World Economic Forum on Africa
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CBN Economic Report for First Quarter 2020
CENTRAL BANK OF NIGERIA ECONOMIC REPORT FIRST QUARTER 2020 Economic Report First Quarter 2020 The Central Bank of Nigeria Quarterly Economic Report is designed for the dissemination of financial and economic information on the Nigerian economy on current basis. The Report analyses developments in the financial, fiscal, real and external sectors of the economy, as well as international economic issues of interest. The Report is directed at a wide spectrum of readers including economists and financial analysts in government and the private sector, as well as general readers. Subscription to the Quarterly Economic Report is available without charge to institutions, corporations, embassies and development agencies. Individuals, on written request, can obtain any particular issue without a charge. Please direct all inquiries on the publication to the Director of Research, Central Bank of Nigeria, P.M.B. 187, Garki, Abuja, Nigeria. The Quarterly Reports can also be freely downloaded from the CBN website: www.cbn.gov.ng C e n t r a l Bank of Nigeria Page ii Economic Report First Quarter 2020 Contents 1.0 Summary ............................................................................................................................................ 1 2.0 Financial Sector Developments .................................................................................................... 3 2.1 Monetary and Credit Developments ........................................................................................... 3 2.2 Currency-in-circulation -
2016 Annual Meetings of the Boards of Governors
THE WORLD BANK GROUP Public Disclosure Authorized 2016 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS Public Disclosure Authorized SUMMARY PROCEEDINGS Public Disclosure Authorized Washington, D.C. October 7-9, 2016 Public Disclosure Authorized THE WORLD BANK GROUP Headquarters 1818 H Street, NW Washington, D.C. 20433 U.S.A. Phone: (202) 473-1000 Fax: (202) 477-6391 Internet: www.worldbankgroup.org iii INTRODUCTORY NOTE The 2016 Annual Meetings of the Boards of Governors of the World Bank Group (Bank), which consist of the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), the International Finance Corporation (IFC), International Centre for the Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA), held jointly with the International Monetary Fund (Fund), took place on October 7, 2016 in Washington, D.C. The Honorable Mauricio Cárdenas, Governor of the Bank and Fund for Colombia, served as the Chairman. In Committee Meetings and the Plenary Session, a joint session with the Board of Governors of the International Monetary Fund, the Board considered and took action on reports and recommendations submitted by the Executive Directors, and on matters raised during the Meeting. These proceedings outline the work of the 70th Annual Meeting and the final decisions taken by the Board of Governors. They record, in alphabetical order by member countries, the texts of statements by Governors and the resolutions and reports adopted by the Boards of Governors of the World Bank Group. In addition, the Development Committee discussed the Forward Look – A Vision for the World Bank Group in 2030, and the Dynamic Formula – Report to Governors Annual Meetings 2016. -
A Behavioral Finance Analysis of the Barclays-LIBOR Case
Corporate Culture and Frauds: A Behavioral Finance Analysis of the Barclays-LIBOR Case Enrico Maria Cervellati Luca Piras Matteo Scialanga University of Bologna University of Cagliari Luiss Rome Abstract The aim of this paper is to use behavioral finance to explain the factors that brought Barclays Plc. to face a £290 million fine (about $440 million), having deliberately tried to manipulate the LIBOR (London Interbank Offered Rate). This sums to the £59.5 million fined by the British Financial Services Authority (FSA) – the highest fine imposed by this organization – and respectively £102 million and £128 million by the US Department of Justice and by the Commodity Futures Trading Commission (CFTC). To achieve this goal, we analyze the reports of the American and British regulatory agencies, and those of financial analysts. Even though the focus of analysis are Barclays’ actions, we compare them with what other market participants did, to give a comprehensive look on financial industry and its dominant culture. In particular, after describing LIBOR rate determination methodology and the behavior of Barclays personnel when violations occurred, we presents Barclays’ failures in organizing its own control systems and establishing a proper corporate culture. Finally, we analyze the behavior of market participants and supervisory authority in evaluating Barclays’ financial and ethical performance. 1 “Barclays had a cultural tendency to be always pushing the limit” Lord Adair Turner, Financial Services Authority Chairman Introduction The aim of this paper is to use behavioral finance to explain the factors that brought Barclays Plc. to face a £290 million fine (about $440 million), having deliberately tried to manipulate the LIBOR (London Interbank Offered Rate). -
List of Participants As of 30 April 2013
World Economic Forum on Africa List of Participants As of 30 April 2013 Addis Ababa, Ethiopia, 9-11 May 2012 Messumbe Stanly Paralegal The ABENG Law Firm Cameroon Abane Yilkal Abate Secretary-General ICT Association of Ethiopia Ethiopia Zein Abdalla Chief Executive Officer PepsiCo Europe Switzerland Amin Abdulkader Minister of Culture and Tourism of Ethiopia Rakeb Abebe Chief Executive Officer and Founder GAWT International Business Ethiopia Plc Olufemi Adeyemo Group Chief Financial Officer Oando Plc Nigeria Tedros Adhanom Minister of Health of Ethiopia Ghebreyesus Tedros Adhanom Minister of Health of Ethiopia Ghebreyesus Olusegun Aganga Minister of Industry, Trade and Investment of Nigeria Alfredo Agapiti President Tecnoservice Srl Italy Pranay Agarwal Principal Adviser, Corporate Finance MSP Steel & Power Ltd India and Strategy Vishal Agarwal Head, sub-Saharan Africa Deals and PwC Kenya Project Finance Pascal K. Agboyibor Managing Partner Orrick Herrington & Sutcliffe France Manish Agrawal Director MSP Steel & Power Ltd India Deborah Ahenkorah Co-Founder and Executive Director The Golden Baobab Prize Ghana Halima Ahmed Political Activist and Candidate for The Youth Rehabilitation Somalia Member of Parliament Center Sofian Ahmed Minister of Finance and Economic Development of Ethiopia Dotun Ajayi Special Representative to the United African Business Roundtable Nigeria Nations and Regional Manager, West Africa Abi Ajayi Vice-President, Sub-Saharan Africa Bank of America Merrill Lynch United Kingdom Coverage and Origination Clare Akamanzi Chief Operating Officer Rwanda Development Board Rwanda (RDB) Satohiro Akimoto General Manager, Global Intelligence, Mitsubishi Corporation Japan Global Strategy and Business Development Adetokunbo Ayodele Head, Investor Relations Oando Plc Nigeria Akindele Kemi Lala Akindoju Facilitator Lufodo Academy of Nigeria Performing Arts (LAPA) World Economic Forum on Africa 1/23 Olanrewaju Akinola Editor This is Africa, Financial Times United Kingdom Vikram K. -
Global Finance's Central Banker Report Cards 2021
Global Finance’s Central Banker Report Cards 2021 NEW YORK, September 1, 2021 — Global Finance magazine has released the names of Central Bank Governors who earned “A” or “A-” grades as part of its Central Banker Report Cards 2021. The full Central Banker Report Cards 2021 report and grade list will appear in Global Finance’s October print and digital editions and online at GFMag.com. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of 101 key countries and territories including the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. About Global Finance Grades are based on an “A” to “F” scale for success in areas such as inflation control, economic Global Finance, founded in growth goals, currency stability and interest rate management. (“A” represents an excellent 1987, has a circulation of performance down through “F” for outright failure.) Subjective criteria also apply. 50,000 and readers in 191 countries. Global Finance’s “With the pandemic still surging in many areas, and inflation emerging as a major area of audience includes senior concern once again, the world’s central bankers are confronting multiple challenges from corporate and financial multiple directions,” said Global Finance publisher and editorial director Joseph Giarraputo. officers responsible for making investment and strategic “Global Finance’s annual Central Banker Report Cards show which financial policy leaders are decisions at multinational succeeding in the face of adversity and which are falling behind.” companies and financial The Central Bankers earning an “A” grade in the Global Finance Central Banker Report Card institutions. -
International Organizations
INTERNATIONAL ORGANIZATIONS EUROPEAN SPACE AGENCY (E.S.A.) Headquarters: 8–10 Rue Mario Nikis, 75738 Paris Cedex 15, France phone 011–33–1–5369–7654, fax 011–33–1–5369–7560 Director General.—Johann-Dietrich Woerner. Member Countries: Austria Hungary Romania Belgium Ireland Spain Denmark Italy Sweden Estonia Luxembourg Switzerland Finland Netherlands United Kingdom France Norway Germany Poland Czech Republic Greece Portugal Associate Member Countries.—Slovenia. Cooperative Agreement.—Canada. European Space Operations Center (ESOC), Robert-Bosch-Str. 5, D–64293 Darmstadt, Germany, phone 011–49–6151–900, fax 011–49–6151–90495. European Space Research and Technology Center (ESTEC), Keplerlaan 1, NL–2201, AZ Noordwijk, ZH, The Netherlands, phone 011–31–71–565–6565, Telex: 844–39098, fax 011–31–71–565–6040. European Space Research Institute (ESRIN), Via Galileo Galilei, Casella Postale 64, 00044 Frascati, Italy, phone 011–39–6–94–18–01, fax 011–39–6–9418–0280. European Space Astronomy Centre (ESAC), P.O. Box, E–28691 Villanueva de la Can˜ada, Madrid, Spain, phone 011–34 91 813 11 00, fax: 011–34 91 813 11 39. European Astronaut Centre (EAC), Linder Hoehe, 51147 Cologne, Germany, phone 011– 49–220360–010, fax 011–49–2203–60–1103. European Centre for Space Applications and Telecommunications (ECSAT), Atlas Building, Harwell Science & Innovation Campus, Didcot, Oxfordshire, OX11 0QX, United Kingdom, phone 011–44 1235 567900. European Space Agency Washington Office (EWO), 1201 F Street, NW., Suite 470, Wash- ington, DC 20004. Head of Office.—Micheline Tabache (202) 488–4158, [email protected]. INTER-AMERICAN DEFENSE BOARD 2600 16th Street, NW., 20441, phone (202) 939–6041, fax 319–2791 Chairman.—General de Brigada DEM Luis Rodrı´guez Bucio, Me´xico. -
Fbnbank DRC Ltd 2015 Annual Report
RICH HERITAGE BRIGHT FUTURE FBNBank DRC S.A. Annual Report and Accounts 2015 INTRODUCTION BUSINESS REVIEW GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS IN THIS REPORT INTRODUCTION • RISK FACTORS OVERVIEW 4 INTRODUCTION 43 PERFORMANCE HIGHLIGHTS 6 RISK MANAGEMENT FRAMEWORK 44 CHAIRMAN’S STATEMENT 7 LEADERSHIP AND GOVERNANCE 8 • FINANCIAL STATEMENTS STATUTORY AUDITOR’S REPORT ON ANNUAL ACCOUNTS 53 • BUSINESS REVIEW DIRECTORS AND ADVISERS 54 CEO’S REVIEW 12 INCOME STATEMENT 55 OPERATING ENVIRONMENT 15 STATEMENT OF FINANCIAL POSITION 56 STRATEGY AND PERFORMANCE 16 STATEMENT OF CHANGES IN EQUITY 58 FINANCIAL REVIEW 19 STATEMENT OF CASH FLOWS 59 NOTES TO THE FINANCIAL STATEMENTS 60 • GOVERNANCE INTRODUCTION 23 CONTACT INFORMATION 68 LEADERSHIP 24 GLOSSARY OF RATIOS 69 EFFECTIVENESS 33 ABBREVIATIONS 71 ACCOUNTABILITY 35 ENGAGEMENT 37 DIRECTORS’ REPORT 39 REPORT OF THE EXTERNAL CONSULTANT ON THE APPRAISAL OF THE BOARD OF DIRECTORS 41 The term ‘FBN Holdings Plc’ or the ‘Group’ means FBNHoldings together with its Unless otherwise stated, the income statement analysis compares the 12 months subsidiaries, which include FBNBank DRC Limited. FBN Holdings Plc is a financial to December 2015 to the corresponding 12 months of 2014, and the balance holding company incorporated in Nigeria on 14 October 2010. The Company sheet comparison relates to the corresponding position at 31 December 2014. was listed on the Nigerian Stock Exchange under the ‘Other financial services’ Unless otherwise stated, all disclosed figures relate to continuing operations. sector on 26 November 2012 and has issued and fully paid-up share capital as Relevant terms that are used in this document but are not defined under applicable 35,895,292,792 ordinary shares of 50 kobo each (N17,947,646,396). -
U.S. Optimism on Namibia Losing Credibility
Vol. 2, No. 4 Summer 1982 The Black American Lobby for Africa and the Caribbean military build-up inside Namibia ... new airports and military bases are be~ ing constructed and aggression against COMOROS the people of Angola continues daily.'' Mo~o~ While the military activities of South Africa tend to contradict the US state ments on Pretoria's intentions, the M(JADAGASfAR stated achievements in the talks them ananvo selves have recently come under ques tion. Phase I of the negotiations, which addresses the issues of Constitutional Principles to guarantee white minority rights and the electoral system, is still unfinished. Though the Contact Group had the Security Council circulate a document said to represent the agreed upon Con Southern A/rica stitutional Principles, it does not accu rately reflect the final agreements .._....... reached earlier this year. The docu ment omits 3 important provisions re SWAPO President Sam Nujoma: ''The occupation forces are still expanding'' lating to the relationship between the three branches of government (which was to be defined by the Constituent U.S. OPTIMISM ON NAMIBIA Assembly); the restructuring of the LOSING CREDIBILITY Public, Police and Defense services; and, the establishment of local councils The State Department continues to write the new nation's constitution. or regional administration only by an speak optimistically about prospects What has held up Namibia's transition act of parliament. for a Namibia settlement despite the to statehood is South Africa's refusal The electoral issue was said to be passage of a mid-August target date to begin the implementation of near resolution when South Africa for concluding an agreement in the 4 UNSCR435. -
EY's Attractiveness Survey
EY’s attractiveness survey Africa 2015 Making choices 7 EY’s attractiveness surveys EY’s attractiveness surveys are widely recognized by our clients, the media and major public stakeholders as a key source of insight on foreign direct investment (FDI). Examining the attractiveness of a particular region or country as an investment destination, the surveys are designed to help businesses to make investment decisions, and governments to remove barriers to future growth. A two-step methodology analyzes both the reality and perception of FDI in the respective country or region. Findings are based on the views of representative panels of international and local opinion leaders and decision-makers. Emerging Markets Center The Emerging Markets Center is an EY Center of Excellence that quickly and effectively connects you to the world’s fastest-growing economies. Our continuous investment in them allows us to share the breadth of our knowledge through a wide range of initiatives, tools and applications, thus offering businesses in both mature and emerging markets an in-depth and cross-border approach, supported by our leading and highly integrated global structure. For more information, please visit: • emergingmarkets.ey.com Follow us on Twitter: • @EY_EmergingMkts Contents Cover: Moses Mabhida Stadium, Durban, South Africa Downtown Lagos, Nigeria 7 Africa Union Conference Center and Office Complex (AUCC), Addis Ababa, Ethiopia 38 Nairobi Skyscraper, Kenya 24 2 4–5 Foreword Executive summary 7–23 24–37 38–55 Reality Perception Future FDI in Africa -
Stream Name Category Name Coronavirus (COVID-19) |EU| FRANCE TNTSAT ---TNT-SAT ---|EU| FRANCE TNTSAT TF1 SD |EU|
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A Channel Guide
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From: Sent: To: BCC: Subject
From: Aylward, Stuart [[email protected]] Sent: Friday, August 31, 2007 7:13:05 AM To: Gass, Jeffrey; Dardani, Justin; Clark, Kristina (Krick); Schwartz, Jeremy; Watts, Laurie [FTU Notes]; Greer, Ken; Papadopulos, John; Kabatznick, Amy; Simpkins, Sally; Twohig, Fleur; Owens, Bryant H (London); Coan, Carolyn; McConnell, Lynn; Andes, Nancy; Smith, Brian E.; Shorkey, Steven; Ingram, Bill BCC: [email protected] Subject: Barclays : FT Comments This Morning See below two articles in this mornings FT. The positive take away's from this are quotes from Barclays stating that 'there are no liquidity issues'. Equally, S&P last night reaffirmed Barclays ratings saying that in its view any losses by Barclays as a result of the Sub-Prime meltdown would be 1limited'. Barclays reassures after more borrowing By Peter Thai Larsen and Chris Giles in London Published: August 30 2007 21:17 | Last updated: August 31 2007 00:39 Barclays rushed to reassure investors and depositors on Thursday night after it was forced by what it said was a technical glitch to borrow from the Bank of England's emergency reserves for the second time in just over a week. The UK bank issued a statement after it emerged it had borrowed £1.6bn (€2.4bn) from the central bank's emergency facility on Wednesday evening. The facility, which carries a penalty rate of interest, has become the subject of intense scrutiny by investors as they search for signs of distress as a result of the recent turmoil in the capital markets. Barclays was forced to use the facility after a technical breakdown in the system used to clear and settle money-market transactions left it unable to borrow in the inzer-bank market to cover a short position in its accounts with the Bank of England.