Dollar Takes Breather Ahead Of U.S. Inflation Test
The dollar edged off a two-week high on the euro, ahead of inflation data that should guide the Federal Reserve’s policy tightening path, and after the European Central Bank said…
Asian Stocks Track Global Shares Lower, U.S. CPI In Focus
Asian shares tracked a global equities sell-off on Friday as rate hike guidance from the European Central Bank. Jittering over upcoming U.S. inflation data stoked concerns about global growth. While…
U.S. Banks Finally See Upturn In Credit-Card Borrowing
Big U.S. Banks, including JPMorgan Chase & Co (JPM.N) and Citigroup (C. N), appear set for some earnings boost from a pickup in the battered credit-card business. But a recession…
Sterling Bank Targets N50 Billion Gross Earnings In Q3 2022- Nigeria.
Sterling Bank Plc is targeting to achieve N50.487 billion in gross earnings for the third quarter of 2022.In its Q3 earnings forecast, obtained from the Nigerian Exchange Limited (NGX). It…
Airlines Record 116% Increase In Traffic In April 2022
Air Peace and other airlines’ traffic across Africa increased by 116.2% in April 2022. This is compared to a year ago in March 2021. It was disclosed by the International…
Bundesbank Halves 2022 Growth Forecast, Doubles Inflation Projection For Germany
The Bundesbank cut its growth projections for the German economy on Friday and predicted sharply higher inflation. This is due to soaring food and fuel prices sap households’ purchasing power…
NNPC To Pay N874bn In June As Subsidy Hits N1.82tn- Nigeria.
Operators in the oil and gas sector remain uncomfortable with the continued rise in the amount spent in subsidising PMS. As it jumped to N947.51bn between January and April 2022.…
Metered Customers Rise To 4.7Million, Registration Stalls At 10Million.- Nigeria.
The exercise to register customers with electricity distribution companies has remained at 10 million for the previous two years. Further findings also show that about 47% of registered power users…
Naira Falls Big To Lowest Level Year-To-Date At Official Market- Nigeria.
The exchange rate between the naira and the US dollar closed at N422.5/$1 at the Investors and Exporters (I&E) window. Naira recorded a massive depreciation falling by 0.54% to close…
Banks reward savings accounts with 1.28%, lending hits 26.61%- Nigeria
The gap between the savings and lending rates in the banking sector widened by 25.33% in March- CBN. CBN money market indicators revealed that savings deposit rate was 1.28% in…
Kaduna, Rivers, 30 Others Attract Zero Foreign Investments In Q. – Nigeria.
Thirty-two states in Nigeria (Kaduna and Rivers) did not attract any foreign investments in the first quarter of 2022- PUNCH. A report by the National Bureau of Statistics shows that…
180,000 Traders Lose $520 Million As Bitcoin Falls Below $25,000.
Over 180,000 traders lost approximately $520 million as Bitcoin traded below $25,000, a price point, not seen since December 2020. Many have compared the decline in the market to what…
Contributory Pension Gains N640bn In Four Months, Hits N14tn- Nigeria.
Total assets under the Contributory Pension Scheme rose by N640bn in four months to N14.06tn- National Pension Commission. The funds, which ended December 31, 2021, at N13.42tn, rose to N13.61tn…
FG’s Borrowing From CBN Hits N19tn, Inflation May Worsen. – Nigeria.
The FG’s total borrowing from the Central Bank of Nigeria rose from N17.46tn in December 2021 to N19.01tn in April 2022. According to data from the CBN, this represents an…
Insurance Sector Records 15.68% Growth In Q1- Nigeria.
The Nigerian insurance sector grew by 15.68% in 2022 Q1 financial period- the National Bureau of Statistics, NBS. The statement said, “The financial and insurance accounted for 89.12% and 10.88%…
FG Forecasts Cocoa Production To Rise To 500,000 Tonnes By 2024- Nigeria.
Nigeria’s cocoa production is expected to increase from 340,000 tonnes to 500,000 tonnes by 2024, according to the Federal Government. The Minister of Agriculture and Rural Development said, at a…
Russia Forecasts Car Sales To Halve In 2022 – Ministry
Russia’s Industry Ministry expects car sales to halve in 2022 as the country’s automobile industry grapples with supply issues. “We saw a sharp fall (in car sales) in April and…
Bloomberg Terminal Increases Crypto Coverage By Adding 40 Coins
Bloomberg has vastly expanded its coverage of the cryptocurrency markets. Following a decision to include data on the top 50 crypto assets to the Bloomberg Terminal. Before now, Bloomberg already…
Real Estate Firm Inaugurates N5.6bn Estate For Oil Companies- Nigeria
Real estate developers, Brains and Hammers, has inaugurated a 101-unit mixed housing development named, ‘Coopeast Beach Resort’. A statement said the project, estimated to have cost N5.6bn, started in August…
Australian Tech Billionaire Takes On Elon Musk’s ‘Return To Office’ Directive
Elon Musk got into a Twitter spat with Australia’s third-richest man on Friday. The Tesla Inc (TSLA.O) chief executive said “everyone at Tesla is to spend a minimum of 40…
Western Australia Gives Conditional Nod To Blackstone’s $6.3Billion Crown Deal
Australia’s largest casino operator Crown Resorts Ltd (CWN.AX) said on Friday regulators in the state of Western Australia had cleared its $6.3 billion buyout by private equity giant Blackstone Inc…
Experts Urge Stakeholders To Practise Sustainable Insurance
The experts spoke at the maiden edition of the Chartered Insurance Institute of Nigeria’s program tagged, ‘Insurance industry parley’. The event was themed, ‘Sustainable insurance – issues and trends. And…
Mastercard Reveals New Partners For NFT Payments
Mastercard, a leading payment giant plans to use card payments to expand access to the non-fungible token (NFT) market. Raj Dhamodharan, an executive vice president of the company, disclosed in…
Nigerian Banks Pay N7.7 Billion As Audit Fees To PwC, KPMG, EY Others In 2021.
Listed commercial banks operating in Nigeria paid an aggregate of N7.72 billion to auditing firms in 2021, which is 25.1% and 36.1% higher compared to N6.17 billion and N5.67 billion…
Asia Stocks Advance As Investors Weigh Impact of Hawkish Central Banks
Asia’s stocks rose on Wednesday, encouraged by a rally on Wall Street. But worries kept gains in check that aggressive central bank policy tightening will stifle global growth. Therefore, raising…
Naira Falls To N420/$1 At I&E Window Despite Moderations At Parallel Market- Nigeria.
Tuesday, June 7th,2022: At the Investors and Exporters (I&E) window, naira and the US dollar exchange rate closed at N420.75/$1. Naira recorded a 0.12% depreciation at N420.75/$1 compared to N420.25/$1…
Russia’s Aeroflot Plans $3 Billion Cash Injection, Said To Eye Big Jet Order.
Under heavy pressure from Western sanctions and airspace bans, Russian state flagship airline Aeroflot (AFLT.MM) plans to raise up to 185.2 billion roubles ($3 billion) in an emergency share issue,…
The Dollar Jumps To 20-Year High Against The Japanese Yen.
As investors build enormous positions against the Asian currency, the dollar rally has reached a 20-year high versus the yen.. At the time of writing, the greenback soared 0.42% to…
Oil Prices Advance On Low Oil Inventories Expectation
Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks. While expectations of solid demand in the upcoming driving season also lent support.Brent crude futures for…
Zara-Owner Inditex’s Quarterly Profit Jumps 80% On Post-COVID Wardrobe Renewal
Fashion giant Zara’s owner, Inditex (ITX.MC), reported on Wednesday that its quarterly profit jumped 80%. on the back of soaring sales as consumers stuck at home during the pandemic revamped…