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  • South Africa sinks into second recession in eight years

    June 6, 2017 11:10 PM 19

    JOHANNESBURG: South Africa’s economy fell into a recession for the first time since 2009 after it contracted for a second straight quarter in the first three months of the year. Gross domestic product shrank an annualised 0.7% in the first quarter from a contraction of 0.3% in the previous three months, Statistics South Africa said in a report released

  • FG, PPPRA make CRUCIAL announcement on fuel price increase

    June 6, 2017 6:54 PM 16

    On Tuesday, June 6, the federal government reassured Nigerians and told them to ignore speculations that it was planning to raise the pump price of petrol by N5. Petrol price currently stands at N145 per litre in all filling stations across the country. The Petroleum Products Pricing Regulatory Agency (PPPRA), said it had observed the growing speculation

  • CBN, commercial banks killing SMEs, says Senate

    June 6, 2017 5:01 PM 47

    The Senate Tuesday said that policies of the Central Bank of Nigeria (CBN) and activities of commercial banks are strangulating Small and Medium Enterprises (SMEs) in the country. The upper chamber also claimed that a cartel has effectively taken over the control of commercial banks in the country to the disadvantage of the growth of the economy and small

  • South Africa's economy falls into recession

    June 6, 2017 1:16 PM 16

    Generate Enquiries for your Business by Listing on Economictimes.com JOHANNESBURG: A 0.7 percent decline in GDP in the first quarter of this year followed a 0.3 percent contraction in the last quarter of 2016, meeting the definition of a recession as two or more quarters of negative growth, the South African government said Tuesday. The country's economy

  • South Africa slumps into its first recession since 2009

    June 6, 2017 12:31 PM 19

    The economy shrank by an annualized 0.7% in the first quarter after contracting by 0.3% in the prior. That was below economists' expectations of 1.0% quarter-over-quarter annualized growth, according to the Bloomberg estimate. A technical recession is defined by two consecutive quarters of economic contraction. Perhaps most notably, these figures predate

  • ExxonMobil, Taleveras, Ophir Win Oil Blocks In Equatorial Guinea

    June 6, 2017 2:02 AM 14

    Three major oil firms, including Exxon Mobil, Taleveras, and Ophir yesterday won Oil Blocks in Equatorial Guinea. Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Obiag-Lima made the announcement at the African Oil and Gas Conference in Cape Town, South Africa, yesterday. Exxon Mobil, in a press statement yesterday, confirmed it has signed

  • Nigerian govt. offers savings bonds at 13.1%, 14.1 % for June

    June 5, 2017 1:27 PM 47

    The Federal Government on Monday offered for subscription two-year savings bond at 13.18 per cent and three-year savings bond at 14.18 per cent, the Debt Management Office (DMO) has said. According to the offer circular obtained from the DMO website, the two-year bond will be due in June 2019, while the three-year bond will be due in June 2020. It, however

  • High bank rates: Senate to meet with CBN, stakeholders for reduction or… – Saraki

    June 4, 2017 5:34 PM 24

    Senate President, Bukola Saraki, has promised that the Senate will look into the high interest rate charged by banks in the country. “It is likely that we will debate it this week,” Saraki said during an interactive session with journalists on Sunday in Ilorin. According to him, the high interest rate is not good for the economy as the nation eases out of recession

  • Global beer sales drying up, says report

    June 4, 2017 11:51 AM 17

    People are drinking fewer alcoholic drinks, according to a new industry report tracking consumption worldwide. Beer sales continued to slide last year and the trend towards cider sipping stalled. The global market for all alcoholic drinks contracted 1.3% in 2016, driven by a 1.8% fall in beer sales, the International Wine and Spirits Record (IWSR) found

  • Nigeria-Indonesia Business Forum 2017 holds in Lagos June 3

    June 3, 2017 1:32 PM 19

    As part of efforts to enhance strong economic ties, the Federal Republics of Indonesia and Nigeria will today, (June 3, 2017), by 5.00pm hold a Business Forum, tagged “Nigeria-Indonesia Business Forum 2017,” at the Intercontinental Hotel, Victoria Island, Lagos. A press statement by the Indonesian Embassy in Nigeria, said “The forum will unveil myriads