When Delphi Automotive’s “Driverless Car” took its much publicised cross-country test run this spring, the nine-day journey drew cheers from champions of “Autonomous Technology.” Meanwhile, other onlookers started wondering how this disruptive technology might impact, of all things, insurance. It’s not just auto insurance that they’re wondering about. It’s also the life, health and annuity sector. What are the implications there? The question brings up some interesting possibilities.
First Bank May Sack 2,740 over Branch Downsizing
Reports N64bn Loss in 2014
First Bank Holdings Plc may sack 2, 740 staff over the planed downsizing of unprofitable branches nationwide. The bank also reported loss of N64 billion in the 2014 financial year.
Mr. Bisi Onasanya, Group Managing Director/CEO, First Bank, said at the bank’s Facts-Behind-The-Figures presentation at the Nigerian Stock Exchange (NSE) that the bank will close unviable branches across the country to reduce cost. He assured however that no staff of the bank will lose his or her job in the exercise.
GENCOs, TCN, DISCOs on War Path over Power Losses
Following the continuous worsening power outages the privatised Generating Power Companies (GENCOs), the Transmission Company of Nigeria (TCN) and the Distribution Power Companies (DISCOs) are now on each other’s neck over who bears the cost of power losses from evacuation points through the national grid to the distribution network. This is due to dilapidated facilities at both the transmission level and distribution network.
Savannah Bank: Dead or Alive?
The decision of the Central Bank of Nigeria (CBN) not to appeal the judgment of Court of Appeal restoring the operating licence of Savannah Bank of Nigeria Plc opened the way for the return of the bank. It also signals the end of one of the controversial chapters in the history of banking in Nigeria.
However, the N25 billion capitalisation requirement for banks has become an albatross on the neck of the bank.
Will 45m Poor Americans Determine 2016 Presidential Race?
In a presidential campaign where candidates are jockeying to be champions of the middle-class and asking wealthy people for money, the problems facing the poor are inching into the debate.
Tensions in places such as Baltimore and Ferguson, Missouri, have prompted candidates to explore the complicated relationship between poor communities and the police, and the deep-seated issues that have trapped many of the 45 million people who live in poverty in the United States.
NIGERIA: Between Mismanagement & Leaking Treasury
The Treasury of the Federal Republic of Nigeria is sick. According to economic doctors, the Nigerian treasury is suffering from acute mismanagement and basket-type leakages. Other diagnosed ailments include falling oil prices and dwindling foreign reserves.
The sicknesses were made public recently by Ngozi Okonjo-Iweala, Federal Minister of Finance and Co-ordinating Minister of the Economy in Abuja.
How African Entrepreneurs Can Tap Into Global Market
Everybody loves chocolate. Hundreds of years ago, the Greeks referred to chocolate as the ‘food of the gods’. It’s a highly demanded luxury product and an impulsive treat for millions of people around the world.
No wonder the global market for chocolate and cocoa beverages is now worth over $100 billion (and growing) every year. Although the developed and fast developing countries (especially in Europe, Asia and North America) consume over 90 percent of the chocolate produced every year, chocolate largely exists because of Africa.
Jose Mourinho: Why Chelsea Won 2015 English Premier League
The Blues suffered a 5-3 humiliation at the hands of Spurs that day and Mourinho claims its impact was felt throughout the squad and it inspired the team rather than demoralising them-so much so that they’ve yet to lose since, putting together a formidable 14-game unbeaten run, clinching the title in the process.
Nigeria’s GDP Projected on 7% in Coming Decade
The growth projection of Nigeria could lift to 6-7 per cent in the coming decade on the plank of growth-friendly policies by successive governments in the country.
This is one of the key findings from a report from PricewaterhouseCoopers( PwC) economists on The World in 2050: Will the Shift in Global Economic Power Continue?
IMF Projects 4.5% Growth for Sub-Saharan Africa in 2015
Unveiling the April 2015 IMF Regional Economic Outlook: Sub-Saharan Africa, Ms. Antoinette Sayeh, Director, IMF African Department commented: “Sub-Saharan Africa’s economy is set to register another year of solid economic performance with growth expected to expand 4½ percent in 2015. The region will continue being one of the fastest growing in the world second only to emerging and developing Asia.
NNPC May Tap N94.5bn Reserve to End Fuel Scarcity
There are strong indications that the Nigerian National Petroleum Corporation (NNPC) may sought relieve from the nation’s strategic reserve estimated at N94.5 billion worth of PMS (petrol) to cushion the effect of the current fuel scarcity nationwide.
The NNPC says the nation has enough stock of petrol in Port Harcourt, Warri and Calabar to service the country for 27 days at a national consumption rate of 40 million litres per day even as it has stepped up other efforts to end the distribution challenges in the fuel supply system.
Xenophobia Row Exposes Rivalry Between Nigeria, South Africa
The recall of Nigeria’s top diplomat after a spate of xenophobic attacks in South Africa follows several similar spats that expose the two countries’ deep rivalry for economic and political dominance in Africa.
Nigeria’s Acting High Commissioner to South Africa Martin Cobham said he had been “invited” to Abuja to discuss this month’s anti-immigrant attacks in South Africa, which have killed at least seven people. Televised images of armed gangs attacking immigrants and looting foreign-owned stores in Johannesburg have sparked a backlash in Nigeria, where hundreds protested in front of shops owned by South African brands like MTN and Shoprite.
The Indonesia Executions
Last week, Indonesia stood its ground on its declared war on hard drugs through the firing squad execution of eight convicted drug offenders despite global appeals for clemency. The eight-4 Nigerians, 2 Australians, 1 Brazilian and 1 Indonesian paid the ultimate price for daring to challenge the Death-For-Drug-Dealers- Law in Indonesia.
For months, the international media followed the death penalty on the convicted drug dealers and the ensuing campaign to free them from violent death.
Nigeria’s 2015 Appropriation Bill: Legislators Adopt the Ostrich Strategy
A week after the House of Representatives passed the 2015 Budget, the Upper Chamber fulfilled its part of the Appropriation process by passing a N4.5tn budget. This is N134.4bn in excess of the N4.4tn submitted by the Executive arm late 2014.
Meanwhile, recurrent expenditure was reduced slightly by N0.5bn to N2.6tn while capital expenditure was scaled down by additional N85.9bn to N557.0bn from N642.8bn proposed by the Executive arm. Effectively, this implies that recurrent expenditure is approximately five times the capital expenditure.
Mayweather Vs Pacquiao: The $300m Fight of History
The Most Lucrative Fight Ever-The Greatest?
The fight on May 2 between Floyd Mayweather Jr. and Manny Pacquiao is one that boxing fans and writers have sought more than any other in recent years, even though both fighters have passed their respective peaks.