France in new pledge to cut budget deficit

France's finance minister says the country plans to cut its budget deficit by €3.6-3.7bn (£2.84bn, $4.6bn) next year in a bid to meet European Union rules.

The minister, Michel Sapin, made the promise in a letter to the European Commission.

The plan is an update on the country's original draft budget for 2015.

The Commission has until Wednesday to decide whether or not to accept the proposal.

Mr Sapin said he had found the money because of lower-than-expected costs on interest payments, as well as lower contributions to the EU's budget.

He said France had also gained income through higher tax income, which it pulled in by being tougher on fraud and ending some company tax allowances.

Microsoft's Nadella sorry for women's pay comments

The boss of Microsoft, Satya Nadella, has apologised for remarks he made advising women not to ask for a pay rise but to have "faith in the system".

At a conference to celebrate women in technology, he suggested that women not asking for a rise was "good karma".

The comments sparked outrage and Mr Nadella has now apologised.

In an email to staff, he said he answered the question "completely wrong" and "wholeheartedly" supported programmes to close the pay gap.

At the conference, called the Grace Hopper Celebration of Women in Computing, he said:

Fitch: Nigerian banks performing well despite hurdles

Fitch Ratings says in a new special report that Nigerian banks are performing well despite the twin hurdles of tight monetary policy actions and new banking rules.”This is mostly supported by continuing robust economic growth. Nevertheless, we expect bank performance and growth to moderate over the next 18 months due to Central Bank of Nigeria actions aimed at protecting the economy and the banking system,” says Mahin Dissanayake, Director in Fitch’s EMEA Financial Institutions team.

The CBN’s stance also shifted towards protecting the consumer through its revised rules on banking charges introduced in 2013. All these moves, however, led to weaker profitability and stemmed credit growth in H114 – a trend that is likely to continue into 2015.

All Fitch-rated Nigerian banks were profitable in

Air France puts cost of pilots strike at €500m

Air France has estimated that last month's strike will cost it about €500m (£393m) in lost revenue.

The struggling French flag carrier was in dispute with pilots over plans to expand its budget subsidiary Transavia.

Finance director Pierre-Francois Riolacci said there would be an immediate impact of about 320-350m euros, plus loss of future business.

Shares in Europe's second-biggest airline fell 2.53% on Wednesday following the announcement.

The company has already cut its profit target for 2014.

Air France said that total passenger traffic fell

Hardware dealers to quit Idumota over unfriendly business environment

Over 2,550 traders under the umbrella of Tools and Hardware Dealers Association of Nigeria (TAHDAN) have concluded plans to move their businesses from Idumota area of Lagos Island to the Lagos International Trade Fair Complex, Badagry Express Way, due to unfriendly business environment.

The President of the Association, Chief Jude Chukwudi Obika, who disclosed this during an interactive session with Journalists on the status of the project, said that while the relocation will take effect from February next year, insecurity, congestion, arbitrary rent increase and poor sanitation are among the reasons why they are moving to a more conducive and business friendly environment.

“The vision to relocate the market from Agarawu- Idumota was conceived by the founding fathers of the Association and pursued by

Why Lagos deserves a special status in today’s Nigeria, by Shasore

Unless Lagos is accorded its well-deserved special status in Nigeria as has been advocated in recent times, it would be increasingly difficult for the state to continue to play its role as the economic and socio-cultural epicentre of the federation.

Olasupo Shasore, a senior advocate of Nigeria (SAN) and former Lagos State attorney-general and commissioner for justice, stated this in an exclusive interview with BusinessDay at the weekend.

Shasore, who spoke extensively on his new book entitled ‘Possessed – A History of Law and Justice in the Crown Colony of Lagos, 1861-1906’, said it was getting more and more difficult for Lagos to sustain its crucial role in Nigeria because of the rate of migration into the state occasioned by the abundance of opportunities or the relative presence of opportunities, infrastructure and gainful livelihood in the state.

“It is a serious burden on the

IMF warns of low interest rates 'risk' to economy

The International Monetary Fund has warned of new risks to global financial stability.

Low interest rates could lead investors to buy riskier assets as they seek better returns, the IMF says.

In a new report, it says there is a danger that this behaviour could derail the economic recovery, which the IMF has already described as "weak and uneven".

The report says the risks require "increased vigilance".

The IMF has already given its assessment of the wider economic recovery and is concerned about

Nigerians warned against purchasing recalled cars

Nigeria’s online car market place, Carmudi has warned Nigerians against purchasing recalled cars. Recalled cars are cars that automakers order for their return after releasing them to the market. This is always due to some technical problems resulting from parts omission in the factory during production.

Recall that recently, American automaker, Ford announced a major recall of 850,000 vehicles from model years 2013 and 2014 due to a problem with the “restraints control module.

Also, it was documented that Toyota Hiace YH3 buses were recalled in Australia as a result of fire in 1990 and recently in 2012. The 1990 safety recall closed August 26, 2010, the period Nigeria started recording high Toyota Hiace crashes involving fire incidents giving proof that most of these recalled cars made their way to Nigeria.

In a statement, Carmudi said

World Bank Seeks Collaboration to Tackle Inequality

The World Bank President, Jim Yong Kim has said boosting shared prosperity for the lowest 40 per cent of income earners in developing countries will improve the lives of all members of society.

“Our goal of boosting shared prosperity will be achieved by raising incomes, creating jobs, educating children and providing all with access to food, water and health care,” Kim said in a speech presented ahead of the IMF-World Bank Group Annual Meetings to students and faculty at Howard University on Wednesday.

“By doing so, we will grow our wealth and nurture our humanity.”

The president stressed the need to help low-income countries grow their economies.

In the last four years alone, high growth rates in China and India have meant that 233 million people no longer live in poverty.

But poorest people in these countries must

Marriott to Build 50 Hotels in Nigeria, S’Africa, Egypt

Marriott International Incorporated plans to build about 50 hotels in NIGERIA, South Africa and Egypt each before 2020, to benefit from a surge of travelers, the company’s president for the Middle East and Africa, Alex Kyriakidis has revealed.

 Bloomberg quoted Kyriakidis to have explained that the plan is to add 10,000 hotel rooms apiece in Africa’s THREE biggest economies, targeting “super growth” based on their economic potential and tourist attractions.

Speaking in an interview in Addis Ababa, Kyriakidis said: “We see tremendous growth opportunities in Egypt.”

“As NIGERIA’s economy powers on, the demand for hotel rooms is going to be substantially greater.”

The Bethesda, Maryland-based company sees the region as

Cassava flour policy saves Nigeria N127bn annually

The Federal Government’s policy on the use of 20 per cent High Quality Cassava Flour, HQCF, for baking bread saves the nation N127 billion annually.

This was disclosed by the Minister of Agriculture and Rural Development., Dr. Akinwumi Adesina.

The Minister who was represented by the Regional Director, South- South, Mr. Martins Odeh, at the training conducted for Master Bakers at Garden City Bakery, Port Harcourt, River State, on the inclusion of 20 per cent HQCF, said the use of HQCF will create more jobs for the youth and assist farmers to build up domestic wealth.

Akinwumi also stated that the training was to empower the participants on the inclusion of 20 per cent HQCF in making bread. He urged the participants to make use of the opportunity and learn how to use the recipe as Nigeria has been the world’s largest producer of cassava and not leading in its consumption.

Earlier in her speech, the representative of the Cassava Value Chain Desk Officer, Mrs. Olajumoke Adewulu, said the Federal Ministry Of Agriculture was doing its best in improving the life of the Nigerian farmers and also to  make Nigeria self sufficient.

Adewulu also said six high cassava processing plants were approved by the National Assembly that was capable of producing 40 metric tonnes of High Quality Cassava Flour per day in the six geopolitical zones.

She assured that the Federal Government will do its best to sustain the 20 per cent inclusion of High Quality Cassava Flour by clearing 530 hectares of land in 40 locations throughout the country.

She also added that the participants that the cassava bill before the National Assembly will be passed into law for cassava farmers to have all the incentives required.

Vanguard