Global IT spending to hit $3.7trn in 2018

Enterprise software continues to exhibit strong growth, with worldwide software spending projected to hit $3.7 trillion in 2018, according to the latest forecast by global IT research firm, Gartner, Inc. Gartner said organisations are expected to increase spending on enterprise application software in 2018, with more of the budget shifting to software as a service (SaaS). The growing availability of SaaS-based solutions is encouraging new adoption and spending across many subcategories, such as Financial Management Systems (FMS), human capital management (HCM) and analytic applications. “Global IT spending growth began to…

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Global banks mull cash netting services

A new payment netting initiative for high value payments, known as Cash Netting Services (CNS),   is being assessed by eight leading global banks, according to the online publication, “Fineextra.com”. The report stated that CNS would help banks to reduce daily interbank payment flows significantly – and associated liquidity and capital management obligations, adding that eight banks were collaborating with the promoters of the initiative to gauge the size of the bilateral netting opportunity, and associated benefits in respect of improved cash and liquidity management practices and processes. It is estimated…

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Global cybersecurity spending to hit $96bn in 2018

Firms say security breach is main factor influencing security spending International research and advisory firm, Gartner, is projecting that worldwide information security spending will total $96.3 bllion in 2018, an increase of eight per cent from 2017. The firm, which provides information technology related insight for IT and other business leaders located across the world, said in its latest report that  organisations were spending more on security as a result of regulations, shifting buyer mindset, awareness of emerging threats and the evolution to a digital business strategy. “Overall, a large…

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UNESCO launches global report reshaping cultural policies

The Director-General of UNESCO, Audrey Azoulay, and the Ambassador and Permanent Delegate of Sweden to UNESCO, Annika Markovic, representing the Swedish Minister for Culture and Democracy, Alice Bah Kuhnke, last Thursday, launched UNESCO’s new 2018 ‘Global Report, Re|Shaping Cultural Policies’. This report, “published with the support of the Swedish Government, monitors how countries around the world are designing policies pursuant to the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions (2005). “Diversity remains a battle, in 2018 as in 2005.  Culture is not a commodity:…

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Global M&A values to hit $3.2trn in 2018 –Report

Investors seem more influenced by long term strategic decision making The easing of key economic and political risks and the emergence of positive macroeconomic deal drivers will accelerate global deal activity in 2018, pushing global Mergers and Acquisitions (M&A) values to $3.2trillion, the third edition of the Global Transactions Forecast issued by Baker McKenzie, has predicted. According to Michael DeFranco, Global Head of M&A, Baker McKenzie: “2017 played out as we predicted and there have been a number of positive developments in the global economy that have led to the…

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Diamond: Why global bank brands’ll struggle in Africa

The former boss of British banking group Barclays, Bob Diamond,   has said that the biggest opportunities for banking growth in Africa are for regional players who can build branches in several countries, as opposed to bigger, global brands. “The right model to own a bank in Africa… is a Middle East or African model,” Bob Diamond, the former Barclays executive told delegates during a panel discussion at the Africa Global Business Forum in Dubai last week. “It’s a regional play. The global banks that had a competitive advantage in…

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Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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Fate of the Furious breaks global box office record

The Fate of the Furious has raced to the top of the box office chart – breaking an international record in the process. The eighth film in the action thriller franchise took an estimated $532.5m (£424.7m) globally over Easter weekend. The figure makes it the strongest worldwide debut ever – marginally overtaking the $529m (£421.8m) taken by Star Wars: The Force Awakens. However, the film’s US takings were down sharply on the previous movie. Furious 7 took $147.2m (£117.3m) in the US when it was released in 2015 – but…

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Report: With Nigeria’s northeast facing famine, WFP funds could dry up

  The United Nations’ World Food Programme could in a few weeks run out of funding to feed millions living on the brink of famine in Nigeria, four people familiar with the matter said, intensifying one of the world’s largest humanitarian crises. In the northeast, 4.7 million people, many of them refugees from the conflict with Islamist insurgency Boko Haram, need rations to survive, according to the World Food Programme (WFP), one of the main aid groups handing out food. Many of those living in camps for displaced people say…

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