business

Credit availability rises in Q3’17 — CBN

By Adaeze Okechukwu THE Central Bank of Nigeria, CBN, has disclosed that the availability of credit to the corporate and households sectors increased during the third quarter (Q3) of 2017, while projecting further increase in the last quarter of the year (Q4). Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele Though the apex bank did not give figures on bank credits during the period in a survey report titled, “Credit Conditions Survey Report”, it said that the Q3‘17 credit condition survey of households, small businesses and corporate entities indicated increases in the availability of secured, unsecured and corporate credit. It also said that spreads on overall secured and corporate lending to household widened during the period. The report stated: “Lenders...

Bobby Clarke of NYC’s Irie Jam Radio Receives Jamaica’s National Order of Distinction

Jamaica-born, New York resident Robert “Bobby” Clarke, president and CEO of Queens-based Irie Jam Radio, was honored by the Jamaican government on Sunday with the prestigious Order of Distinction “for over 20 years of dedicated media services to Jamaican nationals of the New York Tri-state area.” Every year, the third Monday in October is observed as Heroes Day in Jamaica, which includes an elaborate morning ceremony on the grounds of King’s House (the governor general’s residence) where national honors are conferred on Jamaicans from various walks of life. The Order of Distinction, instituted by an Act of Parliament in 1968, is the sixth-highest honor in the island’s Orders of Societies of Honor. “When I first saw the email saying I was receiving the award, I thought maybe I read it wrong...

Songtrust Expands Business Operations to Europe, Names Mandy Aubry Director of Global Business Development

Aubry will focus on expanding the global digital rights management platform’s client roster of labels, publishers and businesses, in addition to independent songwriters. Songtrust, Downtown Music Publishing’s global digital rights management platform, is opening a new office in Amsterdam and hiring Mandy Aubry as director of global business development and client relations, leading the company’s expansion in Europe. Since launching in 2011, Songtrust’s global collection offering has grown to manage over 1 million song copyrights composed by over 100,000 unique songwriter clients, more than any other copyright administrator in the world. Today, the Songtrust platform enables royalty collection from over 100 countries, through direct deals with over 40 national and international ...

ILO seeks new strategies for SMEs to access loans

By Victor Ahiuma-YoungINTERNATIONAL Labour Organisation, ILO, has called on policy-makers to look into ways to make it easier for small and medium enterprises, SMEs, to access such external funding. The labour organisation said enterprises using bank loans as a significant share of their working capital tend to have higher wages and productivity, and lower unit costs, but  lamented that SMEs often cannot obtain or afford such financing. According to ILO, a 10 percentage point larger proportion of bank loans in working capital are associated with 2.2 per cent higher wages, 5.9 per cent higher labour productivity and 3.9 per cent lower unit labour costs.  By contrast, the organisation reported that a 10 percentage point larger proportion of internal funds in working capi...

Dangote tasks African entrepreneurs on job creation

By Franklin AlliPRESIDENT of  Dangote Group, Aliko Dangote, has urged entrepreneurs in Africa to focus on job creation for the continent’s teeming youths as a way to ensure economic prosperity and poverty reduction in the continent. Aliko Dangote Speaking at the launch of AfroChampions Initiative, Dangote emphasized greater integration of African economies for real development of the continent. He said that the AfroChampions initiative is for African businesses to accelerate development and create more jobs to tackle unemployment of youths in the continent. Dangote acknowledged that it is the first time that leaders from Africa’s multinational companies will meet, not to discuss their sector and ad-hoc investment opportunities, but to exchange views on Africa’s transfo...

SEC to commence forensic audit on Oando

By Peter EgwuatuThe Securities and Exchange Commission, SEC, Wednesday, disclosed that a forensic audit into the affairs of Oando Plc will be carried out, even as it directed Nigerian Stock Exchange, NSE, to suspend the shares of the company from trading. Wale Tinubu The commission took the decision following two petitions it received from Alhaji Dahiru Barau Mangal and Ansbury Incorporated. According to a statement from the SEC made available to Vanguard: “The commission carried out a comprehensive review of the petitions and made the following findings among others: breach of the provisions of the Investments & Securities Act 2007; breach of the SEC code of Corporate Governance for Public Companies; suspected insider dealing, related party transactions not conduc...

Naira down to N360.27/$ at NAFEX

By Adaeze OkechukwuThe naira Wednesday depreciated to N360.27 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window. Naira Data from the Financial Market Dealers Quote, FMDQ, showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, declined to N360.27 per dollar, yesterday, from Tuesday’s closing rate which stood at N359.83 per dollar, thus, indicating a 44 kobo depreciation  of the Naira. Meanwhile, the volume of dollars traded in the window, yesterday, increased by 22 per cent to $328.01 million from $268.18 million traded the preceding day. In the parallel market, the naira, however, stabilised at N364 per dollar for the third consecutive day this week.

Master P Named President of Urban Music at Cinq Music: Exclusive

“I’m looking for the best talent and the talent could be raw, but they gotta be hard workers.” Master P, the iconic founder of No Limit Records in the 1990s, has been named president of urban music in the United States at technology-first record label, distributor and rights management company Cinq Music. The MC and entrepreneur born Percy Miller will be leading the brand-new division for Cinq, which has seen much of its success of late coming through its Latin music operations, which recently received a $20 million infusion of cash from parent company GoDigital Media Group. “Master P is an iconic artist/entrepreneur that will help Cinq and all its artists maximize the value of their intellectual property,” said Cinq Music co-founder/president Barry Daffurn in a sta...

Naira maintains N361 per dollar at parallel market

The Naira on Wednesday exchanged at N361.50 to the dollar at the parallel market, maintaining same rate for the past one-week. The Pound Sterling and the Euro traded at N475 and N425, respectively. At the Bureau De Change (BDC) window, the naira was sold at N361.50, while the Pound Sterling and the Euro closed at N475 and N425, respectively. Trading at the investors’ window saw the naira closed at N360.27. Traders said that activities at the market had remained dull as very few customers were patronising them. Meanwhile, a credible BDC source told NAN that only about 1000 of its members bided for dollars on Monday because they had been selling at a loss for some months. NAN reports that BDCs buy dollars at N360 from the CBN and sell at N362 per dollar. Following the dr...

Recording Academy’s District Advocate Day Rallies Over 1,000 Creators in All 50 States

On Wednesday (Oct 18) music performers, songwriters, producers and engineers in nearly 300 districts across all 50 U.S. states are meeting with their congressional offices to discuss legislative issues affecting the music industry, as part of the Recording Academy’s fourth annual District Advocate Day. Key issues will include fixing outdated laws around performance royalties, modernizing copyright law to account for music producers and advocating for future generations. “The participation of members across all 50 states is an unprecedented milestone signaling that the music community is firmly united in advocating for a fair and just future for all music creators,” Daryl Friedman, chief industry, government & member relations officer of the Recording Academy, said in a statement. “We l...

Warner Music Group Promotes Alfonso Perez-Soto to Global Role

Warner Music Group has elevated longtime executive Alfonso Perez-Soto to the newly created position of senior vice president, global business development and chief commercial officer, emerging markets. In his new role, Perez-Soto will work on new business models at the label group, as well as find ways to drive revenue and enhance partner relationships. As his title suggests, he’ll also be tasked with identifying existing markets ripe for growth. For the last five years, Perez-Soto has been WMG’s senior vp of business development for Latin America, Spain and emerging markets, where he oversaw the company’s expansion into those growing regions. He joined Warner Music Latin in 2005 as new-media director, reporting to Iñigo Zabala, president, Warner Music Latin America. Earl...

Ticketmaster Loses Motion for Summary Judgement in Songkick Case

Despite statements from Rob Light, Irving Azoff and Guy Oseary, the fan club ticketing dispute appears to headed to trial. Ticketmaster has lost a motion for summary judgment in its lawsuit with Songkick, following a flurry of statements from big-time managers and music executives, speaking both for and against the ticketing giant. Ticketmaster’s lawyers had hoped to have a number of charges in its case thrown out, but U.S. District Court Judge Dale Fisher ruled that Ticketmaster didn’t demonstrate that Songkick had “failed to meet its burden to show an anticompetitive effect,” arguing that there was some evidence that Ticketmaster had used its market power to shut Songkick out of the fan club ticketing space. Immediately after Monday’s ruling, Songkick’s COO Adam Schiffe...