US Slips Into Recession After GDP Contracts By 0.9% In Q2 2022.
The United States of America recorded a 0.9% contraction in its gross domestic product in the second quarter of 2022. Following a 1.6% annual decline recorded in the previous quarter.…
Exxon Posts Record-Breaking Second-Quarter Profit.
Exxon Mobil Corp (XOM.N) posted its biggest quarterly profit ever on the back of soaring energy prices; and as it kept a tight rein on spending. The top U.S. oil…
Global Equity Funds Record Fifth Weekly Outflow In A Row.
Global equity funds witnessed weekly outflows for a fifth week in July on caution ahead of the U.S. Federal Reserve’s policy meeting and on lingering fears over a global recession.…
Oil Rally To Stall As Recession Risks Counter Tight Supplies.
A rally in oil prices could stall as recession fears and COVID flare-ups in China slow demand and counter supply risks; from sanctions on Russia and OPEC+ output constraints, a…
Bears Maintain Dominance In The Stock Market, NGX Lose N281 Billion.
The Nigerian stock market closed negative amidst buy-interests and sell-offs as bears dominated proceedings; weighing down the broad market by 104 basis point. The All-share Index (ASI) depreciated by 1.04%…
Bitcoin, Ethereum Break The Roof, Over 90K Short-Sellers Lose All.
The price of bitcoin is currently hovering above $24,000, up more than 4% on the day as markets embraced the latest measures taken by the U.S. Central bank to combat…
Ether Rallies Above $1,700 As Developers Announce Date For “Goerli Testnet Merger”
Looks like Ether, the native token of the Ethereum blockchain is leading the end-of-month rally in the cryptocurrency space; as it rallied above $1,700, posting an 11.64% gain in the…
Debt Management Office Lists Triple-Tranche Bonds On Nigerian Exchange
The Debt Management Office (DMO) has listed a triple-tranche of $4 billion Eurobonds, $1.25 billion Eurobonds; and N250 billion Sukuk on Nigerian Exchange Limited (NGX). Speaking at the closing Gong…
German Inflation Rises Unexpectedly After Fall In Russian Gas Supply.
German inflation edged up unexpectedly in July after a further reduction in gas flows from Russia prompted concerns of even higher energy bills. Consumer prices, harmonised to make them comparable…
Prada’s mid-term targets look closer after strong first half
Luxury fashion group Prada beat first-half sales and profit forecasts and said it could reach its mid-term targets earlier than planned. Although, that would depend on how the current uncertain…
Exchange Rate Falls Further To N718/$1 At Black Market.
Naira has depreciated to a record low at the black market after the local currency closed trading at N718/$1. This is according to information from Bureau De Change operators in…
The Global Recession Drum Beat Is Getting Louder.
Sharply higher interest rates, red-hot inflation and a prolonged energy crisis are leading to conviction; that the world economy is headed inexorably towards recession. It’s a risk U.S. Treasury Secretary…
2022 Half Year: BUA Cement’s Talks Higher Interest Cost To Report 41% Growth In Earnings.
BUA Cement Plc on July 25, 2022, released to the investing public its Q2 financial statement for 2022. The Industrial Goods Sector Company financial statements as released on NGX showed…
FG To Increase Penalties For Gas Flaring.
The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Society of Petroleum Engineers (SPE) Nigeria Council has stated that the penalties for gas flaring for oil…
CBN Commends Remita For Pioneering Usage Of eNaira
The Central Bank of Nigeria (CBN) has commended Remita, Nigeria’s leading Fintech platform; for pioneering the usage of eNaira for payment transactions. The Remita eNaira initiative is the outcome of…
NNPC Commercialisation May Affect Govt Finances – Nigeria.
A member of the Nigerian Economic Summit Group, Dr Ikenna Nwaosu, says the recent commercialisation of the Nigerian National Petroleum Corporation by the Federal Government may affect government finances. Nwaosu…
INEC Says Voter Registration Will Not Be Extended Beyond July 31.
The Independent National Electoral Commission (INEC) has warned that it will not extend the ongoing Continuous Voter Registration (CVR) which is to end on the 31st of July. This was…
FG Says It Used $35 Million From Excess Crude Account To Purchase Offshore Patrol Vessels- Nigeria.
The Federal Government has responded to reports that the Excess Crude Account has dropped from $35.7 million to $376,655. The government disclosed that the $35million disbursement from the Excess Crude…
United States’ Federal Reserve Raises Interest Rate By 0.75%
The Federal Reserve has raised its benchmark interest rates by 75 basis points for the second consecutive month in a row in a bid to tame the increasing rate of…
Shell And Total Resume Their Buyback Following Record Profits.
Europe’s biggest oil companies Shell (SHEL.L) and TotalEnergies (TTEF.PA) extended share buybacks; after their second-quarter profits beat an already record-breaking previous quarter on the back of soaring crude, gas and…
Rising Rates To Cushion Impact On Asia Banks From Slowing Economies.
Asia-focused lenders HSBC (HSBA.L), Standard Chartered (STAN.L) and their Southeast Asian peers such as DBS (DBSM.SI); are set to report an improvement in second-quarter net interest income, a key source…
Central Bank Of Nigeria’s July 2022 Treasury Bills Auction Records 23% Oversubscription.
It is worth noting that, despite the rise in the interest rate, increased inflationary pressure to 18.6% in June 2022; still means that the treasury bills printed a negative real…
Nigerians Run To Crypto Amid Falling Naira, Bitcoin P2P Trading Surge By 258% In 7 Days.
Many Nigerians are hedging against collapsing local currency by amassing dollar-denominated digital assets, in particular stablecoins and bitcoins. Thereby causing the fiat local currency (naira) to plunge to a record…
Nissan’s Operational Profit Fell By 14% In The First Quarter.
Nissan Motor Co’s (7201.T) first-quarter operating profit fell 14% to 64.9 billion yen ($478.08 million); the Japanese carmaker said, citing surging raw material costs and production disruption from COVID-19 lockdowns.…
Atiku Proposes $10 Billion Economic Stimulus Fund To Support Agriculture, Manufacturing And MSMEs- Nigeria.
Atiku Abubakar, the presidential candidate for the Peoples Democratic Party, has stated that within the first 100 days in office; he will unveil an Economic Stimulus Fund with an initial…
Nigeria Has The Second Largest Market For Cryptocurrencies In Africa In 2022- Bitget Report.
A new cryptocurrency market report titled, “What Does the Future Hold for Crypto Exchanges,” has revealed that; in terms of the cryptocurrency market size in Africa, Nigeria has the second…
Naira To Dollar Exchange Rate Falls To N685/$1 At Peer-To-Peer (P2P) Forex Market.
The exchange rate between the naira and the US dollar has fallen to a record low at N685.5/$1 at the peer-to-peer (P2P) forex market. Findings by Nairametrics from cryptocurrency P2P…
Crude Oil Prices At $100 Per Barrel Amid Declining United States Oil Stockpiles.
Oil prices remained stable as fears over weakening demand outweighed news from the industry; that revealed a larger-than-anticipated reduction in U.S. crude stockpiles. At the start of Wednesday’s trading day…
FG Shuts Oil Firm Over Illegal Offshore Operations- Nigeria.
THE Federal Government has shut down Scorpion Oil Services for carrying out offshore operations without approval and also violating the provisions of the Factories (Diving at Work) Regulations, 2018. The…
Russia-Made Goods Replacing Imports On The Country’s Shelves, Nielsen Says.
Russia-made products accounted for 83% of the country’s market for common consumer goods in the first half of 2022, up 4% on a year before, according to a report published…