IRAN PLANS TO EVADE US SANCTIONS USING GOLD-BACKED CRYPTOCURRENCY

A gold-backed cryptocurrency has been launched in the Islamic Republic of Iran,. The cryptocurrency known as Peyman (the Persian word for covenant) is the fruit of cooperation between four banks and Ghoghnoos Company.

The four partner banks are Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat. Iran Fara Bourse, an over-the-counter exchange, is also expected to host the new currency...

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Facebook profit climbs along with ranks of users

Facebook said Wednesday quarterly profit climbed to $6.9 billion as its ranks of users continued to grow despite scandals that have dented the leading social network's image. Revenue soared 30 percent from a year ago to $16.9 billion while the number of people using it monthly rose nine percent to 2.32 billion, Facebook said in its fourth quarter update. 

Net profit for Facebook, which makes money from online advertising, was up a strong 61 percent from the same period last year .. 

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FG targets $2bn from oil block licence renewal

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the Federal Government is targeting about $2bn from the renewal of oil and gas leases.

Kachikwu disclosed this on Wednesday while fielding questions from journalists at the Nigeria International Petroleum Summit in Abuja. He said that although most of the...

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Nigeria’s refineries not too old to operate, says NNPC

The Nigerian National Petroleum Corporation says the country’s refineries are not too old for effective refining operations. Mr Kragha Anibor, NNPC Chief Operating Officer, Refineries disclosed this at a panel session at the ongoing Nigerian International Petroleum summit, on Wednesday, in Abuja. The panel discussed the topic “Refining, Transportation and petrochemical”. He said that...

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