Why oil prices are crashing and what it means
Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops following their invasion of Kuwait.
Year: 2020
Global airlines slash flights as US carriers seek $50 bn bailout
Major world airlines on Monday announced further deep cuts to service as the worsening coronavirus crisis ravages demand
Amazon on hiring spree as coronavirus spurs demand
Amazon has said it will hire 100,000 warehouse and delivery workers in the US to deal with a surge in sales during the coronavirus pandemic.
Johannesburg Stocks Fall to 2013 Low as Virus Steps Worsen Woes
South Africa’s benchmark stock index fell to the lowest since July 2013 after President Cyril Ramaphosa’s declaration of a national…
Coronavirus Could End China’s Decades-Long Economic Growth Streak
China’s growth streak has lasted for decades, surviving the crackdown at Tiananmen Square, the global financial crisis and the trade…
France Fines Apple $1.2 Billion for Antitrust Issues
France’s antitrust regulator on Monday fined Apple 1.1 billion euros, or $1.2 billion, putting more pressure on the company as…
Coronavirus: Stocks plunge despite global central bank action
Global stock markets have sunk again despite central banks around the world announcing a co-ordinated effort to ease the effects…
More African countries confirm first coronavirus cases as Jack Ma pledges aid
Chinese billionaire and Alibaba co-founder Jack Ma pledged to donate over 1 million coronavirus tests to Africa on Monday
Italy pumps cash into coronavirus-hit economy as death toll passes 2,000
Italy approved 25 billion euros ($28 billion) of spending measures on Monday to help the fragile economy survive the onslaught of coronavirus as the death toll in Europe’s worst-affected country jumped above 2,000.
Nigeria to delay proposed $3.3bn Eurobond on coronavirus concerns
Nigerian government will delay this year’s issuance of the $3.3bn it had initially planned because “the time is not ripe”, Finance minister, Zainab Ahmed said on Monday.
Cowen expects Nike’s sales fall $3.5 billion for May quarter
Nike Inc’s (NKE.N) revenue could fall by a third in the fourth quarter, Cowen estimated, as the sportswear giant reels from store closures, supply disruptions and the suspension of this year’s NBA season due to the coronavirus pandemic.
Egypt to halt flights from Thursday to stem spread of coronavirus
Egypt will halt all air traffic at its airports from Thursday until March 31 to prevent the spread of coronavirus
CBN Policy Measures In Response To COVID-19 Outbreak And Spillovers
March 16, 2020 The Corona Virus (COVID 19) pandemic is having significant adverse consequences for both the global and the…
CBN asks banks to restructure loan terms, cuts special interest rate to 5%
The Central Bank of Nigeria (CBN) has directed all deposit money banks in the country to restructure loan terms and tenors to households and businesses affected by the coronavirus outbreak.
Stocks market sees choppy gains in early trading on NSE
Barely one hour into stock trading session on Monday March 16, investors were seen snapping value stocks that are trading…
Zenith Bank limits int’l withdrawal amount on card
Zenith Bank has limited the monthly international withdrawal limit on its Naira cards to $1,000 per month, according to PUNCH.
Luxury perfume makers Dior and Givenchy will produce free hand sanitizer for French health authorities
LVMH said it will use all the production facilities of its perfumes and cosmetics brands to produce large quantities of hydroalcoholic gel, or hand sanitizer, starting Monday.
Dollar sells at N380 as CBN holds press conference
The foreign exchange market resumed on Monday, 16th March, with dollar selling at N380/$ in some area of Lagos. According…
Ferrari suspends production over Covid-19
The Italian government ordered a nationwide lockdown last week. But supply chain problems have emerged to the degree that the automaker “cannot ensure continued production,” although operations not linked to production will continue, the company added. CEO Louis Camilleri said that Ferrari would look to restart production as soon as feasible
Lagos explosion: Sanwo-Olu sets up investigative panel, N2bn relief fund
Sanwo-Olu, who visited the scene on Monday morning, also announced a N2 billion relief fund to cushion the effect on the victims and address the disasters triggered by the explosion.
Oil crash: Nigeria may lose $8.63bn in six months
Nigeria’s economy may slide into another recession as the sudden crash in crude oil prices is set to wipe $8.63bn from the expected earnings accruable to the country in six months.
Global central banks pull out all stops as coronavirus paralyzes economies
The coordinated response from the Fed to the European Central Bank (ECB) and the Bank of Japan (BOJ) came amid a meltdown in financial markets as investor anxiety deepened over the difficulty of tackling a pathogen that has left thousands dead and put many countries on virtual lockdowns.
Gold Climbs After Fed Cuts Interest Rates as Virus Spreads
Gold jumped in early Asian trading after the Federal Reserve cut its benchmark interest rate by a full percentage point…
Ghana Closes Borders for Arrivals From Coronavirus-Hit Countries
Ghana is closing its borders to travelers from countries with more than 200 cases of the coronavirus as the West…
US Federal Reserve cuts rates to zero to support economy during coronavirus pandemic
In a bold, emergency action to support the economy during the coronavirus pandemic, the Federal Reserve on Sunday announced it…
The Audacity of the British Treasury… UK Property Market
Yesterday, the United Kingdom’s Chancellor, Rishi Sunak, whilst delivering the government’s budget plans announced a stamp duty land tax surcharge…
Apple temporarily shuts stores outside Greater China
Apple will close all stores outside of Greater China until March 27 to help stop the spread of coronavirus, Apple CEO Tim Cook said Saturday.
Confusion as explosion rocks Lagos
A massive explosion which rocked Lagos on Sunday morning has led to the destruction of houses in different parts of the state.
Reports suggest Zenith Bank given green light to acquire Union Bank
Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc.
Bitcoin has lost 30% of its value this week
The price of one bitcoin (XBT) fell 3% in early morning trading to about $5,600 before recovering a bit. At one point Friday morning, prices had plunged as low as $3,850.