NG Business

Former US employees may have hurt SEC reforms

United States Securities and Exchange Commission| credits: www.forbes.com Former United States Securities and Exchange Commission staffers who now work in the private sector may have helped derail last year’s effort to reform the $2.6tn money market fund industry, a report said. Reuters reported that the case study on money market fund lobbying is part of a 60-page report by the Project on Government Oversight. ...

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CBN restricts lending relationships between banks, HoldCo

Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi In a bid to forestall another crisis in the banking sector, the Central Bank of Nigeria has placed restriction on lending relationships between Deposit Money Banks and their holding companies. The Governor, CBN, Mr. ...

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Yookos social network users get new platform

Yookos logo| credits: www.yookos.com An African-focused social network site, Yookos has revamped its online platform to make social networking more exciting to its over 10 million users. ...

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Australia to grill Apple, others on pricing

Apple logo| credits: gev.com Apple Incorporated has been ordered to appear before Australia’s parliament with fellow technology giants Microsoft Incorporated and Adobe Systems Incorporated to explain why local consumers pay so much for their products, despite the strong Aussie dollar. Reuters reported that broadening a row between the world’s most valuable company and Australian lawmakers over corporate taxes paid on Apple’s operations, Apple executives were formally summonsed on Monday to front a parliamentary committee in Canberra on March 22. ...

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Russia to ban US meat

US beef| credits: oklahomafarmreport.com A Russian ban on United States beef, pork and turkey imports coming into effect this month is likely to last for a long time, Gennady Onishchenko, the head of Russia’s consumer safety watchdog, was quoted as saying by Interfax on Monday. ...

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776,000 jobs lost in textile industry –FG

Minister of State for Trade and Investment, Dr Samuel Ortom| credits: Federal Government on Monday decried the huge number of job losses in the textile industry, saying the number of workers employed in the sub-sector had fallen from 800,000 a few years ago to just 24,000. ...

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Focus on problem-solving software, Lagos urges developers

Lagos State Commissioner for Science and Technology, Mr. ...

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ECB’s Asmussen sees Cyprus bailout in March

European Central Bank logo| credits: globalpost.com European Central Bank executive board member, Joerg Asmussen, believes an aid package for Cyprus will be ready by the end of next month, he told the German business daily Handelsblatt in an interview published on Monday. ...

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Kenyan shares hit two-year high

Kenyan shares extended a two-week rally on Monday to hit a new 25-month high as investors expecting strong full-year corporate results bought stocks ahead of the earnings season. In the foreign exchange market, the shilling ended steady against the dollar for the fifth straight session. ...

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Court asks Keystone bank for documents on N10.9b loan

AN Ikeja High Court, Monday, subpoenaed Keystone Bank Plc (formerly Bank PHB) compelling it to produce some documents alleged to be in its custody relating to a N10.9 billion credit facility granted some companies linked two Economic and Financial Crimes Commission’s (EFCC) witnesses. The witnesses, whose companies were linked to the loan in the on-going trial of the former managing director of Bank PHB, Francis Atuche, and two others for financial impropriety, were Diamond Uju (PW1) and Elizabeth Ebi (PW3). ...

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