Category: Business

  • Being stressed is like smoking five cigarettes a day

    Being stressed is like smoking five cigarettes a day

    Are you stressed? If so, your chances of heading to an early grave are significantly higher. New research has found that people who reported feeling anxious and overwhelmed were 27 per cent more likely to suffer a heart attack.

    The study, led by Columbia University Medical Centre researchers, was published in the American Journal of Cardiology. American researchers found people who reported feeling stressed were 27 per cent more likely to suffer a heart attack

    The researchers looked at six previous studies where people had been asked about their perceived stress with questions such as ‘how stressed do you feel?’ and ‘how often are you stressed?’

    The groups were separated into high and low stress scores and then followed for 14 years to track the number of heart attacks. The effect of stress was so profound that the researchers compared it to smoking more five cigarettes a day.

    It was also likened to a 2.8mmol/l increase in LDL cholesterol and a 2.7/1.4 mmHg increase in blood pressure. The British Heart Foundation says that people who are at high risk of, or already have, heart disease should aim for an LDL cholesterol level under 2 mmol/l.

    Stress has also been found to increase levels of ‘bad’ cholesterol and blood pressure, which are risk factors for heart disease

    Therefore, it says the figures suggest a 2.8mmol/l rise is more than double the recommended cholesterol levels for heart and stroke patients.

    A healthy blood pressure reading should be below 140/90mmHg. LDL cholesterol is considered a risk for heart disease that can lead to heart attack because it contributes for narrowing of the arteries that supply blood flow to the heart from plaque buildup, or atherosclerosis.

    Higher blood pressure puts stress on the heart and contributes to stiffening of the arteries, making them more susceptible to blockage. It is thought to be responsible for 50 per cent of all heart attacks and strokes.

    The researchers did further analysis to try to learn what might unpin the link between stress and heart disease. They found that while gender was not a significant factor, age was.

    Among older people, the relationship between stress and CHD was stronger, suggesting the effects of stress compound over time. They also noted that older people tend to have worse risk factors such as high blood pressure and raised cholesterol to begin with, and that stress may interact with those risk factors to trigger a heart attack.

    ‘These findings are significant because they are applicable to nearly everyone,’ said study author Safiya Richardson.

    ‘The key takeaway (message) is that how people feel is important for their heart health, so anything they can do to reduce stress may improve their heart health in the future.’

    Her co-author, Donald Edmondson, assistant professor of behavioural medicine at CUMC added: ‘This is the most precise estimate of that relationship, and it gives credence to the widely held belief that general stress is related to heart health.’

    Heart disease is Britain’s biggest killer. Around 270,000 people in the UK suffer a heart attack every year and and nearly one in three die before they reach hospital.

    Source: www.bhf.org.uk

  • First Bank, Zenith, GTB win CBN award

    FOR outstanding performance in the outgoing year, some banks have earned the Central Bank of Nigeria (CBN) reward in Port Harcourt Clearing Area, Rivers State.

    Speaking at the award ceremony, the Branch Controller, CBN, Mr. Kenneth Effa, enjoined the banks to contain its paths of fruitful collaboration and support in the interest of the economy.

    The CBN Port Harcourt Clearing Area, Effa stressed, has witnessed a lot of anxieties and expectations this year in the banking industry.

    The highpoint of the event was the presentation of the awards to the banks. The first position went to First Bank of Nigeria, Zenith Bank was 2nd while the 3rd position went to GT Bank Plc.

  • Cashless policy: CBN suspends  nationwide implementation indefinitely

    Cashless policy: CBN suspends nationwide implementation indefinitely

    The proposed plan by the CBN to introduce the cashless policy to other states of the federation in 2013 has suffered a major setback following the decision of the apex bank to suspend the plan indefinitely.

    Speaking exclusively to Nation, the spokesperson of CBN, Ugo Okorafor said the decision to suspend the plan was  made to afford CBN the opportunity to correct all the anomalies noticed in the Lagos implementation of the policy.

    “ For now, the CBN has suspended the plan to introduce the policy to other states next year. The test run we did in Lagos showed some problems in the implementation. For instance, people complained there were no enough POS and ATM machines which we also noticed. The problem of awareness was also there as some people said they were not well informed about the policy,” he said.

    He continues, ‘So before we introduce it to other states, we want to correct the problems. There are some states that do not have enough banks and ATM machines like Lag0s and provisions have to be made for the policy to work in those places. It will also afford the banks to upgrade their systems for effective operation of the policy. So when we are convinced those things have been put in place, it will be extended to other states.”

    He, however, said the policy will continue to operate in Lagos.

  • FBN offers investment opportunities

    Family reunion and exchange of gifts are the widespread features of the Christmas celebration as most people spend the bulk of their income in buying gifts for their friends and families.

    However, FBN Capital Limited is offering a bouquet of investment opportunities to workers and other form of investors this season, especially to enable them invest so as to be able to meet the financial responsibilities that await them in 2013.

    FBN Capital, the investment banking and asset management business of First Bank, was formed from the consolidation of four existing subsidiaries of the Bank: FBN Capital, FBN Securities, First Trustees and First Funds.

    Its target market include high net worth individuals, executive directors, managing directors, top business men and women, private and public institutions, non-governmental organisations, small and medium enterprises, start-up companies, enterprises, small businesses, individuals across a diverse income strata, corporations, ministries, public parastatals, oil and gas companies, telecommunication companies and co-operatives and foundations of oil and gas companies.

    The FBN Money Market Fund (MM) is an investment vehicle which pools investment in a wide range of very liquid short term funds with tremendous investment benefits to individual investors. The fund enhances returns to its holders or investors by investing in low risk instruments like treasury bills, bank deposits, bankers’ acceptances and commercial papers.

    The primary objective of the Fund is to achieve a high level of income obtainable from investments in short term securities that is consistent with prudent investment management, the preservation of capital and maintenance of liquidity.

    “The FBN Capital asset management team has the experience, depth and diversity to actively manage a broad and diversified portfolio of investments. The Fund offers investors exposure to short term and liquid money market instruments. Yields on investments will provide portfolio diversification as well as the ability to gain exposure to different sectors of the economy,” the bank revealed.

    FBN Capital also manages the FBN Fixed Income Fund, which is one of a series of funds launched to satisfy the demand for new and varied investment products by the investing public.

    It also provides full time, high quality professional management services by pooling the resources of many for investment in long tenured debt instruments such as federal government, state government and corporate bonds. The fund aims to achieve attractive long term returns by investing in a diversified portfolio of these instruments. For as little as N50,000 and additional top ups of N10,000, you can start an investment plan that looks to protect your capital as well as give you good returns on your investment.

  • Nigeria lost trillions to terror attacks in 2012

    THE country may have lost over a quarter of its Gross Domestic Product estimated at trillions of naira to the Boko Haram insurgency in the last one year, experts have said.

    Speaking at separate interviews with The Nation, the experts noted that while it was difficult to quantify in real cost terms the collateral damage brought upon the economy by the activities of the sect, but they all agreed that the uprising in the north may have left the economy in the red.

    In the view of Professor Sherifdeen Tella, of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, the nation’s agricultural base is the first casualty of the Boko Haram insurgency.

    “The activities of the sect has affected production greatly, especially agriculture. You know the country depends on the north for produce and foodstuffs such as rice, sorghum, millets, onions and what have you. That alone is something. Besides, many of the companies down there are closing shops by the day. So, we can say this has affected the economy considerably. Nigeria has become paralysed so to speak,” he said.

    On what may be the conservative estimate of the losses, the don said: “I can say categorically that the more than a quarter of the country’s GDP may have being lost to the insurgency in the last one year. Though we underestimate the production in the informal sector, especially what comes from the north. Since this whole thing started, what we mayhave lost is in trillions. But for this year alone, I can safely sayon the average what we have lost will translate to over N500billion.”

    Echoing similar sentiments, Chief Timothy Adesiyan, National President, Nigeria Shareholders Solidarity Association (NSSA) said: “It has affected the operations of the various companies in the country. Many of them have not just closed down, some can’t take their products to the affected parts of the country. The manufacturing, extractive sectors, the capital market, are all affected one way or the other. People have become economically handicapped as a result of the activities of Boko Haram across the country.”

    Expatiating, he said, “For instance, the Unilever, Nestle, Conoil, Mobil, and all the other companies operating over the north have shut down their depots. Some of them have even moved their staff out of the place. So this has not only affected the turnover of the affected companies but negatively impacted on the economy as a whole. When you consider the turnover and average it among the affected companies, you will be estimating loss in trillions. So the cost of the insurgency in real economic terms is very enormous.”

    Adesiyan’s counterpart at the National Coordinator, Independent Shareholders of Nigeria (ISAN), Sir Sunny Nwosu, said it was not just a not just a sectoral thing as virtually all sectors of the economy are counting the losses.

    “Most of the producing companies that are quoted in the stock market and many others don’t have access to distribute their goods up north. So naturally their turnover and profitability will be adversely affected. Whatever profits the affected companies will post will be based squarely on what they are able to generate down south excluding their operations up north.”

  • Citigroup, five others fined $4.48m over bond lobbying costs

    Citigroup, five others fined $4.48m over bond lobbying costs

    Citigroup Incorporated is among five firms that will pay $4.48 million to settle regulatory claims they used funds from municipal and state bond deals to pay lobbyists.

    Underwriters that fund bond-authorisation campaigns and then collect fees from approved debt sales are among unresolved pay-to-play issues in the $3.7 trillion municipal market.

    Hiring an underwriter based on whether it supports a campaign rather than its ability to market bonds can lead to mispricing, which can hurt investors, as well as higher fees and borrowing costs.

    “The script remains the same,” said Marilyn Cohen, founder of Envision Capital Management Inc. in Los Angeles, which oversees about $210 million of munis.

    “I’m not surprised; my surprise is that they found it. That’s just the cost of doing business. It’s all pay-to-play.”

    The banks, also including Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Morgan Stanley, agreed to pay $3.35 million in fines and reimburse certain California bond issuers $1.13 million, according to the statement. Citigroup’s $1.28 million in sanctions were the largest, followed by Merrill’s $1.07 million.

    The five banks violated the Municipal Securities Rulemaking Board’s fair-dealing and supervisory rules, according to the statement. The Alexandria, Virginia-based MSRB, a self- regulatory body that sets guidelines for the muni market, has banned would-be underwriters from giving to most campaigns for elected officials who could influence the award of bond sales.

    Making such contributions is more widespread among smaller underwriters, according to disclosure filings with the rulemaking board.

    Banks have been divided over whether they should be allowed to support drives in favor of referendums authorising debt issues that they later underwrite. Some say it creates the appearance of undue influence, while others say it merely helps issuers win the votes and finance needed projects.

    The lobbying payments that resulted in today’s sanctions spanned 2006 through 2010, according to Finra. The companies didn’t admit or deny wrongdoing.

    Goldman Sachs “discontinued the longstanding industrywide practice of seeking reimbursement for such fees” in California last year, the bank said in a statement. It also refunded the lobby-group fees that had been charged on state-level issuances in which the firm was lead underwriter.

    Morgan Stanley (MS) is “pleased to have resolved this issue in a satisfactory manner,”Mark Lake, a spokesman for the New York-based company, said in an se-mailed statement. Spokesmen for New York-based Citigroup and Charlotte, North Carolina-based Bank of America also said the firms were pleased to resolve the issue. A spokesman for New York-based JPMorgan didn’t immediately respond to messages seeking comment.

    “Issuers are entitled to know what they are paying for and why,” Brad Bennett, Finra’s chief of enforcement, said in the statement. “It was unfair for these underwriters to pass along the costs of their Cal PSA membership to the municipal and state bond taxpayers, neglecting to disclose that these costs were unrelated to the bond deals.”

  • ‘Nigeria can become Africa’s e-commerce hub’

    ‘Nigeria can become Africa’s e-commerce hub’

    If the Federal Government puts the necessary infrastructure in place, Nigeria could become Africa’s e-commerce hub, an online marketing specialist, has said.

    Managing Director/ Chief Executive, sunglasses.com.ng, said with the potential in terms of demographics and Internet dynamics, the government could power Nigeria to become the African hub for e-commerce, adding that the push has the potential to boost employment and generate revenue.

    Allowing the benefits of technology start-ups in the country to permeate the industry will definitely attract foreign investment and will help Nigerian and international entrepreneurs to grow and create successful companies.

    “Also facilitating fast, reliable and affordable internet to Nigerians will help boost e-commerce, and this, the Federal Government is trying to do through various initiatives by the Ministry of Communication Technology and other agencies, such as the Nigerian Communications Commission (NCC), National Information Technology Development Agency of Nigeria (NITDA) and others,” he said.

    Hr said in the UK, e-commerce accounts for about 10 per cent of the Gross Domestic Product (GDP), translating to $200 billion, adding that by 2016, it is expected to contribute more than construction, healthcare and the education sectors to the economy.

    “UK has 52 million internet users, while Nigeria has 48 million, and most likely, Nigeria will surpass UK in terms of the number of internet users by the end of 2013. That means a lot in terms of potential contributions to the economy. This underscores the potential Nigeria has and where it could be heading to in few years time,” he said.

    He explained that lack of awareness and distrust are some of the challenges confronting operators in the segment. “That is why we allow customers to pay on delivery. Nigerians are afraid of being duped,” he added.

  • Gas export group collaborate  on price

    Gas export group collaborate on price

    The 13-member Gas Exporting Countries Forum (GECF) have agreed to work together to achieve a “fair price,” the group’s Secretary-General Leonid Bokhanovsky has said.

    “Once the majority of gas exporters agree and commit on uniform behaviours in the market, we could be expecting desirable decisions to be made and effective actions to be taken which is in line with the objectives of the forum,” Bokhanovsky, said in an e-mail, on the fourth anniversary of the group.

    He said GECF has been less effective than the Organisation of Petroleum Exporting Countries (OPEC), which meets twice yearly to tweak crude-oil output quotas with the aim of influencing prices, and has been in existence since 1960.

    GECF’s members, who hold almost 60 per cent of the world’s gas reserves, said at a summit in November 2011 that they should cooperate to raise prices and boost supply, yet they disagree on how that can be achieved, he lamented.

    Qatar’s Emir, Hamad Bin Khalifa Al Thani, said at a summit earlier that the group shouldn’t try to limit output, while Iran’s Oil Minister, Rostam Qasemi called for the group to develop a “market management plan.”

    The majority of gas is sold in long-term contracts tied to oil and is expensive to transport, making the market for the fuel more regional than crude, which is mainly bought and sold on the spot market.

    GECF members defended oil-linked contracts at their most recent meeting in Equatorial Guinea on November 21.

  • FAAN pleads with passengers over baggage

    FAAN pleads with passengers over baggage

    The Federal Airports Authority of Nigeria (FAAN) yesterday appealed to the inbound passengers at the Murtala Mohammed International Airport (MMIA), Lagos, who have difficulties reclaiming their baggage to be patient, saying it is trying to solve the problem.

    Its General Manager, Public Affairs, Mr Yakubu Dati, who said the conveyor belts had been malfunctioning in the past few days, attributed this to the ongoing remodelling at the airport.

    He assured that on completion of the exercise, passengers would not have problems.

    He said: ”Yes, there was a breakdown recently and we have rectified it. We have equally told the Nigerian Aviation Handling Company of Nigeria (NAHCo) Plc to move people to the D-Wing incase of a breakdown. Machines will always be machines and they can breakdown at anytime, but whenever this happens, we try to rectify it immediately.”

    Passengers arriving the country had gone through some harrowing experiences at the arrival hall of the terminal sometime last week when they could not reclaim their checked-in luggage at the baggage reclaim area due to faulty conveyor belts.

    A source close to FAAN confided in our correspondent that the conveyor belts at both the D and E wings had broken down completely, which made it impossible for them to reclaim their luggage on arrival.

    There are two conveyor belts each at the D and E wings of the airport while the E- Extension Wing, close to the diplomatic car park was last week installed and put to use with a short conveyor belt, which has since been under test run by FAAN.

    According to sources at the airport , two days ago, only one of the two conveyor belts were working at the D and E wings, which regularly cause delay at the peak period at the airport.

    On Sunday, Delta Air Lines passengers arriving fromAtlanta, Georgia experienced over two hours delay at the baggage reclaim area until FAAN had to use the short conveyor belt at the E wing extension to complement the collapsed one.

    The luggage of the Business Class (Priority) passengers were mixed with that of the economy at the reclaim centre, which made some of the business class passengers uncomfortable with the situation.

  • Abuja low cost estate ready

    Owners of a low cost hosing estate known as Open Freedom Housing Estate in Kuje, Abuja have been handed the keys to their houses.

    The project, which is one of the Public-Private Partnership (PPP) initiative of government in mass housing delivery in the Federal Capital Territory (FCT), was started three years ago.

    So far, only 60 units of the proposed 300 units have been completed and ready to be handed over to their new owners. The estate is a fully serviced with water, light, street lighting, paved roads with drainage and landscaping.

    Speaking to reporters at the handing over in Abuja, the Managing Director/ Chief Executive Officer of Opinior Engineering company limited, (the developers) Muftau Salau said the estate would be completed in phases.

    He, however, said if the government could keep to its words of opening the estate in the first quarter of 2013, the company would complete the estate in the same year.

    Other challenges militating against the fast completion of the estate, he said, is the sourcing of funds from commercial banks and the difficulty of selling off molested buildings.