Ghanian businessmen and others invades Nigeria foreign exchange market

       

    Nationals from African countries are presently invading Nigeria's foreign exchange market. Ghanaian businessmen and others from central Africa are going to bureau de change market to buy foreign currencies at the rate being given to them and this also form part of the causes of high demand for foreign currencies that the country is presently facing.

Facebook unveils drone to spread the internet

Facebook unveiled a full-scale version of its connected solar-power drone on Thursday. The plane, named Aquila, is designed to fly for 90 days above weather systems, bringing Internet connectivity to remote regions where cell towers or fibre-optic cable may be difficult to deploy.

The unmanned aircraft has a huge wingspan similar to a Boeing 737 but it weighs less than a car and the company claims it can remain airborne for months at a time.

Facebook chief Mark Zuckerberg said: 'We've successfully tested a new laser that can transmit data at 10 gigabits per second.

'That's ten times faster than any previous system, and it can accurately connect with a point the size of a dime from more than 10 miles away.

'This effort is important because 10% of the world's population live in areas without existing internet infrastructure. To affordably connect everyone, we need to build completely new technologies.'

   Nice work Facebook "Delivering internet to everyone"

Shell 6,500 workers to be laid off this year

 Not a good news though;

     As part of cost-cutting strategy due to the dwindling fall in oil prices  which is believe to last the next few years,Royal Dutch Shell has announced plans to cut 6,500 job losses this year as a result of the collapse in world oil prices.

The London-listed oil firm warned that it was "planning for a prolonged downturn" in prices, lasting several years, as it moved to slash costs for 2015 by 10%

It said that its investment plans for the year were also being scaled down, by £4.5bn, and it expected to cut more in 2016.

The company made the announcement as it confirmed half-year pre-tax profits of £5.2bn - down 16%.

Investors can now trade the FCMB’s N26bn bond

    Investors can now buy and sell the First City Monument Bank (FCMB) Limited N26 billion bond on the trading platform of the Financial Market Dealers Quote (FMDQ). The bond, which will mature in 2021 with a fixed annual interest rate of 14.25 percent, was the first to be issued under the N100 billion debt issuance programme of the bank. 

    FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, is the issuing house and sponsor of the bond. The Group Managing Director/Chief Executive of FCMB Limited, Mr. Ladi Balogun, said that ‘’The significance of listing the FCMB bond on the FMDQ platform is dependant on the availability of a readily accessible liquid market to the bondholders, where the value of their investments can easily be determined and monitored on a daily basis. It also provides a platform to realise their investment when necessary’’.

Exchange rate as at 31/7/2015

Biz blog term of the day : Treasury Bills

  

Treasury bills are government guaranteed debt instruments issued by the Apex Bank of a country to control money supply in the economy.T-bills are very popular with institutional investors because interest derived is exempted from tax.

      Although the rate of return is typically the lowest in the market but it is also the safest form of investment because a country can never run dry of cash which in turn makes your investment fully secured.

    Treasury bills mature in a year or less and the interest is paid upfront.For instance,if you purchase a T-bills of N200,000 with an interest of 10%,your bank debits your account with N180,000 leaving you with N20,000 which is your interest been paid upfront. 

      Upon maturity of your investment,your account is been credited with the face value of your initial investment which is N200,000.

The United Nation tagged Real estate,ICT as fastest growing sector in Nigeria

The united nation has tagged Real estate,Information communication technology as some of the fastest growing sectors in the country.

   The head of poverty and trade department,UN conference on Trade and Development(UNCTAD)  Mr Patrick Osakwe said that ICT,Real estate as well as financial services sector of the nation has the capacity to drive economic growth if well harnessed.

Sharing tips on Productivity

    

    Hello everyone, trust you had a blessed weekend and welcome to a new week.

    Two weeks ago,i had an online course on productivity by Paul Minors and am here to share some facts that you can deploy to use for your personal growth. 

  

Click to continue;

Chicken, turkey scarcity hits Nigeria market

A week after the Nigeria Customs Service launched the ‘Operation Hawk Descend’, a special operation against the smuggling of frozen poultry into the country, the prices of foreign poultry have risen by 28.5 per cent, while those of locally reared birds have increased by about 25 per cent.

The implementation of the ban on imported poultry has led to the scarcity of frozen chicken and turkey in the market.

The Operation Hawk Descend is expected to be conducted in Nigeria border with neighbouring countries, especially in Lagos, Ogun and Oyo states, and last for an initial period of three months, ending in September.

  A frozen food seller in my Area stated that the scarcity of poultry feeds had forced the price of a kilogramme of frozen turkey to rise to N1000 from N800 previously, which is a 28.5 per cent rise.

Although the Director-General of the Poultry Association of Nigeria, Mr. Onallo Akpan lamented on the destruction of the local poultry industry by the continued patronage of imported products.

He had described the local poultry industry as one of the critical drivers of the Nigerian economy and pleaded for public cooperation with the Consumers Protection Council and others stakeholders to rid Nigerian markets of imported poultry.

“If this trend is not checked and brought under control, the huge investment in the poultry industry may be rendered unproductive and the economy brought into a total collapse.

Mind tricks to help you save more and spend less

    In theory, getting richer is a simple calculation: earn more, spend less.
But in practice, it's harder than it sounds.

    Here are some tricks to curb your spending habit and save more;

1. Think of your savings in terms of how many "weeks of freedom" they buy.

2. Engage the "gas or brake method." Every decision you make either gets you closer to where you want to be (stepping on the gas) or slows you down (leaning on the brake). The next time you go to make a decision, ask yourself: Am I stepping on the gas or the brake?

3. Remember that when you aren't earning, you're spending.

4. Practice the "stranger test."-If what you want to buy is not really important, you might as well keep that money in your pocket.

5. Spend your money where you spend your time.

6. Use the "urgency test" when shopping. If you're wavering on a purchase, ask yourself, "Would I wear this out of the dressing room right now?" If you aren't excited enough to wear it right then, don't bother buying it.

7. Procrastinate on non-essential purchases. When it comes to discretionary spending (except for important moves for financial security, like saving for retirement), putoff your purchase to give yourself time to find better prices and make better decisions.

8. Never spend loose change. Make it a hard-and-fast mental rule,You can easily add up the change on your purchases and move that change to a separate account. Doing the math yourself is a little less magical, but it works."

9. Break down the monetary value of your hour and spend accordingly.

10. Cover your plastic access card(i.e ATM card) to create a mental — and physical — barrier.USE IT ONLY WHEN NECESSARY

11. Don't hesitate to say "NO''  Saying "no" to the things that don't really matter allows us to focus on the things that do.

12. "Use it up, wear it out, make it do, or do without."  Before spending on something new to supplement or replace something you already own, look at what you currently use with a critical eye: Can you use it up, wear it out, make it work, or simply go without it until you have more cash?

Nigeria’s power sector to get loans and grants from European union

The European Union says it is considering a combination of grants and possibly loans that will help Nigeria to make viable progress in its power sector.The EU is looking at addressing challenges in three arms of the power sector namely: generation, transmission and distribution.

The Ambassador/Head of European Union Delegation to Nigeria and the Economic Community of West African States, Mr. Michel Arrion, stated this in Lagos during a courtesy visit to the Sahara Group, an energy and infrastructure conglomerate with operations across the globe.

Arrion said the EU remained committed to supporting Nigeria’s unfolding power reform through research grants, which would help the country to discover the “right technology, effective tariff regime, regulation and partnerships” required to attain sustainable power supply.

“We are considering a combination of grants and possibly loans that will help the nation make viable progress in power generation, transmission, distribution, technical efficiency, commercial efficiency, renewable energy as well as effective regulatory framework. We are open to partnerships with the Sahara Group and other organisations in this regard,” he said.

The EU said it would be partnering Sahara Group and other Nigerian companies as well as governments and other stakeholders to achieve sustainable power supply and enhanced nutrition for children, among other key issues it was keen to promote in the country.

The top 10 performing stocks on the stock exchange

     Caverton Offshore Support Group Plc led the table of price gainers  last week on the Nigerian Stock Exchange.

          Find list below;

1.   Caverton offshore support Group plc
2.   Ecobank transnational Incorporated plc
3.   Forte Oil plc
4.   Unity Bank plc
5.   Diamond abnk plc
6.   United bank for Africa plc
7.   UAC Nigeria plc
8.   Associated bus company plc
9.    C & I leasing plc
10.    TotalfinaElf plc

   

Toshiba CEO resigns

Toshiba's chief executive and president Hisao Tanaka resigned Tuesday over accounting scandal in the company.

    Eight board members, including vice chairman also resigned  as part of a major management reshuffling. Toshiba's current chairman, Masashi Muromachi, was named interim president.

Japanese conglomerate Toshiba, which makes everything from consumer electronics to nuclear energy technology, has been under fire for months over accounting irregularities. The company overstated profits by 151.8 billion yen (N244.101 billion) over a seven year period, according to the findings of an independent committee.

Toshiba "takes the situation it has caused very seriously and we deeply apologize to our shareholders, investors and all other stakeholders," the company said in a letter to investors on Monday. "After examining the report ... the company will take procedures to correct past financial results as necessary."

The headache started in April, when Toshiba itself began investigating accounting practices in its energy division. Things got worse in May, after the company said an independent committee would be taking over the review. Toshiba even canceled its year-end dividends and postponed earnings, prompting analysts to downgrade investment recommendations and earnings forecasts.

Exchange rate (22nd of July 2015)

          

   

          At the parallel market,the naira dropped further to 242.5 against the US dollar and there are speculations that it might drop further.

      The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said he expected the CBN to introduce some measures next week to curb the situation at hand.

"I believe the CBN will introduce some measures next week to stop the trend, otherwise the naira may hit 250 or even 270 later," he said.

         Guys,this is really affecting the price of commodities in the market as traders are fixing selling price based on the cost incurred on acquisition of their merchandise.Need be say that everyone is feeling the strain this time around.Hopefully,the apex bank will put up some measures to salvage this issue.

Bizblog term of the day : INVESTING

          
               We will be looking at a financial word termed 'INVESTING'. And the question is "What is Investing"?

 
          Investing is an act of making your money work for you i.e Commiting your money,capital or time to a stake in expectation for an additional income or profit.You invest to receive a future benefit which implies whatever you are investing on now is to be recouped in the later days,months or years.

        For you to invest,you should be able to speculate the risk and the return and obviously whatever you choose to invest on should have a reasonable rate of return.You should have this in mind that every investment has its own risk attached to it but your end result will absolutely outway the risk therein.

      Investing begins and end with taking control of yourself,it's a plan not a product or procedure and as such,you don't invest until you have a plan.Make sure you follow your plan and don't get bored half way of your journey. Initially,your profit or dividend might not be on a substantial side but it will compound to a reasonable amount over some months and years to come.It is better to ''start by walking before deciding to run''

      You are investing because you know the outcome of your investment which implies that through your investment you should know at least 80% end result right from the beginning.
       Check for different ways to go about your investment after the cut;

For the football lovers:Sunday Oliseh resumes as head coach of the Nigeria National team(Super Eagles)

             

           Yay yay,am also a football lover and I love good football as in ............(A news for another day you know).

        Back to the post title;

         Today marks a new beginning for Super Eagles as our legendery former Super Eagles's captain Sunday Ogochukwu Oliseh resumes as the Head Coach of the National team.

          Hopefully,this is going to be a great choice by the Nigeria football federation (NFF)

   Find below his speech after the cut;

       

  

Good News: Lagos State Govt abolishes fines on Tax evading firms

TAX EVASION IS AN ACT OF USING ILLEGAL MEANS TO AVOID PAYING TAXES

  But this news will definately put a smile on firms that has been found guilty of tax evading act.

The Lagos State Internal Revenue Service (LIRS) on Wednesday said that it had abolished the fine on tax-evading companies throughout the state.

Mrs Ajibike Oshodi-Sholola, the leader of the Distrain Unit of the LIRS, told the News Agency of Nigeria (NAN) in Lagos that this was due to total compliance by most of the companies paying the taxes.



Oshodi-Sholola said that the new administration cancelled the fine so that the erring companies should be able to pay up their taxes, without any additional costs attached.

NAN reports that the Distrain fine is the additional N250, 000 paid by tax evading companies before they will have their offices re-opened, after it has been shut by the LIRS.

Oshodi-Sholola said that nine companies were sealed for owing N18.6 million for tax evasion last week, during a state-wide tax law enforcement exercise.

According to her, the unit shut down six companies for owing N11.3 million on tax evasion on July 9, while another three companies were sealed off for also owing N7.3 million on July 10.

She advised the affected companies never to attempt removing the government seal papers on the doorposts of their offices, adding that such act is a criminal offence which attracts some penalties.
“The enforcement team usually goes out for spot-checks to identify the companies that might have removed the seals after the team left.

“Any company that may be found in the act of removing the seals will be charged to court for judgment and prosecution,” she told NAN.

Oshodi-Sholola said that companies affected by last week’s enforcement exercise included: hotels, an oil and gas firm, a micro-finance bank and a digital photo laboratory.

Excepts from National news agency of Nigeria(NAN)

Biz blog term of the day :Financial Security

   Financial security is a state of being empowered and having control over your finances in order to be able to access the right standard of living now and the nearest future.To be financially secured places you at a safety zone,you have an assurance and certainty about any obligation.

      Being financially secured entails you to;

Exchange Rates as at 15/07/2015

     
      Given is the foreign exchange rates across the globe but prices might differ when you get to your local bureau de change vendors because of various market forces.

Welcome to BIZINVESTMENTINFO

 Welcome!Welcome!Welcome!

     Am glad to have you here and I will be sharing tips on business and investment trends,will help increase your financial vocabulary space.
 
    This is bizinvestmentinfo.blogspot.com and this blog will basically;

• Bring to you investment and business news around the globe.

• Discuss interesting topics that will positively influence your investment decision.

• Bring update on exchange rate across the world.

• Post interesting,educative,informative news and the likes.

  
    You know that one can only act at the level of what he or she knows, so lets take this journey of discovery together and I assure you that it's going to be worthwhile.



Taking a bow!!!
Bukola Olokungboye