Nigerian Port Authority Extends Demurrage-Free Period To April 26
Following its directive to terminal operators to suspend all applicable storage fees on consignments (demurrage) for 21 days effective March…
Day: April 20, 2020
Coronavirus: Empty Resorts Spell Long Crisis Across The Caribbean
The nearby airport, the lifeblood of Varadero’s economy, closed after Cuba shut its borders two weeks ago to protect against…
IMF May Need ‘Exceptional Measures’ To Facilitate Pandemic Response: Georgieva
The International Monetary Fund may need to step outside its comfort zone and consider “exceptional measures” to help countries deal…
Oil Plunges Further To Below Zero For First Time In Unprecedented Wipeout
Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping…
Market Wrap
“Given that the policy focus from governments and central banks has been to support the corporate sector, we like investment grade credit,” says Generali Investment’s Vincent Chaigneau.
Oil Plunges Below $10 With Traders Fleeing Expiring Contract
U.S. benchmark falls the most since trading began in New York. WTI May contract drops as much as 56% before Tuesday expiry. Oil Prices Will Remain Low in Short-Term: Goldman Sachs’ Tilton
Bahrain Follows Saudi Arabia, Oman With Budget Cuts Amid Crisis
Bahrain became the latest nation in the oil-rich Gulf to announce drastic spending cuts, an effort to stretch the budget…
JPMorgan Asset Seeks Collateral Protection in Private Lending
JPMorgan Asset Management is prioritizing lending to companies with high-quality assets as more cash-hungry borrowers need fresh funding. The firm has…
U.S. Restaurants On Track To Lose $240 Billion By End of 2020: Survey
U.S. restaurants are on track to lose $50 billion in April, with losses mounting to an estimated $240 billion by…
United Airlines Expects $2.1 Billion Loss, Seeks Government Aid
United Airlines (UAL.O) said on Monday it expects to report a pre-tax loss of about $2.1 billion for the first…
A Tsunami Of Bankruptcies Are About To Wash Away America’s Retail Sector
As the coronavirus pandemic keeps America’s retail stores closed, Michael McGrail is gearing up for what is shaping up to…
Stocks Sink As Oil Drops To More Than 21-year Low
The May contract for U.S. West Texas intermediate crude oil which expires on Tuesday, dropped 39.74% to $11.07 per barrel…
Aston Martin To Focus On Production Of SUVs
Aston Martin’s (AML.L) immediate priorities will be restarting manufacturing and launching production of its crucial first sport utility vehicle, the…
Coronavirus: Branson Believes Virgin Atlantic Will Collapse Without Government Bailout
Virgin Atlantic will only survive the coronavirus outbreak if it gets financial support from the British government, the airline’s founder…
Volkswagen Settles Emission Class Actions With Three-Quarters Of Claimants
Volkswagen has reached settlements with 200,000 of the 260,000 claimants participating in a class action lawsuit brought by German consumer group…
US Rapper, The Game Loses Record Label And Profits From Latest Album To Sexual Assault Accuser
The record label of American rapper, The Game and all profits from the sale of his last album “Born 2…
Nigeria: Lagos State Governor, Sanwo-Olu Orders Mass Production Of Local Masks
Lagos State Governor, Babajide Sanwo-Olu has ordered mass production of locally made masks in a bid to halt spread of…
Coronavirus: Europe Needs €1 Trillion To Recover
Pandemic wracked Europe will need at least another 500 billion euros from European Union institutions to finance its economic recovery.…
AfDB Denies Funding Pipeline Project
The African Development Bank (AfDB) has described as inaccurate news article stating it plans to provide financial support to the…
IMF Urges African Countries To Remain Committed To AfCFTA
The Managing Director, International Monetary Fund (IMF) Mrs. Kristalina Georgieva has advised Africa not to deviate from its plans…
The Nigerian Stock Exchange Extends Financial Statements Filling Deadline For Firms
The Nigerian Stock Exchange (NSE) has extended the due date for the submission of the audited financial statements (AFS)…
Nigeria’s Economy Beyond COVID-19
The Nigerian economy is currently in dire straits with major economic indicators looking grim amidst increasing vulnerabilities. The disruption…
Nigeria Report: Investment-led Strategy Critical for Economic Recovery – Bismarck Rewane
The Managing Director, Financial Derivatives Company Limited and a member of President Muhammadu Buhari’s Economic Advisory Council (EAC), Mr. Bismarck…
Sanofi Partners GSK on Vaccine against COVID-19
GlaxoSmithKline and Sanofi will join forces to speed up production of a vaccine. Sanofi’s flu vaccine will be added to GSK’s booster to make doses last longer. Trials will start in the middle of this year with a drug likely available mid-2021.