietnam and South Africa,” Heineken chief executive Jean-Francois van Boxmeer said in a…

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Huawei Signs MoU With FG On ICT Training

Huawei Signs MoU With FG On ICT Training

The Federal Government on Thursday signed a Memorandum of Understanding with Hauwei Technologies Nigeria Limited for the training of 1,000 civil servants in Information and Communication Technology. According to the Secretary to the Government of the Federation, Boss Mustapha, who signed on behalf of the government in Abuja, the training targets officers who are below 55 years of age. He said the programme supports the area of automation of government’s processes and bureaucratic procedures and would make them more efficient by implementing an enterprise content management solution. Mustapha stated, “This…

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FG Owes Power Companies N38 Billion

FG Owes Power Companies N38 Billion

Minister of Power, Works and Housing, Babatunde Fashola Electricity generation companies under the aegis of the Association of Power Generation Companies have said they have not been paid since June for power produced, sold and put on the national grid. The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from the Gencos through the Power Purchase Agreement and sells to the distribution companies, which then supply it to the consumers. The Executive Secretary, APGC, the umbrella body for the Gencos, Dr Joy Ogaji, told our correspondent in an…

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FG, States, LGs Get N698.7 Billion FAAC Allocation

FG, States, LGs Get N698.7 Billion FAAC Allocation

The Federation Account Allocation Committee on Thursday night distributed N698.71bn to the three tiers of government as September allocation. The amount represents a decline of N43.13bn over the N741.84bn shared in August. The amount was shared at the FAAC meeting, which was presided over by the Minister of Finance, Mrs Zainab Ahmed. A breakdown of the amount showed that after deducting the cost of collection to the revenue generating agencies, the Federal Government got N300.1bn; the states, N184.43bn; while the Local Government Councils got N139bn. The committee also allocated the…

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Reps Panel Calls For Capital Oil Take-Over

Reps Panel Calls For Capital Oil Take-Over

A sub-committee of the House of Representatives on Capital Market and Institutions on Thursday asked the Securities and Exchange Commission to take over Capital Oil Plc for allegedly defrauding shareholders of more than N5bn. The committee, which is chaired by a lawmaker from Lagos State, Mr Tony Nwulu, is investigating the level of compliance with operational and regulatory requirements by publicly-quoted companies in the country. Speaking at the committee’s hearing at the National Assembly in Abuja, Nwulu said the panel had information detailing “shocking revelations” on how successive management teams…

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NBC’s  Digital Broadcasting Project Gathers Steam

NBC’s  Digital Broadcasting Project Gathers Steam

Malam Is’haq Modibbo Kawu, Director-General of the National Broadcasting Commission (NBC), said that the commission had completed work on digital mapping of the entire country.Kawu made the disclosure at the 12th Afro-centric Biennial Conference and Exhibition of African Broadcasters organised by NBC, in Abuja. The theme of the three-day conference is “the Dynamics of Broadcasting in the Digital Era.”He also said that NBC would map out the population centres that could facilitate access to most television homes.He said that it would be easier to work out a very realistic rate…

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Lionel Messi’s Buyout Clause Is $289 Million

Lionel Messi’s Buyout Clause Is $289 Million

Lionel Messi may have been a soccer phenomenon from a young age, but it wasn’t an easy journey. Messi was diagnosed with a growth hormone deficiency as a child, and was saved by his athletic abilities; his potential led FC Barcelona to sign him at just 13 and pay for his growth hormone treatment. Barcelona’s decision paid off, and Messi was able to reach his potential. Now in his 30s, Lionel Messi has developed into one of the greatest forwards of all time. His Barcelona teams have won La Liga…

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