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Finance & Investment

FG set to confiscate accounts without Bank Verification

MILLIONS of  account holders in Nigeria are set to lose their funds as the Federal Government would soon commence temporary seizure of all funds held in bank accounts not linked to any bank Verification Number (BVN) and whose ownership could not be absolutely identified. This development is coming following the Abuja Division of the Federal High Court’s approval of a …

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Turkish Airlines announces increase in load factor with 81.5% in September

TURKISH Airlines has announced an increase in its load factor the highest in the last five years this September 2017 as it publicized its “Passenger and Cargo Traffic Results” with 81.5% LF a by 5.7% increment from September of 2015 The evaluation of September 2017 Traffic Results shows that the total Load Factor improved significantly by 5.7 points to 81.5%, …

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Delta Air Lines announces 2017 September quarter profit

DELTA AIR LINES today reported financial results for the September quarter 2017 with adjusted pre-tax income for the  quarter at $1.7 billion, a $182 million decrease from the September 2016 quarter. Pre-tax income includes a $120 million reduction from the operational disruption following Hurricane Irma that hit the Caribbean, Florida, Georgia and, specifically, Delta’s hub in Atlanta. “While we faced …

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FAAN saves over N500 million due to in-house training -GM

A top official of the Federal Airports Authority of Nigeria (FAAN) has said that the airport authority has been able to save over N500million from  in-house staff training that commenced a year ago. General Manager, training, FAAN, Mr. Nath McAbraham Inajoh who revealed this at just concluded Nigeria Institute of Management, chartered Ikeja chapter member’s week in Lagos said the in-house …

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UBA announces half year financial result of N223bn

Group grows half-year profit by 66%…offers 20 kobo interim dividend UNITED Bank for Africa (UBA) Plc has announced its audited half-year financial results ended June 30, 2017, growing its gross earnings for the period by 34.5 percent to N222.7 billion, as against N165.6 billion reported in June 2016. The group also delivered a sterling profit before tax (PBT) of N57.5 …

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GTBank reports N101.1 billion profit before tax in 2017 half year result

GUARANTY Trust Bank plc has released its audited financial results for the half-year ended June 30, 2017 to the Nigerian and London Stock Exchanges. A review of the half-year performance, shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 2% to ₦214.1billion from ₦209.9billion reported in the …

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Lufthansa Group records 60 million passengers in 2017 first half

LUFTHANSA Group in the first half of the year 2017, airlifted around 60 million passengers 17.2% more than in the first half of 2016. The Group in its financial report stated that it has carried more passengers than ever before in the first half of 2017. The seat load factor has reached a historical peak of 79%. The figure was …

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Delta Air Lines reports $172m increase on June Quarter profit

DELTA Air Lines has announced financial results for the June quarter 2017. The airline reported that its adjusted pre-tax income for the June 2017 quarter was $1.85 billion, an increase of $172 million from the same income in the June 2016 quarter, primarily driven by higher revenue. Delta recorded a June quarter 2017 adjusted operating margin of 18.4 percent. Delta …

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Global investors oversubscribe UBA’s $500m Eurobond by 240%

UNITED Bank for Africa Plc (UBA) successfully raised USD500 million, through a debut Eurobond, which was over-subscribed at 240%. The significant investor demand reflects the strong global investor appetite for UBA’s credit and support for the Group’s Pan-African financial services strategy. The Global Offering is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish Stock Exchange and …

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Standard and Poor allots UBA Plc ‘B/B’ ratings, stable outlook

STANDARD and Poor’s (S&P) an international rating agency, has assigned its ‘B’ long term and ‘B’ short term global scale counterpart credit ratings to the United Bank for Africa Plc (UBA). The rating agency noted that UBA’s market position “is supported by its good franchise in the corporate and retail segments in Nigeria as well as geographic diversification, with operations …

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