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REUTERS: Michael Kors owner Capri Holdings Ltd said on Monday it would furlough all its 7,000 employees in North America amid the coronavirus pandemic, as it expects to open its stores only after June 1. Several retailers, including Capri, have already closed their stores in the United States and Europe amid lockdowns to curb the spread of the virus that has killed about 68,000 people globally. The company's shares, which have lost more than three-quarters of their value this year, rose nearly 25per cent on Monday as broader markets rallied amid hopes that the pandemic was slowing down in some of the hardest-hit regions. Capri, which had a total of about 17,800 employees at the end of fiscal 2019, said furloughed employees were eligible for unemployment insurance and other government relief programs. It added it would need a smaller workforce once the pandemic ends. "Given our size and scale, we believe that Capri is well-positioned to continue to operate its business … [Read more...] about Michael Kors owner Capri furloughs all North America store staff

MEXICO CITY: Mexican cement company Cemex will suspend its operations in the country until at least April 30 in line with government guidelines aimed at stopping the spread of coronavirus, the firm said in a statement on Monday. Cemex, which has operations in more than 50 countries, said it has improved its financial situation with a US$1.135 billion revolving credit line and by receiving almost US$500 million from asset sales. It added that it is also evaluating postponing certain investments in fixed assets that had been considered for this year. (Reporting by Raul Cortes Rodriguez; Editing by Kirsten Donovan) … [Read more...] about Cemex to shut Mexico operations until at least April 30 due to coronavirus

Kindly Share This Story: By Arize Nwobu The primary functions of central banks are formulating and implementing monetary policy, regulating and supervising the banking and financial system, managing foreign reserve and ensuring financial market stability, determining interest rate and directing money supply to achieve price stability. The financial system is of prime importance in driving the economy. It is the axle on which the wheel of economy revolves. Financial system stability is linked to monetary policy. A stable financial system engenders macro-economic stability which enables businesses to plan. Financial system instability is detrimental to the economy. Experts have identified that financial system instability is caused by multiple factors with complex dynamics such as global imbalances, under-regulation/supervision, market liberalisation and insufficient transparency. READ ALSO: CBN plans to strengthen Naira, economy through $15bn … [Read more...] about CBN and CRYPTOS: Defending the financial system and economy

Kindly Share This Story: By Peter Egwuatu CAPITAL MARKET In spite of the challenges of the COVID-19 pandemic, SEPLAT Petroleum Development Company Plc, listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has maintained its dividend paying policy as it declared a final dividend of $0.05 per share, representing $0.10 per share for full year ended December 31, 2020. This brings the total dividend declared by the company to $58 million in 2020. The company also posted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $265.8 million as well as operating profit of $121 million (before non-cash impairments and unrealised fair value losses). In the audited results for the financial year ended 31 December 2020, the company recorded revenue of $530.5 million with increased operational efficiency and further reduction in costs. READ ALSO CBN and CRYPTOS: Defending the financial system … [Read more...] about SEPLAT pays $58m dividend in 2020