Economy

American Business Council admits new members in Lagos

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The American Business Council (ABC) in Nigeria, an affiliate of the United States Chamber of Commerce, on Sunday admitted eight new corporate members into its fold.


The Nigeria News Agency reports that those who came onboard during its first special event in Lagos included Jumia, Cisco, J.P. Morgan, Africa Resource Center, U.S. Soybean Export Council, amongst others.

NAN reports that ABC was founded in 2005 as the voice of American businesses in Nigeria to promote trade and investment between both countries.

Claire Pierangelo, the Consul General of the U.S. in Lagos, said at the event that the council had since its establishment played a key role in trade and investment.

“The council has brought together potential business in Nigeria and the U.S.

“This has in turn helped to strengthen the commercial ties between both countries.

“Nigeria remains one of our largest trading partners in Africa and we are excited about the partnerships that will be coming up in 2020,” the US envoy said.

Margaret Olele, said that the council was working with partners to create an enabling environment for U.S. companies in Nigeria

“The environment is getting more complex in terms of advocacy issues but we’re hopeful that 2020 would be a better year.

“We would be engaging the government a lot in different sectors to ensure that solutions are found to all issues,” Olele said.

Similarly, President of the Council, Dipo Faulkner, said that 2019 had been an eventful year considering growth and the louder voice the council had in terms of advocacy.

“We hope that the efforts put into this year will yield more results in 2020 because we not only work with the U.S. missions in Nigeria, but also speak as the voice of American businesses in the country.

“We create a platform for them to speak about their problems, we not only listen to them, we also put them in front of the right audience,” he said. 

Edited by: Wale Ojetimi

(NAN)

https://nnn.ng/american-business-council-admits-new-members-in-lagos/

Economy

NSE All-Share Index rebounds 0.16%

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After three consecutive days of losses, the Nigerian Stock Exchange (NSE) All-Share Index on Friday rebounded by 0.16 per cent.


Specifically, the All Share Index which opened at 25,532.74 rose by 39.83 points or 0.16 per cent to close at 25,572.57.

Also, the market capitalisation inched higher by N20 billion to close at N13.364 trillion, compared with N13.344 trillion on Thursday.

Dangote Sugar topped the gainers’ chart, gaining 80k to close at N12 per share.

Guaranty Trust Bank followed with 35k to close at N25.35, while Custodian Investment added 30k to close at N4.85 per share.

Neimeth International Pharmaceutical garnered 15k to close at N1.95, while Caverton increased by 14k to close at N1.84 per share.

On the other hand, Cutix was up on the losers’ chart, dropping by 5k to close at N1.70 per share.

Cornerstone Insurance also lost 5k to close at 61k, while ABC dipped 3k to close at 30k per share.

Lasaco Insurance lost 2k to close at 25k, while Jaiz Bank dipped 1k to close at 59k per share.

FBN Holdings maintained its leadership as the most active stock, exchanging 35.79 million shares valued at N165.37 million.

FCMB Group followed with 29.27 million shares worth N60.29 million, while Zenith Bank traded 16.001 million shares valued at N267.28 million.

Access Bank sold 11.55 million shares worth N74.44 million, while Cornerstone Insurance exchanged 9.95 million shares valued at N6.09 million .

In all, investors bought and sold 193.49 million shares worth N1.85 billion in 2,934 deals.

This was in contrast with 231.20 million shares valued at N2.09 billion exchanged in 3,360 deals on Thursday.

Edited By: Oluwole Sogunle
Source: NAN

https://nnn.ng/nse-all-share-index-rebounds-0-16/
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General news

I die, 4 injured in an accident on Lagos-Ibadan Expressway

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One person died while four others sustained injuries on Thursday in an accident involving two trucks at Ayetoro, on Lagos-Ibadan Expressway.


Mr Ojuoro Olusola, Mowe-Ibafo Divisional Commander of the Ogun Traffic Compliance and Enforcement Corps (TRACE) confirmed the accident to the News Agency of Nigeria in Ota, Ogun.

Olusola said that the accident, which happened at about 6.10 a.m. at Ayetoro in-bound Lagos-Ibadan Expressway, was caused by reckless driving.

He said that two vehicles, a Mack mini truck marked ABC 720 XG loaded with banana and a Volvo truck, marked LSR 492 XK, were involved in the accident that led to the death of a man while four others sustained varying degrees of injuries.

Quoting an eye witness, Olusola said that the Volvo truck drove against the traffic and collided with the incoming Mack truck loaded with banana.

“The corpse of the victim had been deposited at a private morgue in Sagamu town while the survivors were taken to Famobis Hospital, Lotto, Ogun, for intensive care,’’ the commander said.

Olusola said that two trucks had been taken to the police cage through the assistance of FRSC and other sister agencies to ease the free flow of traffic on the express.

He admonished motorists to avoid driving against traffic and shun any nefarious activities that could lead to unnecessary loss of life.

Edited By: Chidinma Agu/Abdulfatah Babatunde (NAN)

https://nnn.ng/i-die-4-injured-in-an-accident-on-lagos-ibadan-expressway/
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Foreign

China launches investigation into Australian wine exports

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Australian wine exports to China became the centre of a new trade wrangle on Tuesday as China launched an investigation into whether Australian winemakers were dumping wine at cheap prices, taking customers away from local producers.


Any move to threaten Australia’s wine exports to China would hit the industry hard as China is more than a third of the 3 billion-Australian-dollar (2.17-million-dollar) wine export market.

Australian Trade Minister, Simon Birmingham said in Adelaide, as cited by the national broadcaster ABC, said China’s move was troubling and unjustified.

“This is a very disappointing and perplexing development.

“Australian wine is not sold at below market prices and exports are not subsidised.

“Australia will engage fully with the Chinese processes to strongly argue the case that there are no grounds to uphold the claims being made,’’ Birmingham said.

Report says the move against Australian wine follows China’s earlier trade restrictions on Australian beef and barley, and official warnings to Chinese students against studying in Australia.

Relations between Australian and China have become strained after Australia supported democracy in Hong Kong, banned Huawei from Australia’s 5G network, and criticised China’s territorial expansion and militarisation of the South China Sea.

China is Australia’s largest export market, buying 26 per cent of exports, valued at 235 billion Australian dollars, an increase of four per cent over the past 12 months.

Edited By: Abiodun Oluleye/Hadiza Mohammed-Aliyu (NAN)

https://nnn.ng/china-launches-investigation-into-australian-wine-exports/
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Sport

Ronaldinho court date set over alleged Paraguay fake passport entry

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A Judge in Paraguay set a date for Brazilian football star Ronaldinho to appear in court over allegations he used a fake passport to enter the country, local media reported Monday.


 

The 2002 World Cup winner and his brother Roberto de Assis must appear before a court on Aug. 24, Paraguay’s ABC Color and Brazil’s G1 news outlets reported, citing Assis’ lawyer Sergio Queiroz.

 

Judge Gustavo Amarilla will decide whether to follow a request from Paraguayan prosecutors to release the brothers on parole, which would close the case.

 

They would then be allowed to return to Brazil, but would still have to pay fines totaling 200,000 dollars.

 

Ronaldinho and Assis were arrested over accusations they entered Paraguay in March using fake documents.

 

They spent around a month in jail, with the former Barcelona and AC Milan player spending his 40th birthday incarcerated before his lawyer secured his release on bail of 1.6 million dollars.

 

Since then, Ronaldinho and Assis have been staying in a hotel in Paraguay’s capital Asuncion.

Edited By: Joseph Edeh/Tajudeen Atitebi (NAN)

https://nnn.ng/ronaldinho-court-date-set-over-alleged-paraguay-fake-passport-entry/
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