Friday, 13 September 2019

Nigerian government hikes VAT to 7.2%, here's how it will affect citizens.

Zainab Ahmed, Nigeria's Minister of Finance,
The Nigerian government has approved an increase in Value Added Tax (VAT) rate from 5% to 7.2% to expand fiscal revenue in the country.

Zainab Ahmed, Nigeria's Finance Minister, Budget & National Planning stated this at the end of the weekly Federal Executive Council (FEC) on Wednesday, September 11th.

“This is important because the federal government only retains 15% of the VAT, 85% is actually for the states and local government and the state need additional revenue to be able to meet the obligations of the minimum wage.

By Aderemi Ojekunle.
Full story at Pulse NG.

Thursday, 12 September 2019

Reserve Bank officials say SA economy not out of the woods yet

PARLIAMENT – The South African Reserve Bank on Tuesday said the economy was not expected to grow more than 0.6 percent in the current year, and while the country avoided a technical recession it was still facing downward pressure.

"The positive message from the last GDP numbers is that we are not in recessionary territory, but we are not out of the woods yet," deputy central bank governor Rashad Cassim said.

"We are still seeing significant downward pressure, especially from the global economy," he told Parliament's standing committee on finance.

The South African economy grew by 3.1 percent in the second quarter, after contracting for two consecutive quarters.

Full story at IOL.
By Emsie Ferreira.

Wednesday, 11 September 2019

The 15 countries with the best health and well-being for expats.

Photo: Getty
Making the decision to move abroad for work is more than just about career and salary prospects — it can be for a better quality of life.

A core part of quality of living is health and well-being. And according to a benchmark report by InterNations, the world’s largest expat networking group, Finland comes out on top for expats.

An expat is defined as an employee sent abroad on a corporate assignment or classed as a new international hire. This will also mean that the experiences of that certain demographic could significantly differ from a local — especially being away on corporate assignment can entail bonuses, such as relocation stipends for example.

By Lianna Brinded.
Full story at Yahoo News.

Tuesday, 10 September 2019

3 ways you could be losing money when saving for retirement.

The average U.S. worker is still struggling to save for retirement – for instance, nearly half of baby boomers have no money set aside for their golden years at all, according to a report from the Insured Retirement Institute. It's just one financial concern among many for Americans: Money is our most common source of stress, according to a survey from Northwestern Mutual.

Saving for retirement, though, can be particularly stressful because of its complexity. Given that our individual financial goals can vary widely, there's no one right way to do it.

That said, there are a few wrong ways to prepare for retirement – choices that you might not think would have a significant effect but that could end up costing you loads of cash over the long term.

By Katie Brockman.
Full story at USA TODAY.

Monday, 9 September 2019

Recession fears ease as UK economy grows faster than expected.

A worker irons the leather on a seat at Bentley's
manufacturing facility in Crewe, UK. Photo: Darren Staples/Reuters
Fears of a UK recession easing on Monday as new data showed better than expected economic growth in July.

The UK economy grew by 0.3% between June and July, according to the Office of National Statistics (ONS). Economists had forecast month-on-month growth of 0.1%, up from 0% in June.

In the three months to July, growth was flat. Rob Kent-Smith, head of GDP at the ONS, said: “GDP growth was flat in the latest three months, with falls in construction and manufacturing.

By Oscar Williams-Grut.
Full story at Yahoo News.

Friday, 6 September 2019

Meet the owners of MTN Nigeria and their stakes in the ICT firm.

Member, National Council Member, Nigerian Stock Exchange (NSE), Mrs. Erelu Angela Adebayo (left); Ex-Officio, NSE, Aigboje Aig-Imoukhuede; Chief Executive Officer, NSE, Oscar Onyema; Chief Executive Officer, MTN Nigeria Communication Plc, Ferdi Moolman; Chairman, MTN Nigeria Communication Plc, Dr. Pascal Dozie; Chief Executive Officer, Chapel Hill Denham, Bolaji Balogun; First Vice President, NSE, Abubakar Balarabe Mahmoud; and Director, MTN Nigeria Communication Plc, Gbenga Oyebode, during the Listing of MTN Nigeria Communications Plc on the Premium Board of NSE in Lagos (Guardian Nigeria)
Last week, the Nigerian Stock Exchange (NSE) admitted MTN Nigeria Communications Plc to list shares on the stock market and joined the country's Premium Board, listing by introduction of 20.35 billion (20,354,513,050) ordinary shares at N90 per share.

This means that Nigerians can now trade and own a part in the local arm of South Africa's telecom giant, MTN Group Ltd.

The telecom company joined the likes of Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc on the most stringent corporate governance and listing standards of the NSE – Premium Board.

By Aderemi Ojekunle.
Full story at Pulse NG.

Thursday, 5 September 2019

Protests flare up across Africa.

Students protesting in Zambia
stormed the SA embassy in Lusaka. / AFP /
Parts of Africa have turned on SA, with the country's businesses being attacked and forced to shut doors while travel warnings were issued to citizens.

SA businesses operating in Nigeria were forced to shut down in retaliation for this week's attacks on foreign nationals.

Yesterday, the Botswana, Nigeria and Lesotho governments issued travel warnings to their citizens planning to visit SA while Malawi said it was monitoring the situation. Shoprite, MTN, DStv, and Pep stores bore the brunt of the attacks, with Nigerians going on the rampage, looting goods and vandalising the stores.

Shoprite Group confirmed in a media statement yesterday that several stores in SA, Nigeria and Zambia "were unable to open due to the protest action and extensive damage has been done to several supermarkets over the past 24 hours, impacting the lives of millions of law-abiding people".

Full story at Sowetan Live.
By Kgothatso Madisa and Mpho Sibanyoni.

Wednesday, 4 September 2019

Pound leaps on politicians voting to seize control to block no-deal Brexit.

The pound rose on Wednesday morning to more than $1.21.
 Photo: Getty
The pound jumped against the US dollar (GBPUSD=X) in early trading on Wednesday after members of parliament moved to seize control over blocking a no-deal Brexit.

The pound rose by over 0.26% to reach over $1.21 after initially sinking to a 34-year low (if you don’t count the ‘Flash Crash’ of 2016) yesterday after UK prime minister Boris Johnson implicitly threatened to call another snap general election if MPs blocked his ability to drag Britain out of the European Union without a deal.

“The pound edged higher as Boris Johnson's Brexit strategy appeared in disarray,” said Neil Wilson, chief market analyst for

By Lianna Brinded.
Full story at Yahoo News.

Tuesday, 3 September 2019

Roche, Spark again extend $4.3 billion takeover offer.

FILE PHOTO: The logo of Swiss drugmaker Roche
at its headquarters in Basel
ZURICH (Reuters) - Roche Holding <ROG.S> and Spark Therapeutics <ONCE.O> announced on Tuesday another extension of the Swiss drugmaker's $4.3 billion takeover offer for the U.S. gene therapy specialist as regulatory reviews continue.

The offer for Spark shares now runs to Oct. 1, Roche said.

Around 24.1% of Spark's outstanding shares had been tendered as of the end of August.

"The offer was extended to provide additional time for the U.S. Federal Trade Commission (the 'FTC') and the UK Competition and Markets Authority (the 'CMA') to complete their previously disclosed reviews of Roche's pending acquisition of Spark. The parties remain committed to the transaction and are working cooperatively and expeditiously with the FTC and the CMA," a statement said.

Full story at Yahoo News.

Monday, 2 September 2019

Markets mixed as latest US tariffs kick in on Chinese goods.

China and the US instigated new tariffs yesterday - AP
Pharma firm AstraZeneca is leading risers on the FTSE 100 currently, up around 2pc.

Investors have been encourage by positive trial data for AstraZeneca’s Farxiga cardiovascular medication.

Citi analyst Peter Verdult said the treatment would be quickly picked up after strong health and safety results, and was better positioned for take-up than rival Entresto, made by Novartis.

Deutsche Bank’s Richard Parkes called the findings “exceptionally impressive”, adding:

Most importantly, we expect the data to enable approval in heart failure patients without diabetes. We believe this represents an additional $1-4bn market opportunity for the class, which is not reflected in consensus forecasts.

By Louis Ashworth.
Full story at Yahoo News.