External Debt Service Under Control
Total debt service on the FGN’s external obligations amounted to US$287m in Q2 2020, divided between US$157m and US$130m on market and non-market debt. This was US$35m above the year-earlier…
Pound Swings Amid Second UK Lockdown Scientist Recommendation
The pound (GBPUSD=X) had a turbulent start on Friday morning after leading scientists from the Scientific Advisory Group for Emergencies (SAGE) and the Scientific Pandemic Influenza Group on Modelling (SPI-M)…
Currency In Circulation Dropped To N2.39tn In August – CBN
The currency in circulation dropped by N25.03bn from N2.39tn as of the end of July to N2.36tn as of the end of August, latest figures from the Central Bank of…
Onne Port Gets Facelift With Two New Mobile Cranes
The West Africa Container Terminal (WACT) Onne has received two more state-of-the-art Mobile Harbour Cranes (MHCs) and two 45 tons Reach Stackers, effectively making the terminal one of the most…
Strong Retail Sales Data Helps Sterling Regain Some Ground
Sterling edged slightly higher against the euro and the dollar on Friday as data showed that British shoppers continued to increase spending last month, taking sales further above pre-COVID levels.…
NNPC Recorded N20.365b Trading Surplus In July
THE Nigerian National Petroleum Corporation (NNPC) has recorded an increased trading surplus of ¦ 20.36billion in July 2020 compared to the ¦ 2.12billion surplus in June 2020 in its operations.…
Cedi’s Stability Backed By Ghana’s Diverse Export Base – Economist
Economist with DataBank, Courage Kingsley Martey is confident the Ghana Cedi will remain stable when compared to its peers on the African continent for the rest of the year, even…
‘Cryptocurrency Can Reduce Foreign Exchange Burden’
Opportunities presented by Cryptocurrency can help Nigeria deal with the weakness of Naira against dollar and other major currencies, Co-founder of Paxful, Artur Schaback has said. Speaking at a virtual…
Outrage As Nigerian Govt Mandates Citizens To Fill ‘Self-Certification’ Forms At Financial Institutions
The Nigerian government has directed account holders in financial institutions across the country to complete a new “self-certification” form. The Nigerian government made this known Thursday via its verified handle,…
Qatar Launches Four Weekly Flights To Accra
Qatar Airways has announced that it would operate four weekly flights to Accra, Ghana via Lagos, from 29 September 2020. This becomes the fourth new destination launched by the national…
Oil Rises As Goldman Predicts Deficit, New Storm Builds In Gulf
Oil prices rose for a fourth straight day on Friday as Goldman Sachs estimated the market is in deficit and a new storm started building in the Gulf of Mexico,…
European Markets Open Mixed With Coronavirus Spike, U.S. Tech In Focus
European stocks made a mixed start Friday as investors monitor a rise in coronavirus cases across the continent and the prospects of economic recovery, along with further declines for U.S.…
Gold Firms On Economic Worries, Stimulus Hopes
Gold prices rose on Friday as gloomy U.S. jobs data cast a shadow over the economic outlook, and major central banks pledged to roll out further stimulus if required to…
Dollar Steadies After Falling Overnight On Downbeat U.S. Data
The dollar was steady in early Asia trading on Friday after falling overnight as downbeat U.S. data cast a shadow over the economic outlook, while the Japanese yen stabilized after…
House Democrats Question Findings Of Kodak’s Internal Review In Wake Of Botched Pharma Deal
House lawmakers on Thursday questioned the findings of the law firm hired by Kodak’s special committee to conduct an internal review of events surrounding a planned $765 million federal loan…
Inventories Hit N402 Billion Amid Weakened Purchasing Power, Forex Concerns
Despite struggling to access foreign exchange to secure raw materials, local manufacturers have decried the rising level of inventory, especially for unsold manufactured goods, adding that weakened disposable income of…
Petroleum Products Will Be Cheaper With Modular Refineries’
Information and Culture Minister Lai Mohammed has said the advent of modular refineries will lead to the production of cheaper petroleum products. He attributed the coming of such refineries to…
Federal Reserve Fed Holds Rates Steady Near Zero And Indicates It Will Stay There For Years
The Federal Reserve kept its pledge to keep interest rates anchored near zero and promised to keep rates there until inflation rises consistently. As the central bank concluded its two-day…
Nigeria’s GDP Shrinks By 6.1% In Second Quarter
The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, has presented a report to the Federal Executive Council, showing that the Nigeria’s Gross Domestic Product(GDP) contracted by 6.1…
Nigeria: NNPC Begins Rehabilitation Of Refineries
The Nigerian National Petroleum Corporation (NNPC) has audited the government’s ailing refineries and mobilised funds and technical resources to restore them to full operating capacity within the shortest possible time…
Economy Will Recover In Q1 2021, Says Minister
The Federal Government has predicted that the economy will rebound to positive territory in the first quarter (Q1) of 2021. Minister of Finance, Zainab Ahmed made this prediction when board…
CBN Okays N200b Housing Loan For Low Income Earners
The Central Bank of Nigeria (CBN) has announced N200 billion mortgage finance loan to Family Homes Fund (FHF). The fund is for the building of 300,000 homes in the 36…
Ford’s Making Its Electric F-150 A Serious Work Truck In Bid To Set It Apart From Tesla And GM Pickups
DETROIT – Ford Motor plans to differentiate its upcoming all-electric F-150 from expected pickups by Tesla and General Motors by building it for heavy duty hauling and towing rather than…
Rent The Runway Overhauls Subscription Plan As Pandemic Reshapes Business
Rent the Runway is overhauling its membership plans, doing away with an unlimited rental option, as consumers change what they wear and how they shop for clothes during the coronavirus…
Delta Increases Frequent Flyer-Backed Debt Sale To $9 Billion
Delta Air Lines is raising $9 billion in a massive debt sale backed by its frequent flyer program, the latest large offering by an airline grappling with the coronavirus pandemic’s…
Amazon Invests In Battery Recycling Firm Started By Former Tesla Executive
Amazon, one of the largest consumers of batteries in the world, is investing in battery recycling start-up Redwood Materials, a company started by former Tesla executive JB Straubel. The investment,…
Why GNC Filed For Bankruptcy Protection Despite Vitamin Sales Boom
For decades GNC has been the one-stop shop for vitamins, muscle-building protein powder packs and practically every variety of weight-loss product. From New England to Southern California, chances are if…
5 Things To Know Before The Stock Market Opens Thursday
1. Wall Street set to drop with tech stocks under continued pressure People walk past a business that is closing following the outbreak of the coronavirus disease (COVID-19) in the…
Dow Futures Drop More Than 200 Points After Fed Signals No Rate Hikes Until 2023
U.S. stock futures were lower early Thursday morning as traders digested the Federal Reserve’s pledge to keep rates low over the next few years. Dow Jones Industrial Average, which earlier…
OPEC+ Compliance In August Seen At 101% – Two Sources
Compliance with oil production cuts in August among OPEC+ members was seen at around 101%, two OPEC+ sources told Reuters on Wednesday. A technical committee of the alliance of the…