shay101:
He was probably saying Nigerians will loose 3m jobs every year we just didn't get it.

people mistake “Chains” for Change

brunofarad:
Its about to go down






Self employment is as sweet as heaven,
Am my own BOSS
Nobody sacks the BOSS.




Check my signature to know what am into

Capital nko.Bro,no be by mouth.

U can't compare a NEPA bill holder n a PHD holder anyday. Even if d phd holder is an idiot, he'll still manage ppl, get d best out of dem and think better dan d most intelligent nepa bill holder. Tsa is bandied by apc n her suporters as an achievement n gej as being too weak 4 not crazy-hastily implementing it. We seem to b ignorant of d difference btw weakness, slowness n calculativeness.

Blaming it on capital will always be an excuse till you figure how to think outside the box....


I started with N0.00


FACT

Love Machine:
Capital nko.Bro,no be by mouth.

MrPresident1:
TSA has sucked life out of the banks, yet it is being bandied as an achievement. TSA has taken liquidity, the lifeblood that is pumped by the banks and which flows in the veins and arteries of our economy, TSA has taken it away. Liquidity that should flow through banks is warehoused in CBN vaults. Nigerian banks are stressed.

Everywhere in the world, government money is a source of vital liquidity into the economy so consumers can buy goods which will further stimulate production, or importation. This is not the case with Nigeria, TSA has mopped the money, and as far as I know, despite the signing of the budget in May, capital votes have not been released to MDAs., so no money anywhere.

The Nigerian economy is being programmed to die, which explains this government's first year of COMPLETE INACTIVITY(except lies and propaganda). The economy would have died much earlier but its resilience and complexity was underestimated. If you cannot see the pattern yet, I am sorry for you, you are wilfully blind. TSA, Delayed ministers, delayed budget, delayed release of budgetted capital allocations, nothing absolutely nothing is going on in health, power, agriculture etc.

Repent and seek God, these are end times.

we warned against the abrupt implementation of the TSA then ,that is should be done in phases, Gej planned it to be done in phases but the dullard decided otherwise. Any it is all a matter of change

Amanwulu1:
U can't compare a NEPA bill holder n a PHD holder anyday. Even if d phd holder is an idiot, he'll still manage ppl, get d best out of dem and think better dan d most intelligent nepa bill holder. Tsa is bandied by apc n her suporters as an achievement n gej as being too weak 4 not crazy-hastily implementing it. We seem to b ignorant of d difference btw weakness, slowness n calculativeness.

God bless your soul!

mrvitalis:
The truth is our banks deserve what they are getting, our banks are like over bamperd babies., they all depended on government money in there banks
The banking sector should be the driving force for diversification of the economy, banks need to invest in Nigeria, sponsors projects with great potentials
Key into they youths, we have lots of ideas, ict, agriculture, transport, education, entertainment, fashion and so on, sponsor this ideas and at the end of the day we have a sound banking system that's unshakeable and a great economy

Ur case is a very serious case, am not sure, u manage a home. I think Ur parents still cater for u. Just my observation.

U really need to grow up mehn. U av never worked in a banking sector, so don't say wat u don't know.

socialmediaman:
Unfortunately it seems like i know economic structure and planning better than Nigeria's politicians. I think i'll do a better job than these politicians running our government. If you follow my posts, you would've seen this coming like i did a long time ago. https://www.nairaland.com/3076787/nigerian-banks-ready-changing-times#45158232

You guys should pay attention to the voices of wisdom. I'm not a prophet, i just have common sense and i think critically, i know how the world works and i can help to solve Nigeria's problems. Get me the president

The person you wanted to rule you is there, what are u saying again Oliver Twist.

Goddex:
[size=13pt]Eeyaa . . . and some of them where probably chanting "Sai Buhari" Sai Baba" during last election[/size]

Only the living can work and earn a living. If not for Sai Baba, Boko Haram would have killed you since and your remaining family members would be in IDP camp.

The path is rough, the decisions are tough, the conditions are severe, but we shall get there sooner than enemies, wailers and looters ever thought.

brunofarad:
Its about to go down







Self employment is as sweet as heaven,

Am my own BOSS

Nobody sacks the BOSS





Check my signature to know what am into

be running mouth you hear.

when you should go down on your knee and thank God everyday for where you are.

lekibraky:
It is the TSA policy that is reducing the profits of these Banks and not Buhari the they need to downsize now and go back to the drawing board to see what they can do to actually maximise profit in other to cover for the government free deposit they enjoyed over time.

No u r wrong, TSA helps to curtail leakages, but d last administration gave a 3years space and monitoring process of MDA's and Banks to cushion d after effect, so that both the MDA's and d banks don't crash as it is happening now. They were just 2years into it, but a dullard came on board, with his fellow dullards and rushed to implement it. That's why wat is happening now couple wiv d slow growth in economy, fall in oil price. Is the major reason for all these. This is the best explanation for this happening.
Thanks.

funkydislo:
Buhari is the cause but the MD didn't made mention of economy or Buhari?Those who read and comprehend the news,please tell us what's the reason behind those sacking?

You are daft like the dullard to say that-no wonder you're his supporter!

Omenka won't come near this thread

I wish God can answer Fayoshe's prayer for somebody to kpeme-God even if one person has to go for your children to survive,do it and take all the glory.IJN-amen!

Ecobank has never been a stable bank even in time of boom.

The biggest merger or absorption error in Nigeria Banking System is the Acquisition of Oceanic Bank by Eco. The frog eco has known no peace since it swallowed grasshoper Oceanic Bank.

Since 2010, former oceanic staff in Ecobank have been marginalised till date. they do not get promoted, they do not get job enrichment. they are not the first to merge, but their merger has never settled to anything good.

Today a couple of friends(former oceanic in eco) who will be 10 years in the system by September were sacked. I think its simply a ploy not to pay the legal disengagement amount for those who have done 10 years and above. Now this guys who have put in 9years and 9months will go home with one month salary in-lieu, probably 250-350k.

Its a sad situation in this country. It has nothing to do with Buhari or Goodluck, its the level of decadence in the system from ab initio which makes the grass suffer the rubbish caused by the elephant.

To all the guys who were affected in Skye Bank, Diamond Bank and Ecobank downsizing, keep your head up. i Know that feeling, i have been thru it( lost my job in oceanic Dec 2009), you will shine at some point. it wunt come easy, but you will shine.

onatisi:
we warned against the[b] abrupt implementation of the TSA[/b] then ,that is should be done in phases, Gej planned it to be done in phases but the dullard decided otherwise. Any it is all a matter of change

Doctor please cure the Cancer in phases or cure it once and for all (Choose which you prefer)... Please TSA is not the issue, but the fact that the banking model "as is" is not sustainable. We might have to swallow a whole lot of bitter pills, but we have no choice if we want to get this economy back on track. It is not about paying salaries to people who hardly do jack in their various offices because there is so much free funds... In Buhari's new economy, if you are not adding tangible value your days in the Corporate Establishment are as good as numbered!

PZ too joined the wagon yesterday by sacking 40% of its work force at the Ikorodu plant.

buksaylor001:
I wish God can answer Fayoshe's prayer for somebody to kpeme-God even if one person has to go for your children to survive,do it and take all the glory.IJN-amen!

Buhari must DIE in 2016.

1.
Intel to cut 12,000 jobs globally

April 19, 2016

Tech giant Intel will cut up to 12,000 people from its staff globally, or about 11% of its workforce, the company announced Tuesday.
As of the end of last year, Intel employed about 107,300 staff members.

Intel said most of the employees affected by the layoffs will be notified in the next 60 days, while some of the cuts may happen through mid-2017.

Intel ( , Tech30 ) is and has been the largest computer chipmaker in the world. The company bet heavily on the stability of the PC business years ago, and its microprocessors have dominated the PC industry.

But the company has failed to replicate that success across mobile devices that have now replaced traditional desktops and laptops.

Nearly 60% of Intel's sales and profits came from its microprocessor and chip business, which means that any changes to the PC business have a big impact on Intel's bottom line.

The company says it expects to save $750 million this year and $1.4 billion by the middle of next year from the job cuts and related expense reductions.

At the same time, Intel said it plans to invest more in "growing" areas of its business, such as convertible laptop-tablet devices, as well as gaming.

Intel also said it wants to invest more in its data center and Internet of Things businesses.

Shares of Intel were down about 3% on the report.

The company reported $13.7 billion in sales last quarter, up 7% from last year, and profits of $2 billion, up 3%.
Sales in Intel's microprocessor and chip division rose 2% to $7.5 billion over last year, but dipped 14% from last quarter.

The Internet of Things group reported 22% growth to $651 million, while the data center division logged a 9% increase to $4 billion.

money.cnn.com/2016/04/19/technology/intel-layoffs/index.html
..............


2.
Defaults hit highest level since '09 bust

2 days ago

Get ready to step over some landmines, investors. The number of companies defaulting on their debt is hitting levels not seen since the financial crisis, and it's not just a problem for bondholders.

So far this year, 46 companies have defaulted on their debt, the highest level since 2009, according to S&P Ratings Services. Five companies defaulted this week, based on the latest data available from S&P Ratings Services. That includes New Jersey-based specialty chemical company Vertellus Specialties and Ohio-based iron ore producer Cliffs Natural. Of the world's defaults this year, 37 are of companies based in the U.S.

Meanwhile, coal producer Peabody Energy (BTU) and surfwear seller
Pacific Sunwear (PSUN) this week filed plans for bankruptcy protection. Shares of Peabody have dropped 97% over the past year to $2 a share and Pacific Sunwear stock is off 98% to 4 cents a share.

The implosion of oil prices is the top reason for the rise in defaults as it makes it harder for energy companies to repay debt. The Federal Reserve's decision to hike short-term interest rates last year along with slowing global growth are also putting pressure on companies' ability to service their debt.

Defaults are clearly an issue for bondholders, since these events mean they no longer receive payments on money lent to these companies. But the situations can be brutal for stock investors, too, as restructuring after a default can leave shares essentially worthless as the bondholders often become the new owners of the company. The rise of defaults hold several lessons for stock investors, including:

* Beware speculating on energy stocks.

Brave investors have been trying to call a bottom in energy companies' profits for several quarters now. But the sector's pain continues as interest payments get all that more onerous given the massive drop in energy prices. Of the 46 global defaults this year, 13 are in the oil and gas sector, says Diane Vazza, head of global fixed income research at S&P Ratings Services. The surge in defaults is largely "fallout from multi-year lows in commodity prices," she says. Energy profits keep falling. Energy sector profits are expected to drop another 107% in the first quarter of 2016 - even worse than the 55% drop in the first quarter of 2015, says S&P Global Market Intelligence.

* Cut losses. "It will come back" are famous last words for investors. When investing in individual stocks, especially some that could be even remotely flirting with default, it's best to cut losses short. Investors in coal producer Peabody Energy defaulted on March 18, leading to the company to file for bankruptcy protection in April. Don't think it's just a problem for investors holding the company's debt. Stock investors watched $1.3 billion in shareholder wealth burn up in just a year as the stock dropped from $73 a share to roughly $2 a share now. Had investors cut their losses at 10% of what they paid, they could have avoided this catastrophe.

* Mind companies on the bubble.
Companies don't usually just default without warning. Ratings agencies routinely rate companies' credit worthiness and sound an alarm when the financials deteriorate. S&P Ratings keeps a list of the companies with the very lowest credit ratings at risk of a downgrade. The number of such "Weakest Links" jumped to 242 in March from 235 in February.

.............


3.
Boeing is cutting 4,000 jobs
by Chris Isidore and Robert Mclean

March 30, 2016

Boeing has announced it will cut 4,000 jobs to reduce costs as it battles rival Airbus and softer demand for aircraft.

The aircraft maker said it should be able to achieve the job reductions, equal to about 2% of its worldwide staff, through normal attrition, voluntary buyouts and leaving open positions unfilled.

"We'll only use involuntary layoffs as a last resort," said spokesman Doug Adler.

Last month the company announced a plan to save money by cutting non-labor spending, supply chain costs and staffing levels.

Boeing also said it would cut deliveries by about 20 commercial jets in 2016, although it said that reduction was due to a transition from the 737, its best selling jet, to the 737 MAX, a new version of that plane.

It has also slashed production of some of its other older models, including the 777 and the iconic 747 .

Boeing has been trimming staff for several years, including 13,000 jobs since the end of 2012, according to company filings. It had 161,400 jobs at the end of last year.

Shares of Boeing ( ) are down 9% so far this year.

money.cnn.com/2016/03/30/news/companies/boeing-job-cuts/index.html

....................

4.

Cheap oil hits Middle East budgets: We can no longer 'provide for everything'

March 17, 2016

Oil's dramatic price fall has sent shock waves through many Middle Eastern economies.

Generous fuel and food subsidies have been slashed, new taxes introduced, and social benefits axed.
The years when oil cost $100 a barrel and generated $1 trillion in export revenues are gone, and the oil-rich Gulf nations and their people are being forced to accept a new reality.

Here are some of the painful measures they've introduced:

Kuwait

Kuwait enjoys one the world's lowest oil production costs. The country also boasts one of the oldest sovereign wealth funds.
Still, the collapse in crude prices is forcing Kuwait to think the unthinkable: tax company profits.
The plan for a corporate tax rate of 10% follows a move by all Gulf states to roll out a 5% sales tax during 2018.

"The fact that Kuwait is going down the taxation route for corporates is a very different form of ... revenue generation," said Monica Malik, chief economist for Abu Dhabi Commercial Bank.

United Arab Emirates
The UAE was the first Gulf country to target fuel subsidies when it introduced market pricing for petrol last summer.

Robin Mills, CEO of oil consultancy Qamar Energy, said the move triggered a domino effect. "Once one country feels able to take the step of removing subsidies as the UAE did in this case and that seems to go okay, then other countries get some confidence in following them," said Mills.

All six countries in the region are now cutting subsidies, raising prices at the pump and the cost of water and power.

Saudi Arabia

Ratings agency Moody's downgraded its outlook for the Saudi banking system on Wednesday.
It highlighted Saudi Arabia's 14% reduction in public spending this year as a key factor behind the move.
The region's largest oil producer has already introduced deep spending cuts , cut subsidies, and even slashed its foreign
scholarship program .

Qatar

Qatar is expected to run its first budget deficit in 15 years in 2016. The host of the 2022 World Cup has built up a huge sovereign wealth fund and so is better protected than some of its neighbors.

But even Qatar has had to make cuts. The ruler of the country, Sheikh Tamim bin Hamad al-Thani, was quoted by a state news agency as saying the government could no longer "provide for everything."

It has raised prices of petrol by up to 35%, pushed up water and electricity prices, and ordered state-owned institutions to reduce spending.
According to some, these cuts also led to the closure of the Al Jazeera America news channel.

Bahrain

Bahrain raised petrol prices for the first time in more than 30 years in January, and cut subsidies on energy. Last October, the government also cut subsidies on meat, which led to a doubling in the price of beef and chicken.

Bahrain's government announced a wide-ranging reform program earlier this year, saying the country needs to diversify and cut spending.

Oman

Oman has also hiked the price of fuel, and announced an increase in corporate income tax to 15% from 12%.

money.cnn.com/2016/03/17/news/economy/oil-crash-middle-east-budgets/index.html


So shall we blame Buhari for all these?

[b]It will be a miracle if buhari achieves the following by 2019.
1,Make a dollar equal to N202
2,Restore power supply to 5,000MW
3,Fuel back to N86.50
4,Rice back to N8,000/bag
5,Inflation down to single digit
6,Make our economy the 3rd fastest developing in the world(currently less than 15th in africa)
7,Restore about 3million jobs lost in the last 1year

In other words,it will be a miracle for buhari to get things back to how Gej handed it over to him

Nigerians are no longer asking that Buhari makes a dollar equal to a naira as he promised,
Nigerians are no longer asking that he stabilizes the price of the crude oil in the international market (I still laugh)
Nigerians are no longer asking that he bring fuel to N40/litre.
Nigerians are no longer asking for free meal daily for school children.
Nigerians are no longer asking that he pays N5000 monthly allowance to unemployed graduates(newsflash:they've increased by 3million)
Nigerians now know that he couldn't wipe out bokoharam in 3months.
Nigerians now know that he couldn't find the chibok girls in 6weeks(after wining, he looked their parents in the face and told them that he doesn't know where their kids are).
Nigerians are now asking that he returned everything to how they were handed to him before the next election and quietly get away from there by 2019[/b]

It will be a miracle if buhari achieves the following by 2019.
1,Make a dollar equal to N202
2,Restore power supply to 5,000MW
3,Fuel back to N86.50
4,Rice back to N8,000/bag
5,Inflation down to single digit
6,Make our economy the 3rd fastest developing in the world(currently less than 15th in africa)
7,Restore about 3million jobs lost in the last 1year

In other words,it will be a miracle for buhari to get things back to how Gej handed it over to him

Nigerians are no longer asking that Buhari makes a dollar equal to a naira as he promised,
Nigerians are no longer asking that he stabilizes the price of the crude oil in the international market (I still laugh)
Nigerians are no longer asking that he bring fuel to N40/litre.
Nigerians are no longer asking for free meal daily for school children.
Nigerians are no longer asking that he pays N5000 monthly allowance to unemployed graduates(newsflash:they've increased by 3million)
Nigerians now know that he couldn't wipe out bokoharam in 3months.
Nigerians now know that he couldn't find the chibok girls in 6weeks(after wining, he looked their parents in the face and told them that he doesn't know where their kids are).
Nigerians are now asking that he returned everything to how they were handed to him before the next election and quietly get away from there by 2019[/b]

Barclays is dumping Africa after 100 years

March 1, 2016

Barclays is going back to basics after posting an annual loss of £394 million ($550 million).

The bank has announced plans to scale back heavily in Africa and slash dividend payments as it continues a broader retrenchment designed to boost capital levels.

The rethink is being executed by former J.P. Morgan ( ) banker Jes Staley, who became Barclays CEO three months ago . In a statement, Staley said the strategy would build on Barclay's strength in London and New York, the "two financial centers of the world."

The bank will have two divisions in future. One will serve U.K. personal and business customers; the second will be a "transatlantic business" focused on international corporate and investment banking.

Barclays ( ) has operated in Africa for more than 100 years, and Staley described the decision to sell down its stake in Barclays Africa Group ( ) as "very difficult." He said the move, to be made over two to three years, will allow the bank to reduce headcount by around 40,000 and become a simpler organization.
Related: Barclays new CEO made $388,000 in his first month
Barclays will also exit its banking businesses in Egypt and Zimbabwe, which are operated separately.

It's not clear how quickly Barclays will be able to unload its Africa assets, given slower global growth and the collapse in commodity prices.

But Ashish Thakkar, who founded African bank Atlas Mara with ex-Barclays CEO Bob Diamond, signaled his interest.

"This is obviously just too big to ignore, we have said in the past we are looking at organic and inorganic growth," Thakkar told CNNMoney.
Atlas Mara CEO John Vitalo is another former Barclays banker, and the bank has been buying assets across Africa, including in Mozambique, Zambia and Tanzania.

An Atlas Mara source said: "They're seriously looking into this opportunity. It's a no brainer."
Related: South Africa's wine industry is booming
Diamond left the bank after an interest rate-rigging scandal that cost it billions in fines. He was replaced by Antony Jenkins, who was ousted in July 2015 after just three years.

Jenkins had been pushing through a massive overhaul, which included big job cuts.

The bank's loss for 2015 was wider than analysts had anticipated. Barclays shares dropped 10% after the announcement. Investors have pushed the stock down by 25% this year, and 35% over the past six months.

In another setback, the bank revealed it is cooperating with U.S. investigators who are probing the bank's hiring practices in Asia.

The U.S. Department of the and Securities and Exchange Commission is known to be conducting a wider investigation into whether banks hired the children of influential politicians in order to win business.

money.cnn.com/2016/03/01/investing/barclays-africa/index.html

Blame Buhari for this.

China plans to cut 1.8 million coal and steel jobs

February 29, 2016

China's workers are starting to feel the pain of the global commodities bust.

The Chinese government said Monday it was planning to shed 1.8 million coal and steel jobs in an effort to reduce excess capacity.
Some 1.3 million jobs will be lost in the coal sector, and 500,000 in the steel industry.

"Although this is a very difficult task, in every respect, it is something that we must actively work to accomplish," said Yin Weimin, China's top human resources and social security official. Yin did not say when the jobs would go.

The cuts represent about 20% and 11% of China's coal and steel jobs, respectively, according to IHS Insight.

China's slowdown has triggered a rout in global commodities. For years, China pumped up its economy by building infrastructure and factories, fueling huge demand for coal and steel.

But the world's second-largest economy is now posting its weakest growth in 25 years, prompting those industries to cut back on investment and jobs around the globe. Now, the layoffs are also hitting China.

Chinese companies have been accused of selling unwanted steel on world markets for less than it costs to produce and export, suffocating local rivals. A month ago, Europe slapped anti-dumping tariffs on Chinese steel imports in an attempt to save thousands of jobs.

In addition to tackling overcapacity, China's announcement could represent a small step towards reforming its large state-owned companies, which are notorious for inefficiency and wasteful spending.
The government in Beijing has described these companies as "zombies" and made cleaning them up one of its priorities -- but so far little obvious action has been taken.
It has to tread carefully, however, given a growing number of incidents of labor unrest in recent years.

"More aggressive layoffs or more generous compensation would require additional funding," said IHS Insight China economist Brian Jackson.

In a move that could ease the pain of the steel and coal cuts, the Chinese government has earmarked 100 billion yuan ($15.3 billion) over the next two years for unemployment relief, offering training and job placement services.

money.cnn.com/2016/02/29/news/economy/china-steel-coal-jobs/index.html

join millions of nigerians on NIGERIA WORKERS FORUM and get the latest happenings, job opportunities, new friends in the working sector and whole lots of more.
https://mobile./1773327466232968?refid=27

Was this the 3 million jobs we were promised during election? A Lot of people are lossing their job daily. God help up in the country oh.

More headlines:

Schlumberger-reports cut 25,000 jobs

The company cut 25,000 jobs during the year, or 20% of its workforce. Revenue was down 27%, and profit plunged 41%.
money.cnn.com/2016/02/19/news/companies/schlumberger-ceo-pay-oil-jobs/
....................


U.S. oil bankruptcies spike 379%

February 11, 2016

Bankruptcy filings are flying in the American oil patch.

At least 67 U.S. oil and natural gas companies filed for bankruptcy in 2015, according to consulting firm Gavin/Solmonese.

That represents a 379% spike from the previous year when oil prices were substantially higher.

With oil prices crashing further in recent weeks, five more energy gas producers succumbed to bankruptcy in the first five weeks of this year, according to Houston law firm Haynes and Boone.

money.cnn.com/2016/02/11/investing/oil-prices-bankruptcies-spike/index.html
...................


Maersk Profit Plunges as Oil, Container Units Both Suffer

Shipping Industry Sounding the Alarm on Global Growth

February 2016
A.P. Moeller-Maersk A/S reported an 84 percent plunge in 2015 profit after its oil unit was hit by lower energy prices and its container division got squeezed between sluggish trade growth and overcapacity. The shares fell the most in almost a year.

Maersk said net income was $791 million last year compared with $5.02 billion in 2014. That compares with a median estimate of $3.7 billion in a Bloomberg survey of 16 analysts. The result includes a writedown in the value of Maersk’s oil assets by $2.6 billion, the Copenhagen-based company said.

“Given our expectation that the oil price will remain at a low level for a longer period, we have impaired the value of a number of Maersk Oil’s assets,” Chief Executive Officer Nils Smedegaard Andersen said in the statement. “We will continue to strengthen the Group’s position through strong operational performance and growth investments.”

Maersk shares dropped as much as 9.4 percent, the most since March 31. The stock traded 8.2 percent lower to 7,495 kroner as of 9:14 am in Copenhagen, bringing this year’s drop to 16 percent.

In October, Maersk started cost cut programs for both of its two biggest units to address what analysts have described as a perfect storm for the conglomerate, which historically has found support from positive market conditions for at least one the two divisions.

If the Chrysler Building could float, its size would rival that of the Morten Maersk , one of the largest cargo ships ever built.

Maersk said Wednesday that 2016’s underlying profit will be “significantly below” last year’s $3.1 billion. That guidance is “weak,” Alexander Koefoed, a credit analyst at Nordea, said in a note.

The Maersk Line unit’s profit will also be “significantly below” 2015’s level, which was $1.3 billion, the company said. Maersk Oil will report a loss this year. The unit currently breaks even when oil prices are in a range of $45 to $55 a barrel, Maersk said.
Before it's here, it's on the Bloomberg Terminal.
Source: blooberg
...............

"It's worse than 2008"... Maersk cries out.
................................

Shipping industry faces worse storm than after financial crisis, warns Maersk boss

Shipping industry giant Maersk reports profit collapse as weak global trade and oil price crash act as anchor on results

10 Feb 2016

The shipping industry is in crisis with sector giant AP Moeller-Maersk reporting plunging profits and its boss saying conditions are now tougher than after the global financial crash.

The Danish-based business reported that annual profts had collapsed, falling 84pc after its oil unit was hit by lower energy prices and its container division battles anaemic growth in global trade and overcapacity in the market.

"It is worse than in 2008," said Nils Anderson, chief executive, speaking to the Financial Times. "The oil price is as low as its lowest point in 2008-2009 and has stayed there for a long time and doesn't look like going up soon.

"Freight rates are lower. The external conditions are much worse but we are better prepared."

Maersk posted net income of $791m last year, against $5.02bn in 2014, sending its shares down almost 4pc after the results came in far below the $3.7bn analysts had been expecting. The performance was dragged down by a $2.6bn writedown on the value of Maersk's oil assets.

www.telegraph.co.uk/finance/12149539/Maersk-profit-plunges-as-its-oil-and-container-units-both-suffer.html






[b]Buhari must be responsible for global financial crisis. [/b]

More headlines:

Yahoo lays off 15% of staff after posting a massive loss

February 2, 2016
money.cnn.com/2016/02/02/technology/yahoo-earnings-layoffs/index.html
..........


BP to cut 7,000 jobs after posting huge loss

February 2, 2016

money.cnn.com/2016/02/02/news/companies/bp-loss-jobs/index.html
.........

* ' Oil and gas companies have laid off some 250,000 workers worldwide, according to industry consultants, Graves & Co.:

* The amount of debt issued to the shale oil industry over the years is anywhere between $500 billion and $1 trillion, according to various estimates. Banks are likely to end up with bad debts on their books again. Problems will come to the fore once the big companies start defaulting.'

* ' At this point, it’s not likely a question of ‘if’, or even ‘when’, the next financial crisis will hit. It’s more likely just a question of how big it will be.'

Oil Crash Only The Tip Of The Iceberg

25 January 2016


oilprice.com/Energy/Energy-General/Oil-Crash-Only-The-Tip-Of-The-Iceberg.html









So after all the news that I submitted here today, people would still think the financial problems are from Buhari, rather than a global financial crisis. We are not even talking about Venezuela which has completely melt down and people queue hours just to receive one meal a day. People are looting to get food. Water is scares and it is rationed, so people steal it from swimming pools. This was the richest country in South America few years ago. Far richer than Nigeria, but they were crippled by low oil price and corruption. I think President Buhari is a Blessing to us.

Avalon316:
What is going on?

These guys that live lavishly? It's only in Nigeria that you will see a young guy with a salary of 250k driving a car worth 2.5m . That's too much for someone with that kind of pay. No savings for the rainy day.

Please how is that too much? 2.5m is the price range of good cars that can serve. You expect him to buy headaches of a car or keep trekking for Buhari after having worked for a good number of years? In fact must u comment on a thread?!!