₦airaland Forum

The dollar retreated against most major peers in Asian trade on Monday as investors cashed in after a Federal Reserve-fuelled surge last week, while equities were also lower on concerns about China-US tensions.

The losses tracked a decline on Wall Street after it emerged China had seized an unmanned US sea survey probe from international waters in the South China Sea.

Thursday’s move raised geopolitical concerns as Donald Trump prepares to enter the White House, having hit out at Beijing in recent weeks over several issues from Taiwan to trade.

Last week the dollar soared after the Fed raised borrowing costs and hinted at three more increases next year — surprising many who had priced in two — as it prepares for steeper price rises if Trump makes good on promises of tax cuts and big infrastructure spending.... read moe http://www.bookspen.com/23825-2/

Africa Reinsurance Corporation (Africa Re) is planning massive agriculture insurance with the federal government following its resolve to spread insurance across all spectrum of the country.

Chairman, Board of Directors, Africa Re, Mr. Hassan Boubrik disclosed this at the closing dinner of the 141st board meeting held in Abuja. He said efforts to increase the penetration of insurance in the country must be a collective one.

Boubrik who appreciated the contribution of the stakeholder of the reinsurer to the growth of Africa Re including African development bank, 41 African states, 108 insurance and reinsurance companies, among the shareholders of the group, called for unity to move the industry forward.... read more http://www.bookspen.com/africa-re-targets-massive-agric-insurance-fg/

Firms from the United Kingdom have revealed plans to invest over $1bn (about N305bn) in the transport sector of the Nigerian economy.

The investments, expected to come on stream within 18 months, are aimed at improving the operations of Nigeria’s maritime, railway and aviation industries, according to a report on a recent meeting between representatives of both governments.

The report of the meeting obtained by our correspondent on Sunday stated that the over $1bn planned projects were the fallout of an investment forum that took place in London on November 29, 2016, which was attended by representatives of both Nigeria and the UK.... read more http://www.bookspen.com/uk-invest-1bn-nigerias-transport-sector/

For the latest exchange rates, visit http://www.bookspen.com/23679-2/

Nintendo has launched Super Mario Run, its first game for iOS, and found itself worth $2bn (£1.6bn) less than when it started.

The game received huge amounts of hype for its combination of nostalgia and excitement, and as a signal that Nintendo might look to move more of its games off its less popular consoles. But it has already been hit by some backlash over its high price and a play-mode that only works if gamers have an internet connection.

Those concerns appear to have dragged down Nintendo’s share price, which fell by about 5 per cent in the wake of the release. That meant that the value of the company dropped by around $2bn... http://www.bookspen.com/23475-2/

Britain’s biggest energy company, Centrica, is facing calls for a boycott after it emerged a US subsidiary gave thousands of pounds to a think tank that promotes climate science denial – even though the company claims to be a “world leader” on action to address global warming.

A list of donors to the Texas Public Policy Foundation (TPPF), which was leaked to the Texas Observer, shows Direct Energy gave US$20,000 in 2010.

And Centrica, which owns British Gas, told environmental campaign group Greenpeace that it had continued to provide funding since then, although it did not provide further figures.

As the biggest electricity and gas supplier in the UK, serving about 11 million homes, Centrica’s business involves producing a large share of the country’s greenhouse gases. read more http://www.bookspen.com/uks-biggest-energy-supplier-faces-boycott-calls-climate-change-denier-links/

Even though setting up a business is an exciting new chapter in life, the first and most important step is to get the basics right, according to smallbusiness.co.uk.

Getting it right from the get-go sets the tone for any business meaning that earnings can be a lot higher and success can become a constant.

The first place to start putting things into place is the financials. If the numbers of a business are not managed properly, it may have a number of issues.

You don’t really need to be a maths wiz to successfully run a small business; all you need is a basic understanding of bookkeeping and finance.... read more http://www.bookspen.com/managing-small-business-accounts/

For today's exchange rates visit http://www.bookspen.com/22998-2/

On January 1, 2017, The Tony Elumelu Foundation will begin accepting applications for the third round of the TEF Entrepreneurship Programme targeting to reach its 10-year, $100 million commitment to training, mentoring and funding 10,000 African entrepreneurs.

The foundation says the application portal will be open until midnight (WAT), March 1, 2017. Entrepreneurs must complete the online application and selection is on a rolling basis, so early application is encouraged... read more http://www.bookspen.com/application-opens-3rd-tony-elumelu-foundation-entrepreneurship-programme/

The Moody’s Investor Service, an international economic and financial rating agency, on Tuesday endorsed the various policies deployed by the Federal Government to manage the nation’s economy to exit from the prevailing economic recession.

The rating agency in its explanation of the key drivers that informed Nigeria’s B1 rating asserted that the country’s medium term growth prospects remained robust despite the challenging environment.

It added that the government’s balance sheet remained strong relative to the unfavourable environment and temporarily elevated interest payments; while the authorities pursued their efforts to grow non-oil taxes... read more http://www.bookspen.com/moodys-endorses-fg-economic-policies/

Call it an online real estate platform, and you will be right. Although it neither lists houses nor parcels of land for sale, Studacom provides indispensable real estate services for Nigerian universities and polytechnics. Coined from two words – Student and Accommodation – Studacom.ng focuses specifically on students’ off-campus accommodation, providing the critical information about available off-campus accommodation for students affected by dearth of on-campus accommodation, thereby saving students the valuable time and energy that would have been dissipated searching for a place to live.... read more http://www.bookspen.com/22977-2/

Global oil benchmark, Brent crude, jumped above $57 per barrel on Monday after 11 non-members of the Organisation of Petroleum Exporting Countries, including Russia, agreed to cut their production by 558,000 barrels per day.

Brent, against which Nigeria’s oil is priced, soared to $57.89 a barrel, the highest since July 2015, before falling back to $56.13 as of 7.35pm Nigerian time.

The difference between the international benchmark and Nigeria’s budget benchmark of $38 for this year has now risen a little above $18 per barrel, a development that is expected to boost the accretion to the country’s Excess Crude Account.... read more http://www.bookspen.com/oil-jumps-18-month-high-output-deal/

The Nigerian Institute of Quantity Surveyors says it has joined a coalition of 100 property professional bodies worldwide, which make up the International Ethics Standards, to publish the first set of ethics and principles for those working in land, property, construction, infrastructure and related professions.

According to the institute, the IES coalition believes that creating a universally applicable set of ethics values will help assert the role of ethics and help ensure greater professionalism.

The President, NIQS, Mrs. Mercy Iyortyer, was quoted as saying in a statement that standards would help to streamline the actions and products of any industry, and that with the advent of the IES standards, clients and the public could be assured of higher level of professionalism by members of the coalition, which would bring improved clarity and transparency.... read more http://www.bookspen.com/niqs-ies-unveil-code-ethic-professionals/

Engineers and experts in assets maintenance and management have called for more investment in the sector in order to engender economic growth.

The Director, The Maintenance Institute, Africa, Mr. Jonathan David, stated at the first Africa maintenance and reliability conference, with the theme, ‘Propelling growth in Africa through maintenance and reliability excellence’, that for asset management to be successful, adequate maintenance of manpower and equipment needed to be put in place.

The Maintenance Planner, Lafarge Africa Plc, Mr. Tosin Ogunmola, said that the implementation of proper maintenance framework would eliminate high cost of rehabilitation or reconstruction.

“There is a need for a comprehensive infrastructure maintenance management system in order to have adequate value for investments in maintenance as provided for in the National Infrastructure Master Plan,” he said.... read more http://www.bookspen.com/stakeholders-call-investment-assets-maintenance/

Engineers and experts in assets maintenance and management have called for more investment in the sector in order to engender economic growth.

The Director, The Maintenance Institute, Africa, Mr. Jonathan David, stated at the first Africa maintenance and reliability conference, with the theme, ‘Propelling growth in Africa through maintenance and reliability excellence’, that for asset management to be successful, adequate maintenance of manpower and equipment needed to be put in place.

The Maintenance Planner, Lafarge Africa Plc, Mr. Tosin Ogunmola, said that the implementation of proper maintenance framework would eliminate high cost of rehabilitation or reconstruction.

“There is a need for a comprehensive infrastructure maintenance management system in order to have adequate value for investments in maintenance as provided for in the National Infrastructure Master Plan,” he said.... read more http://www.bookspen.com/stakeholders-call-investment-assets-maintenance/

Irish fruit distributor Fyffes has agreed to be bought by Japan’s Sumitomo in a €751m ($798m; £634m) deal.

Fyffes produces, ships, ripens and distributes bananas, melons, pineapples and mushrooms.

The firm, which has its headquarters in Dublin, employs more than 17,000 people worldwide and has an annual turnover of €1.2bn.

Sumitomo supplies about one in three bananas sold in Japan after first entering the market in the 1960s.

The Japanese company said it would pay €2.23 euro per share, representing a 49% premium on Fyffe’s closing price on Thursday.... read more http://www.bookspen.com/sumitomo-buy-banana-company-fyffes/

Experts have faulted the legal framework guiding infrastructure development in the country.

Speaking at the closing of a two-day colloquium organised by the Centre for Ethics and Sustainable Development held at the University of Lagos on Friday, they argued that for Public-Private Partnership to work for infrastructure delivery in Nigeria, there must be an urgent review of the existing legal framework.

The theme of the forum was: ‘Reshaping the Infrastructure Delivery Landscape for Sustainable Development in Nigeria’... read more http://www.bookspen.com/nigerias-infrastructural-development-laws-outdated-experts/

Long-term care insurance premiums have been rising for many consumers, but financial experts agree that everyone, including the very wealthy, should consider buying coverage. “I consider it portfolio insurance,” says Ken Moraif, a certified financial planner and host of the radio show “Money Matters.” Since long-term care expenses can quickly wipe out a person’s investments, having insurance can protect assets for future use or heirs. Those who do buy a plan may be in line to receive tax benefits as well. “Purchasing long-term care insurance is one of the few ways the IRS lets you deduct the cost for future care in the current tax year,” Moraif says.

Here’s a closer look at exactly what tax benefits come with long-term care insurance.

Premiums may be deductible. The greatest tax benefit of these policies is the ability to deduct the premiums, says Amy Danise, insurance editor at NerdWallet.com. However, it isn’t as simple as writing off the amount you pay each year. Instead, the government lumps long-term care insurance premiums into health care expenses on itemized deductions... read more http://www.bookspen.com/22447-2/

IMC Shipping has joined the Baltic Exchange after being the first to apply for membership since the Singapore Exchange acquired the London shipping institution.

IMC Shipping – part of the IMC Industrial Group – joins over 650 Baltic Exchange member firms that encompass the majority of global shipping, said the Singapore Exchange (SGX) in an announcement.

The company’s business focus includes dry bulk trade routes that supply iron ore and coal to Asia’s fast-growing economies.

Michael Syn, SGX’s derivatives head said: “We are delighted to welcome another new Baltic member from Asia as we look to enhance growth opportunities amid the shift in seaborne trade to this part of the world.”... read more http://www.bookspen.com/22231-2/

The European Union (EU) has started legal action against seven nations. Four, including the UK and Germany, are under fire for failing to take action against Volkswagen for cheating emission tests. Member states have two months to respond.

The German car giant has had huge fines in the US over its use of “defeat devices” used to hide true levels of emissions.

More than one million cars in the UK are involved.

Spain and Luxembourg are the other two nations who the EU says have not taken action against the company.... read more http://www.bookspen.com/volkswagen-emissions-uk-six-nations-face-legal-action/

Russia’s energy ministry said Tuesday that OPEC and non-OPEC members would meet in Vienna Saturday following a decision to cut global oil output.

The ministry told AFP that Russian Energy Minister Alexander Novak would be taking part in the meeting, which comes after Moscow said it was ready to reduce crude output by 300,000 barrels a day in the first half of 2017.

After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.

The agreement ended weeks of uncertainty and volatility on crude markets as the key players bickered over who would shoulder the biggest burden of the cuts.... read more http://www.bookspen.com/russia-says-opec-non-opec-countries-discuss-oil-cuts/

The revolution of agriculture in Africa is set to take a new dimension as development partners on the continent harness opportunities to pursue growth and reduce poverty through industrialisation.

At a roundtable discussion on the way forward to transforming Africa’s agriculture, Nigeria’s minister of agriculture Audu Ogbeh aligned position with AFDB, ECA and UNDP on industrialising agriculture to reduce wastage; fight poverty and inequality as well improve value.

The commodity market in recent time has come under immense pressure with oil producing nations like Nigeria the worst hit.

Oil accounts for about 70% of revenue but it contributes less than 40% of the Nigeria’s GDP

Agriculture along with the vast opportunities along the value chain remains key as experts brainstorm to bring Africa up to speed globally.... read more http://www.bookspen.com/industrializing-agriculture-will-reduce-waste-fight-poverty-improve-value-ogbeh/

A total of HK$48.9 billion (US$6.3 billion) was spent by Chinese mainlanders on Hong Kong insurance products in the first nine months of the year.

This is more than twice the figure logged during the same period in 2015.

The Office of the Commissioner of Insurance, which released the data Wednesday, said mainlanders accounted for 37% of the total new life insurance sales in the first three quarters valued at HK$132.3 billion.

Last year, mainlanders shelled out HK$21.1 billion on insurance products in first three quarters while the year-round figure stood at HK$31.6 billion.... read more http://www.bookspen.com/21544-2/

The Bank of Industry has kicked against the current move by the Senate to scrap it and establish the National Development Bank in its place.

The Acting Managing Director, BoI, Mr. Waheed Olagunju, made this known on Monday at a public hearing organised by the Senate Committee on Banking, Insurance and Other Financial Institutions on the establishment of the NDB.

The Minister of Finance, Mrs. Kemi Adeosun; and the Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, however, backed the Senate on the move.... read more http://www.bookspen.com/adeosun-emefiele-back-boi-scrapping-bank-kicks/

Official Rate:

Date Currency Buying Selling

read more... http://www.bookspen.com/21449-2/

The Securities and Exchange Commission, SEC, has said that plans are under-way to further stratify the stock market to allow more Small and Medium scale Enterprises, SMEs, that were hitherto not listed on the Nigerian Stock Exchange, NSE, to access the market.

Speaking in an interactive session with capital market correspondents in Lagos, the Director General, SEC, Mr. Mounir Gwarzo, said that the process when completed would lessen the strident listing rules that have been hindering such companies from listing in the stock market.... read more http://www.bookspen.com/sec-pursues-listing-plans-stratification-stock-market/

As consumers of insurance products and services complain over sale of fake policies and delay in payment of claims, among others, the Consumer Protection Council (CPC) has taken strategic steps towards addressing their complaints.

The CPC is collaborating with key stakeholders in the insurance sector in order to proffer solutions to the various challenges confronting insurance consumers in Nigeria.

The Council, together with Pastures Consult Limited and Congress International Limited-publishers of DIVIDEND- the magazine for local government- as well as some stakeholders in the insurance sector, has concluded plans for the convocation of a consumers’ colloquium.... read more http://www.bookspen.com/cpc-set-move-fake-insurance-policies/

Senate House Committee on Privatisation has disclosed that the aviation sector will get zero allocation in the 2017 budget proposal that the president will present soon.

The committee, led by its chairman, Senator Ben Murray-Bruce, said that the plan to concession the airports and readiness of private investors to assume responsibility means that the Federal Government would no longer need to commit revenue to run the facilities.

Meanwhile, the committee has also said it would summon the Minister of State for Aviation, Hadi Sirika, to explain why the Murtala Muhammed Airport II (MMA2) terminal concession agreement failed and still not resolved till date... read more http://www.bookspen.com/senate-award-zero-allocation-aviation-2017-budget/

The Advertising Practitioners Council of Nigeria has said it has commenced action against illegal practitioners and unlicensed organisations infiltrating the outdoor advertising industry in the country.

The council said in a statement that the enforcement, which involves the pulling down of all illegal advertising hoardings in Lagos and other parts of the country, commenced some months ago and had moved to military cantonments and police barracks across the country.

The statement added that military establishments had demanded a month’s notice for those who owned advertising hoardings within their barracks to secure all the necessary documentation from their sectoral body, the Outdoor Advertising Association of Nigeria.... read more http://www.bookspen.com/apcon-cracks-unlicensed-advertising-practitioners/

President-elect Donald Trump has warned companies of “consequences” if they leave the United States.

He was speaking in Indiana, where he took credit for saving 1,000 jobs at the air-conditioning company Carrier Corp, which planned to move to Mexico.

Mr Trump is now in Ohio to begin a “USA Thank You Tour 2016” for his supporters.

During a rally in Cincinnati, he announced he had chosen retired general James Mattis as his defence secretary.

Mr Trump hailed his negotiations with Carrier Corp as a model for how he would work with other US businesses thinking of moving their jobs abroad.... read more http://www.bookspen.com/donald-trump-vows-consequences-companies-leaving-us/

U.S. President-elect Donald Trump vowed on Wednesday to step back from running his global business empire to avoid conflicts of interest but gave few immediate details as concern over his dual role mounts ahead of his Jan. 20 inauguration.

Trump, a real estate magnate who owns hotels and golf resorts from Panama to Scotland, said he would spell out at a Dec. 15 news conference how he will separate himself “in total” from his worldwide business holdings, which include a winery, modeling agency and a range of other businesses.

After Trump won the Nov. 8 election, his company, the Trump Organization, had said it was looking at new business structures with the goal of transferring control to Donald Trump Jr., Ivanka Trump and Eric Trump – three of his adult children who are involved with the company... read more http://www.bookspen.com/trump-says-will-back-away-business-focus-white-house/