Nigerians pay N2tr for calls, data in six months

4 min read • COVID-19 pushes up expenditure amid poor services • Each subscriber spends N1,725 monthly • GSM operators see more growth, MTN claims pandemic spike data usage The COVID-19 pandemic and its economic disruptions notwithstanding, the first half of the year has yielded huge revenue, amounting to N1.97 trillion, for telecommunications operators. The amount was spent by subscribers on telephony services,…

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Dollar slips as yields dive on recovery worries

3 min read The dollar fell in Asia on Wednesday, hitting a five-month low on the yuan, as the latest coronavirus relief package stalled in Congress and U.S. yields sank on the prospect that further monetary easing might be needed to support the economy. A hardening perception that the U.S. recovery is lagging Europe has buttressed the euro, which has repelled a rebound…

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The ‘shecession’: why economic crisis is affecting women more than men

5 min read

From February to May, 11.5 million women lost their jobs compared with 9 million men – underlining how women are more vulnerable to sudden losses of income

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ShopRite set to leave Nigerian market after 15 years

2 min read South Africa’s grocery retailer ShopRite is leaving Africa’s biggest market, Nigeria, 15 years after it opened shop in the West African country. The announcement by ShopRite came months after another South African brand, Mr Price, exited the market. International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.4% decline in sales from 2018. South African operations contributed 78%…

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Shell reports $18bn loss as global oil and gas prices collapse

2 min read

Energy giant hit by massive change in fortunes as Covid-19 crisis forces writedown in asset values

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Boots to cut 4,000 jobs and close 48 stores

< 1 min read British health and beauty retailer Boots plans to cut 4,000 jobs and close 48 optician stores, in the latest major blow to the country’s retail sector from the COVID-19 crisis. British brands including John Lewis and Harrods have announced thousands of job cuts in the last two weeks after the pandemic forced customers to shop online and many remained reluctant…

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CBN bows to market pressure, devalues naira again

5 min read • ‘Timing coincidental, nothing to do with IMF, World Bank’ • Economists advocate currency, lifestyle audit • Moghalu, Sanusi, others disagree on exchange rate unification The country’s fiscal state faces tougher times as the Central Bank of Nigeria (CBN) bowed to pressure, last week, and further devalued the local currency. The adjustment of the exchange rate at the busiest window…

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Black Friday 2018: all the best UK deals and offers

5 min read The countdown is on to Britain’s biggest shopping event – Black Friday – and with many high street retailers struggling, shoppers can expect to bag some good bargains. This year Black Friday falls on 23 November and will be followed three days later by Cyber Monday, probably the busiest day of the year for online shopping. Black Friday originated in the US,…

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MMM founder Mavrodi dies of heart attack

< 1 min read According to media reports, founder of the MMM series of financial pyramid schemes, Sergei Mavrodi, has died in Moscow. Mavrodi was taken to a city hospital from a bus stop overnight Monday after he felt weakness and pain in the chest area, reports Moskovsky Komsomolets. The emergency team has failed to save his life. “He died this morning,” the report…

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Bill Gates faults Nigeria’s economic growth scheme; says not fit for purpose

4 min read Bill Gate, the Co-chair of the Bill & Melinda Gates Foundation, yesterday faulted the Federal Government’s Economic Recovery And Growth Plan (ERGP). Addressing stakeholders at the special session of the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo in the Presidential Villa, Abuja, Gates stressed the need for the President Muhammadu Buhari-led administration to take a…

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