Bank Of America Earnings Slumps On $2.9 Billion Tax Charge

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  Bank of America Corp’s fourth-quarter income nearly halved as it booked a $2.9 billion cost stemming from the new federal tax law. Other massive U.S banks, which include JPMorgan Chase & Co and Citigroup Inc, have additionally stated fees in their fourth-quarter results because the new regulation requires them to reassess their deferred tax property and pay tax on income kept abroad. Excluding the tax charge, Bank of America earned $5.3 billion, or 47 cents per share. Read more [...]

Road To Bitcoin ETFs Proves Full Of SEC Obstacles

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Bitcoin’s 1,500 percent surge last 12 months has stoked investor demand for any product with publicity to the red-hot asset. A host of businesses are jostling to launch exchange-traded dollars which would open up the crypto-currency to a broad retail market. But regulators are asking difficult questions, and 5 fund managers this week shelved plans to launch ETFs based on bitcoin futures, citing worries from the U.S. Securities and Exchanges Commission. According to Marc Butler, a director Read more [...]

Naira Depreciates To 365 Per Dollar No Matter CBN Interventions

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On Friday the Nigeria Currency (Naira) depreciated marginally by using 0.55 per cent at the parallel market week-on-week to close at N365. And closing Friday, the local forex had closed at 363/dollar. Currency retailers and analysts said the development came on the lower back of increased demand used to be occasioned by using activities heralding the Christmas and New Year celebrations. This came in spite of the everyday interventions by the Central Bank of Nigeria. The interbank window Read more [...]

Nigeria Oil Marketers Can No Longer Promote Petrol At N145 Per Liter

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  Oil marketers say it is no longer profitable to sell premium motor spirit (PMS) higher known as petrol at the charge of N145 per liter. This used to be made recognized on Tuesday in the course of a assembly with pinnacle authorities officials at the presidential villa in Abuja. Abba Kyari, chief of body of workers to the president, presided over the assembly which held at the kingdom residence convention center. The following persons where there in the meeting * Maikanti Baru, Read more [...]

Fuel Scarcity In Nigeria

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The Department of Petroleum Resources (DPR), has said that any depot that promote gasoline above the ex-depot charge of N133.38 to petroleum marketers would be accountable to three months closure and a best of twenty million Naira fine, Wole Akinyosoye, DPR’s Zonal Operations Controller, Lagos, who disclosed this the day prior to this in a announcement as phase of the measures to curb the biting fuel shortage in the country, additionally stated the Pipelines and Product Marketing Company (PPMC), Read more [...]

Bitcoin Rate Tumbles 30 Percent

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The price of bitcoin tumbled 30 per cent on Friday, with the rout accelerating early in the New York morning, after a week marked by high-profile security troubles at two exchanges and warnings from international regulators about the dangers currencies pose. Bitcoin plummeted as low as $10,775.92, in accordance to Bloomberg, leaving it extra than forty five per cent down from a report high touched at the start of the week. Its crash caps a risky week for the controversial currency that started Read more [...]

Oil Expenditures Soar To $67, This Is Absolute Best In Over Two Years

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Brent crude, the international benchmark for oil fees rose by means of 2.8% on Tuesday, to change at $67.06. This is the very best considering the fact that May 2015 when it reached the top of $67.10. US West Texas Intermediate crude futures witnessed a corresponding amplify of $1.50, or 2.6%, to $59.97, having traded as high as $60, the high-quality degree when you consider that June 2015. The surged observed reviews of a pipeline explosion in Libya which reportedly sidelined 90,000 barrels Read more [...]

Bitcoin Fee Tumbles 30 Per cent

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On Friday, The fee of bitcoin tumbled 30 per cent two with the rout accelerating early in the New York morning, after a week marked by means of high-profile safety troubles at two exchanges and warnings from world regulators about the dangers cryptocurrencies pose. Bitcoin plummeted as low as $10,775.92, in accordance to Bloomberg, leaving it greater than 45 per cent down from a record excessive touched at the begin of the week. Its crash caps a unstable week for the controversial cryptocurrency Read more [...]

Trader Makes Million Dollar Bet That Bitcoin Will Triple Next Year

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Online data from New York-based digital currency-trading platform LedgerX confirmed 275 call picks expiring Dec. 28, 2018, have been offered in Wednesday’s buying and selling session at a volume-weighted common price of $3,600. At that price, roughly $1 million was once spent on the bet. The alternate offers the investor or buyers the alternative to buy bitcoin at $50,000 in the roughly next 12 months, implying expectations that the digital forex will bounce past that price. An investor would Read more [...]

CBN Repays $1.1 Billion worth Of T-bills

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Central financial institution of Nigeria (CBN) repaid a whole of 340 billion naira ($1.1 billion) really worth of treasury bills on Thursday as an alternative of rolling them over, in a pass to lower authorities borrowing costs, traders said. They included 131.4 billion naira really worth of treasury payments issued through the Debt Management Office (DMO), while the balance used to be in open market payments issued with the aid of the central bank. The DMO has stated it will repay treasury Read more [...]