Siemens buys software maker Mentor Graphics for $4.5bn

Siemens AG agreed to buy Mentor Graphics Corp. for $4.5 billion in its biggest acquisition since 2014 as the German engineering company extends its industrial software capability.
Siemens will pay $37.25 a share for Wilsonville, Oregon-based Mentor, the industrial giant said in a statement on Monday. That’s 21 percent above the closing price on Friday. Elliott Management Corp., which owns 8.1 percent of Mentor’s shares, backs the offer, Siemens said.
The acquisition “will allow us to supplement our world-class industrial software portfolio,” Siemens board member Klaus Helmrich said in the statement. “It will complement our strong offering in mechanics and software with design, test and simulation of electrical and electronic systems.”
The deal follows the $970 million January purchase of CD-adapco of the U.S. as Siemens seeks to grow its

Bank of Industry disburses N36bn to agro-allied sectors in 2016

The Bank of Industry (BOI) has disclosed that it has disbursed over N36 billion within nine months in 2016 to agro-allied sector of the economy in the country.
Speaking at the Lagos International Trade Fair SMEs forum organized by the bank over the weekend, Regional Head, BOI, Mr. Obaro Osa disclosed that the bank plans to move its loan advances from $2.7 billion in 2014 to $5.4 billion in 2019 in order to drive home its mission statement.
He said: ‘‘it is imperative to know that BOI’s non-performing loan ratio is less than 4 per cent. Our mission is to transform Nigeria’s financial space by supporting the large, the medium and small scale in a bid to bring life to entrepreneurship”.
He noted that the bank is hell bent on expanding its footprints from 15 state offices to 19 offices, revealing that it has a significant project for those in exports.
“Graduate Employment Fund focuses on Youth Corpers with a minimum of N2 million whereas the YES

Nigeria’s pipeline breaks drop to 221 points in August

The Federal Government’s efforts in tackling the issue of pipelines vandalism have shown remarkable progress, as disruption of oil flow dropped to 221 in August, down from 311 points in July, according to the latest data from the Nigerian National Petroleum Corporation (NNPC).
It disclosed that in August 2016, there was 28.94 per cent drop in the number of pipeline vandalised points relative to July, 2016.
The Corporation stated in its August Monthly Financial Report (MFR), released, that the spate of pipeline vandalism in the country has shown remarkable improvement, following Federal Government and NNPC’s sustained engagements with the Niger Delta militants.
In spite of this progress, the NNPC report also indicated a significant reduction in its trade deficit to ₦11.22 billion against the ₦24.18 billion reported July, 2016.
Although, the Group classified it as a remarkable improvement, explaining that the success was largely due to increase in Pipelines and Product Marketing Company (PPMC’s) coastal sales, and

Dollar tumbles against yen, euro on strong Trump showing

The dollar tumbled against the yen and euro while the Mexican peso fell off a cliff as polling results in the knife-edge US presidential race pointed to a strong showing by property mogul Donald Trump.
The greenback plunged 3.8 percent to 101.50 yen while it lost almost two percent against the euro, which bought $1.1224 in Tokyo trading.
The peso, which has become a proxy for the property mogul’s chances of becoming US president, slumped to below 20 against the dollar, an historic low.
Financial markets have favoured Democrat Clinton over Republican Trump, whose wild policy pronouncements have sown uncertainty.
“Of course, I can’t say anything definite at the moment, but the market atmosphere reminds me of that five months ago,” Daisuke Karakama, market economist at Mizuho Bank said, referring to the Brexit shock.
“Mr Trump has made it clear that he hates a strong dollar, which is a threat” to the floating-rate system, he added.

NAICOM sacks ‘fake directors’ from insurance firms

The regulatory order placed on Goldlink Insurance Plc and International Energy Insurance (IEI) and others by the National Insurance Commission (NAICOM) is yielding results.
The commission has booted out some directors from the companies.
Similarly, the Commission claimed that a particular chairman returned N66 million cash looted from a risk bearing firm.
Commissioner for Insurance, Mohammed Kari, who spoke with reporters in Gombe, Gombe State, said parties that engaged in corrupt practices would be reported to anti-graft agencies for prosecution.
He said shareholders who looted shares without paying for them had been dragged to the Economic and Financial Crimes Commission (EFCC).
He alleged that at Goldlink Insurance, some shareholders acquired claims without paying, adding that genuine shareholders of the companies have been identified.
He said: “There are two types of interventions. These are direct intervention and regulatory

Oil industry must invest to ensure supplies – OPEC

The OPEC cartel warned Tuesday that the oil industry needs to step up investments to guarantee sufficient supply as low prices stimulate demand.
“Given the demand and supply outlook, there is a need for significant investments across the entire industry,” the Organization of the Petroleum Exporting Countries said in its annual report on the sector.
The 14-nation group, which supplies around a third of global crude, said it sees a need for around $10 trillion of oil-related investments between now and 2040.
“While the recent oil market environment has been one of oversupply, it is vital that the industry ensures that a lack of investments today does not lead to a shortage of supply in the future,” the report warned.
Oil companies have slashed investment, cancelling or postponing projects, as they react to the price of crude falling from over $100 barrel in mid-2014 to under $30 at the beginning of this year.
Prices have since recovered to around $45 per barrel, but the market still remains saturated with supplies, and the cartel now expects prices to increase only slowly and thus contribute to an

World Bank supports 11, 000 tomato farmers in Kano

In the last 10 months, the FADAMA II Additional Financing project financed by the World Bank has supported 10845 farmers comprising 585 youths, 1575 females and 8685 males.
The support, according to Kano State Coordination Office of the programme, was facilitated through the signing of memorandum of understanding between Dangote Tomato Company and Fadama Production Cluster Group on profitable marketing of tomato.
In its Project Implementation Report presented to the Dr. Adetunji Oredipe-led World Bank/FGN 6th Mission on Fadama II Additional
Financing (AF), which visited Kano State, the State Project Coordinator, Alhaji Sha’aibu Sulaiman, said the project similarly, in 2016 cropping season, recorded a disbursement of 89, 195 and 110 for rice, sorghum and tomato production groups respectively.
Sorghum and rice farmers were equally well linked to Grand Cereal and popular rice farm off takers and through collaboration with ICRISAT, sorghum farmers were also linked to Honeywell Company, demanding 150,000mt of sorghum from Fadama farmers in Kano.

Rising NPLs: Nigerian banks hold strong buffers – CBN

Moody’s Investor Service, an international rating agency, last weekend made public its ratings of seven Nigerian banks.
The report is similar to the stance of the Central Bank of Nigeria that despite the headwinds being faced by the banking industry, there is enough buffer capacity to withstand the storm.
This is coming after some reports said the Nigerian banking industry is in a full blown crisis. Non-performing loans in the industry has risen to an average of 11 per cent with one of Nigeria’s top tier banks recording NPL level of 23 per cent.
While some banks may be in need of capital, the apex bank had assured that Nigerian banks are strong enough to absorb the losses that may arise from the non-performing loans. Non-performing loans in the industry had risen from 5.3 per cent as at the end of December 2015 to 11.7 percent at the end of June, way above the regulatory ceiling of five percent, according to