Saturday, August 15, 2020
Business

Business

Jumia reports loss of N17.1 billion in Q2 due to COVID-19 pandemic – CEO

Nigeria and one of Africa’s leading e-commerce companies, Jumia, has reported a loss after tax of €37.6 million (about N17 billion) in the second quarter of 2020 following the rampaging effect of COVID-19. According to earlier forecasts, e-commerce firms were...

Liberian Shipping registry expands leadership team

The Liberian International Ship and Corporate Registry (LISCR), has expanded its leadership team by adding two veteran industry experts with decades of experience to its ranks, Thomas Klenum, as senior Vice President of Maritime Operations, while Reynaldo Garibaldi was...

United Kingdom slips into worse recession in 11 years due to COVID-19

For the first time in 11 years, the United Kingdom economy has suffered its worst slump on record as it has slipped into recession as a result of the lockdown occasioned by the COVID-19 pandemic between April and June...

China to promote Tianjin port as an international shipping hub

China’s National Development and Reform Commission and Ministry of Transport have jointly issued guidelines to speed up Tianjin’s development to be an international shipping hub in North China. The aim is that by 2025, Tianjin’s position as the international shipping...

FCMB clarifies position on N573 million transferred to Magu’s Pastor

First City Monument Bank (FCMB), has come out with a statement clarifying its position on the alleged N573 million its Managing Director reportedly transferred into the bank account of Pastor Emmanuel Omale, who has been implicated in the corruption...

NNPC opens bid for repairs of pipelines and depots on finance and operate basis

The Nigerian National Petroleum Corporation (NNPC), declared open bids by interested private investors to repair the pipelines and depots that are serving the refineries. The open bid was opened on Tuesday, August 11, 2020. The pipelines, which according to NNPC,...

NIMASA Deep Blue Project now to kick off October

The Deep Blue Project embarked upon by the Nigerian Maritime Administration and Safety Agency (NIMASA), is on course to take off by Octiber, 2020, according to the Director General of the Agency, Dr. Bashir Jamoh. The Deep Blue Project is...

Five oil majors reduce value of their assets by $50 billion in Q2

Five oil majors, including Exxon Mobil and British Petroleum, have reduced the value of their assets by $50 billion in Q2 of 2020. They have also reduced their production rates as the Covid-19 pandemic caused a downward trend in...

Saudi Aramco, world’s largest oil company to pay $75 billion annual dividend despite plunge...

Saudi Aramco, unarguably the world’s largest oil company, has reported a 73% profit in Q2 of 2020 and has promised to keep its plans to pay out $75 billion in annual dividends, Bloomberg News reports. This is coming after Aramco...

What are the implications of CBN’s latest devaluation and FX unification?

The Central Bank of Nigeria (CBN), has once again devalued the Naira by 5% at the end of last week, adjusting the official exchange rate to N380 to $1in a major move aimed at unifying the multiple exchange rate...

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NPA Targets Improved Ports Infrastructure To Aid Cargo Evacuation.

  The managing director of the Nigerian Ports Authority (NPA) Hadiza Bala Usman, has expressed her utmost determination to develop the present state of infrastructure...

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