Category: Uncategorized
Two Arrested Nigerians Released by Chicago Police
Two Nigerian brothers Olabinjo and Abimbola Osundairo arrested over Smollette attack in Chicago have been released as the investigation now shifts to Smollette himself. There are allegations that the alledged attack may have been staged by Smollette himself According to the Chicago police as reported by the Chicago Tribune “the investigation into the attack reported by Jussie Smollett has “shifted” due to information received from two brothers arrested in the case then released, and police want to interview the “Empire” actor again.
“Twelve hours after calling them “possible suspects,” police late Friday released the two Nigerian brothers without charges and said they were no longer suspects, citing “new evidence” they did not disclose.
“Detectives have additional investigative work to complete,” Chicago police spokesman Anthony Guglielmi said.
“We can confirm that the information received from the individuals questioned by police earlier in the Empire case has in fact shifted the trajectory of the investigation,” Guglielmi said in an emailed statement Saturday. “We’ve reached out to the Empire cast member’s attorney to request a follow-up interview.”
Source Chicago Tribune
Comments
UBA’s Asset Soars As Earnings Clock N494 Billion
By Akanimo Sampson
Group Managing Director/CEO of the United Bank for Africa (UBA) Plc, Kennedy Uzoka, says the Pan-African financial institution recorded a 48 percent year-on-year growth in retail deposits and improved our CASA ratio to 77 percent.
The big financial supermarket is also optimising their funding mix, which will enhance their net interest margin (NIM), over the medium term. UBA announced her audited 2018 financial results, which indicates that the financial enterprise recorded impressive growths achieved across major financial lines in the year under review.
According to Uzoka, ‘’defying the relatively weak economic growth in Africa, earnings were positive and we grew our balance sheet by 20 percent, driven by the 23 percent growth in our deposit funding. In a period of economic uncertainty, we have focused on retail deposit mobilization, with exciting results. It will be recalled that the bank started wholesale banking operations in London, as it seeks to leverage the Group’s unique network across Africa, while also opening its 20th African operation in the same year.
‘’Our operations in the United Kingdom now offer end-to-end trade, treasury, structured finance, wholesale deposit taking and ancillary services. With this development, we are better positioned to fulfill our aspiration of deepening trade and capital flows between Europe and Africa. We are also pleased with the market acceptance of our new operation in Mali.’’
UBA has more than 65 years of providing uninterrupted banking operations, dating back to 1948 when the British and French Bank Limited (BFB) commenced business in Nigeria. BFB was a subsidiary of Banque Nationale de Crédit (BNCI), Paris, which transformed its London branch into a separate subsidiary called the British and French Bank, with shares held by Banque Nationale de Crédit and two British investment firms, S.G. Warburg and Company and Robert Benson and Company.
The 2018 financials filed at the Nigerian Stock Exchange shows that the Africa’s global bank’s gross earnings grew by 7.0 percent to N494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The Bank’s total assets also grew significantly by 19.7 percent to an unprecedented N4.9 trillion for the year under review.
For financial analysts, these results largely demonstrates the benefits of the Group’s Pan-African footprints with continued growth in market share in key countries of operation across Africa. The contributions of ex-Nigeria subsidiaries at 40 percent, again confirms the strong footing of the Group’s franchise in Africa.
Despite the challenging business environments in Nigeria and across key markets in Africa, UBA’s Profit Before Tax was quite impressive at N106.8 billion, a 2.4 percent growth, compared to N104.2 billion in 2017 financial year. In same vein, the Profit After Tax rose by 1.4 percent to N78.6 billion, compared to N77.5 billion recorded in 2017.
Due to lower foreign exchange trading income, Operating Expenses grew by 4.1 percent to N197.3 billion, compared to N189.7 billion in 2017 The bank’s net loans recorded stood at a prudent 3.9 percent growth to N1.72 trillion, while customer deposits increased by as much as 22.5 percent to N3.3 trillion, compared to N2.7 trillion recorded in the corresponding period of 2017; to reflect increased customer confidence and enhanced service channels in the year under review.
The Shareholders’ Funds however, decreased marginally by 4.8 percent to N502.6 billion, reflecting the impact of International Financial Reporting Standards 9 (IFRS 9) implementation.
Uzoka said he remained confident that UBA’s performance would be stronger in the years ahead and shareholders will enjoy even greater dividends, as the Group “is well positioned to take advantage of imminent fiscal reforms across many economies in Africa, a positive outlook which should stimulate new opportunities in infrastructure, manufacturing, agriculture and resource sectors.’’
Continuing, he said ‘’I am excited by the profitability of our ex-Nigeria subsidiaries, which now contributes an impressive 40 percent earnings to the Group. At the moment, our Nigerian business is benefiting from our product and operational focus, gaining market share – most importantly, the increasing penetration of our retail offerings is reassuring, as this fundamental progress aligns with our strategy of focusing on sustainable growth. With great optimism, we look forward to a more rewarding 2019 for our shareholders, as we further sweat our resources and optimize productivity towards delivering superior returns.’’
Group Chief Financial Officer, Ugo Nwaghodoh, who also spoke on the performance, said that the improving mix of UBA’s funding base and asset pricing, reinforce a positive outlook on Net Interest Margin(NIM) and broader balance sheet efficiency.
He said while considerable investment in people, digital transformation and channel enhancement masked cost efficiency gains within the year, with cost-to-income ratio at 64 percent, ‘’we are convinced that our diligent execution of new initiatives will ensure the reduction of Cost to Income Ratio(CIR) towards our medium-term target.
‘’Our balance sheet is being positioned to take full advantage of market swings and our strong 25 percent capital adequacy ratio provides headroom for growth, even under a BASEL III scenario. As it stands, UBA has started the year on a good note and should sustain the momentum, as we work towards improving our Return on Average Equity (RoAE).’’
Arguably, UBA Plc is a leading pan-African financial services group, operating in 20 African countries, as well as the United Kingdom, the United States of America and with presence in France. The business was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949.
She merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent.
Comments
Trump Cancels Rally as Demonstrators Overwhelm the Chicago Rally Event
Huge Crowds more than 10,000 succeeded in Shutting Trump Rally down in Chicago
More than 10,000 protesters overwhelmed the the University of Illinois arena where Trump was expected for a major campaign rally. Trump has been accused in the past of urging his supporters to use unorthodox methods against non supporters and people disrupting his rallies. Here is a report by the Chicago Tribune
Republican presidential front-runner Donald Trump canceled his Friday night rally at the University of Illinois at Chicago Pavilion due to security concerns as thousands of protesters gathered outside.
Inside the arena, an announcement was made that Trump arrived in Chicago and met with law enforcement officials, and that due to protesters “in and out of the arena, tonight’s rally will be postponed until another day.”
“We stopped Trump,” protesters inside chanted.
Trump, speaking to MSNBC, said he thought it was a better idea to postpone the rally than to “let people mix it up.”
The presidential candidate panned the protesters as weak “troublemakers,” ordered them to “go home to mommy” or “go home and get a job” because “they contribute nothing.”
“These are not good people, just so you understand,” Trump said. “These are not the people who made our country great. These are the people that are destroying our country.”
In Chicago, several protesters were removed from the arena before the rally was canceled. One section appeared to be filled with youths protesting his appearance, a majority of them African-American, Latino, Arab-American and Asian-American.
Before the official who announced the cancellation took the stage, a female protester shouted “f— Trump” while holding a “No Hate” sign. People in the upper balcony threw debris at her.
As of 6:50 p.m., there had been no arrests or injuries, said Chicago Police Department spokesman Anthony Guglielmi. Interim Superintendent John Escalante is on the scene. The Police Department was notified by university officials that the event would be shut down.
Source: Chicago Tribune Visit the website
Africa Business World: We make it short and Concise and to the point to save you time. ABW will bring more to you as more information becomes available. Africa Business World is one of the major sources of latest World News, Africa News, and Nigerian News, we also offer Small Business Directory for all your business listings. Our website is accessible in 90 languages including Igbo, Hausa, and Yoruba
Email: info@africabusinessworld.com to advertise on our website
If you like our stories why not Share Them! At Africa Business World we are working hard to get you informed!
Comments
Suspicious White Powder Sent to Donald Trump’s Son Eric
Africa Business World has received a report that an unknown substance was mailed to Eric Trump, the son of US Republican Presidential contender Donald Trump. The letter containing the substance was opened by Eric’s wife. Eric Frederic Trump is an American businessman and philanthropist. He is the third child of American businessman Donald Trump and his first wife, Ivana. Eric got married to CBS News producer Lara Yunaska in 2014.
Sending suspicious letters and packages to politicians was all the rage a few years ago, and unfortunately it appears someone’s at it again. According to NBC News, Eric Trump, the GOP front-runner’s 32-year-old son, received a letter containing a white powder at his home in Manhattan, which was opened by his wife on Thursday night. The Secret Service, FBI and New York Police Department are investigating, but preliminary tests suggest the substance is non-toxic. Sources tell CBS News the letter was postmarked in Massachusetts and warned that Donald Trump’s children will be harmed if he does not drop out of the race.
Source: AOL News
Africa Business World: We make it short and Concise and to the point to save you time. ABW will bring more to you as more information becomes available. Africa Business World is one of the major sources of latest World News, Africa News, and Nigerian News, we also offer Small Business Directory for all your business listings. Our website is accessible in 90 languages including Igbo, Hausa, and Yoruba
Email: info@africabusinessworld.com to advertise on our website
If you like our stories why not Share Them! At Africa Business World we are working hard to get you informed!
Comments
South Africa’s Steinhoff proposes $1 billion settlement to solve legal disputes
JOHANNESBURG (Reuters) – South African retailer Steinhoff International (SNHJ.J) said on Monday it had proposed a settlement worth up to around $1 billion to settle a stream of legal claims against it following a massive accounting fraud.
Lawsuits worth billions of dollars are now the biggest challenge facing Steinhoff, which is battling to recover from the impact of the $7 billion scandal after first revealing holes in its accounts in December 2017.
CEO Louis du Preez said the settlement being proposed was the result of 12 months of “intensive effort” and urged all claimants to support it.
“Although there is no certainty yet that we will be able to conclude this settlement, in our view these terms are firmly in the best interests of all stakeholders,” he said in a statement.
The settlement splits claimants into two groups: those with claims related to market purchases and those with contractual claims. Steinhoff said not all claims against it are covered in the settlement.
It offers 266 million euros ($311.35 million) for market purchase claims, with contractual claimants to be offered around 104 million euros and a further 9.4 billion rand ($568 million) for claims against a subsidiary – just over $1 billion in total.
The value would be paid in both cash and shares in retailer Pepkor (PPHJ.J), a Steinhoff subsidiary, if the settlement is given the consent of creditors, regulators and eligible claimants, Steinhoff said.
Comments
South Africa’s Biovac in talks to manufacture COVID-19 vaccines
CAPE TOWN (Reuters) – A South African company part-owned by the government is in talks with the global COVID-19 vaccine distribution scheme and pharmaceutical companies to produce some of the vaccines the country needs to protect itself against the disease.
The Biovac Institute, a Cape Town-based joint venture between the government and private sector, could produce up to 30 million doses of COVID-19 vaccines per year, depending on the technology involved, Chief Executive Morena Makhoana told Reuters.
Depending on whether the vaccines require a one- or two-dose regimen, that could be enough for a quarter or half of South Africa’s population.
“We need to look at who is likely to get to the finishing line and who has the technological fit,” Makhoana said, when asked which vaccine candidate Biovac might partner with. “Discussions are happening and we are fairly confident that … we will be able to clinch a deal.”
The Coalition for Epidemic Preparedness Innovations (CEPI), the foundation that co-leads the COVAX scheme alongside the World Health Organization and vaccines alliance GAVI, has identified Biovac as a potential drug product manufacturer but has not signed an agreement yet, a CEPI spokesman said.
Drug product manufacturing typically includes steps like vaccine formulation, filling and finishing of vials, labelling and packaging, he said.
The COVAX scheme aims to deliver 2 billion doses of COVID-19 vaccine by the end of 2021. CEPI is reserving capacity with vaccine manufacturers worldwide so that goal can be met.
South Africa has submitted a non-binding confirmation of intent to participate in COVAX.
Makhoana said Biovac could not make “live virus” vaccines at this stage, precluding some vaccines being trailed in South Africa in partnership with Oxford University and Johnson & Johnson. He declined to name the companies Biovac was speaking to.
The Department of Science and Innovation, the ministry that manages the government’s stake in Biovac, supports its ambitions because it wants to stimulate local manufacturing and limit the impact of vaccine procurement on the country’s balance of payments, Director-General Phil Mjwara said.
Currently South Africa’s government buys about 95% of the vaccines
Comments
South Africa’s COVID-19 cases surpass half a million
JOHANNESBURG (Reuters) – South Africa’s confirmed cases of COVID-19 have crossed half a million, its health ministry said on Saturday, while cases in Africa as a whole approached a million.
Africa’s most industrialised nation recorded 10,107 new confirmed cases of COVID-19, the respiratory illness caused by the novel coronavirus, pushing the total to 503,290, the ministry said.
Just over 3 million people have so far been tested for the virus in South Africa, which confirmed its first case five months ago, and 8,153 deaths have been recorded. Africa has recorded 934,558 cases, 19,752 deaths and 585,567 recoveries, according to a Reuters tally.
South Africa imposed a nationwide lockdown at the end of March to curb the spread of the virus, but it has now eased many restrictions to boost economic activity – as have other countries across the continent, a large chunk of whose populations are poor and face hunger.
“The lockdown succeeded in delaying the spread of the virus by more than two months, preventing a sudden and uncontrolled increase in infections in late March,” South African President Cyril Ramaphosa said in a separate statement.
As restrictions have eased, infections have spiked over the last two months.
However, the daily increase in infections appears to be stabilising, particularly in the worst-hit Western Cape, Gauteng and Eastern Cape provinces, Ramaphosa added.
The World Health Organisation’s top emergencies expert Mike Ryan last week warned that South Africa’s experience was a precursor for what was likely to happen across the continent.
The difficulty – if not outright impossibility – of socially distancing in Africa’s poor, tightly packed urban areas, has also been an enabler for the spread of the virus.
Cases in South Africa, which has the fifth highest total in the world, have overwhelmed an already stretched healthcare system.
That presents a cautionary tale to the other African countries, whose health services are for the most part even more stretched.
During August, the National Ventilator Project will deliver 20,000 locally-produced, non-invasive ventilators to where they are most needed, Ramaphosa said, as the government continues to mobilise additional facilities, equipment and personnel in
Comments
Senate approves 3% VAT deduction to rebuild North-East
Related News
The Senate on Thursday approved allocation of three per cent of Value Added Tax (VAT) accrual to the Federal Government in the next 10 years to the rebuilding of the North-East.
This was sequel to the adoption of the recommendation of the Ad hoc Committee on North-East Development Commission Bill, which also proposed that the commission be domiciled in Borno.
In June when the Bill came for third reading, the two issues of allocation and headquarters of the commission stalled its consideration.
The Committee on Special Duties had proposed that the commission’s headquarters be located in Abuja, but Ali Wakil insisted that it should be sited in Bauchi.
Other senators from North-East states of Gombe and Borno, who also deferred, insisted that the commission headquarters be located in their own states.
Another contentious issue which the senators kicked against then was the proposal that 15 per cent of federal allocation to every state of the region be deducted at source for funding the commission.
The proposal that 50 per cent of ecological fund meant for each of the six North-East states should be deducted at source for the funding of the commission was also rejected by the lawmakers.
Due to the disagreements, the upper chamber was forced to suspend the clause-by- clause consideration of bill, and therefore, formed a committee to look into the contending issues.
During plenary on Thursday, the lawmakers agreed with the ad hoc committee which proposed that three per cent of Federal VAT be allocated to the commission for the next 10 years.
Presenting the report of the committee, its Chairman, Sam Egwu, said the committee agreed with all other funding arrangements proposed by the bill.
“The committee reviewed and agreed with the funding arrangement that was proposed in the Bill