Business
RBA Cuts Rates to New Record Low of 1.25 Percent to Kickstart Economy
The Reserve Bank of Australia has cut official interest rates to a new record low of 1.25 per cent, stimulating a slowing economy as it looks to turn around sluggish employment, wages and inflation.
ANZ was the first of the big four banks to react, announcing it would trim mortgage rates by 0.18 percentage points within 10 minutes of the RBA’s decision.
It blamed increased costs in its business for its decision not to pass on the RBA’s full 0.25 percentage point cut, as Treasurer Josh Frydenberg had urged. The Commonwealth Bank, National Australia Bank and Westpac are yet to announce their intentions.
The official rate cut, just weeks after the May 18 federal election, marks the first time the RBA has used its central monetary policy lever in almost three years – the longest period of interest rate stability in Australian history.
The central bank held off on a rate cut before the election, but telegraphed its intentions less than a week later when governor Philip Lowe said without a cut in interest rates, unemployment across the country was unlikely to fall much further.
Dr Lowe said despite strong employment growth over the past year, “there has been little further inroads into the spare capacity in the labour market of late” and “overall wages growth remains low”.
“Taken together, these labour market outcomes suggest that the Australian economy can sustain a lower rate of unemployment,” he said.
“The outlook for the global economy remains reasonable, although the downside risks stemming from the trade disputes have increased.”
The last time the central bank changed interest rates was August 2016, a month after Malcolm Turnbull won the 2016 election.
Shadow treasurer Jim Chalmers said the decision was all about a “floundering economy and a failing government”.
Tuesday’s decision by the RBA board came three hours after the Australian Bureau of Statistics released another month of disappointing retail data on the back of falling house prices and historically low wages growth.
BIS Oxford Economics chief economist Sarah Hunter said the “dismal performance” of the retail sector continued in April. Sales fell 0.1 per cent Australia-wide, with NSW and Victoria leading the falls at 0.4 per cent.
“It clearly highlights the fundamental challenges facing the sector from weak income growth and squeezed margins as a result of competition from online sales,” she said.
Culled from The Sidney Morning Herald
The management of First Bank of Nigeria Limited has dismissed allegations of fraud reported against it in a recent publication by an online platform, Tech Cabal, describing the claims as baseless and unsupported by evidence.
In a corporate statement titled ‘Correction of Misleading Information Regarding Fraud Allegations,’ Olayinka Ijabiyi, the Acting Group Head of Marketing and Corporate Communications, addressed the issue on behalf of the bank.
“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence,” Ijabiyi stated.
The bank reaffirmed its commitment to ethical practices and transparency, urging the public to disregard the allegations. It emphasized its dedication to maintaining trust with its customers and stakeholders while upholding its longstanding reputation as a leader in Nigeria’s financial sector.
First Bank reiterated its focus on delivering reliable and trustworthy banking services, dismissing the report as misleading and lacking merit.
The Ogun State Government, under the able leadership of His Excellency, Prince (Dr) Dapo Abiodun MFR, CON, has issued the Certificates of Occupancy (C of O) for Treasure Park and Gardens Phase 2 (City of David) and Treasure Park and Gardens phase 3 (Capetown Estate), to the foremost real estate developer in Nigeria, Adron Homes.
The gesture, according to a statement signed by the Chief Press Secretary to the Chairman, Maureen Echefu, and made available to Pointblank.ng, is to showcase Ogun State’s commitment to fostering a conducive environment for real estate development.
The milestone, the statement further revealed, reflects the state government’s unwavering dedication to partnering with credible organizations that are driving development and growth in the real estate sector. By issuing the C of O to Adron Homes, the Ogun State Government has not only demonstrated its efficiency in processing land documentation, but has also emphasized its trust in reputable developers who prioritize excellence and compliance in their operations.
This recent issuance of the C of O by the Ogun State Government marks the second time the state has demonstrated its strong belief in the power of Public-Private Partnerships to drive development. During the tenure of the previous administration, the past governor, His Excellency, Senator Ibikunle Amosun, similarly issued Certificates of Occupancy for Treasure Park and Gardens Phase 1 (Genesis Estate), and Treasure Park and Gardens (Glasshouse Estate). This continued collaboration shows a consistent commitment to fostering a thriving real estate sector, creating jobs, and delivering quality housing solutions for the people of Ogun State.
The Chairman of Adron Homes and Properties, Aare Adetola Emmanuelking, expressed his gratitude to the Ogun State Government for its prompt issuance of the C of O. He commended the leadership of Governor Dapo Abiodun for maintaining a business-friendly environment that enables real estate developers to contribute meaningfully to the state’s housing development agenda.
“We are deeply honored by this gesture, as it further validates our commitment to building world-class estates that provide comfort, security, and long-term value for our clients. Treasure Park and Gardens Phase 2 (City of David), and Treasure Park and Gardens phase 3 (Capetown Estate) in Shimawa are demonstrations of our vision of making luxury affordable, with state-of-the-art infrastructure and facilities that cater to the modern homeowner. This partnership with the Ogun State Government strengthens our resolutuons to expand access to quality housing for all Nigerians,” the Chairman said.
The Treasure Park and Gardens Estates, situated in the serene locale of Shimawa, Ogun State, offers residents a harmonious blend of tranquility and accessibility. With meticulously planned layouts, paved roads, modern drainage systems, recreational spaces, and lots more, these estates set a benchmark for sustainable living. The issuance of the C of O now provides an added layer of assurance to current and prospective investors, reaffirming Adron Homes’ reputation as a trusted leader in real estate development.
The issuance of the C of O marks a significant chapter in the Treasure Park and Gardens Estates’ journey, and reinforces the Ogun State Government’s commitment to driving development, investment, and prosperity in the real estate sector.
For more information about Adron Homes, and the Treasure Park and Gardens Estates, visit www.adronhomesproperties.com
It was a moment of joy and excitement in Lagos on Thursday as the second prize-presentation event in Glo ‘Festival of Joy’ promo took place at Gloworld, Adeola Odeku Street, with a civil engineering contractor, Ayobami Adejumobi, going home with a brand new Toyota Prado.
The key to the jeep was presented to 42-year-old Adejumobi, who was accompanied by friends and relatives and the Deputy Governor of Lagos State, Dr. Obafemi Hamzat.
Speaking at the event, Osun State-born Adejumobi thanked Globacom immensely for the prize. He said, “I still can’t believe it. A call came from Globacom and the news was too good to believe. I doubted it. Could it be fraudsters? However, I remembered the promo and how I joined when it was launched, and I immediately proceeded to the Gloworld on Adeola Odeku where the Glo officials were expecting me. I thank Glo for this prize. I will use the jeep personally; it will enhance my status and help me to get more jobs as a civil engineering contractor”.
Other winners at the event also commended Globacom for providing a platform for many Nigerians to win prizes. Bukola Olatunji, from Ijebu-Ode who won a Keke Napep said, ”I have always been a faithful participant in various Glo promos and have never lost hope that I would one day become a winner”. She promised to continue participating in all of Globacom’s promotions in future.
A generator winner, 33-year-old Ayodeji Olukunmi, also said “it’s indeed a joyful period, winning a brand new generator means a lot to me, God bless Globacom”, while Daniel Eleh from Benue State, who won a sewing machine, said, “I was shocked and surprised when I got the call. Glo has always been good to Nigerians.”
The Deputy Governor of Lagos State, Dr. Obafemi Hamzat, who was the special guest of honour commended Globacom for such thoughtful reward schemes. “The good thing is that this is happening at a difficult time in the country. We must thank Glo for this and just pray that next year, it will be bigger. We would love the Chairman, (Dr Mike Adenuga), to make it twice this size next year. May God continue to bless the company,” he said.
Globacom’s Divisional Head, West, Lawrence Odediran, who also spoke at the event stated that new and existing subscribers can participate in the Festival of Joy promo by dialing *611# to opt into the promo and to keep recharging (voice and data) during the promo period, in order to be eligible to win the prizes on offer. He explained that new subscribers can participate immediately by purchasing a new SIM, registering it and dialing *611#.
Dignitaries at the event include Deputy Majority Leader, Lagos House of Assembly, Honourable Adedamola Richard; Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye a representative of the Nigeria Communications Commission, Mrs Ijeoma Bassey; Iyaloja of Sura Market, Alhaja Raliat Adebayo, and nollywood trio of Uche Jombo, Adeolu Saga and Broda Shaggi.
