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Day: July 27, 2020

Ariston Comfort Challenge: Water heater market leader brings global campaign to Nigeria

Ariston Comfort Challenge: Water heater market leader brings global campaign to Nigeria

Business
Ariston, the leading and the most international brand in the Ariston Thermo Group, has premiered its global campaign ‘The Ariston Comfort Challenge’ in Nigeria, which highlights its global mission of bringing sustainable comfort, even where it seems impossible to find. The Ariston Comfort Challenge focuses on ensuring thermal comfort could reach anywhere in the world. Through this mission, Ariston has donated a warm shelter to a group of scientists from the University of Copenhagen involved in climate change studies in the remote and icy Island of Disko, in Greenland (Arctic). The Ariston Comfort Zone, an innovative modular home, was shipped to and assembled – for the first time – in Disko Island, Greenland.Disko Island is one of the coldest regions in the world. Before this time...
Investors’ wealth rise marginally by 0.5% amid slow recovery, rising pandemic

Investors’ wealth rise marginally by 0.5% amid slow recovery, rising pandemic

Business
Slow economic recovery, threatened by the rising cases of the COVID-19 disease, and persistent foreign exchange (Forex) illiquidity have continued to trigger weak sentiments at the equities sector of the Nigerian Stock Exchange (NSE). Although the market closed the week upbeat with the All-share index and market capitalisation appreciating by 0.58%, analysts insisted that the valuation already suggests a bearish market and gloomy outlook. According to them, risks remain on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria, and the weak state of the economy. For instance, analysts at Investdata Consulting Limited, said: “Investors are equally worried about inconsistent government policies, which have continued to dampen confidence. “This ...
NAICOM tasks professionals to brace up for new challenges amid pandemic

NAICOM tasks professionals to brace up for new challenges amid pandemic

Insurance
The National Insurance Commission of Nigeria (NAICOM), has urged the Chartered Institute of Insurance of Nigeria (CIIN), to prepare for the challenges of marketing new members, through education seminars and examination on how to cope with threats posed by the COVID-19 pandemic. The Commissioner for Insurance, Sunday Thomas, gave the charge in his remarks during the Investiture of Muftau Oyegunle, as the 50th President of CIIN, in Lagos. Thomas said: “Suffice it to say that critical times require critical measures, the challenges before the Institute during and post-COVID-19 are enormous; how you do your marketing for new members, how you run your education seminars, where and how you conduct your examinations for prospective members will all be affected by the prevailing circums...
Life underwriters deepen industry’s penetration with 2019 financial results

Life underwriters deepen industry’s penetration with 2019 financial results

Insurance
The ongoing recapitalisation exercise in the insurance industry may be getting the necessary boost, as the life underwriters at the weekend expressed readiness for the exercise through their 2019 financial result; saying a process is a form of a corporate reorganisation, which involves making substantial changes in the capital structure. Recapitalisation is one of the strategies companies use to improve their financial stability. The insurance industry post-recapitalisation is expected to be robust and capable of taking big risks, as well as contribute meaningfully to the nation’s Gross Domestic Product. The decision to recapitalise may be taken by the company voluntarily, or in compliance with a regulatory directive. In the latter sense, recapitalisation has proven to be a useful to...
Experts task firms on cyber security amid rising digital risks

Experts task firms on cyber security amid rising digital risks

Technology
Stakeholders in the insurance industry and Information Technology (IT) have stressed the need for organisations to take preventive measures against the risks posed by cyber-attacks and fraud to safeguard businesses during and after the COVID-19 pandemic. This was the focus at a webinar meeting, where global industry thought leaders and subject matter experts x-rayed the rising cyber-risks in local and international businesses, as well as the various ways to mitigate the threats and attacks. The meeting was championed by Leadway Assurance Company Limited. Speaking, Partner, Technology Advisory Services, KPMG Nigeria, John Anyanwu, said: “Since the start of the pandemic, there has been increased dependency on the internet and mobile apps, as well as digital channels. This has broug...
Dangote Cement rakes in N162.9 billion profits in six months

Dangote Cement rakes in N162.9 billion profits in six months

Business
Africa’s largest cement producer, Dangote Cement Plc, has announced a Profit Before Tax (PBT) of N162.90 billion for the six months ended June 30, 2020, even as two block makers emerged winners in its ongoing, Spell and Win national consumer promo. According to the group’s unaudited results released on the floor of the Nigerian Stock Exchange (NSE), the declared profit was 4.7 per cent higher than N155.49 billion in the corresponding period of 2019, indicative of a resilient half year performance despite the impact of COVID-19. The Group revenue also rose to ₦476.9 billion, and Earnings before interest, taxes, depreciation, and amortization (EBITDA) at ₦218.1 billion, a 45.7 per cent margin while Pan-Africa EBITDA climbed 31.6 per cent to ₦31.5 billion; a margin of 21.7 per cent....
Experts canvass synergy of fiscal and monetary interventions

Experts canvass synergy of fiscal and monetary interventions

Finance
Experts have appraised the effectiveness of fiscal and monetary policies of the Ministry of Finance, Budget and Planning (MFBP), and the Central Bank of Nigeria (CBN), in tackling the country’s economic challenges and found them to be inadequate due to lack of coordination between the two. While the Finance Ministry appears to be focused only with borrowing from all possible quarters and increasing tariffs to raise more revenue for the government, the CBN is preoccupied with shielding the Naira from unnecessary pressure through rampant importation of items that could have been produced locally, thereby depleting the foreign reserves and spiking exchange rate. Prof Segun Ajibola, a former President, Chartered Institute of Bankers of Nigeria (CIBN), and Professor of Economics, Babc...
Airlines bid farewell as jumbo 747 begins final approach

Airlines bid farewell as jumbo 747 begins final approach

Aviation
It’s been a long time in coming. Now it is here. It is the end of an era for the iconic Boeing 747 jet – ‘the queen of the skies’ – that airlifted about 500 passengers at a lift. The disruption of travel during the coronavirus pandemic and the heavy cost of its maintenance are compelling world airlines to pull the jumbo aircraft from commercial service. British Airways (BA) recently said it was retiring its entire fleet of Boeing 747 airplanes. With 31 of the planes, BA operates the world largest fleet of the plane type. Qantas of Australia lately accelerated plans to retire the fleet because of the coronavirus pandemic and has begun a series of farewell flights for the last of its 747s. The final 747 in that airline’s fleet will depart Sydney later this month, and be stored in t...