Friday, 16 November 2018

CBN says bank customers may lose up to N6.1 trillion to electronic fraud by 2021.

Godwin Emefiele, Governor of the Central Bank of Nigeria,
during a biometric exercise (Technology Times)

Sunday Salam-Alada, CBN director, says the volume and value of e-transactions are projected to continue to increase nationally and globally.

Central Bank of Nigeria (CBN) has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021.

This implies that in 3 years time, bank customers across the country may lose more than N6 trillion to various e-fraud.

Sunday Salam-Alada, Director, Consumer Protection Department, disclosed this in Benin,  at a workshop organised for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC).

By Aderemi Ojekunle.
Full story at Pulse NG.

Thursday, 15 November 2018

Pound plunges as MPs rebel against Theresa May's Brexit plan.

Pro-Brexit Conservative MP Jacob Rees-Mogg called for a vote
of no-confidence in the British Prime Minister Theresa May.
Photo: ADRIAN DENNIS/AFP/Getty Images
The UK pound dropped sharply on Thursday as members of Prime Minister Theresa May’s own party threatened to oust her over her draft Brexit deal.

Multiple ministers, including Brexit minister, Dominic Raab, resigned on Thursday in protest over May’s draft agreement with the European Union. Hardline Brexiteer Tory MP Jacob Rees-Mogg submitted a letter of no confidencein the Prime Minister later in the day, raising the prospect of a leadership challenge.

Sterling (GBPUSD=X) was down by roughly 2% against the US dollar to around $1.27 and down 2% against the euro to €1.13 (GBPEUR=X) in the late afternoon.

By Alanna Petroff.
Full story at Yahoo News.

Wednesday, 14 November 2018

EU and UK negotiators reach breakthrough on Irish border.

Negotiators from the UK and European Union have come to an agreement on the highly contentious Northern Ireland backstop, in one of the most significant breakthroughs for Brexit talks in months.

Downing Street has confirmed that a draft text has been agreed upon.

The future of the border in Northern Ireland has been the last major outstanding issue to be settled amid disagreements over how to avoid physical checks until a future trading relationship with the bloc is determined.

Earlier today, a range of media reports, from the BBC to Irish national state broadcaster RTÉ, said both sides of the negotiating table have agreed on a solution for the border on a technical level.

By Edmund Heaphy.
Full story at Yahoo News.

Tuesday, 13 November 2018

Foxtons closes six branches in "challenging" London market.

FILE PHOTO - A woman walks into a Foxtons estate agent
in west London, Britain July 29, 2016.
REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) - Foxtons <FOXT.L> said it had closed six of its branches as the London-focussed estate agent posted flat third-quarter revenue of 35.1 million pounds, reflecting a "challenging" property market in the capital.

The brand, known for its chain of coffee shop-style offices, has been hit by cooling demand for London real estate and competition from online competitors in recent years.

A slight increase in lettings revenue was counter-balanced by a small dip in earnings from sales and its mortgage broking business, as London property demand remains sluggish in many areas after increases in a stamp duty property tax.

Full story at Yahoo News.

Monday, 12 November 2018

Saudi energy minister says no plans to break up OPEC.

Saudi Arabia's Energy Minister Khalid al-Falih talks during the 23rd World Energy Congress in Istanbul Saudi Arabia's Energy Minister Khalid al-Falih talks during the 23rd World Energy Congress in Istanbul, Turkey, October 10, 2016. REUTERS/Murad Sezer

ABU DHABI (Reuters) - Saudi Arabia is not preparing for a break up of OPEC and believes the group will remain the global central bank for oil for a long time, Saudi Energy Minister Khalid al Falih said on Monday.

Saudi Arabia's top government-funded think-tank has been studying the possible effects on oil markets of a breakup of OPEC, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Falih said the think-tank was just trying "to think outside the box" and analyse all scenarios but added that the Saudi leadership has "no consideration whatsoever to eliminate OPEC."

Full story at Yahoo News.

Friday, 9 November 2018

IMF predicts Nigerian economy to grow at 1.9% in 2018.

Oil Barrels used to illustrate the story.
[Photo credit: ThePointNG]

The International Monetary Fund (IMF), says the Nigerian economy is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production.

Amine Mati, the IMF Senior Resident Representative for Nigeria, said this while presenting the “Fall 2018 Regional Economic Outlook for Sub-Saharan Africa’’ on Thursday in Abuja.

Mr Mati said that some pick-up in the non-oil economy was also responsible for the predicted growth.

“The recovery is expected to contribute about 0.7 percentage points to the region’s average growth in 2018 and lift activity in Nigeria’s trading partners through stronger remittances, financial spillovers and import demand.’’

Full story at Premium Times NG.

Thursday, 8 November 2018

South Africa's financial stability threatened by MTN's $10 billion Nigeria bill: cenbank.

JOHANNESBURG (Reuters) - Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa’s financial system, the central bank said on Wednesday.

The Nigerian central bank in August accused telecoms firm MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1 billion abroad.

The Nigerian government has also demanded $2 billion in related taxes from MTN. The South African mobile operator makes about a third of its annual core profit in the West African country.

Full story at Reuters.