Forex Flow To Nigeria Rise By $10.75bn.
Nigeria has recorded $10.75bn foreign exchange inflow in two months, figures obtained from the Central Bank of Nigeria have revealed. The CBN revealed in its monthly economic report on ‘Foreign…
Zambia Plans To Cancel Over $2 Billion Projects To Rein In Debt.
Zambia is cancelling more than $2 billion worth of projects financed by commercial loans. To reduce the risk of accumulating more non-concessional debt, the ministry of finance said. In 2020,…
Japan’s Machinery Orders Fall For First Time In 3 Months.
Japan’s core machinery orders slipped for the first time in three months in May. Hurting hopes that a pickup in business spending would offset pressure on an economy struggling; with…
Danske Cuts Profit Outlook Due To Challenging Financial Market Conditions.
Danske Bank (DANSKE.CO) reduced its full-year net profit outlook, hurt by rapidly rising interest rates and unfavorable financial market conditions. Danske revised net profit to 10 billion to 12 billion…
Asian Firms May Struggle To Refinance Dollar Debt, Ratio Suggests
Asian companies are likely to find it harder to refinance dollar-denominated debt. The decline in a key metric suggests; with the currency at a two-decade high and a recent surge…
Chinese Property Developer Ronshine Misses Interest Payments On Two Bonds.
Chinese property developer Ronshine China Holdings Ltd (3301.HK) has not made interest payments on its June 2023 and December 2023 notes; totalling $27.9 million, in the latest blow to China’s…
Shell Invests $38 Million In Carbon Credit Projects In Brazil.
Shell (SHEL.L) said it has invested 200 million reais ($38.07 million) into a Brazilian preservation-focused company. Carbon credit developer Carbonext runs preservation projects across more than 2 million hectares (4.9…
Oil Companies Oppose FG- Nigeria.
Oil and gas companies have committed to gas flare reduction in Nigeria. Some of them opposed the enforcement of penalties for gas flaring as contained in the Petroleum Industry Act…
China Industry Body Cuts 2022 Auto Sales Growth Forecast To 3%
China’s automobile industry association downgraded its 27022 sales forecast; as anti-pandemic measures weighed on the economy and its car market, the world’s largest. Weak demand for commercial vehicles was a…
Bank Of Korea To Hike Rates By Historic 50 Bps
South Korea’s central bank will deliver its first-ever 50 basis point rate rise to 2.25%; turning up the heat on a rate-hiking campaign as inflation tops a 24-year high and…
Twitter Hires Law Firm Wachtell To Sue Musk After Pulling Out Of $44 Billion Deal
Twitter Inc has hired U.S. law firm Wachtell, Lipton, Rosen & Katz LLP as it prepares to sue Elon Musk; and force him to complete the $44 billion acquisition of…
Brazil’s Itau To Buy 35% Stake In Broker Avenue For $92 Mln, Eyes Control Later
Brazil’s largest private lender Itau Unibanco Holding SA (ITUB4.SA) has agreed to acquire control of Avenue; a brokerage that provides Brazilians with access to foreign markets. Itau Unibanco will spend…
Essity Buys 80% Of Canada’s Knix Wear For $313 Million
Sweden’s Essity on Friday said it had agreed to buy 80% of Canadian company Knix Wear. A maker of leakproof apparel for periods and incontinence, for around 3.3 billion Swedish…
Nigeria’s Capital Importation Loses $6.92bn, As Inflows Dip In Four Consecutive Quarters
For the period of Q1 2022, NBS disclosed that capital importation, which consists of financial and equipment capital importation, was $1.57 billion, falling short of the $1.91 billion reported in…
CBN Releases Guidelines For Digital Financial Service Awareness
The Central Bank of Nigeria has issued an exposure draft for the digital financial services awareness guidelines to address gaps in consumer knowledge and practices with Digital Financial Services. The…
Euro At The Verge Of Breaching Parity, Stocks Slide Again
The euro has been particularly vulnerable given the impact of an ongoing spike in natural gas prices on the regional economy and the war in neighboring Ukraine, and with the…
Infrastructure: FG Eyes 70% Capital Stock, $150Bn Annually
The Federal Government is targeting 70 per cent capital stock and $150bn yearly to close Nigeria’s yawning infrastructure gap. But it acknowledged that the current yearly budgetary allocation available to…
External Reserves Gain $679.12M In One Month
NIGERIA’S external reserves returned to a growth path after gaining $679.12m. However, Figures obtained from the Central Bank of Nigeria revealed that the reserves; which stood at $38.48bn as of…
NatWest Hands Staff Pay Rise To Ease Impact Of Soaring Inflation
British bank NatWest has joined rivals in handing out an unscheduled pay boost; to staff to help shield them from soaring price rises, according to an internal memo. The state-backed…
Half Of Britons Buy Less Food As Prices Surge
Almost half of British people have cut back on food purchases as prices surge; while others are having to spend more on their shopping, according to official figures; which show…
Nigerian Banks Loan N3 Trillion To The Private Sector In 6 Months
Banks’ credit to the private sector hit its highest level in May 2022, reaching N38.19 trillion from N35.19 trillion recorded as of December 2021, representing an N3 trillion increase within…
DeFi Ecosystem Lost $156 Billion In Total Value Locked In Q2 2022
Currently, the cryptocurrency space has lost a great deal; especially with Bitcoin posting its worst quarterly performance in 11 years. Away from the price and the allure of market valuation;…
Airtel Reduces Debt To Parent Company By $450 Million
Airtel Africa announced that it has redeemed up to $450 million out of the $1 billion loan it owes to its subsidiary Bharti Airtel International (Netherlands) B.V. (‘BAIN’). The loan…
Naira Falls At I&E Window Despite Massive Improvement In Dollar Supply
The exchange rate between the naira and the US dollar closed at N428.16/$1: which at the Investors and Exporters (I&E) window, where forex is traded officially. Naira depreciated against the…
Ardova Plc Blames Subsidiaries For N3.8 Billion Full Year Loss
Oil and gas retail giant, Ardova Plc reported a loss of N3.8 billion for the year ended December 2021. This contain in its audited financial statements published by the company.…
Debt Management Office Lists $1.25 Billion Eurobond On NGX, FMDQ
The Debt Management Office (DMO) has announced plans to list the 8.375%, $1.25 billion; March 2029 Eurobond on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited. This disclosure contain…
Neimeth To Commence N3.67Billion Right Issue In August 2022
Neimeth International Pharmaceuticals Plc has concluded arrangements to commence its N3.67 billion right issue; to the existing shareholders of the company in August. The pharmaceutical company held a Completion Board…
Stock Market Closes Flat, Valuation Up By N12 Billion
The NGX closed on a flat note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 1 basis point. The NGX ASI closed at 51,563.73 points to…
Ghanaian Cedi Drops By A Whopping 30% Against The US Dollar In 6 Months
The Ghanaian cedi has lost 30.56% against the US dollar in 6months. The drop in the Cedi comes despite Ghana’s central bank’s hawkish stance to stamp out inflation. As the…
China Tightens Rules On $1.3 Trln Credit Card Business
China unveiled tighter rules to better regulate its $1.3 trillion credit card industry; further urging lenders to adopt a “prudent” growth strategy, and monitor risks more closely. However banks gets…