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DBliss Post at December 06, 2017 0
DBliss Post World
Emefiele  

 By Babajide Komolafe | Vanguard News

Governor, Central Bank of Nigeria, CBN, yesterday, disclosed that the nation’s external reserves have risen to $38.2 billion, the highest in 39 months.

Emefiele disclosed this in Agbara, Ogun State while commissioning Unilever Plc’s 10,000 metric tonnes Blue Band factory. Emefiele stated: “We have seen reserves move up from the $23 billion I talked about in October 2016, but as I speak today, external reserves are $38.2 billion.” Emefiele said that the Unilever plant was made possible by the foreign exchange restrictions placed on the 41 items. 

He said: “When the restriction of foreign exchange (forex) for the 41 items came on board about two years ago; before that time, Unilever had a factory producing Blue Band margarine. But margarine was also part of the 41 items. The Managing Director and the executive team of Unilever Nigeria visited me in Abuja and said they wanted us to grant them some form of forbearance.

I said there was not going to be any forbearance, but that if he promised to re-establish the factory in Nigeria because as at that time their factory had been dismantled in Nigeria and taken to another country.

“And he (Unilever managing director) made a promise that between 12 to 18 months the factory would be re-established in Nigeria. Based on that, we granted them some form of forbearance that made it easy for them to import margarine into Nigeria, but we kept monitoring them and we were discussing. 

“The entire essence is to say that by re-establishing that factory here in Nigeria, he has created direct jobs for Nigerians in this factory. He created indirect jobs for Nigerians by virtue of the fact that he buys palm oil which is part of the formulation that he uses in producing margarine.” What does it take produce margarine? It is mixing oil and water. By creating indirect jobs by buying from people producing oil in Nigeria, he feeds millions of people.

 “That is the entire idea. I keep saying we do not have foreign exchange to allocate to import products that can be produced in Nigeria. I am happy that Unilever has proved us right that Blue Band margarine can be produced in this country. So far they are doing about 10,000 metric tonnes per annum and he has promised that he is going to ramp it up to 50,000 metric tonnes. By doing so you create jobs, which is what we are talking about. By creating jobs, you save the country forex that is needed to create jobs.”
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AFP at December 05, 2017 0
DBliss Post Business
The pound is back under pressure after Brexit talks between Britain and European negotiators collapsed on the issue of Northern Ireland's border (AFP / EMMANUEL DUNAND)

Europe's major stock markets stumbled Tuesday as investors fretted over brewing Brexit uncertainty and a global technology selloff.

Approaching midday, the Frankfurt and Paris markets were each down 0.2 percent on tech sector woes, compared with Monday's closing levels.

A weak pound, despite news of slowing growth in the UK services sector, helped London to climb 0.2 percent

Sterling remained under pressure one day after British and European negotiators failed to reach an agreement on Brexit.

A weak British unit boosts muilti-nationals that earn in currencies other than the pound.

"The FTSE 100 is in positive territory as the pound is being punished for the lack of political progress on the Brexit talks," said David Madden, analyst at IG trading group.

"The British equity benchmark has a relatively high level of overseas exposure so the slide in sterling makes in more attractive to investors."

The pound had initially rallied Monday on hopes that British Prime Minister Theresa May was close to a divorce deal with Brussels.

But talks collapsed after Arlene Foster, leader of the pro-British Democratic Unionist Party (DUP), objected to May's position on the future of Northern Ireland's border with eurozone member Ireland.

"It was no deal but a lot of excitement during yesterday's European session, however ultimately it was disappointment yet again when it comes to Brexit, as optimism was quickly wiped out," noted AxiTrader analyst James Hughes.

The DUP, which props up May's minority government in London, told May in a phone call on Monday that they would not accept the agreement.

May is widely expected to return to Brussels on Wednesday or Thursday, with the EU warning that Sunday is the latest if she wants leaders to approve the opening of Brexit trade talks at a summit on December 14-15.

- Tech selloff -

In Asian trading Tuesday, a global tech selloff gathered pace with shares in giants Samsung and Tencent sliding sharply.

In New York on Monday, the Nasdaq tumbled more than one percent as dealers shifted out of the tech sector, which has enjoyed a healthy rally through the year, and into financial firms.

The Dow Jones Industrial Average however soared to yet another record closing high.

While investors welcomed news that the US Senate had finally passed controversial tax reforms, the deal must still be reconciled with a House bill.

"The high-tech sell-off has worsened overall sentiment," said Toshihiko Matsuno, chief strategist at SMBC Friend Securities.

"Investors seem to be rebalancing (their portfolios) to take profits towards the end of the year, moving out of high-performing technology and health care issues into financial stocks that are likely to fare well next year," Matsuno told AFP.

- Key figures around 1045 GMT -

London - FTSE 100: UP 0.2 percent at 7,355.43 points

Frankfurt - DAX 30: DOWN 0.2 percent at 13,036.74

Paris - CAC 40: DOWN 0.2 percent at 5,377.97

EURO STOXX 50: DOWN 0.2 percent at 3,570.38

Tokyo - Nikkei 225: DOWN 0.4 percent at 22,622.38 (close)

Hong Kong - Hang Seng: DOWN 1.0 percent at 28,842.80 (close)

Shanghai - Composite: DOWN 0.2 percent at 3,303.68 (close)

New York - DOW: UP 0.2 percent at 24,290.05 (close)

Euro/dollar: DOWN at $1.1855 from $1.1865 at 2200 GMT

Pound/dollar: DOWN at $1.3424 from $1.3474

Dollar/yen: UP at 112.59 yen from 112.43 yen

Oil - Brent North Sea: DOWN 20 cents at $62.25 per barrel

Oil - West Texas Intermediate: DOWN 27 cents at $57.20

burs-rfj/bcp/rl
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AFP at December 05, 2017 0
AFP / DANIEL LEAL-OLIVAS

Sales of new cars in Britain slumped for an eighth straight month in November, largely on demand for diesel cars plunging further, industry data showed on Tuesday.

New registrations for vehicles overall slid last month by 11.2 percent year-on-year to 163,541 vehicles, with demand for diesel-powered cars sliding on UK government plans to improve air quality, the Society of Motor Manufacturers and Traders said in a statement.

The SMMT has meanwhile blamed falling demand also on uncertainty surrounding Britain's Brexit deal with Brussels.

"An eighth month of decline in the new car market is a major concern, with falling business and consumer confidence exacerbated by ongoing anti-diesel messages from government," said SMMT chief executive Mike Hawes.

"The decision to tax the latest low emission diesels is a step backwards and will only discourage drivers from trading in their older, more polluting cars," he added.

Sales of new diesel cars were down 30.6 percent in November compared with 12 months earlier.

On Brexit, SMMT president Tony Walker last week said uncertainty over Britain's departure from the European Union was taking its toll, as he called for a transitional deal with no time limits to help the key car industry better prepare.

The Conservative government of Prime Minister Theresa May wants a Brexit implementation period of about two years after Britain's planned departure in March 2019.

Negotiations with Brussels have however stalled on the absence of an agreement over the status of the Irish/UK border post Brexit.
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Associated Press at December 04, 2017 1
DBliss Post Tech
FILE - In this Tuesday, June 13, 2017, file photo, a self-driving Chevrolet Bolt EV that is in General Motors Co.’s autonomous vehicle development program appears on display at GM’s Orion Assembly in Lake Orion, Mich. California regulators have nixed a plan to let self-driving car manufacturers evade liability for crashes if the vehicle hasn’t been maintained according to manufacturer specifications. (Jose Juarez/Detroit News via AP, File)

California regulators have nixed a plan to let self-driving car manufacturers evade liability for crashes if the vehicle hasn’t been maintained according to manufacturer specifications.

The new rules released this week delete a provision suggested by General Motors. California Department of Motor Vehicles spokeswoman Jessica Gonzalez said the change came after a review of comments on the plan.

John Simpson of the nonprofit advocacy group Consumer Watchdog called the change a “major victory for consumers.”

The rules could have absolved car makers of accident responsibility if a car owner hadn’t cleaned his sensors appropriately, said Simpson, the group’s privacy and technology director.

GM spokeswoman Laura Toole said the automaker appreciated the department’s transparency and added that the company is “pleased be part of the process.”

The department is taking comments on the latest changes until Dec. 15. The final regulations are expected to be enacted early next year.
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AFP at December 04, 2017 0
Italian fashion giant Gucci has turned in a strong recent performance with third quarter organic growth of 49.4 percent on 1.5 billion euros of sales (AFP/File / ISAAC LAWRENCE)

Italian fashion giant Gucci on Monday said police raided its offices over suspected tax evasion, confirming a report in the Italian press.

The Milan public prosecutor suspects the fashion house of declaring several years worth of Italian sales in Switzerland, thereby saving around 1.3 billion euros ($1.5 billion) in domestic tax, La Stampa daily said.

The investigation is reportedly based on information from a former senior Gucci employee who has since left the company, which is part of French luxury group Kering.

La Stampa said financial police had spent at least three days searching Gucci's new, ultra-modern Milan headquarters and also other offices.

"With respect to an article concerning an audit by the local tax police conducted at Gucci'ls offices in Florence and Milan published in an Italian newspaper today, Gucci confirms that it is providing its full cooperation to the respective authorities and is confident about the correctness and transparency of its operations," Gucci said in a statement.

Four years ago, fellow Italian fashion behemoth Prada had to pay 470 million euros to the Italian taxman after it declared a decade's worth of home revenue abroad.

The Italian tax dragnet has since extended to tech giants -- 318 millions euros of Italian revenue for Apple and 306 million for Google while investigations are also under way regarding Amazon and Facebook.

Gucci has turned in a strong recent performance with third quarter organic growth of 49.4 percent on 1.5 billion euros of sales.
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