Business

COVID-19: Senate Asks Buhari To Extend Waivers To Anti Malaria Drugs

The Senate is asking the Federal Government to extend the import duty and value-added tax waivers granted on medical supplies to essential pharmaceutical drugs such as antimalarials. This was one of the key resolutions reached at the senate plenary on Tuesday. They also want drugs for treating diabetes, hypertension, cancer, and several others needed by children and the elderly who ...

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China Becomes Large Shareholder In Norwegian Air Shuttle

Aircraft leasing company BOC Aviation, controlled by the Chinese state, has become a major shareholder in Norwegian Air Shuttle as part of the ailing airline’s rescue plan, Norwegian said Wednesday. Already faced with a substantial debt burden, the low-cost airline ended up in dire financial straits when the new coronavirus pandemic paralysed global air traffic. In early May, Norwegian adopted ...

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Buhari Approves Import Duty, VAT Waivers For Critical Medical Equipment

President Muhammadu Buhari has approved the waiver of import duty and Value Added Tax (VAT) for critical medical equipment and supplies. The Presidency revealed this in a series of tweets on Thursday, saying the waiver was for a period of six months in the first instance. It explained that the President’s action was part of measures put in place by ...

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Philippines Economy Shrinks First Time In Two Decades

The Philippines economy contracted for the first time in more than two decades during the first quarter, but officials warned Thursday that the worst was likely yet to come as the nation reels from the coronavirus pandemic. Gross domestic product shrank 0.2 percent in January-March, its worst performance since 1998 during the Asian financial crisis as the Philippines joins a ...

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Stocks Advance As COVID-19 Restrictions Are Eased

Most equities rose again on Wednesday as investors grew increasingly, but cautiously, hopeful that the worst of the coronavirus had passed and as countries begin to slowly open up from lockdown. While a string of data highlighted the calamity visited upon the global economy by COVID-19, a slowdown in both infections and deaths in some nations is allowing them to ...

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Egypt Reopens Slowly To Revive Pandemic-hit Economy

Egypt’s economy had just started to recover after years of political turmoil and militant attacks when the coronavirus crisis hit, impacting especially its vital tourism sector. Now President Abdel Fattah al-Sisi’s government has loosened a strict curfew for the Muslim holy month of Ramadan in an effort to kickstart North Africa’s largest economy. Having shuttered shops and cafes in late ...

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BREAKING: COVID-19: Airlines Lose N17bn Monthly – Sirika

The Minister of Aviation, Hadi Sirika, has stated that the sector has been the worst hit since the COVID-19 pandemic ravaged the country. According to him, airlines have lost nearly N17 billion monthly since their operations were grounded, as part of efforts to curb the spread of the virus. “We are in very difficult moments like everyone else. All of ...

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Nearly 83 Million Nigerians Are Considered Poor – NBS

A report by the National Bureau of Statistics (NBS) has revealed that over 82.9 million Nigerians are currently living below the national poverty line, excluding Borno State. In its 2019 Poverty and Inequality in Nigeria Report released on Monday after a decade since it was last done, the NBS stated that the figure represents 40.1 per cent of the citizens. ...

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COVID-19: NUPENG, PENGASSAN Warn Against Attempts By Oil Companies To Sack Workers

The leadership of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have said that any attempt by multinational and indigenous Oil and Gas Companies to downsize, sack, or introduce indecent work system on its members would be resisted. In a joint statement issued on Tuesday, the ...

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FG To Amend 2020 Budget Oil Benchmark To $20pb

Plans are ongoing by the Federal Government to review the 2020 budget to reflect an oil benchmark of $20 per barrel. A report by Reuters quoted the Minister of Finance, Budget and National Planning Minister, Zainab Ahmed, who disclosed this on Tuesday during a web conference about the impact of low oil prices on Nigeria’s economy. A further downward revision ...

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Britain, US Start Post-Brexit Trade Talks

Britain begins post-Brexit trade talks with the United States on Tuesday, with 100 negotiators on each side joining via videoconference. Many in Prime Minister Boris Johnson’s Conservative government hope for a free trade agreement with Washington as one of the biggest benefits of leaving the European Union. Officials said the first round of talks would last two weeks and cover ...

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Microsoft To Invest $1bn In Poland, Create New Cloud Centre

Microsoft on Tuesday announced it would invest one billion dollars in Poland to expand its operations, including the creation of a new regional cloud-computing data hub. The US tech giant said it had signed an agreement with Poland’s state-backed National Cloud Operator to provide “cloud solutions for all industries and companies in Poland”, according to a statement on its website. ...

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LCCI Seeks One-Year Tax Break For Key Businesses Amid COVID-19

The Lagos Chamber of Commerce and Industry has said that a one-year tax break will enable businesses to navigate the storms as well as preserve employments. The LCCI President, Toki Mabogunje stated this on Tuesday during a press briefing. Mabogunje stressed that with the COVID-19 induced lockdown in some states, findings show that majority of business owners plan to cut ...

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Indonesia Economy Sees Weakest Growth In Almost Two Decades

Indonesia’s economy grew in the first quarter at its slowest pace for almost two decades, and economists warned Tuesday the coronavirus crisis would likely deal an even greater blow in the next three months. The news comes as governments around the world struggle to contain the deadly disease, which has essentially shut down the global economy, which is expected to ...

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Warren Buffet’s Company Loses $50bn In Q1 Amid Pandemic

Hard-hit by the market rout surrounding the coronavirus pandemic, Berkshire Hathaway, the holding company of Warren Buffett, has reported first-quarter net losses of nearly $50 billion, it reported Saturday. The company, based in Omaha, Nebraska, called the setback “temporary” but said it could not reliably predict when its many businesses would return to normal or when consumers would resume their ...

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