Macron Promises 8bn Euros to Aid Virus-Hit French Car Industry

BusinessEuropeNewsMacron Promises 8bn Euros to Aid Virus-Hit French Car Industry

PilotnewsMay 26, 2020

French President Emmanuel Macron on Tuesday promised more than 8 billion euros (8.8 billion dollars) to boost the country’s automobile industry, hard-hit by the coronavirus pandemic. In return, carmakers Renault and PSA – which makes Peugeot, Citroen, DS and Opel cars – had promised to maintain production on French soil and move higher-value activities back from overseas, Macron said. The announcements came days before Renault is due to announce a 2-billion-euro cost-cutting plan. The carmaker...

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South Africa’s Rand Climbs to 8 Week High Against Dollar

AfricaEconomyRegionsSouth Africa’s Rand Climbs to 8 Week High Against Dollar

PilotnewsMay 26, 2020

South Africa’s rand raced to its highest in more than eight weeks against the U.S. dollar on Tuesday, as optimism about a global recovery from the COVID-19 pandemic boosted riskier assets, with investors looking past Sino-U.S. trade tensions. At 0605 GMT, the rand traded at 17.4700 per dollar, 0.91 per cent firmer than its previous close. The currency was at its strongest since March 27. “The optimistic recovery narrative is holding within markets, keeping the...

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Zamfara to Engage 700 Youths in Community Policing

Crime & SecurityJobsNigeriaZamfara to Engage 700 Youths in Community Policing

PilotnewsMay 24, 2020

Gov. Bello Matawalle of Zamfara, on Sunday, announced his administration’s readiness to train and engage about 700 youths in community policing across the state. Matawalle made the disclosure while addressing people at his Maradun country home, as part of activities lined up for this year’s Eid-El Fitr celebrations. The governor, who said that 50 youths would be selected from each of the 14 local government areas of the state, added that the beneficiaries would be...

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Buhari Tasks Farmers on Massive Food Production, Says“No Money for Food Importation”

EconomyFoodNewsNigeriaBuhari Tasks Farmers on Massive Food Production, Says“No Money for Food Importation”

PilotnewsMay 24, 2020

President Muhammadu Buhari has challenged Nigerian farmers on the need to embark on massive productive agricultural activities this farming season as Nigeria has no money for food importation. The president gave the challenge shortly after observing this year’s Eid prayer alongside members of his family and few presidential aides at the presidential villa, Abuja, on Sunday. The News Agency of Nigeria (NAN) reports that Eid-El-Fitr prayer was observed in line with the protocol against mass...

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Carbon Launches New Social Banking Service in Nigeria

AfricaBusinessTechnologyCarbon Launches New Social Banking Service in Nigeria

PilotnewsMay 24, 2020

Carbon Express enables users to initiate and complete transactions such as P2P transfers and bill payments from the keyboard without launching the Carbon App or leaving the current app that they are using. Instead, they will be able to access services from the touch of their keyboard enabling quicker Instagram or Whatsapp commerce. Carbon Express maintains the same PCI DSS compliant model of encryption, authentication, and security as Carbon’s other services, thereby guaranteeing the security...

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Bond Investors Rushing to Nigeria – Analysts

InvestingNewsNigeriaBond Investors Rushing to Nigeria – Analysts

Bada Yusuf Amoo (Correspondent)May 23, 2020

The early action by Nigeria to tap cheap loans has increased the risk perception among foreign investors. This led to a fall in the borrowing cost of the country. According to Bloomberg, “Yields on Nigeria’s dollar bonds maturing in 2047 fell from an all-time high of 13.2% on March 19 to 9.1% on Wednesday. This is as the West African nation presented a revised $27 billion budget to the cabinet that kept spending intact, with...

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Will Nigeria’s Battle with COVID-19 Become Too Expensive to Sustain?

CoronavirusEconomyNigeriaWill Nigeria’s Battle with COVID-19 Become Too Expensive to Sustain?

Adeola Oladipupo (Correspondent)May 23, 2020

For every COVID-19 test carried out on suspected persons, Lagos, Nigeria’s epicenter of the viral infection with a population of over 20 million, spends between N40,000 and N50,000 ($102.56 – $128.21), Professor Akin Abayomi, Lagos State Commissioner for Health disclosed. The revelation by Prof. Abayomi highlights the magnitude of the burden of the disease and raises question about the sustainability of the fight against COVID-19. With estimated population of 200 million and a virus that...

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Economy Will Not Be Re-opened Hastily – Gov Sanwo-Olu

CoronavirusEconomyNewsNigeriaEconomy Will Not Be Re-opened Hastily – Gov Sanwo-Olu

Adeola Oladipupo (Correspondent)May 23, 2020

The Governor of Lagos State, Babajide Sanwo-Olu has said although the State was committed to tackling COVID-19 by breaking the cycle of transmission, it would not hastily reopen the economy. Mr Sanwo-Olu said this at a webinar organized by First Securities Discount House Group, which also had in attendance governors of Kaduna and Edo States, Mallam Nasir el-Rufa’I and Godwin Obaseki respectively as co-panelists. The Governor of Lagos said the state battles the reality of...

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Samsung Sends 300 More Workers to China for Chip Factory Expansion

BusinessTechnologyWorld NewsSamsung Sends 300 More Workers to China for Chip Factory Expansion

PilotnewsMay 22, 2020

Samsung Electronics Co., the world’s largest memory chipmaker, said on Friday that it had sent 300 more South Korean engineers and workers to China to complete the expansion of its second chip manufacturing facility there amid the coronavirus pandemic. Samsung said engineers and workers, including some from its subcontractors, left for the Chinese city of Xian on a chartered flight earlier in the day. The move came a month after Samsung dispatched 200 engineers to...

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Half of Facebook Employees to Work Remotely in 10 years – Zuckerberg

BusinessTechnologyWorld NewsHalf of Facebook Employees to Work Remotely in 10 years – Zuckerberg

PilotnewsMay 22, 2020

Facebook’s founder and chief executive, Mark Zuckerberg, says he expects the coronavirus pandemic will have a long-lasting impact on working practices. Zuckerberg expects that in ten years, about half of the social network company’s employees will be working remotely, he said in an interview with technology news site The Verge. He emphasised that the 50 per cent figure was his estimate and not an official announcement. According to a survey of Facebook employees, one in...

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