Wednesday, 21 September 2016
Dangote, 14 Others Gain N127bn On Stock
Equity transactions on the floor of the Nigerian Stock Exchange (NSE), yesterday, favoured the Dangote Cement Plc and 14 other companies listed on the nation’s bourse with N127bn gain.
The recorded profit pushed up benchmark index by 1.33 per cent as the NSE All-Share Index (ASI) appreciated 370 basis points to close at 28,209.93 absolute points, and market capitalisation, also closing higher at N9.690 trn.
While the trading session favoured the 15 gaining stocks against 14 declining ones, 10 other
El-rufai Establishes Rice & Potatoes Plant In Kaduna, The Biggest In West Africa
Kaduna State governor, Malam Nasir El-Rufai, has announced the establishment ofa multi billion naira French Rice/Potatoes processing plant in Manchok, Kaura local government area of the state.The processing plant after completion, would offer 30,000 direct jobs to the teaming unemployed youths in the state.
Addressing a news conference in Kaduna heralding the ground breaking of the plant scheduled for this week, state commissioner for Agriculture and Forestry, Dr.Manzo Maigari, said 5,000 hectres of land in each local government area would be allocated to community on the best ways of planting potatoes.
He explained that as one of the steps to empower farmers in the state, VICAMPRO, owner of the processing plant would buy the potatoes from the farmers for its massive
Don’t Sell NLNG or other critical assets, RMAFC Advises FG
The Revenue Mobilisation Allocation and Fiscal Commission on Tuesday said that Nigerian Liquefied Natural Gas and other federation assets should not be sold to meet the country’s financial obligations.
The commission’s Acting Chairman, Alhaji Shettima Abba-Gana, was reacting to Alhaji Aliko Dangote’s suggestion that the country`s assets be sold off to augment the current revenue shortfall being experienced by the nation following the economic recession.
Abba-Gana, in a statement, said it would be unwise for the Federal Government to
Banks Derail Cbn’s N1tr Battle To Boost Economy
Lenders prefer traders to manufacturers, farmers
MPC retains tight monetary measures
Highlights of MPC meeting
•Monetary Policy Rate (MPR) 14%
•Cash Reserve Ration (CRR) 22.5%
•Liquidity Ratio 30%
•Asymmentric Window +200 -500
ADVOCATES of lower interest rates lost their battle yesterday.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) failed to bring down rates, but tightened measures because banks:
*have refused to lend to the agriculture and manufacturing sectors, despite the injection of N1trillion into the economy;
*are lending to traders who pump the cash into foreign exchange trading, thereby increasing the unusual pressure on the naira, which exchanged for N325 and N425 to the dollar in the official and parrallel markets yesterday; and
*attempts to inject more cash without corresponding increase in industrial capacity will worsen inflation.
The MPC of the Central Bank of Nigeria (CBN) shocked pundits by retaining all the monetary policy instruments at their current levels.
Addressing journalists at the end of the MPC meeting in Abuja, CBN Governor Godwin Emefiele
Despite Militancy, Oil Output Has Increased To 1.7BPD: Kachikwu
Despite calculated attacks by some militants, Nigeria’s oil production has increased from a daily average of 1,570,852 barrels per day in the last three weeks to a current week production of 1,752,536bpd, recording additional 181,684 barrels per day, Minister of State for Petroleum, Dr. Ibe Kachukwu has said.
The Minister, who gave the figure at the Presidential Quarterly Briefing with the Private Sector
Tuesday, 20 September 2016
CBN retains lending rate at 14 per cent
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate at the current rate of 14 per cent.
The move is against expectations from finance analysts, manufacturers and the Minister of Finance, Mrs Kemi Adeosun, who have all called for a reduction in the benchmark lending rate.
Zenith Bank increases *966# free airtime promo to accommodate more winners
Owing to the instant success of the *966# Friday campaign free airtime promo, Zenith Bank has increased the size of the awards to accommodate more winners.
The bank last week launched an airtime give-away promo to reward its customers by giving them a chance to triple their airtime purchased every Friday on the platform.
The first 966 to purchase airtime using the code *966*amount*phone number# between the hours of 6am and 9am, were to have their purchase tripled.
However, an upward revision of the awards will now see 966 customers emerge winners every hour between the hours of 6am to 9am, making it a total of 2,898 winners for each day of the
GlaxoSmithKline appoints Emma Walmsley as CEO
GlaxoSmithKline on Tuesday appointed Emma Walmsley, its head of
consumer healthcare, to lead the British drugs giant and develop new
treatments in a fast-consolidating sector.
Walmsley, 47, succeeds outgoing chief executive Andrew Witty, who is retiring early next year after almost a decade at the helm.
Walmsley, who joined GSK from French cosmetics giant L’Oreal six years ago and has a background in marketing, will take up her new post at the end of March.
She will join six other women who currently head one of the 100 companies listed on London’s benchmark FTSE index but will oversee the largest of the seven, which include EasyJet, led by Carolyn McCall.
The global pharmaceutical sector has undergone major consolidation in recent years as companies battle competition for generic versions of their drugs.
In the past month, US giant Pfizer announced a deal to purchase biotech firm Medivation, which specialises in cancer treatments, for $14 billion (12.5 billion euros).
Google and French pharmaceutical giant Sanofi have meanwhile agreed a joint venture focused on diabetes care.
For its part, GSK agreed in 2014 to sell its oncology business to Novartis for $16 billion, while buying the Swiss group’s vaccines division in return.
The pair also formed a joint venture for consumer health products, headed by Walmsley.
“Emma is an outstanding leader with highly valuable experience of building and running major global businesses and a strong track record of delivering growth and driving performance in healthcare,” GSK chairman Philip Hampton said in a statement.
“Under Andrew’s leadership, GSK has successfully developed into a company with market-leading positions in pharmaceuticals, vaccines and consumer healthcare. These provide excellent platforms for sustainable, long-term growth,” he added.
Alongside the Novartis deal, the latter part of Witty’s tenure was clouded by Chinese authorities fining GSK the equivalent of almost half a billion dollars in 2014 over alleged bribery.
The firm’s former head of China operations, Mark Reilly, and four other ex-officials were handed suspended prison sentences over the incident.
– ‘R&D the beating heart’ –
Looking ahead, Walmsley said in the statement that GSK has “the potential to create meaningful benefits for patients, consumers and our shareholders” thanks to a rise in “medical innovation and trusted healthcare products”.
In an interview posted on the firm’s website, the married, mother-of-four added that research and developement of new products would remain GSK’s priority under her stewardship.
“R&D is absolutely the beating heart of our company and our success is and will continue to be defined most fundamentally by the strength of our pipeline,” she said.
The Oxford University graduate pointed also to challenges that lay ahead for her company and the sector as a whole.
“Pricing is a key area of focus, government and household budgets are under pressure, the regulatory environment is extremely tough and unpredictable and of course society wants big business and big pharma to continue to close the trust deficit that has been widening,” she said.
GSK’s shares were down 0.6 percent at £16.36 in late morning deals following the announcement, underperforming the wider FTSE 100, which gained half a percent.
“The GSK business, including pharma, is in stronger shape than the market realises and this ‘don’t upset the apple cart’ appointment is consistent with this view,” brokers Liberum said in a note to clients.
GSK said details of Walmsley’s salary would be disclosed next year. The company employs around 100,000 people worldwide, of which one-tenth work in R&D.
Walmsley, 47, succeeds outgoing chief executive Andrew Witty, who is retiring early next year after almost a decade at the helm.
Walmsley, who joined GSK from French cosmetics giant L’Oreal six years ago and has a background in marketing, will take up her new post at the end of March.
She will join six other women who currently head one of the 100 companies listed on London’s benchmark FTSE index but will oversee the largest of the seven, which include EasyJet, led by Carolyn McCall.
The global pharmaceutical sector has undergone major consolidation in recent years as companies battle competition for generic versions of their drugs.
In the past month, US giant Pfizer announced a deal to purchase biotech firm Medivation, which specialises in cancer treatments, for $14 billion (12.5 billion euros).
Google and French pharmaceutical giant Sanofi have meanwhile agreed a joint venture focused on diabetes care.
For its part, GSK agreed in 2014 to sell its oncology business to Novartis for $16 billion, while buying the Swiss group’s vaccines division in return.
The pair also formed a joint venture for consumer health products, headed by Walmsley.
“Emma is an outstanding leader with highly valuable experience of building and running major global businesses and a strong track record of delivering growth and driving performance in healthcare,” GSK chairman Philip Hampton said in a statement.
“Under Andrew’s leadership, GSK has successfully developed into a company with market-leading positions in pharmaceuticals, vaccines and consumer healthcare. These provide excellent platforms for sustainable, long-term growth,” he added.
Alongside the Novartis deal, the latter part of Witty’s tenure was clouded by Chinese authorities fining GSK the equivalent of almost half a billion dollars in 2014 over alleged bribery.
The firm’s former head of China operations, Mark Reilly, and four other ex-officials were handed suspended prison sentences over the incident.
– ‘R&D the beating heart’ –
Looking ahead, Walmsley said in the statement that GSK has “the potential to create meaningful benefits for patients, consumers and our shareholders” thanks to a rise in “medical innovation and trusted healthcare products”.
In an interview posted on the firm’s website, the married, mother-of-four added that research and developement of new products would remain GSK’s priority under her stewardship.
“R&D is absolutely the beating heart of our company and our success is and will continue to be defined most fundamentally by the strength of our pipeline,” she said.
The Oxford University graduate pointed also to challenges that lay ahead for her company and the sector as a whole.
“Pricing is a key area of focus, government and household budgets are under pressure, the regulatory environment is extremely tough and unpredictable and of course society wants big business and big pharma to continue to close the trust deficit that has been widening,” she said.
GSK’s shares were down 0.6 percent at £16.36 in late morning deals following the announcement, underperforming the wider FTSE 100, which gained half a percent.
“The GSK business, including pharma, is in stronger shape than the market realises and this ‘don’t upset the apple cart’ appointment is consistent with this view,” brokers Liberum said in a note to clients.
GSK said details of Walmsley’s salary would be disclosed next year. The company employs around 100,000 people worldwide, of which one-tenth work in R&D.
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