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August 27, 2021 FG Spent 91% Of Revenue On Debt Servicing In Six Months

FG Spent 91% Of Revenue On Debt Servicing In Six Months

The Federal government has said that N2.02tn was spent on debt servicing in the first six months of 2021.

In a startling revelation yesterday, Technical Adviser to the Director General of the Budget Office, Alfred Okon, said the figure represents 90.58 per cent of the total revenue of N2.23tn generated by the federal government within the period under review.

He said this while presenting the “Overview of FGN 2022 Budget Call Circular” report at a training on “Government Integrated Financial

Management Information System Budget Preparation Subsystem for Ministries, Department and Agencies.

A renowned political economist and former presidential candidate, professor Pat Utomi, clarified that the implication of the development was that the Federal Government borrowed to finance other expenditures that it incurred within the period.

 

August 10, 2021 Dangote Ranked 117th In Latest Global Billionaires’ Index

Dangote Ranked 117th In Latest Global Billionaires’ Index

Africa's richest man, Aliko Dangote has been ranked 117th in the latest Bloomberg Billionaires Index.

This was captured in a daily ranking of world’s richest people which is updated at the close of every trading day in New York.

While Elon Musk tops the list with a net worth of $194bn and closely followed by Jeff Bezos who also has a net worth of $194bn, Bernard Arnault took the third spot with $174bn.

 Dangote is said to have a net worth of $17.8bn.

 

Dangote ranked 117th in latest global billionaires index

August 10, 2021 Nigerian Stock Exchange Resumes Week With N126bn Loss

Nigerian Stock Exchange Resumes Week With N126bn Loss

Trading at the local bourse opened for the week on Monday negatively with a loss of N126 billion driven by sell pressure in some blue chips.

Investors traded 194.95 million shares valued at N1.01 billion in 3,830 deals.

Specifically, the market capitalisation inched lower by N126 billion to close at N20.094 trillion from N20.220 trillion achieved on Friday.

Also, the All-Share Index lost 243.49 points or 0.63 per cent to close at 38,567.26 against 38,810.75 posted on Friday.

Accordingly, month-to-date gain stood at 0.1 per cent, while year-to-date loss increased to 4.2 per cent.

UPL topped the losers' chart in percentage terms, dropping by 9.79 per cent to close at N1.29 per share.

Linkage Assurance trailed with 7.81 per cent to close at 0.59k, while NPF Micro Finance Bank dipped 4.26 per cent to lose at N1.80 per share.

Veritas Capital lost 4.17 per cent to close at 23k, Courteville dropped by 4 per cent to close at 24k per share.

On the other hand, Conoil dominated the gainers' chart in percentage terms, gaining 9.83 per cent to close at N22.35 per share.

Northern Nigeria Flour Mills followed with 9.78 per cent to close at N6.75, while Skyway Aviation gained 9.18 per cent to close at N3.45 per share.

Academy Press increased by 7.89 per cent to close at 41k, while SUNU Assurances added 4.44 per cent to close at 47k.

In spite of the drop in market indices, the volume of shares traded rose by 16.19 per cent.

Consequently, investors traded 194.95 million shares valued at N1.01 billion in 3,830 deals.

This was against a total of 167.78 million shares worth N1.66 billion exchanged in 3,267 deals on Friday.

Wema Bank was the most active stock accounting for 25.77 million shares values at N22.33 million.

Ella Lakes followed with 25.03 million shares valued at N106.36 million, while Fidelity Bank traded 16.14 million shares worth N38.65 million.

Consolidated Hallmark Insurance sold 12.46 million shares valued at N6.81 million, while FCMB Group traded 9.47 million shares worth N29.30 million.

August 6, 2021 CNN Fires 3 Staffers For Working At Headquarters Without Vaccination

CNN Fires 3 Staffers For Working At Headquarters Without Vaccination

CNN has dismissed three employees for entering its New York headquarters without being vaccinated for protection against the Coronavirus (COVID-19), according to a memo from the cable news network’s president.

“In the past week, we have been made aware of three employees who were coming to the office unvaccinated,” said the memo sent to CNN staff on Thursday and obtained by the Times.

“All three have been terminated. Let me be clear — we have a zero-tolerance policy on this.

“You need to be vaccinated to come to the office. And you need to be vaccinated to work in the field, with other employees, regardless of whether you enter an office or not. Period,” the memo added.

The names of the dismissed employees were not revealed, according to two staffers at the WarnerMedia unit.

Vaccinated employees have been allowed to return to CNN offices on a voluntary basis.

They have used the honor system to confirm their vaccination status through the company’s pass-card system and have not been asked to show proof.

Zucker said that might change in the weeks ahead.

Zucker also said CNN “is delaying a formal return date to the office”, located at Hudson Yards on the west side of Manhattan.

Employees were expected to return Sept. 7, but due to the recent surge in COVID-19 cases, largely caused by unvaccinated individuals, the date has been pushed to mid-October.

Companies throughout the country are taking a harder line on allowing unvaccinated individuals to work.

More than 150 people at Houston Methodist resigned or were fired after the hospital system required a COVID-19 vaccine as a condition of employment.

A number of media organisations -including CBS News, where staffers work closely side by side – require visitors to show proof of vaccination before entering a company facility.

About a third of CNN’s news personnel are working on-site after more than a year of working remotely because of the pandemic.

Employees are allowed to return to the office two weeks after completing the vaccination process. (tca/dpa/NAN)

 

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