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Oil holds below $60 as OPEC, Russia keep pumping

Business & Economy

Dec 18, 2014

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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ISPS code compliance up by 38% i

Business & Economy

Dec 18, 2014

NWADINAMUO AUGUSTINE

The Nigerian Maritime Administration and Safety Agency (NIMASA) has revealed that over 38 per cent of the 129 port facilities in the country are now fully compliant with the International Ships and Port Facility Security (ISPS) code.
Director-General of NIMASA, Mr. Ziakede Patrick Akpobolokemi who disclosed this while speaking at a press Conference held in Lagos stated that this comprised of all the major ports in the country.

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U.S. oil reserves surpasses Nigeria

Business & Economy

Dec 18, 2014

U.S. crude oil and lease condensate proved reserves has increased for the fifth consecutive year in 2013, increasing by nine per cent from the 2012 level to 36.5 billion barrels, according to the U.S. Crude Oil and Natural Gas Proved Reserves, 2013 report released by the U.S. Energy Information Administration (EIA),

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Govt to revoke licences of Idle oil blocks

Business & Economy

Dec 18, 2014

The Federal Government has threatened to withdraw the licences of non-performing marginal blocks by March 2015.
The Director, Department of Petroleum Resources (DPR), George Osahan, said at the one-day marginal field sensitization for stakeholders, in Lagos that the department would target the licences of the defaulting operators at the expiration of the deadline.

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Electronic identity to raise financial inclusion by 70%

Business & Economy

Dec 18, 2014

STAN OKENWA

The divisional president, Sub-Saharan Africa at MasterCard, Daniel Lanre Monehin has said that the successful completion of the National electronic Identity Card (eID) will result in about 70% of Nigerians originally excluded in the nation’s financial sphere be included with ease.

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FG reduces colateral value for MSME loans to 50%

Business & Economy

Dec 18, 2014

STAN OKENWA

Considering the poor access to the N220bn intervention fund for the Micro, Small and Medium Enterprises (MSME) sector, the Federal Government last week unveiled plans to relax the collateral conditions attached by the Central Bank of Nigeria (CBN) for banks to access the N220bn intervention fund.

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Wall Street climbs after 3day drop

Business & Economy

Dec 18, 2014

U.S. stocks rose on Wednesday on the heels of a three-session losing streak and ahead of the U.S. Federal Reserve’s final statement of the year that may set the stage for interest rate hikes in 2015.

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World to end year in brittle economic state

Business & Economy

Dec 18, 2014

The global economy is ending the year in a fragile state with factory activity shrinking in China, euro zone business growth remaining weak, and emerging market giant Russia in a spiraling currency crisis.
“These are uncertain times again and there is a risk of another global downturn,” said Stephen Webster, chief European economist at 4CAST.

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China’s industrial activity shrinks

Business & Economy

Dec 18, 2014

Activity in China’s factory sector contracted in December for the first time in seven months, the latest in a string of weak economic indicators that will intensify calls for more stimulus measures to head off a hard landing.
The flash HSBC/Markit manufacturing purchasing managers’ index(PMI) fell to 49.5 in December from November’s final reading of 50.0 and below the 50.0 forecast by analysts.

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Standard Chartered to sell Hong Kong consumer business

Business & Economy

Dec 18, 2014

Standard Chartered has agreed to sell its Hong Kong-based consumer finance business to a consortium that includes Pepper Australia Pty Ltd and a Chinese group, in a deal estimated between $600 million to $700 million, two people with knowledge of the deal said.
The deal, which is expected to be announced later on Tuesday, comes after the UK-listed bank had entered into advanced talks with Pepper in September, Reuters had reported earlier.

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