The International Monetary Fund (IMF) says emerging markets have over-borrowed over $3 trillion in debt, thus posing the greatest risks to the global economy amid a fifth straight year of slowing growth.
“We estimate that there is up to $3 trillion in over-borrowing in emerging markets,” Jose Vinals, a top IMF official, said in presenting the body’s Global Financial Stability report at its Annual Meetings in Lima, Peru.
Nigerian companies must ensure that they have robust, automated payroll systems and processes in place so that they can more easily comply with the demands of an increasingly tough tax regime in the country.
In today’s corporate environment, three key ingredients are necessary for any organisation to remain relevant and profitable: Ability to engage the client; dynamism, and flexibility. Very few organisations have exhibited these traits over the past two decades more than Fidelity Bank Plc.
The recent refresh of Fidelity Bank’s corporate identity, the latest in its 27-year history, speaks to these important traits and the need to remain relevant in the world of corporate giants.
Access Bank Plc, a full-service commercial bank operating in Nigeria, Sub-Saharan Africa and the UK, has released its audited results for the first half ended 30 June 2015, showing positive growth in financial indices.The Group recorded a strong performance in the first six months of the year, re-asserting its capacity and resolve to deliver strong returns in spite of a tighter operating environment.
The African financial services industry is rapidly evolving as a result of advancing technology which is fueling innovation and growth in the sector.
While the sector is mature in most developed countries, it is less saturated in Africa, therefore offering many opportunities for new market entrants to challenge the status quo of how business has traditionally been conducted.
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to consider probing the loan portfolios of banks to determine if the rising cases of non-performing loans or loan defaults are due to shady practices in loan approvals by the banks.
Modern society has been hugely impacted by the advent of the internet. The internet has truly become an essential component of varied socio-economic activities.
The use of internet has brought fundamental change to the way businesses are coordinated and managed. Public Relation as a professional discipline is one major field that has been revolutionalised by the internet.
ZTE says that it has signed a deal with Japan’s SoftBank to collaborate on research and development on pre 5G networks technology.
Under the MOU, the two companies will cooperate on R&D, evaluation and verification of mobile communications solutions based on ZTE’s Pre5G technology, including Massive MIMO (multiple input multiple output).
Mr. Moses Tule, Director of Monetary Policy, Central Bank of Nigeria (CBN) has stoutly defended the recent restrictions placed on forex by the apex bank, saying it is a move to stem gradual erosion of value of the Naira.
The CBN had placed a ban on importers of certain commodities from accessing foreign exchange from the forex window. Tule was a guest speaker at a Forum organised by the Lagos Chamber of Commerce and Industry (LCCI) that sought to bring together the regulator and the private sector to discuss urgent and topical issues that have implications for the economy.
Financial exclusion remains a major constraint for women, particularly in developing countries. More than one billion women still do not use or have access to the financial system, according to the World Bank Group’s latest Global Findex Report.
IFC has estimated that worldwide, a $300 billion gap in financing exists for formal, women-owned small businesses, and more than 70 percent of women-owned small and medium enterprises have inadequate or no access to financial services.
There is need for Nigeria to seriously rethink her Forex policy to spur investment and quicker economic recovery. At the same time, the country recorded growth of only 3.96% y/y in Q1, 2015, down from 5.9% in Q4-2014, according to Razia Khan, Economist at Standard Chartered Bank, London.
She said Nigeria’s oil sector contracted by 8% y/y in Q1, following growth of 1% in the previous quarter. “Decelerating growth was seen across most sectors in Q1, with the exception of crop production. Q2 growth may be slower still, reflecting a slowdown in activity around the elections, and the transition to a new government.”
Retail banks (including thrifts and credit unions) in the U.S. will spend nearly $16.6 billion on hardware, software, services, and internal IT staff in order to develop and implement digital transformation initiatives in 2015.
And this spending on digital transformation will grow at an average CAGR of 10.4% into 2019, according to recent IDC Financial Insights spending models. This compares to an overall IT spend growth of 3.9% for U.S. banks. A new report from IDC Financial Insights, “The Cost of Digital
Transformation in US Banking: The Critical Technology Investments in 2015 and Beyond,” outlines how much money is being invested by U.S. banks in digital transformation, where those investments are going, and where IDC Financial Insights believes the growth will be the strongest in digital transformation investment.
Nigerian banks have limited k n o w l e d g e and understanding of oil and gas business, thus making it difficult for financial institutions in the country to tailor the right financing model for operators in that sector of the economy.
That was a crucial point from the Nigeria Oil & Gas (NOG) 2015 communiqué issued over the weekend According to the communiqué, the restricted lending capacity of indigenous banks and rate disadvantage cannot compare to various money lenders elsewhere while poor credit rating also affect money lenders’ ability to support indigenous companies operating in oil and gas business.
The Nigerian Stock Exchange (NSE) will unveil the composition of new market indices on Wednesday, July 1, 2015.
This follows the results of the bi-annual review for The NSE 30 and the five sectoral indices of The Exchange – The NSE Banking, The NSE Consumer Goods, The NSE Oil & Gas, The NSE Industrial and The NSE Insurance.
The Nigerian bourse began publishing The NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.
The sectoral indices comprise of the top 10 most capitalised and liquid companies in the Banking, Insurance and Food/Beverage & Tobacco (now Consumer Goods) sectors and the top five most capitalised and liquid companies in the Oil & Gas (Petroleum Marketing) sector.