A shallow recession is on the way, strategists warn
A shallow recession in the U.S. is a “virtual certainty” in the third quarter, according to Destination Wealth Management’s Michael Yoshikami, as the Federal Reserve launches a historic attack on inflation. The Fed on Wednesday announced a 75 basis point hike to interest rates, its largest since 1994. Chairman Jerome
Shareholders of Dangote Cement okay N20 dividend payout
Shareholders of Dangote Cement Plc yesterday, unanimously approved a dividend of N20 per share to every investor of the company for the 2021 financial year. The amount paid is a 25 per cent increase from N16 declared in the corresponding period in 2020. Speaking at the 13th yearly general meeting
Mercedes recalls almost 1m cars over faulty brakes
German carmaker Mercedes-Benz is recalling almost 1m older vehicles from around the world because of potential problems with their braking system. Over the weekend, the company said it will contact owners of the vehicles as their brakes may be affected by what it called “advanced corrosion”. The recall affects a
Access Bank reiterates funding for SMEs
Nigeria’s top financial lender, Access Bank has pledged to fund entrepreneurs and create market access for small businesses by putting them in the right community. Speaking during a conversation with customers in the micro, small and medium scale category, Deputy Managing Director, Victor Etuokwu, said the bank remained resolute in
New ICAN president pledges collaboration with stakeholders
The Institute of Chartered Accountant of Nigeria, ICAN, has elected its 58th president, Tijani Isa. His investiture took place in Lagos and was witnessed by the governors of Lagos State and Jigawa State, the Minister of Education, Adamu Adamu, sister professional bodies, the academic community, and other relevant stakeholders. In
Experts warn Nigeria as World Bank predicts global recession
Economic and financial experts have warned that Nigeria could face serious economic consequences if the global economy contracts into a recession, as predicted by the World Bank. The President of the World Bank Group, David Malpass, told a United States business event on Wednesday that it was difficult to “see
3 takeaways from Dollar General, Dollar Tree earnings that sent stocks soaring
Shares of Dollar General and Dollar Tree popped Thursday, as the discounters beat Wall Street’s quarterly earnings expectations, raised outlooks for the coming year and spoke of consumers flocking to lower prices during inflationary times. Dollar General shares rose 13.71% to close at $222.13 on Thursday. Dollar Tree shares jumped
Environment: NEITI moves to hold oil companies, miners accountable
The Nigeria Extractive Industries Transparency Initiatives, NEITI, yesterday took the first step to compel petroleum and mining companies to report on the impact of their operations on the local environment across the country. Speaking at a national stakeholders’ validation workshop on the development of frameworks for environmental impact and gender
Dangote lists 7 points to stimulate investment, stabilize downstream sector
DANGOTE Refinery, an indigenous refining company, yesterday, listed seven points, capable of enabling Nigeria to stimulate investment and stability in the downstream sector. The seven points included increased private sector enterprise, competitive investment regime, government policy shift, fuel subsidy elimination, introduction of calibrated fuel taxation, reduction of interest rates to
FIRS explains Nigeria’s rejection of OECD tax agreement
The Federal Inland Revenue Service (FIRS) has stated that Nigeria refused to endorse the Organization for Economic Cooperation and Development (OECD) Minimum Corporate Tax Agreement because it does not serve the overall interest of the country. Executive Chairman of FIRS, Mohammad Nami gave this explanation at the recent tax conference