Skye Bank, Wema Bank exit NSE’s market indices

Skye Bank and Wema Bank Plc have been eased out of the Nigerian Stock Exchange, NSE’s market indices following the biannual rebalancing undertaken by the Index Committee.

On biannual basis, the NSE reviews itsNSE 30, NSE Lotus Islamic Index (NSE LII) and the five Sectoral Indices, which include: the NSE Banking, the NSE Consumer Goods, the NSE Oil & Gas, the NSE Industrial and the NSE Insurance.

The composition of the indices is expected to take effect today (Tuesday July 1, 2014)

China manufacturing growth hits six-month high in June

China's manufacturing activity grew at its fastest pace for six months in June, suggesting that recent stimulus moves have started to have an impact.

The official purchasing managers' index (PMI) rose to 51, from 50.8 in May.

The PMI is a key indicator of the sector's health and a reading above 50 shows expansion.

China, the world's second-largest economy, has taken various steps in recent months including cutting taxes for small firms to help boost growth.

Last month,

Chibok Girls: Military arrests Nigerian Businessman for alleged involvement

Nigerian troops have arrested a businessman suspected of being at the head of a Boko Haram intelligence network that helped plan the abduction of more than 200 school girls in the northeast, the military said on Tuesday. This is the first time anyone has been arrested in connection with the kidnappings.

The man had helped the Islamist militant group plan several

FG spends N49bn on water transport development

The Federal Government has spent over N49 billion in the development of water transportation in the country.

Managing Director of the National Inland Waterways Authority, NIWA, Maryam Ciroma, who disclosed this in Lagos also said that the Authority has concluded plans to hold an exhibition to further the development of the sector with the theme, “Moderning Inland Water Infrastructure and Vessels for Safe and Sustainable Inland Water Transportation in Nigeria.”

The NIWA boss said that

South African engineers go on strike

Engineers and metalworkers in South Africa have gone on strike after talks on Monday failed to reach an agreement over pay.

The country's largest union, the National Union of Metalworkers of South Africa (NUMSA), claims that more than 200,000 members are striking.

The union is demanding a 12% wage increase, almost double the rate of inflation.

So far employers have offered an 8% pay rise.

Marches are taking place in

Access Bank steps up to ‘A+’ in Agusto & Co credit ratings

Agusto & Co has upgraded the credit rating of Access Bank plc from “A” to “A+” with a stable outlook.

Access Bank plc achieved the “A+” by actualising a good liquidity position, satisfactory capitalisation, as well as improved risk management framework which had a positive impact on asset quality, according to Agusto & Co.

While reacting to the rating, Herbert Wigwe, group managing director Access Bank plc, said,

Boko Haram ‘beats’ American, Nigerian efforts to block funding

Investigations by Reuters reveal that Boko Haram is richer than ever as the United States, Nigeria and others continue to struggle to track and choke off its funding.

Interviews with more than a dozen current and former U.S. officials who closely follow Boko Haram claim to provide the most complete picture to date of how the group finances its activities.

Central to the militant group’s approach includes using hard-to-track human couriers to move cash, relying on local funding sources and engaging in only