Daily Archives: October 2, 2013

Egyptian army chief calls for quick political transition

EGYPT. Abdel Fattah al-Sisi called for a quick transition to restore stability after he directed the overthrow of Islamist President Mohamed Mursi and installed an interim government.

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ERC receives renewal of Government of Egypt comfort letter

EGYPT. Egyptian Refining Company is building a US$ 3.7 billion greenfield petroleum refinery in the Greater Cairo Area.

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71% of MENA employers influenced by a candidate's social-networking activities

UAE. Social networking activities have changed employers' opinions of candidates, making a professional online presence more important than ever, according to Bayt.com survey.

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Scientists say more certain mankind causes global warming

INTERNATIONAL. A report, by the Intergovernmental Panel on Climate Change (IPCC), played down the fact temperatures have risen more slowly in the past 15 years, saying there were substantial natural variations that masked a long-term warming trend.

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New cargo rule limits containers’ weight


IMPORTERS: New rule will affect price, growth | ERA: Necessary evil

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New global commission on the economy and safe climate

A new global initiative was launched on September 24 on the economics of climate change.  Overseen by an eminent group of former heads of government, finance ministers and leaders in the fields of economics, business and finance, and backed by seven research institutes on six continents, the Global Commission on the Economy and Climate will provide new, independent evidence on the economic opportunities and costs of acting on climate change.

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Oromia International pioneers Islamic banking


Acquires SA building for 210 mln birr
Oromia International Bank (OIB), one of the most recent yet popular private financial institutions,

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PENGASSAN laments dangers of oil theft in the Niger Delta

Stakeholders in the oil sector have continued to raise alarm over the increasing rate of oil theft in the country. The Public Relations Officer of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Chika Onuegbu told newsmen in Port Harcourt that multinational companies like Shell and Chevron might divest because of the massive […] read more

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Investment protection sacrosanct to market growth – SEC

Nigeria’s Securities and Exchange Commission, SEC, has emphasised the need for investment protection in the domestic market towards achieving a world class capital market. To this end, the commission has restated its commitment to the protection of investors in the Nigerian capital market from fraudsters. The apex regulator of the capital market, in a statement, […] read more

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CBN bans importation of foreign currency

The Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval. This was contained in a statement signed by CBN Director of Corporate Communications, Mr Ugo Okoroafor, on Tuesday in Abuja. It said that the move was sequel to the Bank’s withdrawal of the operating licence of 20 Bureaux […] read more

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Privatisation no excuse for poor funding of power sector – Reps

Chairman, House Committee on Power, Patrick Ikhariale at the weekend advocated for increased funding for the power sector despite the Federal Government’s privatisation of 15 successor companies of the power Holding Company of Nigeria (PHCN). Ikhariale who led his committee members on oversight function to the Nigeria Electricity Regulatory Commission (NERC) and the National Power Training […] read more

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NPDC insists on operatorship of Chevron’s oil blocks on sale

The Nigerian National Petroleum Corporation (NNPC), owner of 60 percent stakes in the Oil Mining Leases (OML) 52, 53, 55, at the weekend insisted that it reserves the right to hand over the operatorship and handling of drilling at the blocks to its subsidiary, the Nigerian Petroleum Development Company (NPDC). Chevron, which currently operates production […] read more

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Increase in electricity tariff unacceptable — PENGASSAN

The Petroleum and Natural Gas Senior Staff Association of Nigeria has called on the Federal Government to allow the roadmap for power generation and distribution to fully come on stream before contemplating a tariff increase. PENGASSAN, in a statement made available to our correspondent on Monday, said any increase in electricity tariff would be rejected. […] read more

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Cashless policy: Charges on withdrawals, deposits begin Wednesday

The Central Bank of Nigeria will on Wednesday begin the full implementation of its cash-less policy in the Federal Capital Territory, Rivers, Kano, Anambra, Ogun and Abia states. This follows the end of a three-month moratorium on the charges given to customers who withdraw or deposit higher than the amount stipulated in the cash-less policy […] read more

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