Local Fear fades in US stocks, but history shows quick return to calm unlikely August 13, 2024 Ekemini Uba Last week, U.S. stocks experienced significant volatility, but the market is now calming down. The Cboe Volatility Index (VIX), which measures investor anxiety, has dropped from a four-year high and…
Local Futures rise as PPI set to kick off data deluge August 13, 2024 Ekemini Uba Futures for major U.S. stock indexes increased on Tuesday as investors awaited producer price data, which could provide insights into the Federal Reserve’s strategy on inflation and interest rates. On…
Business Local US small business sentiment near 2-1/2-year high August 13, 2024 Ekemini Uba U.S. small-business confidence rose to its highest level in nearly 2.5 years in July, indicating that concerns about a recession may have been exaggerated. The National Federation of Independent Business…
Business World US shale companies produce more crude using fewer rigs August 13, 2024 Ekemini Uba U.S. shale producers are increasing oil output by enhancing drilling efficiency without additional spending, as they extend wells and use advanced fracking techniques. Companies like Chevron and Diamondback have raised…
Currency Local Naira rises to N1,580/$ in parallel market August 13, 2024 Ekemini Uba The Naira gained value in the parallel market, reaching N1,580 per dollar, up from N1,585 per dollar last weekend. It also improved in the Nigerian Autonomous Foreign Exchange Market (NAFEM),…
Business Local Alleged 5.4bn shares: CBN, FBN Holdings ask court to dismiss Barbican Capital’s suit August 13, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) and FBN Holdings Plc are asking a Federal High Court in Lagos to dismiss a lawsuit filed by Barbican Capital Ltd. The lawsuit claims…
Business Local DMO offers two new FGN bonds August 13, 2024 Ekemini Uba The Debt Management Office (DMO) has launched two new Federal Government of Nigeria (FGN) savings bonds for subscription, priced at N1,000 per unit. The first bond is a two-year offer…
Business Market Equity market begins week with N404bn loss August 13, 2024 Ekemini Uba The Nigerian equity market ended the first trading day of the week with a decline, as the All Share Index fell by 0.72% to 97,881.75 points. This drop reduced the…
Business Local Nigeria’s fiscal deficit drops 29% to N2.82trn August 13, 2024 Ekemini Uba Nigeria’s budget deficit decreased by 29% in the first quarter of 2024, falling to N2.83 trillion from N3.96 trillion in the same period of 2023. This improvement is partly attributed…
Banking Business Local Providus Bank pays Unity price for national dreams August 13, 2024 Ekemini Uba Providus Bank is set to acquire Unity Bank, a financially troubled but strategically important bank, following approval from the Central Bank of Nigeria (CBN). This deal is seen as Providus’s…
Energy Local Q2: Demand for crude oil by local refineries rises to 597,700 bpd August 13, 2024 Ekemini Uba However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has only managed to secure 177,777 bpd from oil producers during the first six months, falling short of refinery demands. The growing…
Business Local Air Peace: FG writes UK, threatens to bar British carriers from Lagos, Abuja airports August 13, 2024 Ekemini Uba Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has escalated the issue of Air Peace’s lack of slots at London Heathrow by writing to UK Secretary of State for…
Business Local Inflation: 67% of MSMEs report decline in demand for their products and services – Report August 13, 2024 Ekemini Uba A new report by Price Waterhouse Coopers shows that 67% of Nigerian Micro, Small, and Medium Enterprises (MSMEs) have seen a drop in demand for their products over the past…
Local We’re raising capital for expansion, SME support –Umeoji, Zenith Bank CEO August 13, 2024 Ekemini Uba Zenith Bank Plc plans to raise N290 billion through its current offer to boost its operations across Africa and international markets. CEO Adaora Umeoji announced that 35% of this amount,…
Business Local Nigeria’s crude oil production now 1.3mbpd – OPEC August 13, 2024 Ekemini Uba Nigeria’s average daily crude oil production saw a minor increase to 1.307 million barrels per day in July, as per the Organization of the Petroleum Exporting Countries (OPEC). This figure…
