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Ripple Signs New Partnership Deal With Saudi Arabia
Ripple has announced their partnership with The Saudi Arabian Monetary Authority (SAMA) to help banks in the nation improve their payments infrastructure. The newly formed partnership will allow several banks from the Middle Eastern nation to use Ripple’s xCurrent technology to improve domestic and international transactions. Following the Bank of England, SAMA is the second central…
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Egypt Demands $900M To Release Ship Blamed For Suez Blockage
Egypt is demanding $900 million in compensation for the release of the Japanese owned container ship that caused the week-long blockade of the Suez Canal. The Government Daily Al-Ahram reported on Tuesday that negotiations between the Suez Canal Authority (SCA) and Japanese company Shoei Kisen were ongoing, with the SCA insisting the shipping company was…
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BoI Records N35.5bn Profit As Assets Hit N1.8tr
The Bank of Industry has recorded a profit after tax of N35.54 billion for the financial year ended December 31, 2020. Also, its total assets have hit a sum of N1.86 trillion in 2020 from N1.04trillion in 2019. The Managing Director of BoI, Mr Olukayode Pitan, in a statement said the performance demonstrates resilience and…
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PenCom: FG Yet To Comply With Pension Contribution
The National Pension Commission has revealed that the Federal Government is yet to comply with some statutory rate and increase of the pension contribution. PenCom said the Federal government is yet to agree with the new minimum statutory rate of pension contribution of 18 percent since 2014. Also, it was yet to pay approved…
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Global Trade Would Grow By 8% In 2021 – WTO
The World Trade Organization (WTO) on Wednesday has opined that international trade would grow a bit faster than was previously predicted. WTO Managing Director, Dr Ngozi Okonjo-Iweala, announced that trade would grow by 8 percent this year. However, the organization warned that global trade growth could still be thwarted by the still-raging coronavirus pandemic. ”Following…
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World Bank Warns Against Hiking Of Global Tax Minimum
The World Bank has warned world leaders to avoid setting very high global minimum tax rates that hinder poor countries’ from attracting valuable investments. The cautioning comes after the US Treasury Secretary Janet Yellen called for a 21% global minimum rate. Ms Yellen has said a global minimum tax on companies is necessary to stop a…
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DBN Disburses N191.7 Billion Loans In 2020
The Development Bank of Nigeria has said that it the volume of loans disbursed rose from N101.5billion in 2019 to N191.7billion in 2020, a 89 percent increase recorded. It said this in its 2020 financial report explaining that the growth was in line with its mandate of facilitating socioeconomic development by improving financial access for…
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South Africa To Commence Production Of More High-Tech Trains
South Africa’s Gibela has announced they would be building 62 high-tech per year for the next ten years to add to the country’s fleet. Recognized as the continent’s largest train manufacturing plant, Gibela is taking up the 51-billon-rand ($3-billion, 2.8-billion-euro) contract in a time when the South African rail infrastructure is in ruins. South Africa’s railway…
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Ivory Coast Achieves 94% Energy Coverage Of Its National Territory
Côte d’Ivoire currently has one of the best renewable energy production capacities in Africa according to recent reports. In order to achieve this stature, the West African country chose to privatise the renewable energy sector in 1993. More than 25 years later, Côte d’Ivoire has achieved 94% coverage of its national territory and aims to cover…
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CBN Disburses $80m Weekly For School Fees, BTAs
The Central Bank of Nigeria has said it disbursed at least $80m on a weekly basis to enable Nigerians meet their forex responsibilities. This was as part of an effort to address lingering foreign exchange scarcity in the country. The CBN Governor, Godwin Emefiele, in its 278th Monetary Policy Committee, urged Nigerians not to panic,…