Money MarketTHE International Monetary Fund (IMF) has upgraded its 2010 global growth forecast to 4.6 per cent from 4.2 per cent in April's review of the global economy, but kept its 2011 view unchanged at 4.3 per cent. It cited robust expansion in Asia and renewed U.S. private demand, but warned the euro area's debt crisis posed a big risk to recovery.
The IMF said the euro zone's sovereign financing problems and resulting financial market turbulence were significant challenges, especially with the web of financial and trade links connecting Europe to the world. However, a double-dip world recession was highly unlikely. The world economy shrank 0.6 per cent in 2009 as a result of the global financial crisis.
Money Market
IMF predicts global economic growth
Euromoney rates GTBank Best Bank
FOR the second consecutive year, Guaranty Trust Bank, one of Africa's foremost Banking groups has been named "Best Bank in Nigeria" by pre-eminent international finance magazine Euromoney. The awards were presented Thursday night at the 2010 Euromoney Awards for Excellence Dinner in London.
UBA partners MTN on Money transfer
UNITED Bank for Africa (Uganda) Limited has entered into partnership with MTN Mobile in Uganda to become the country's first mobile money agent in the financial services industry.
This followed the signing of the agreement between the two pan-African companies this month in Kampala, the Ugandan capital. A statement on Thursday said MTN Uganda Chief Executive Officer, Mr. Themba Khumalo, and Managing Director UBA Uganda, Mrs. Margaret Mwanakatwe, signed the agreement on behalf of their respective companies.
N500bn infrastructure fund: 150 firms get CBN nod
THE Central Bank of Nigeria Governor Sanusi Lamido Sanusi ,recently revealed that 150 manufacturing companies in Nigeria are qualified for the N500 billion infrastructure fund, and would get N150 billion of the amount. At a press briefing at the end of the monetary policy committee meeting in Abuja, Sanusi said “N150 billion is ready for disbursement to 150 companies in the manufacturing sector in the first tranche of disbursement from the N500 billion infrastructure fund”.
Oceanic Bank supports Rivers Early Child programme
OCEANIC Banks Plc has pledged its corporate support to “adopt a child initiative”, an educational support programme for less privilege children developed by the Empowerment Support Initiative a non-governmental organization in Rivers State.
The Branch Manager of the Bank, Mrs Omieti Florrie stated this during a visit to the founder of the Empowerment Support Initiative and wife of the Rivers State Governor, Dame Judith Amaechi, at Government House, Port Harcourt.
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