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Business news

Day: November 3, 2016

Government mulls risk capacity alliance for disaster management

Muhammad Sidi The Federal government has revealed plans to consider the possibilities of entering into the African Risk Capacity (ARC)’s insurance policies to mitigate misfortunes such as flood and drought in the country. The Director General of the National Emergency Management Agency (MEMA), Muhammad Sani-Sidi, at a multi-stakeholders workshop held in Abuja at weekend, said […]

Prestige Assurance settles N1.5 billion claims in 2016

The General Manager, Prestige Assurance Plc, Sarbeswar Sahoo (left); Company Secretary, Abayomi Odulana; MD/CEO, Dr. Balla Swamy; the Chairman, Hassan Usman; Director, Gopalan Raghu; and Director, Mufutau Oyegunle, at the board meeting held recently. The Chairman of Prestige Assurance Plc, Hassan Musa Usman, announced that the company has so far paid over N1.514 billion claims to […]

Multiple taxation cripples growth in insurance, says expert

TAX The government’s multiple taxes have directly and indirectly stunted business development in Nigeria, just as the Companies’ Income Tax (CITA) Act 2007, is further crippling performance in the insurance sector. CITA imposes minimum tax on companies where they have no taxable profits or taxable profits resulting in lower than minimum tax This minimum tax […]

NAICOM seeks Gombe State support on compulsory insurance

The National Insurance Commission (NAICOM) has appealed to the Gombe State Government to kick-start the process of domesticating compulsory insurance laws. The Commissioner for Insurance, Mohammed Kari, who made the appeal yesterday during a courtesy visit to the State Governor, Ibrahim Dankwambo, at the Government House, sought his support and collaboration in the implementation and […]

Whole Foods founder Mackey retakes helm in turnaround

Whole Foods Market Inc (WFM.O) is staking its future on blunt, vegan co-founder John Mackey, betting the man who built the high-end health food grocery chain has the best shot of leading its turnaround. Whole Foods on Wednesday said Mackey would resume his job as solo chief executive officer six years after he split the […]

Trump-effect grips world stocks, dollar

World stocks wallowed near a four-month low as U.S. election uncertainty knocked the dollar, and futures pointed to the longest losing streak for the S&P 500 since the 2008 financial crisis. Investors were unsettled by media reports that some agents at the FBI had wanted to press ahead with an investigation of the Clinton Foundation, […]

With Iraqi troops at Mosul’s gate, Baghdadi promises victory

With Iraqi troops battling inside Islamic State’s Iraqi bastion of Mosul, the militants’ leader told his followers to fight to the death in what he said was a war against Shi’ite Islam, Western “crusaders” and the Sunni “apostate” countries Turkey and Saudi Arabia. Expressing confidence in victory, despite the broad alliance of Iraqi and international […]

Trump, Clinton blast each other on character; Clinton rises in poll

Democrat Hillary Clinton and Republican Donald Trump attacked one another’s character as they pushed their closing arguments six days before the U.S. presidential election, while the latest Reuters/Ipsos poll showed Clinton’s lead over Trump rising back to the margin she held last week. Many national polls have shown Clinton’s lead over Trump narrowing since the […]

China October data seen offering more signs of stability, room for reforms

A flurry of data from China in the coming weeks is expected to reinforce views that the world’s second-largest economy is stabilizing, despite stubbornly weak exports and worries that a property boom is peaking. Signs of steady expansion would give room to policymakers to focus on reforms and risk control as China faces a growing […]

Pension assets rise to N5.9tn

The total assets under the Contributory Pension Scheme rose to N5.9tn as of the end of September. The Director-General, National Pension Commission, Mrs. Chinelo Anohu-Amazu, disclosed this during a seminar in Abuja on Wednesday. “Some of the major success indicators include the consistent growth in a large pool of pension assets of over N5.9tn, which […]