Shareholders approve N40 billion rights offer for Unity Bank

The bank's directors received the approval of the shareholders for the  capital raising exercise, which  is part of the bank’s business expansion strategy in the retail segment of the financial market, at the  an Extra-Ordinary General Meeting of the Bank which was held in Lagos on Monday.

Shareholders authorised that directors of the bank to take all necessary steps including initiating and negotiating mergers and or acquisition or any form of business combination or arrangement with company /companies or institutions whether foreign or local for the purpose of shoring up the bank’s capital.

They also endorsed the proposal to raise the share capital of the bank to N60 billion of 120 billion ordinary shares of 50 kobo each; reconstruct the shares of the bank in ratio of one reconstructed ordinary share of 50 kobo each for every four ordinary shares of 50 kobo each previously held by shareholders.

The resolutions reached at the EGM are expected to pave way for a fresh injection of huge capital into the institution, currently ranked among the top ten banks in the country in terms of branch network.

This is geared towards making the Bank attain top-of-mind recall with customers as their Retail Bank of Choice.

Two foreign and one domestic venture capitalist are said to be closely watching developments in the bank.

 Naira sells N170 to dollar at Bureau De Change

The Nigerian currency, the Naira traded firmly against the dollar at the official and parallel markets on Friday, the News Agency of Nigeria (NAN) reports.

The Naira traded at N170 to the dollar at the Bureau De Change (BDCs) and N155.7 at the official market.

At the 'black' market, the Naira traded also at N172 to the dollar since December 23.

It sold at N272 to the Pound, losing N4 from the N268 it was offered at the BDCs on December 22.

The Naira, however, appreciated against the Pound at the official market, selling at N253.98, as against N254.80 on Dec. 23.

The Naira at the black market, depreciated against the Pound with N3, as it was sold at N275 from N272.

The Naira against the Euro went for N212.29 at the official market and N220 at the BDCs.

It depreciated against the Euro at the black market, as it sold for N225 from the N224.5 on December18 at the black market.

Devyani Khobragade row: India targets US nationals

 

 

 

   

Devyani Khobragade was handcuffed and strip-searched while in custody.

Her detention on charges of visa fraud and underpayment of her housekeeper sparked outrage in India.
India would no longer turn a blind eye to tax violations by diplomats' spouses taking up work in the country, Reuters cited an unnamed official as saying.

The US embassy declined to comment on the latest steps.
While US Secretary of State John Kerry has expressed his "regret" over Ms Khobragade's arrest, the state department has said it will not drop charges, as requested by India.
Delhi has also demanded an apology from the US over the diplomat's alleged "humiliation".
India's deputy consul general in New York was arrested in the city on 12 December on suspicion of visa fraud and making false statements, after being accused of underpaying her Indian maid.
She was handcuffed and strip-searched after a complaint from the maid, Sangeeta Richard.

Delhi had already ordered a series of reprisals against the US. Security barricades around the US embassy in the city were removed and a visiting US delegation was snubbed by senior Indian politicians and officials.
According to documents filed in a New York court, Ms Khobragade wrote on a visa application that the maid would be paid $4,500 (£2,746) a month.
But investigators said she instead paid only $573 per month - less than the New York state minimum wage.
If found guilty, Ms Khobragade faces a maximum sentence of 10 years for visa fraud and five years for making false statements.

 

Japan moves close to beating 15 years of falling prices

Core inflation excluding food rose 1.2% in November from the previous year, surpassing market expectations.
Japan is now more than half-way towards meeting the central bank's goal of achieving 2% inflation by about 2015.
This has been due to a massive monetary stimulus policy aimed at weakening the currency and spurring more spending.
Bank of Japan (BOJ) Governor Haruhiko Kuroda said earlier this week that policymakers have been looking to break the country's "deflation equilibrium".
Japan has faced nearly two decades of stagnant growth and falling prices because companies and households have held off on spending, based on the assumption that prices will not rise.
"The BOJ's monetary policy differs from that of other central banks in that it focuses on changing public expectations," Mr Kuroda said on Wednesday.
"We're seeing broad improvements in the economy, markets, public sentiment. This is the best opportunity to end deflation."

Market rally
Continue reading the main story
Regular wages stopped falling after 17 months of declines, while factory output rose for a third straight month, and retail sales jumped.
Buoyed by positive investor sentiment, the Nikkei stock average hit a six-year high on Friday to close at 16,178.94 points.
The benchmark index has gained about 56% this year, and is headed for its best annual performance since 1972.
The Japanese yen also breached a key level of 105 yen to the US dollar for the first time in five years due to the positive economic data.
Due to the government's money printing programme, the yen has lost a quarter of its value against the dollar so far this year.
This has been a key part of Mr Abe's plan to revive the world's third-largest economy by making the value of its exports cheaper abroad.