COMFORT EKELEME
Having successfully paid 100 per cent of the acquisition, Skye Bank on Friday took full control of Mainstreet Bank Limited after a completion meeting where Asset Management Corporate of Nigeria (AMCON), divested its interest and transferred full ownership of the Bridge Bank to Skye Bank.
The bank also affirmed that it has equally received regulatory clearance as the new owner Mianstreet Bank, one of the bridged banks.
The first set of the Dangote Cement bags, the 3x Premium, will hit the Cameroun market in January 2015, the management of the company has said.
Conducting the Cameroonian media round the 1.5 million metric tonnes per annum capacity plant in Douala, the General Manager of the Plant, Engineer Baba Abdullahi said the plant was already being test run and full production would start next month.
The French firm Alstom SA has pleaded guilty and will pay $772 million in criminal penalties to settle charges with the U.S. Justice Department alleging the company bribed government officials to win business around the world.
The settlement announced by the Justice Department on Monday marks the largest-ever criminal fine levied by the United States against a company for violations of foreign bribery laws.
New European Union rules are needed to supervise crowdfunding and protect investors who face significant risks from the evolving sector, the bloc’s markets watchdog said.
Crowdfunding, often hosted on online platforms such as Crowdcube, Funding Circle and Kickstarter, allows individuals and small businesses to raise finance from pools of investors who put money into peer-to-peer schemes or securities such as unlisted shares.
Jaguar Land Rover is recalling 1,571 Jaguar XJ luxury sedans in the United States for a possible braking issue, according to documents posted by U.S. safety regulators.
Jaguar Land Rover, a unit of Tata Motors Ltd, said certain XJ cars from model years 2014 and 2015 may have underbody brake pipes that were not tightened to specification, which can lead to a loss of mechanical integrity of the braking system and extended brake pedal travel and reduced braking performance, according to documents filed with the U.S. National Highway Traffic Safety Administration.
Deutsche Bank AG will review its strategy and profit targets next year and may sell its Postbank-branded retail unit, in a major reversal as a hoped-for turnaround in profitability slips out of reach.
The bank said it would update strategic targets in 2015 as its three-year-old plan came to an end, heralding an overhaul of the roadmap that aimed to make it Europe’s last investment bank with a global footprint.
Ugo Amadi
The Director-General, Bureau of Public Enterprises (BPE), Benjamin Ezra Dikki, has declared that Nigeria needs $113 billion investment to fix infrastructure in three critical sectors of the economy. He listed the sectors to include oil and gas, power, roads and rail sectors over the next six years
He made the declaration while making speaking at the annual general meeting of Manufacturers Association of Nigeria (MAN).
UFOMBA UZUEGBU ,Ast News Editor, STAN OKENWA AND COMFORT EKELEME
.Experts say $65 benchmark realistic
.Labour demand lower fuel pump price
Despite the foreseen negative impact of the persisting drop in crude oil price on the Nigerian economy, industry watchers have continued to support Federal Government’s resolve to benchmark the 2015 national budget on $65 per barrel of crude oil.
COMFORT EKELEME with Agency report
As the falling oil price continued, the naira plunged to a record low on yesterday, despite efforts by the Central Bank of Nigeria (CBN) to stem the currency’s decline, as oil prices continued to fall.
The naira slumped to an all-time low against the U.S. dollar Wednesday, pummeled by the tumbling price of oil, rendering the central bank’s staunch efforts to stem the decline ineffective.
Brent crude oil traded below $60 a barrel yesterday, near 5-1/2-year lows, as major oil producers signaled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.
This came as Nigeria insists on oil benchmark of $65 per barrel for the N4.3 trillion 2015 budget which was presented to the National Assembly yesterday by the Minister of Finance and Coordinating Minister of Economy Dr (Mrs.) Ngozi Okonjo-Iweala.
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