Tony Kanu's blog

A report in the Sunday Times said that 40 Conservative MPs had agreed to sign a letter of no-confidence in the prime minister. Sterling fell 0.64% against the dollar to $1.3105 and fell 0.62% against the euro to €1.1238. UK shares rose at first before falling back, and by close the  FTSE 100  was down 17.81 points at 7,415.18. "Sterling is suffering today as traders ponder how long Theresa May has left in Downing Street,"  said David Madden, market analyst at CMC Markets. "Whether 40 Tory MPs are actually planning to challenge her leadership or not has yet to be seen, but the talk of it is enough to send sterling lower." Outside the FTSE 100. shares in Ultra Electronics sank by nearly 20% after the defence contractor issued a downbeat outlook and said its chief executive had left the company. Ultra said the UK market had become increasingly difficult in the second half of the year due to budget pressures in defence programmes. It also announced that...

The All Progressives Congress (APC) has said that the party has been vindicated following the sack of the former Secretary to the Government of the Federation (SGF) Mr Babachir Lawal. The Party's National Publicity Secretary Mallam Bolaji Abdullahi stated this yesterday in Abuja maintaining that sacking the embattled SGF means doing the needful.  It shows the President's commitment toward combating corruption at any level no matter who is involved, he stated. Also reacting, the Chairman Presidential Advisory Committee on Anti-Corruption Prof. Itse Sagay, said the former SGF’s sack was overdue. On the appointment of Boss Mustapha as the substantive SGF, Sagay said he had a very long history of political activities saying that his appointment was a positive development. The News Agency of Nigeria (NAN) reports that until his appointment, Mustapha, who hails from Adamawa, was the Director-General of the Nigeria Inland Waterways Authority. The former SGF was suspended ...