Bloomberg
Nigerian government seizes bank’s assets over Shell’s N183 billion debt
File Photo Nigerian government have moved to sequester the assets of the country’s premier lender First Bank of Nigeria Limited in an effort to recover the damages oil major Royal Dutch Shell owed the Ejama Ebubu community of Rivers State in a legal contest spanning many decades, Bloomberg reported Thursday. Police operatives and court officials arrived the bank’s main branch in Port Harcourt on Tuesday to execute an order to seize the lender’s asset, FirstBank said in a statement. The bank said the incident leading to the confiscation of its properties was “unjustified, illegal and a reckless misuse of the machinery of justice.” Lagos-headquartered FirstBank resolved to guarantee the damages awarded against Shell by a Rivers State high court judge a decade ago. According to the estimation...
Report: Jack Ma’s Ant Group considers overhaul due to regulatory pressure
Chinese financial technology giant Ant Group plans reorganisation that would allow it to be regulated more like a bank, Bloomberg reports. Jack Ma’s besieged Ant Group Co. is planning to fold its financial operations into a holding company that could be regulated more like a bank, according to people familiar with the situation, potentially crippling the growth of its most-profitable units. The fintech giant is planning to move any unit that would require a financial license into the holding company, pending regulatory approval, said the people, who asked not be named because the matter is private. The plans are still under discussion and subject to change, the people said. Ant declined to comment. The operations that Ant is looking to fold into the holding company include wealth managemen...
Nigerian government exempts Dangote from border closure – report
The Nigerian government has allowed Dangote Cement to resume exports across its land borders, Bloomberg reports. This is despite the closure of all land borders by the government for over one year. The move has, however, raised hopes that Nigeria may be opening up trade with neighbors after a year-long blockade. The administration of the President Muhammadu Buhari gave its authorisation for Africa’s biggest producer to export cement to Niger and Togo in the third quarter for the first time in ten months, Michel Puchercos, chief executive officer, said on an investor call in Lagos. The export was made possible “through authorisation given by this administration,” he said. The exemption to Dangote Cement is seen as a softening of the government’s position on a border closure that started in ...
European Union backs Ngozi Okonjo-Iweala for WTO role
The European Union has endorsed former Nigerian finance minister Ngozi Okonjo-Iweala as the next director-general of the World Trade Organisation, Bloomberg reported. The business news outlet cited anonymous officials familiar with the matter that all the 27 EU member countries agreed on Monday in Brussels to support Mrs. Okonjo-Iweala. Bloomberg also reported that the United States has decided to back Yoo Myung-hee, South Korea’s trade minister, for the role. The position has been fiercely contested amongst candidates of different countries since Roberto Azevedo resigned in August. Last month, Okonjo-Iweala and Myung-hee were selected as the last two candidates in the contest. The EU’s endorsement is seen as a significant boost for Okonjo-Iweala’s candidacy, with the final winner expected...
Emirates plans to cut about 30,000 jobs amid virus outbreak
Emirates Group is planning to cut about 30,000 jobs to reduce costs amid the coronavirus outbreak, which will bring down its number of employees by about 30 per cent from more than 105,000. A media reported on Sunday that the company was also considering speeding up the planned retirement of its A380 fleet. An Emirates spokeswoman said that no public announcement has been made yet by the company regarding “redundancies at the airline”, but that the company is conducting a review of “costs and resourcing against business projections”. “Any such decision will be communicated in an appropriate fashion. Like any responsible business would do, our executive team has directed all departments to conduct a thorough review of costs and resourcing against business projections,” the spokeswoman said....
France using artificial intelligence to check whether people are wearing masks on public transport
France is integrating new AI tools into security cameras in the Paris metro system to check whether passengers are wearing face masks. The software, which has already been deployed elsewhere in the country, began a three-month trial in the central Chatelet-Les Halles station of Paris this week, reports Bloomberg. French startup DatakaLab, which created the program, says the goal is not to identify or punish individuals who don’t wear masks, but to generate anonymous statistical data that will help authorities anticipate future outbreaks of COVID-19. “We are just measuring this one objective,” DatakaLab CEO Xavier Fischer told The Verge. “The goal is just to publish statistics of how many people are wearing masks every day.” The pilot is one of a number of measures cities around the world a...
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