Business

Twitter to meet Congressional panel probing 2016 US election

Twitter Inc representatives will meet with the U.S. Senate Select Committee on Intelligence staff next week in relation to inquiries into the 2016 U.S. presidential election, a company representative said. The committee, along with other congressional committees and special counsel Robert Mueller, is investigating possible links between President Donald Trump’s campaign and Russia. Twitter’s meeting with the committee comes amid mounting pressure on regulators and Silicon Valley companies to open up the opaque world of online political ads and to prevent governments from using them to sway elections or attempt other meddling. Facebook said earlier this month that a Russia-based operation spent US$100,000 on thousands of ads on its social media platform promoting ‘divisive...

EFCC blocks Alison-Madueke’s offer to return for trial in Nigeria

The Economic and Financial Crimes Commission (EFCC), on Wednesday, blocked an attempt by Diezani Alison-Madueke, former petroleum minister to return to Nigeria from London to face trial. According to reports, the former minister appears to be eager to return to Nigeria, where she is also being investigated for massive corruption. Alison-Madueke left Nigeria and fled to London after she left office in May 2015. She became an object of interest to the UK National Crime Agency as she was investigated for corruption and money laundering. To carry out her plans of returning home, she reportedly filed an application before Justice Nnamdi Dimgba of the Federal High Court, Abuja on September 18. In the suit, which was filed by her counsel,Onyechi Ikpeazu (SAN), she asked to be joined as defendant ...

Saudi Arabia set to lift ban on internet calls

Saudi Arabia will remove its ban on internet phone calls on Thursday, a government spokesman said, in a bid to stimulate online business as the kingdom looks to boost non-oil revenue. All online voice and video call services such as Microsoft’s Skype and Facebook’s WhatsApp that satisfy regulatory requirements will become accessible at midnight, Adel Abu Hameed, spokesman for the telecoms regulator CITC said on Twitter on Wednesday. The lifting of the ban could pinch Saudi Arabia’s three main telecoms operators, Saudi Telecom Co (STC), Etihad Etisalat (Mobily) and Zain Saudi, which earns substantial revenue from international phone and text calls made by the millions of expatriates living in the kingdom. The policy reversal comes as part of the government’s broad re...

CBN to sell N917.1bn treasury bills in 3 months

The Central Bank of Nigeria (CBN) has revealed plans to sell N917.1 billion worth of treasury bills in the next three months ending November 30. The apex bank disclosed this through its fourth quarterly Treasury Bills Issuance programme released yesterday. CBN issues treasury bills twice a month to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation. The programme revealed that CBN will issue treasury bills worth N917.1 billion from Thursday, September 14 to Thursday, November 30. The three months bills to be issued which represent the amount of bills that will mature during the period consist of N209.9 billion worth of 91 days bills; N197.8 billion worth of 182 days bills; and N509.4 billion 364 days bills,while bills to be offe...

Trump administration orders purge of Kaspersky products from US government

The Trump administration, on Wednesday, told U.S. government agencies to remove Kaspersky Lab products from their information systems as the firm maybe vulnerable to Kremlin influence. The decision represents a sharp response to what U.S. intelligence agencies have described as a national security threat posed by Russia in cyberspace. This came after an election year marred by allegations that Moscow used the internet as a weapon in an attempt to influence its outcome. The Department of Homeland Security issued a directive to federal agencies ordering them to identify Kaspersky products on their information systems within 30 days, develop plans to remove products within 60 days, and begin to discontinue their use within 90 days. “The Department is concerned about the ties between cer...

Trump bars Chinese-backed firm from buying US chipmaker Lattice

U.S. President Donald Trump, on Wednesday, blocked a Chinese-backed private equity firm from buying a US-based chipmaker as it poses a threat to national security. Trump said in an executive order that Lattice and Canyon Bridge “shall take all steps necessary to fully and permanently abandon the proposed transaction” within 30 days. Canyon Bridge Capital Partners’ planned US$1.3-billion (985.00 million pounds) acquisition of Lattice Semiconductor Corp, was one of the largest attempted by a Chinese-backed firm in the U.S. microchip sector. It was the first announced deal for the buyout fund, which launched last year with a focus on technology investment. U.S. regulatory scrutiny grew after Reuters reported in November that Canyon Bridge was funded partly by capital from Ch...

China sets up first ‘commercial’ quantum network for secure communications

China has set up its first “commercial” quantum network in its northern province of Shandong, the country’s latest step in advancing a technology expected to enable “hack proof” communications. The country’s “first commercial quantum private communication network” has been setup for exclusive use by more than 200 government and official users in Shandong’s provincial capital Jinan, the official Xinhua news agency said late on Tuesday. In August China said it sent its first “unbreakable” quantum code from an experimental satellite to the Earth. The Pentagon has called the launch of that satellite a year earlier a “notable advance”. It did not elaborate on how the system would be commercially operated. “Hundr...

Nigeria’s economic growth rate may not likely to its previous high- UBS International

Following the improvement of the macro economic prospects in Africa, a wealth management investment company, UBS International, has said that Nigeria’s economic growth rate may not likely to return to its previous high, after recovering from recession this year. According to the company; the Head of Emerging Market Asset Allocation, Michael Bolliger said: “As Nigeria , the largest economy in Africa, recovers from recession this year, it is unlikely that growth rates will return to previous rate. A determining factor for the country’s growth outlook will be a successful continuation of the Naira’s exchange rate liberalisation.” In the same vein, the Head, central Africa UBS report, Ali Janoudi, explained, “The modest energy price recovery over the past 18 months has supported the growth pot...

Air Berlin: Sick pilots, 70 flights cancelled

Air Berlin said it is cancelling around 70 flights on Tuesday after pilots called in sick in unusually high numbers. Departures information on its website showed flights cancelled from a range of German airports including Berlin Tegel, Duesseldorf, Hamburg and Cologne. TUIfly was also forced to cancel flights last year after many pilots called in sick, with their union saying staff were concerned that merger talks, since failed, could lead to job and pay cuts. Representatives from pilots’ union Vereinigung Cockpit were not immediately available for comment. Air Berlin, Germany’s second-largest airline, was forced to file for bankruptcy protection last month after shareholder Etihad Airways withdrew funding following years of losses. Bidders are lining up to buy the airline̵...

Record-breaking US astronaut and crew back on Earth

NASA astronaut Peggy Whitson and two crewmates made a parachute touchdown in Kazakhstan on Saturday, capping a career-total 665 days in orbit, a U.S. record. Whitson, 57, ended an extended stay of more than nine months aboard the International Space Station, a US$100 billion research laboratory that flies about 250 miles (400 km) above Earth. “I feel great,” the biochemist said during an inflight interview on Monday. “I love working up here. It’s one of the most gratifying jobs I’ve ever had.” During her third mission aboard the station, Whitson spent much of her time on experiments, including studies of cancerous lung tissue and bone cells. She also completed four spacewalks, adding to her six previous outings, to set a record for the most time spent spacewalking by a woman. Two cre...

The Nigeria Deposit Insurance Corporation (NDIC) instructs bankers to pay more attention on financial lietracy and consumer protection issues.

The Nigeria Deposit Insurance Corporation (NDIC) has called on bankers in the country to pay more attention on financial literacy and consumer protection issues. Managing Director/Chief Executive of the NDIC, Alhaji Umaru Ibrahim made this call while speaking at the Chartered Institute of Bankers of Nigeria (CIBN) Graduates’ Induction and Prize Award Day in Lagos. Alhaji Umaru Ibrahim said that the banking environment was witnessing rapid changes, including the forces of globalization of banking; economic uncertainties; advances in information and Communication technology (ICT), such as block chain technology and virtual currency which bankers must grapple with. Alhaji Umaru Ibrahim said that the current economic situation which most developing countries, including Nigeria were facing unde...

Kenyan Stock Exchange falls as Investors react to the Supreme Court Ruling

The Kenyan stock market fell sharply, on Friday, following the Supreme Court decision to annul the presidential election won by the incumbent, Uhuru Kenyatta. The Nairobi all-share index finished a whopping 3.69 per cent in the red, starting the new month on a negative note. The Nairobi Securities Exchange Broad index has lost 21.15 per cent since 2017 started. At the currencies market, the Kenya shilling was priced lower 0.44 per cent in morning trade, around 103.20 on the U.S. dollar. Exotix Capital Analyst based in the Kenyan capital, Faith Mwangi said in a short statement, that his investment bank sees ”markets weakening” as political tension resumes over the next two months. Meanwhile, the Kenyan Supreme Court has fixed November 1, 2017 as the new date for another election.

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