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Category Archives: Finance

Visa to acquire stake in Nigeria’s Interswitch

Visa Inc plans to acquire a “significant minority” stake in payments platform Interswitch, the Nigeria-based company said on Tuesday. Interswitch did not provide financial details in its statement. The acquisition, which Sky News reported on Sunday as being a 20

May & Baker Nigeria grows profit to N696m in Q3

Nigeria’s oldest pharmaceutical company, May & Baker Nigeria Plc grew its profit by 14 per cent in the third quarter as it continued to draw on operating efficiency and stronger financial position to mitigate macroeconomic headwinds. Key extracts of the

Nigeria Foreign reserves fall by $1.26bn in four weeks

Nigeria’s foreign reserves fell by $1.26bn from $41.76bn in October 2 to $40.5bn as of the end of October 30, according to figures from the Central Bank of Nigeria on Thursday. The reserves which had continued to shed in recent

Apple beats profit forecasts amid growth in services, wearables

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales. Profit in the quarter ending in September dipped four percent from a year ago to $13.7

Google parent Alphabet quarterly profit misses mark

Google parent Alphabet on Monday reported a sharp drop in profit over the past quarter as it ramped up spending for a wide array of new gadgets and services.Profit dipped 23 percent from a year ago to $7.1 billion as

Assetz Capital boss: New city rules will lead to “significant” P2P failures

The collapse of peer-to-peer lender FundingSecure into administration this week has left some in the industry estimating that up to half of these specialist lenders could close their doors in the UK over the coming year as new city rules

Nokia shares plunge on lower earnings forecast

Shares in Nokia tumbled 20 percent on Thursday after the Finnish telecommunications equipment maker cut its earnings forecast in the face of intense competition to build the latest 5G mobile networks. While returning to profit in the third quarter, the

Interswitch Limited completes N23 billion bond placement

Following the registration of a N30 billion debt issuance programme with the Securities and Exchange Commission of Nigeria (SEC), Interswitch Limited, a leading technology-driven company has concluded a N23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue via

Pound Resumes Drop at Start of key Brexit week

The British pound slid against the euro and dollar Monday, the start of a pivotal week for Britain and the European Union to strike a Brexit deal. European stock markets also retreated as weak Chinese data offset a partial trade

ABCON Wants Review of Cash-less Fees, VAT in Nigeria

Foreign currency dealers in Nigeria have joined the argument against the processing fees for cash-less policy operations and the government’s planned hike in Value Added Tax rate. While the Central Bank of Nigeria (CBN) reintroduced the suspended cash-less policy, with