Latest news with #PricewaterhouseCoopers
Yahoo
16 hours ago
- Business
- Yahoo
Nigeria's Tinubu slows policy overhaul as he eyes reelection
The economic policy upheavals that have characterized Nigerian President Bola Tinubu's two years in power and sparked a deepening cost-of-living crisis are giving way to a less disruptive approach as the leader of Africa's most populous country prepares for a likely reelection bid in 2027. Late last week, members of Tinubu's ruling All Progressives Congress party declared the president their sole candidate for the polls, ahead of his second anniversary on May 29. In Nigeria's major cities, campaign posters for the 73-year-old hang on street lights alongside massive billboards canvassing 'door-to-door' support ahead of elections that are still two years away. And Tinubu's coalition is already growing: Two opposition governors from large oil-rich southern states defected to the ruling party in recent weeks. The president's apparent transition to election campaigning comes as Nigerians grapple with soaring costs of everyday items ever since Tinubu unexpectedly ended fuel subsidies and floated the naira currency upon taking office. The moves aimed to revive one of Africa's largest economies and improve government efficiency — the subsidies cost Abuja $10 billion in 2022, surpassing the amount spent on health and education combined. But the ensuing five-fold surge in petrol prices and transportation costs raised the price of everything from food and farm feed to construction and rent, fueling anxiety among consumers and businesses. Tinubu has slowed the shock therapy approach, while initial waves of unrest that saw labor unions threaten to strike have cooled. Nigeria's inflation rate, calculated with a new formula since January, has steadied contrary to the rapid and steep rise of the first year. The central bank reshaped by Tinubu now generally holds the benchmark interest rate, after cranking it up multiple times last year. More than half of Nigeria's 220 million inhabitants are classified as being in 'severe poverty,' with PricewaterhouseCoopers projecting that 13 million more could fall below the poverty line this year as a result of Tinubu's policy overhaul of the last two years. But Nigeria's 3.4% growth last year showed an improved fiscal position, the World Bank said this month, noting that revenues rose from 7% of gross domestic product in 2023 to nearly 12% in 2024 — even as the government reduced its fiscal deficit by more than two percentage points. The metrics underscore the country's 'impressive strides to restore macroeconomic stability,' the bank said. Growth in government revenues and expenditure over the past year show that the policy changes 'were necessary,' said Bismarck Rewane, an economist and chief executive of the Lagos-based firm Financial Derivatives. Credit rating agencies have issued or maintained a 'stable' outlook for Nigeria, banking on the government to sustain its policy agenda which has largely been endorsed by Bretton Woods institutions. In April, Fitch Ratings upgraded its score for the country, praising it for 'improved policy coherence and credibility and reduced economic distortions.' S&P said this month that it expects Nigeria to grow its foreign exchange reserves — which stood at $23 billion at the end of last year, per the central bank — though reforms will slow and their potency may yet be challenged by a global fall in oil prices. Tinubu inherited an economy that had struggled through two recessions, overseen by an ex-military dictator who defended import restrictions and multiple exchange rates fixed by the central bank. Resetting from that baseline has seen Tinubu aggressively impose his will, helped by a class of faithful lieutenants he cultivated over decades as Nigeria's pre-eminent political kingmaker. Weak, nearly non-existent political opposition places Tinubu in good stead to retain his role in two years' time, though there is now a scramble by some groups and disgruntled former allies of the president to form a coalition. On Tuesday, a few hundred supporters lined a street close to the domestic airport in Lagos to cheer him at an event commemorating the 50th anniversary of the West African bloc Ecowas. I found it a bit bizarre since the demographic of the crowd — mothers, young men, middle-aged men — mirror the wider population who complain that the rapid changes of the last two years have increased the cost of living. Nigeria is home to 19% of the poorest people in sub-Saharan Africa, the largest share of any country in the region. Yet, experts ultimately see the high cost of Tinubu's changes as 'a necessary trade-off,' as Samuel Aladegbaye, a financial markets analyst at Zedcrest Group in Lagos, told me. He points to a now decentralized power generation and distribution system — thanks to a new law Tinubu signed in 2023 — as 'a bold step toward fixing a long broken system.' Tinubu's next big push — gradually reforming the tax code to boost revenues — seems headed for success, Rewane told me, though 'companies have to be profitable to be taxable.' Tax reform provides a window to 'transform Nigeria's feeding bottle federalism' — in which most states function by depending on monthly shares of national revenues — into a system where they depend more on themselves, said Afolabi Adekaiyaoja, a research fellow at the UK's International Centre for Tax and Development. It doubles as a politically savvy move that 'makes Tinubu immune to the whims and ambitions of the nation's powerful state governors,' virtually ensuring his reelection in 2027, Adekaiyaoja told me. Nigeria's economy has halved to under $200 billion since Tinubu took the reins, according to the World Bank. It is a fact that runs counter to the narrative of improved performance over the last two years, said Wilson Erumebor, an economist at the Nigeria Economic Summit Group, a private sector think tank. 'You can certainly say that this is not progress,' considering Tinubu's ambition to make Nigeria a trillion-dollar economy by 2030, Erumebor said. 'It is worse off than when the government came in.' Tinubu's 'handling of security has ' two years into his tenure, the French news agency AFP reported in its assessment of his tenure.
Yahoo
3 days ago
- Business
- Yahoo
Notice to convening Annual General Meeting of shareholders of Nordic Fibreboard AS
The Annual General Meeting of Nordic Fibreboard AS (registry code: 11421437, address: Rääma 31, Pärnu 80044, hereinafter the Company) will be held on the 16th of June 2025 at 10.00 am at the office of Nordic Fibreboard AS, Rääma 31 Pärnu. Registration of participants will start at the venue of the meeting at 09:45. Registration will end at 10:00. The list of shareholders entitled to participate at the Annual General Meeting will be fixed 7 (seven) days before the Annual General Meeting, i.e. on 9 June 2025, as at the end of workday of Nasdaq CSD Estonian settlement system. Agenda of the Annual General Meeting with the proposals of the Supervisory Board: 1. Approval of the annual report of the Company for the financial year 2024 Proposal of the Supervisory Board: To approve the annual report of the Company for the financial year 2023, in accordance with which the consolidated balance sheet value of the Company as at 31 December 2024 was 8 252 280,45 euro and the net loss for the financial year was 785 654,31 euros. 2. Allocation of loss for the financial year 2024 Proposal of the Supervisory Board: Cover the net loss for the 2023 financial year in the amount of 785 654,31 euro from the retained earnings; 3. Appointment and remuneration principles of auditor for the financial year 2025 Proposal of the Supervisory Board: To appoint AS PricewaterhouseCoopers (register code: 10142876; aaddress: Pärnu mnt. 15, 10141 Tallinn) as the auditor of the Company for the financial year 2024. Public accounting services will be paid for in accordance with the contract to be drawn up with the auditor. __________________________________ As of the date of publishing of the announcement, the share capital of Nordic Fibreboard AS is 449,906,10 euros. The company has 4,499,061 no par value shares and each share gives one vote. For registration, we kindly ask the participants to submit the following documents: shareholders who are natural persons are required to submit their identity document; representatives must submit a power of attorney issued in a format reproducible in writing; the representative of a shareholder who is a legal person must submit a valid extract of the register where the person is registered and which provides the right of representation of the shareholder (legal representation) as well as the identity document. Representatives who are not legal representatives must also submit a valid power of attorney issued in a format reproducible in writing. A shareholder may inform the Company of the appointment of a representative or withdrawal of the power of attorney prior to the Annual General Meeting, by sending the corresponding notice to the e-mail address of the Company group@ or by delivering the notice in a format which can be reproduced in writing to the Company's office Rääma 31, Pärnu, Pärnu country, between 09:00 and 16:00 by using the respective forms published on the webpage of the Company located at . Should a shareholder wish to inform the Company about the appointment of a representative or withdrawal of the power of attorney granted to a representative prior to the Annual General Meeting, the corresponding notice must be delivered and received by the Company at the latest by 23:59 on 12th on June 2025. All documents related to the Annual General Meeting of the Company will be available to the shareholders on the Company´s webpage and at the Company's office at location at Rääma 31, Pärnu, Pärnu country, during working days from 09:00 to 16:00 from the notification of convening the Annual General Meeting until the day of the Annual General Meeting. Please contact us in advance at group@ to request access to the documents. All shareholders shall have the right to receive from the Management Board information on the Company's operations at the Annual General Meeting. The Management Board may refuse to give information, if there is a reason to presume that this may cause significant damage to the interests of the Company. Where the Management Board refuses to give information, a shareholder may demand that the legality of the shareholder's demand be decided by the Annual General Meeting or submit, within 2 weeks after the refusal, an application to a court in proceedings on petition in order to obligate the Management Board to give information. Any questions regarding the agenda items of the Annual General Meeting may be addressed to the Company's e‑mail address group@ at the latest by 23:59 on 12th on June 2025. Shareholders, whose shares represent at least 1/20 of the share capital of the Company, may demand the inclusion of additional items on the agenda of the annual general meeting, if the corresponding request is filed in writing at least 15 days prior to the general meeting, i.e. at the latest by 23:59 on 1 June 2025, at the e-mail address group@ or to the Company's office at Rääma 31, Pärnu, Pärnu country. A draft decision or rationale must be submitted at the same time as the proposal to supplement the agenda. Shareholders, whose shares represent at least 1/20 of the share capital of the Company, may submit to the Company in writing a draft resolution on each agenda item, by posting the draft to the e-mail address group@ or to the Company's office at Rääma 31, Pärnu, Pärnu country. The draft must be submitted in electronic form or by e-mail so that it would be delivered to and received by the Company no later than 3 days before the Annual General Meeting i.e. at 12 June 2024. Enel ÄkkeMember of Management BoardPhone: + 372 55 525550E-mail: group@
Globe and Mail
6 days ago
- Business
- Globe and Mail
CRR Extends Reach into the Clearwater with Strategic Roadway Acquisition
CALGARY, AB, May 23, 2025 /CNW/ - Canadian Resource Roadways (CRR), a leader in resource infrastructure ownership and operations, is pleased to announce it has concluded a definitive agreement to acquire a 24 km section of the East Exit Road, together with ancillary existing roadways in Alberta'sClearwater region. The transaction, involving Sequoia Resources Corp. (by and through its trustee in bankruptcy PricewaterhouseCoopers Inc. through a court approved sale) and certain other vendors, marks another milestone in CRR's growth and geographic expansion. The transaction is expected to close by the end of May.
Globe and Mail
6 days ago
- Business
- Globe and Mail
DATA Communications Management Corp. Report of Voting Results Annual Meeting of Shareholders Held on May 22, 2025
DATA Communications Management Corp. (' DCM ' or the ' Corporation ') (TSX: DCM; OTCQX: DCMDF) today announced that the annual meeting (the ' Meeting ') of shareholders of the Corporation was held on May 22, 2025 in Toronto, Ontario. Twenty-nine shareholders holding a total of 30,838,490 common shares of the Corporation (' Common Shares ') were represented at the Meeting in person or by proxy, representing approximately 55.76% of the total votes attached to all issued and outstanding Common Shares as of April 4, 2025, the record date for the Meeting. Appointment of Auditors The resolution to appoint PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Corporation, to hold office until the next annual meeting of shareholders of the Corporation or until their successors are appointed and to authorize the directors to fix the auditors' remuneration, was adopted on a vote by show of hands by a majority of the votes cast by the shareholders present in person or represented by proxy at the Meeting. The votes cast by shareholders present in person or represented by proxy at the Meeting for the appointment of the auditors were as follows: Election of Directors All eight directors proposed for election at the Meeting were elected on a vote by ballot. The votes cast by shareholders present in person or represented by proxy at the Meeting for the election of directors were as follows: Votes For Votes Withheld # % # % Richard C. Kellam 30,680,855 99.80% 61,000 0.20% Gregory J. Cochrane 30,571,923 99.45% 169,932 0.55% Merri L. Jones 29,129,077 94.75% 1,612,848 5.25% James J. Murray 30,675,244 99.78% 66,611 0.22% Michael G. Sifton 30,585,553 99.49% 156,302 0.51% J.R. Kingsley Ward 30,718,274 99.92% 23,581 0.08% Derek J. Watchorn 30,677,477 99.79% 64,378 0.21% Alison Simpson 30,724,124 99.94% 17,731 0.06% About DATA Communications Management Corp. DCM is a leading Canadian tech-enabled provider of print and digital solutions that help simplify complex marketing communications and operations workflow. DCM serves over 2,500 clients including 70 of the 100 largest Canadian corporations and leading government agencies. Our core strength lies in delivering individualized services to our clients that simplify their communications, including customized printing, highly personalized marketing communications, campaign management, digital signage, and digital asset management. From omnichannel marketing campaigns to large-scale print and digital workflows, our goal is to make complex tasks surprisingly simple, allowing our clients to focus on what they do best. Additional information relating to DATA Communications Management Corp. is available on and in the disclosure documents filed by DATA Communications Management Corp. on SEDAR+ at
National Post
6 days ago
- Business
- National Post
DATA Communications Management Corp. Report of Voting Results Annual Meeting of Shareholders Held on May 22, 2025
Article content BRAMPTON, Ontario — DATA Communications Management Corp. (' DCM ' or the ' Corporation ') (TSX: DCM; OTCQX: DCMDF) today announced that the annual meeting (the ' Meeting ') of shareholders of the Corporation was held on May 22, 2025 in Toronto, Ontario. Twenty-nine shareholders holding a total of 30,838,490 common shares of the Corporation (' Common Shares ') were represented at the Meeting in person or by proxy, representing approximately 55.76% of the total votes attached to all issued and outstanding Common Shares as of April 4, 2025, the record date for the Meeting. Article content Article content Appointment of Auditors Article content The resolution to appoint PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Corporation, to hold office until the next annual meeting of shareholders of the Corporation or until their successors are appointed and to authorize the directors to fix the auditors' remuneration, was adopted on a vote by show of hands by a majority of the votes cast by the shareholders present in person or represented by proxy at the Meeting. The votes cast by shareholders present in person or represented by proxy at the Meeting for the appointment of the auditors were as follows: Article content Election of Directors Article content All eight directors proposed for election at the Meeting were elected on a vote by ballot. Article content The votes cast by shareholders present in person or represented by proxy at the Meeting for the election of directors were as follows: Article content Votes For Votes Withheld # % # % Richard C. Kellam 30,680,855 99.80% 61,000 0.20% Gregory J. Cochrane 30,571,923 99.45% 169,932 0.55% Merri L. Jones 29,129,077 94.75% 1,612,848 5.25% James J. Murray 30,675,244 99.78% 66,611 0.22% Michael G. Sifton 30,585,553 99.49% 156,302 0.51% J.R. Kingsley Ward 30,718,274 99.92% 23,581 0.08% Derek J. Watchorn 30,677,477 99.79% 64,378 0.21% Alison Simpson 30,724,124 99.94% 17,731 0.06% Article content About DATA Communications Management Corp. Article content DCM is a leading Canadian tech-enabled provider of print and digital solutions that help simplify complex marketing communications and operations workflow. DCM serves over 2,500 clients including 70 of the 100 largest Canadian corporations and leading government agencies. Our core strength lies in delivering individualized services to our clients that simplify their communications, including customized printing, highly personalized marketing communications, campaign management, digital signage, and digital asset management. From omnichannel marketing campaigns to large-scale print and digital workflows, our goal is to make complex tasks surprisingly simple, allowing our clients to focus on what they do best. Article content Article content Article content Article content Contacts Article content For further information, contact Mr. Richard Kellam President and Chief Executive Officer DATA Communications Management Corp. Tel: (905) 791-3151 Article content Article content
