Declining Forex Reserves Stokes Naira Depreciation
The naira suffered its weakest performance in recent weeks at the weekend after Nigeria’s foreign exchange (forex) reserves recorded its first depletion in six weeks. The naira closed weaker at…
Citigroup Says Short Treasuries But Hedge With Bet Against Yuan
China’s sagging growth outlook helped drive up the U.S. dollar, and fresh signs of deterioration are concerning those who had been expecting a global rebound to drive up yields. Strategists…
Govt N4.8bn Pledge: FG Can’t Be Trusted, Says NARD, We Negotiated With NMA, Minister Insists
The National Association of Resident Doctors, on Sunday, faulted the N4.8bn which the Federal Government promised to release for the residency training fund. The first Vice-President of NARD, Adejo Arome,…
Private Equity Firms Circling Sainsbury’s With View To Launch Bids – Sunday Times
Private equity companies are circling British supermarket group Sainsbury’s (SBRY.L) with a view to possibly launching bids of more than 7 billion pounds ($9.53 billion), The Sunday Times reported. American…
Wall Street Analysts Bet On Robinhood’s Potential To Add Users
Wall Street analysts on Monday took a largely upbeat view on Robinhood Markets Inc in their first ratings on the stock as they bet on the online brokerage’s ability to…
Gold Rises Above $1,800 As Dollar Dips On Doubts Fed Will Taper Soon
Gold vaulted over the key $1,800 psychological level on Monday as a retreat in the dollar pushed investors to bullion with rising coronavirus cases driving expectations that the U.S. Federal…
Pfizer To Buy Cancer Drug Developer Trillium In $2.3 Bln Deal
Pfizer Inc (PFE.N) said on Monday it would buy Canadian drug developer Trillium Therapeutics Inc (TRIL.TO) in a $2.26 billion deal to strengthen its arsenal of blood cancer therapies. Pfizer,…
Didi Suspends UK Launch Plans Amid China’s Crackdown On Tech Firms -Telegraph
China’s ride-hailing giant Didi Global Inc (DIDI.N) has suspended its plans to launch in Britain and continental Europe, The Telegraph reported on Monday, against the backdrop of a regulatory backlash…
IMF’s $650 Bln Reserves Distribution Is ‘Shot In Arm’ For Global Economy- Georgieva
The IMF will distribute about $650 billion in new Special Drawing Rights to its members on Monday, providing a “significant shot in the arm” for global efforts to combat the…
China Telecom Jumps 34% On Shanghai Debut, Defying Weak Market
China Telecom Corp surged 34% on its Shanghai debut on Friday, defying a bearish market after raising $7.3 billion in the world’s biggest stock listing so far this year. Shares…
Finland’s Nokia Wins 5G Order For Three European Markets
Finnish telecom gear maker Nokia (NOKIA.HE) said on Monday it had won a 5G network order from A1 Telekom Austria Group for operations in Bulgaria, Serbia, and Slovenia. “The multi-country…
Ethiopia To Build Local Rival To Facebook, Other Platforms
Ethiopia has begun developing its own social media platform to rival Facebook (FB.O), Twitter (TWTR.N) and WhatsApp, though it does not plan to block the global services, the state communications…
Bitcoin Price Rises Past $50,000, Rebound Slows
Bitcoin’s price surged past $50,000 on Monday for the first time since May, although its rebound from a months-long slump lost a little steam. The world’s largest cryptocurrency was last…
S&P 500, Nasdaq Scale New Peaks On Tech, Oil Boost
Energy and technology stocks powered the S&P 500 and the Nasdaq to record highs on Monday as investors returned to riskier assets after last week’s selloff and Pfizer-BioNtech’s COVID-19 vaccine…
Shareholder Payouts To Hit $1.4 Trillion in 2021, Nearing Pre-Pandemic Levels, Research Shows
Company payouts to shareholders are projected to hit $1.39 trillion in 2021, just 3% below their pre-pandemic peak, according to a new report from British asset manager Janus Henderson. Dividend…
Millennials And GenZs Are Driving The Adoption And Penetration Of Digital Banking In Nigeria
The banking world has gone through exciting transitions—from the days of taking tallies and manual filings to modest computerizations, automation, and now, fully digital banking services on miniature devices such…
Elon Musk Says Tesla’s Robot Will Make Physical Work A ‘Choice’
After dominating the electric vehicle market and throwing his hat into the billionaire space race, Tesla boss Elon Musk announced the latest frontier he’s aiming to conquer: humanoid robots. The…
Octopus Ventures Leads Investors Backing Pngme’s Series A
Unbundling financial data through APIs and driving data-driven insights with value-add products in Africa keeps getting more exciting as major players continue to raise more money for scale. Less than…
Nigeria: External Reserves Lose Momentum After July Rally
Nigeria’s external reserves could be heading toward the mid-July trough as it fail to sustain the momentum it started four weeks ago. The figures have been on a downtrend since…
Nigeria: Federal Government To Partner Stockbrokers For Double Digit Economic Growth
The Federal Government also reiterated its resolve to put an end to insecurity which has significantly dampened both foreign and local investors’ interest in Nigeria. Addressing participants at the just-concluded…
Nigeria: International VCs and family offices back Alerzo’s Series A
The process of digitizing the operations of mom and pop stores in Nigeria is serious business right now. In fact, it might be the second-best thing after fintech at the…
Nigeria: Fuel Price Remains Until FG, Labour End Negotiations
The Petroleum Products Pricing Regulatory Agency on Sunday said the Petroleum Industry Act had signaled the full deregulation of the downstream oil sector. It was, however, quick to state that…
Treasury Yields Start The Week Higher With Key Fed Policy Event In Focus
U.S. Treasury yields rose on Monday morning, with investors focusing on the Federal Reserve’s annual central banking event, due to be held later in the week. The yield on the…
IFC Provides Financing For Ghanaian Radiology Firm
International Finance Corporation is providing financing to support the construction of new medical diagnostic facilities in Ghana’s capital, Accra. A partnership between IFC and South African radiology specialist Bergman, Ross…
Nigeria: Capital Market Must Strengthened to Drive Production, Create Employment
The Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has expressed the need for the capital market to be strengthened to accelerate domestic production and employment given…
Nigeria: Experts seek revival of initial public offerings
Participants at the just-concluded 2021 National workshop of the Chartered Institute of Stockbrokers (CIS) have underscored the need to develop and revive the primary market segment to stimulate initial public…
Nigeria: Shareholders Disagree With Securities and Exchange Commission (SEC) Over N170bn Unclaimed Dividend
Shareholders of quoted companies in the country have disagreed with Securities and Exchange Commission (SEC) on the use of the reported N170billion unclaimed dividend in the Nigerian capital market. They…
PayPal Launches Its Cryptocurrency Service In The UK
PayPal is launching its cryptocurrency service in the U.K. The U.S. online payments giant said Monday it would let British customers buy, hold and sell digital currencies, starting this week.…
Nigeria: Oasis Capital Strikes Twin Investments In Ivory Coast
Oasis Capital Ghana, which invests in small and medium enterprises across Ghana and Cote d’Ivoire via Oasis Africa VC Fund, has struck its third deal in as many months. The…
European Markets Climb, Looking To Bounce Back From Worst Week Since February
The pan-European Stoxx 600 added 0.7% in early trade, with autos climbing 1.5% to lead gains as all sectors and major bourses entered positive territory. Shares in Asia-Pacific also advanced…