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In France, thousands of retirees protest Macron tax hike

PARIS (AP) — Thousands of French retirees are protesting across the country over a tax hike on their pensions. Nine unions called on retired workers to demonstrate Thursday against the centrist government's plans to freeze pensions and increase taxes. The tax hike has been in effect since January and has impacted some eight million retirees. (1 of 6) A retired woman holds a placard which reads "pensioners no longer want to be taken for milk cows" during a rally in Paris, France, Thursday, June 14, 2018. Thousands of retired…

This Week: Oracle results; May home sales; Philly Fed survey

A look at some of the key business events and economic indicators upcoming this week: SEEKING OUT THE ORACLE Silicon Valley software giant Oracle will report its fourth-quarter results on Tuesday. Oracle makes database-intensive software platforms for large companies, and is the second-largest software developer in the world behind Microsoft. Analysts expect Oracle to report a profit of 94 cents a share, according to FactSet. (1 of 1) A "sale pending" sign is posted outside a home in East Derry, N.H. Investors will get a…

MARKETS EU trade commissioner says trade liberalization has momentum

CANBERRA, Australia (AP) — Trade liberalization continues to have global momentum despite recent U.S. tariffs on steel and aluminum imports, the European trade commissioner said Monday as she launched free trade negotiations between the European Union and Australia. (1 of 3) European Trade Commissioner Cecilia Malmstrom speaks during a joint press conference with Australian Prime Minister Malcolm Turnbull at Parliament House in Canberra, Australia, Monday, June 18, 2018. Trade liberalization continues to have global momentum…

Union Bank posts N15.5b profit before tax

UNION Bank of Nigeria Plc has reported a profit before tax (PBT) of N15.5 billion on gross earnings of N163.8 billion for the financial year ended December 31, 2017. Chairman of the bank, Mr. Cyril Odu, presented the bank’s group’s report to shareholders at the 49th Annual General Meeting (AGM) in Abuja. Other highlights of the bank’s financial performance in 2017 showed that interest income grew by 25 percent to N124.5 billion from N99.7 billion in 2016, as a result of the impact of naira devaluation on the foreign currency…

Operating a Domiciliary Account

A DOMICILIARY   account is a bank account where you can receive or send money in foreign currencies such as the dollar, pounds, euro. You can open a domiciliary account in any Nigerian bank and operate it while abroad or within the country with your MasterCard or internet banking. A domiciliary account (Dom account) is operated using a single foreign currency. However, it is possible to have different domiciliary account for different currencies. In other words, you can have a Dom account in dollars, another one in euro and…

CBN to resume liquidity mop up as N425bn hit interbank

THE Central Bank of Nigeria (CBN) is expected to resume its liquidity mop up operations this week in response to inflow of N424.9 billion into the interbank money market. Last week the apex bank suspended liquidity mop up by withholding Open Market Operation (OMO) treasury bills, though it conducted sale of Primary Market (fresh) treasury bills worth N180.9 billion. The market received inflow of N424.9 billion from matured treasury bills (TBs) on Thursday comprising N180.9 billion worth of matured OMO bills and N244 billion…

Heritage Bank reiterates commitment to innovative banking services

Heritage Bank Plc  has said it is committed to innovative banking services through its transparent MasterCard. Head of Corporate Communications of the bank, Mr. Fela Ibidapo disclosed this in a statement over the weekend, remarking, “that is the philosophy behind the bank’s e-payment offerings. According to him, there is more to e-payment than Nigerian banking customers are currently enjoying, adding that they are determined to take Nigerians to new heights of e-payment services that deliver unparalleled convenience and…

UBA extends LEO to customers across Africa

United Bank for Africa (UBA) has unveiled an electronic-banking platform called LEO in Cameroon, Zambia, Cote D’Ivoire, Senegal and Congo in a bid to ease banking transactions for its customers  across Africa. Leo, according to the lender, has been very active in Nigeria by delivering lifestyle and quality banking through the Facebook Messenger chat platform. The product, according to the bank, is incorporated with certain features such as artificial intelligence personality which include addressing any type of banking…

Brands leverage World Cup for visibility, patronage

VARIOUS Nigerian brands are locked in fierce supremacy battle for more market share and visibility leveraging on the opportunity provided by the 2018 FIFA World Cup holding in Russia from tomorrow to July 15th. This is reflected in the creative marketing campaigns and product rebranding by producers, Stadium tours and branding, aimed at extending reach ahead of the competition. Russia-2018-World-Cup Among other things, the producers are adopting and unveiling some players participating in the World Cup as brand ambassadors.…

Four manufacturers intensify competition for deep fryer market

FOUR electronic and home appliances manufacturers have stepped up efforts to increase their share of the Deep Fryer segment of the home appliances market. The manufacturers are  Mikachi, Life’s Good, LG, Samsung and Panasonic. A deep fryer is a deep pan or pot with a basket. Deep frying is a cooking  method in which food is submerged in hot  fat,  most commonly  oil,  rather than the shallow oil used in conventional  frying, done in a  frying pan. In a bid to attract more patronage, the manufacturers have enhanced their…

Nigeria’s oil exports set for 2018 low in July

There are indications that Nigeria’s oil exports are expected to fall in July to just 1.43 million barrels per day (bpd), loading plans showed, the lowest level so far this year. Oil pipeline This is coming at a time Morocco and Nigeria signed a joint declaration in Rabat laying out the next steps for the completion of a gas pipeline deal that will be built onshore and offshore. The export plan comprised 48 cargoes, compared with 60 cargoes and a daily rate of 1.796 million bpd in June, due, in part, to an outage on…

ICAN, FG partner on forensic investigation of fraud cases

The Institute of Chartered Accountants of Nigeria, ICAN, has expressed interest to partner with the federal government on forensic investigation of fraud cases President of the Institute, Alhaji, Razak Jaiyeola, made disclosed in Lagos during his investiture as the 54th President of ICAN. Jaiyeola said that the institute, under his leadership, will be in the vanguard of the campaign on  value for money in the award, execution and monitoring of public projects, stating: “As part of our public interest mandate, we will also…

Sterling Bank’s Specta lends N2bn in 4 months

Specta, the on-line lending platform set up by Sterling Bank Plc four months ago, has advanced consumer loans worth N2.0 billion to salaried workers who are members of the lending platform’s pre-approved community. The loans were accessed in less than five minutes without human intervention by most of the beneficiaries. Commenting on this development, Mr Dapo Martins, Chief Marketing Officer, Sterling Bank, said “The market is responding positively to Specta because it is meeting the credit needs of the contemporary Nigerian…

Construction works begins on $12bn Azikel Refinery

THE construction of Nigeria’s $12 billion Azikel refinery has started at Obunagh Gbarain, Bayelsa state, thus raising hope for increased domestic petroleum products supply in the nation. Source: Vanguard’s Energy Database Investigations by Vanguard showed that the construction work was nearing completion in the Outside Battery Limit, OSBL which comprises roads, fencing, administrative buildings, the Inside Battery Limit, ISBL and technical components. In an interview with Vanguard, the Media Assistant to the Azikel Group…

Nigerian airline bags global recognition for best practices

Dana Air, one of the leading indigenous carriers, has been listed on the International Air Transport Association (IATA) Ground Operations Manual (IGOM) registry. The International Grounds Operations Manual (IGOM) registry is for companies and airlines who have demonstrated full compliance with internationally recognized standards for ground handling processes. The IATA Ground Operational Manual concept which was initiated by IATA, defines ground handling standards for airlines and ground service providers to ensure safe,…