UK Government pledges “more timely payments” for small businesses

UK Government pledges “more timely payments” for small businesses

Proposed measures to end the problem of late payments to small businesses by large companies which “abuse their position in the market” have been put forward by small business minister Kelly Tolhurst. Nearly a quarter of UK businesses report that late payments are a threat to their survival, according to the government. Tackling the problem could add £2.5bn to the UK economy and keep an extra 50,000 businesses open each year, according to research from the Federation of Small Businesses (FSB). Among the proposals is a call for evidence on…

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Nigeria: NNPC – Oil Revenue Rose By 35% to U.S.$416 Million in June

Nigeria: NNPC – Oil Revenue Rose By 35% to U.S.$416 Million in June

Nigeria’s revenue from crude oil and gas sales rose by 35 per cent, representing $416m in June, the Nigerian National Petroleum Corporation (NNPC) said yesterday. The NNPC in a statement, which announced the release of its June 2018 monthly financial and operations report in Abuja, stated the total financial value of the crude oil and gas export sales the country made in the month was $416.07 million in June. It explained that the figures were 35.78 per cent higher than that of the previous month which was $343.08 million. This…

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Tesco Bank fined £16.4m over cyber attack

Tesco Bank fined £16.4m over cyber attack

Tesco Bank has been fined £16.4m by the UK financial regulator for failings surrounding a cyber-attack on its customers in November 2016. The Financial Conduct Authority said the bank had failed to exercise due skill, care and diligence in protecting its personal current account holders. The fraudsters got away with £2.26m. Tesco Bank said all the money had been refunded to account holders. It added it was “very sorry” for the impact the attack had had on customers. ‘Too little, too late’ The FCA said that the attack had been…

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Bonga oilfield has produced 763mn barrels of oil since 2005 – Shell

Bonga oilfield has produced 763mn barrels of oil since 2005 – Shell

Shell Nigeria Exploration and Production Company (SNEPCo) yesterday disclosed that it has delivered a total of 763 million barrels of oil from the Bonga field between first production in 2005 and 2017, Leadership reports. In addition, the company said it is expanding the field with further drilling of wells in Bonga Phases 2 and 3 and through a subsea tie-back that unlocked the nearby Bonga North West field in August 2014. A statement signed by the company’s spokesperson, Bamidele Odugbesan quoted SNEPCo managing director, Bayo Ojulari, as saying that the…

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Oando PLC Announces First Quarter, 2018 Results, Posts N4.2 Billion Profit-After-Tax

Oando PLC Announces First Quarter, 2018 Results, Posts N4.2 Billion Profit-After-Tax

Indigenious oil company, Oando PLC has registered yet another win with the publication of N4.2 billion profit-after-tax (PAT) in its Q1 2018 results, despite the ongoing SEC-led forensic audit into the affairs of the firm. Oando has cashed into the favourable micro and macro business environment characterised by an increase in national oil production, exchange rate stability, as well as an increase in global oil prices which averaged $66 per barrel in the first quarter of the year, $3 more than the projected average of $63 for 2018 and 2019….

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Moody’s Investors Services upgraded Moscow-based multilateral development bank to A3 with stable outlook

Moody’s Investors Services upgraded Moscow-based multilateral development bank to A3 with stable outlook

Moody’s Investors Services upgraded Moscow-based multilateral development bank International Investment Bank (IIB) long-term rating to A3 with a stable outlook on April 30, the bank said in a statement. “The main drivers for the rating upgrade are IIB’s improvement in asset quality, more robust risk management systems, an increasingly diversified loan book and funding strategy and the strengthened credit quality of its treasury portfolio,” Moody’s said in a press release. Moody’s said that IIB’s new medium-term strategy will likely maintain these improved credit features, including the Bank’s ability to contain…

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Sainsbury’s vows to slash prices after Asda merger

Sainsbury’s vows to slash prices after Asda merger

Sainsbury’s has confirmed plans to merge with Asda, which is currently owned by US supermarket giant Walmart. The supermarkets said that grocery prices would fall in both chains as a result of the merger. Sainsbury’s chief executive Mike Coupe also said the deal would not lead to store closures or job losses in stores. The combination of the UK’s second and third largest supermarkets would create a giant, representing nearly £1 in every £3 spent on groceries. Mr Coupe – who will lead the new combined group – said he…

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Nigeria launches economic diplomacy policy

Nigeria launches economic diplomacy policy

Nigeria has launched Economic Diplomacy Initiative (NEDI), insisting on commitment to ensuring adequate consultation, especially with private sector, in taking vital economic decisions. Vice President Yemi Osinbajo, who launched the NEDI, an initiative of the Foreign Affairs Ministry, said the country was committed to all Pan African and other deal that had made Nigeria to stand out as a country, with a view to integrate Africa. ”We are also committed to ensuring adequate consultation is made, especially with the private sector, before we make further commitment to some of the…

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Nigerian oil firms have more important role in economy than IOCs – IPPG

Nigerian oil firms have more important role in economy than IOCs – IPPG

Mr. Ademola Adeyemi-Bero, who is the Managing Director of First Exploration and Petroleum Development Company Limited (First E&P) and Chairman of Indigenous Petroleum Producers Group (IPPG), has said in an interview that indigenous oil companies need to be encouraged because of their important role in Nigeria’s economy, Daily Trust reports. He said that Nigerian indigenous upstream exploration and production companies were most likely to want to send the oil and gas they produce to the domestic market. He said; “I don’t have a Liquefied Natural Gas (LNG) plant to export…

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NY Judge challenges US Govt wire fraud allegations in LIBOR-rigging case

NY Judge challenges US Govt wire fraud allegations in LIBOR-rigging case

Judge Colleen McMahon wants more arguments from the Government in order to agree that former Deutsche Bank traders have committed wire fraud. The United States Government should do more to convince Judge Colleen McMahon of the New York Southern District Court that Matthew Connolly and Gavin Campbell Black, former derivative product traders at Deutsche Bank, have committed wire fraud. In a document, presenting her thoughts on the case, captioned USA v. Connolly (1:16-cr-00370), the Judge outlined the areas where the Government’s argumentation is insufficient and more work needs to be…

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