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Month: February 2020

Economy
GDP Growth Rate Still Below Desirable- MAN
businessTimes

Mr Mansur Ahmed, President Manufacturers Association of Nigeria (MAN) has said that the 2019 Q4 GDP though positive was still largely below desirable for the nation’s economy. SEE ALSO: Sell pressure: NSE market capitalisation opens ...

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Economy
GDP: Analysts urge FG to strengthen Non-Oil Sector
businessTimes

Analysts on Wednesday urged the Federal Government to strengthen the non-oil sector by ensuring lower interest rate to reduce cost of borrowing, in order to boost Gross Domestic Product (GDP). SEE ALSO: Chinese govt. doing ...

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Economy
NIWA to procure more Life Jackets for Safety on Waterways
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The National Inland Waterways Authority (NIWA) says it will provide adequate life jackets as a safety measure for maritime operations. SEE ALSO: FG to Introduce Incentives to Boost Capital Market Investment — Finance Minister Dr ...

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News
Iran now has the highest coronavirus death toll outside of China, threatening the Wider Middle East
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DUBAI, United Arab Emirates — Iran’s health ministry on Tuesday confirmed 15 deaths from the coronavirus, the most fatalities of any country outside of China, where the deadly illness originated. SEE ALSO: Ex-CBN Director Harps ...

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World
US Health Officials say Coronavirus will likely cause a Global Pandemic
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The coronavirus outbreak that’s shuttered commerce across China will likely become a global pandemic, a top U.S. health official said Tuesday, adding that it’s just a matter of time before the outbreak starts to spread ...

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Business
Walmart steps up competition with Amazon by fulfilling orders for Third-party Vendors
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Walmart is launching a new service that allows third-party vendors to hire the retailer to store, pack and ship items for customers, a move that could better position the big-box retailer to compete against Amazon. ...

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News
British exports to the European Union (EU) could fall by as much as 14 per cent if the two sides are unable to strike a free trade deal, a UN study found. According to the UN Conference on Trade and Development (UNCTAD) study released on Tuesday, the fall also could be 9 per cent lower even if an agreement was reached, The imposition of tariffs under a no-deal scenario would crimp trade, with the effect amplified by so-called non-tariff measures (NTMs) such as quotas, licensing and regulatory measures protecting health, safety and the environment. NTMs would double the negative impact of tariffs and could lead to an overall 32 billion dollars hit to British exports, study said. The agriculture, food and beverages, and wood and paper sectors seem particularly exposed, it found, with a weaker impact on electrical and machinery, metal products, chemicals, and textiles and apparel. NTMs affect more than 80 per cent of trade in developed counties and more than 90 per cent in the EU, it noted. Britain left the EU in January and aims to negotiate a deal on future relations by the end of this year, when the Brexit transition period expires. Even if a “standard” free trade agreement emerged from the talks, British exports to the EU could still drop by 9 per cent, dealing a major economic blow as the single market absorbs 46 per cent of Britain’s sales abroad, it said. “EU membership has its advantages to deal with non-tariff measures that even the most comprehensive agreement cannot replicate,” UNCTAD’s director of international trade, Pamela Coke-Hamilton, said in a statement. In a no-deal scenario, Ireland’s exports to the United Kingdom are expected to drop 10 per cent as a result of non-tariff measures and tariffs, the study based on 25 years of data found. On the other hand, exports from developing countries into Britain and to a smaller extent into the EU could increase if Britain does not increase tariffs for third countries, it added. The study did not estimate the impact of a “soft” exit scenario that largely maintains the status quo, saying much depends on the details of the relationship that results. Britain has said it wants a Canada-style trade deal with the EU, but the EU has said this would require Britain to accept a level playing field in areas from state aid to taxation. Britain has said that it does not want regulatory alignment with the bloc and that this was not what the EU demanded of Canada for a free trade deal.
businessTimes

British exports to the European Union (EU) could fall by as much as 14 per cent if the two sides are unable to strike a free trade deal, a UN study found. SEE ALSO: https://www.businesstimesng.com/ndic-liquidates-427-institutions-official/ According ...

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Economy
5 Biggest Cannabis Companies Lose 67% in Stock Market Value
businessTimes

Data gathered and calculated by Learnbonds.com indicates that stocks for leading cannabis companies have been on a steady decline over the last year. On average, the stock value for the five big players has declined ...

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Economy
Trade Negotiation Office targets Key Service Sectors for AfCFTA Implementation
businessTimes

The Nigerian Office for Trade Negotiations (NOTN), says it is targeting stakeholders’ input in key priority service sectors for trade liberalisation to maximise benefits of African Continental Free Trade Area (AfCFTA) agreement. SEE ALSO: https://www.businesstimesng.com/naicom-worry-over-obsolete-insurance-laws-wants-urgent-amendment/ Acting ...

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Economy
Afreximbank, FCI collaborate on factoring in SMEs financing
businessTimes

The African Export-Import Bank (Afreximbank), in collaboration with Factors Chain International (FCI) is set to hold a two-day conference to promote the use of factoring to enhance access to financing for small and medium-sized enterprises ...

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