Business News in Brief

Inflation rises to 9.1% in April

The rate of inflation in the country rose to 9.1% in April from 8.6% in March, according to the Consumer Price Index Report released by the National Bureau of Statistics yesterday.

The report attributed the rise in inflation to “higher price levels of food products due to the effect of declining inventories.”

The inflation rate fell below 10% in January, meeting the Central Bank of Nigeria’s target, as the impact of last year’s higher fuel prices waned.

RIM Unveils Cheaper Blackberry

Research In Motion Limited has unveiled a lower-cost BlackBerry aimed at consumers in emerging markets, stepping up its efforts to regain market share lost to Apple's iPhone and Android devices powered by Google's software.

The lower-cost gadget, called the Q5, is the company's third smartphone to run the new BlackBerry 10 system. It will have a physical keyboard, something that sets RIM's devices apart from Apple's iPhone and most Android phones.

RIM CEO Thorsten Heins said the "slim, sleek" device will be available in red, black, white and pink.

APCON Lifts Ban on Guinness Ad Materials

Having complied to play the game by the rule, the Advertising Practitioners Council of Nigeria (APCON) has lifted the ban placed on advertising materials of Guinness Nigeria Plc.

The council sanctioned the brewery giant for exposing its Guinness foreign extra stout adverts on Digital Satellite Television (DStv) outside the prescribed periods allowed by the APCON Code of Advertising and Promotion guidelines.

AMCON Rescues Airlines from Debts

Aircraft pilots and engineers under the aegis of the National Association of Aircraft Pilots and Engineers (NAAPE) said Assets Management Corporation of Nigeria (AMCON) saved dying airlines from ₦132 billion debt.

The association also disclosed that the agency’s intervention in the airline industry saved no fewer than 7,000 jobs.

NAAPE, in a statement, said AMCON helped about 12 airline and helicopter companies to stay afloat amid financial crisis.

US Plans $250m Fertilizer Plant in Edo

The Consul-General of the United States to Nigeria, Jeffry Hawkins, has disclosed plans by the United States government to establish a $250 million fertilizer plant in Edo State.

Mr. Hawkins, who described Edo State Governor, Comrade Adams Oshiomhole, as one of the most effective governors in Nigeria made the disclosure during a courtesy call and inspection of projects in the state recently.