Banking and Finance

Investors Withdrew $12.5b from Bonds

Investors withdrew a record $12.5 billion from bond funds in the week to June 5, Citigroup Incorporated said, citing global data.

The outflows were the first in 24 weeks, Markus Rosgen, Citigroup’s Hong Kong-based chief Asian strategist, wrote in a note on Friday.

Bloomberg News reports that investors also pulled $6.2 billion from stock funds, with $5 billion of that coming from emerging markets and $1.2 billion from developed nations, he wrote.

Stransact Partners Emerges Africa’s Best Tax Service Provider 2013

Photo R-L: Stransact Partners’ staff –Zainab Opoowu and Innocent Nwani being presented the Award plaque and certificate by the organiser of the African Brand Leadership Merit Awards.

Stransact Partners, on merit, has emerged Africa’s Best Tax Service Provider of the Year 2013 in the just concluded African Brand Leadership Merit Awards.

Nigeria, Canada target $6b trade volume by 2015

Nigeria and Canada have resolved to strengthen trade and investment ties by leveraging on areas of comparative advantage.

The two countries also agreed on strategies to double the volume of trade between them to $6 billion by 2015 as Canada also plans to review its visa processing time to aid trade and investment with Nigeria. Nigeria’s value of merchandise trade with Canada stood at about $2.7billion in 2011.

Budget Delay: Impact on Private Sector

The Federal Government’s budget is the lifeline of any economy. Government fiscal dynamics remains a major gauge of business confidence. It is likened to the mother ship from which all the small boats sail. Government spending on contractors, import bills, wages and allowances triggers other multiplier effects across the broad spectrum which translates into increased activities across the sectors.

Single Digit Inflation: How Sustainable?

Nigeria’s inflation rate dropped to the much coveted single digit level of 9% in January 2013. This was supported by similar significant moderation in all the major key inflation categories in manners that suggest a distributed moderation in the level of prices in the country. However, it is good to note that the moderations in the inflation figures are caused, largely, by the base effect.

Nigerian Business Confidence Index: Modest Improvement amid Uncertainty

Aggregate BCI
The second quarter (Q2) 2013 aggregate Business Confidence Index (BCI) recorded a modest improvement of 16.50% from the 10.50% it achieved in the first quarter (Q1) 2013. This represents a six point movement of the index along a positive trajectory. This improvement notwithstanding, the BCI scores for the Q1 and Q2, 2013 continue to trail far below the 50% global confidence threshold. Investors and business leaders are still wary about the state of the economy and the unfriendly doing business environment.

First Bank Offers Diverse E-Business Transactions

First Bank has said that it is providing different electronic means of transacting business for its depositors in order to give them easy access to their funds.

The bank, in a statement, said it had come up with the Expression Card, Firstonline and Firstmonie electronic means of accessing deposits and fostering transactions.

While explaining some of the benefits of the Expressions Card, it described it as a customised card that was designed from any convenient location for the banks depositors.

NSE Partners CBi on Corporate Governance

The Nigerian Stock Exchange (NSE) has announced a partnership with the Convention on Business Integrity (CBi) to establish a Corporate Governance Index for listed companies in Nigeria.

The NSE, in a statement on Wednesday, said the CBi will provide a steady flow of robust data that will be used to develop a Corporate Governance Ranking System for listed companies in Nigeria.