Nigeria’s Oil Projects Threatened As IOCs Suffer $27.8bn Loss
Several major oil and gas projects in Nigeria may suffer further delays as international oil companies operating in the country saw their financials take a dive in the second quarter…
Here’s The Nigerian Who Is Buying Shoprite’s Stake
Shoprite, Africa’s largest food retailer, announced on Monday it is considering selling off its majority share in its Nigerian subsidiary. In a trading update filed at the Johannesburg Stock Exchange…
U.S. Auto Sales Pandemic Recovery Continues As Toyota Decline Slows
U.S. new vehicle sales in July continued to show signs of recovery from the coronavirus pandemic, as Toyota Motor Corp (7203.T) on Monday posted its lowest sales decline since the…
Shoprite Lifted By Sales Jump And Potential Nigeria Exit
Shoprite Holdings could become the latest South African retailer to retreat from other African markets after it said on Monday that it is considering reducing or selling all of its…
Checking Rising Incidence Of Unclaimed Dividend In Capital Market
Dividends are the distributable earnings of a company, which are determined by its board of directors. However, when declared, it becomes a liability on the company, CAMA (1990). When a…
$3.313bn Chinese Loans: Nigeria Pays $461m, Still Owes $3.12bn
Despite paying the sum of $461.89million (about 13.4 per cent ) of the $3.313billion debt (Chinese loans) owed the Peoples Republic of China, the outstanding (Chinese loans) against Nigeria is…
Earnings, Microsoft Boost Wall St. As Investors Await Stimulus
Wall Street’s main indexes rose on Monday as Microsoft’s pursuit of TikTok’s U.S. operations and a clutch of upbeat quarterly earnings reports lifted sentiment in the absence of a fiscal…
Oil Steady As Virus Fears Counter Positive Factory Data
Oil prices steadied on Monday, pressured by rising COVID-19 cases around the globe and by oversupply worries as OPEC and its allies are set to wind back output cuts in…
Bitcoin Surpasses $12,000 Then Tumbles In Wild Weekend Action
Bitcoin reminded investors of both its promise and peril in trading this weekend. The world’s largest cryptocurrency rose to $12,112 in trading just after midnight New York time Sunday, its…
Nigeria: BoI Increases Support For MSMEs To N53bn
In demonstration of its commitment to the development of micro, small and medium scale enterprises (MSMEs) in the country, the Bank of Industry (BoI) has disclosed that it made a…
Nigeria: Govt Moves To Reduce Oil Production Cost To $10
The Federal Government is working towards attaining a $10 per barrel production cost sealing in the oil and gas sector, the Minister of State for Petroleum Resources, Chief Timipre Sylva,…
No Stolen Nigerian Crude Oil In China
The Nigerian National Petroleum Corporation (NNPC) has clarified that it did not lose 48 million barrels of crude oil to theft, describing an allegation that such quantity of crude oil…
Forex Scarcity Takes Toll On Manufacturing Sector
The liquidity crisis in the foreign exchange (forex) market is becoming increasingly unbearable as many businesses face challenges with importation of raw materials, equipment, spare parties and other inputs, Director-General,…
U.S. Consumer Spending Rises For Second Straight Month, Income Drops Further
U.S. consumer spending increased for a second straight month in June. Consumer spending rose 5.6% last month after a record 8.5% jump in May, the Commerce Department said. Personal income…
Oil Gains Nearly 1%, Posts Third Straight Month Of Gains
Oil prices rose on Friday and finished the month higher, benefiting from news that U.S. oil output cuts in May were the largest on record. Brent crude was up 24…
Here’s What Happened To The Stock Market On Friday
Dow Jones Industrial Average rises 114 points The Dow Jones Industrial Average rose 114.67 points, or 0.44%, to 26,428.32. The S&P 500 rose 0.77% to 3,271.12. The Nasdaq Composite finished…
Dollar On Course For Worst Month In Decade As Epidemic Hobbles U.S. Economy
The dollar index fell to 92.597, a low last seen in May 2018, and is on course to post its steepest monthly fall since September 2010. It has fallen 4.9%…
Goldman Expects New Tech Indexes To Bring China $25 Billion Passive Inflows In Five Years
Mainland China and offshore hub Hong Kong’s latest indexes representing technology companies are likely to attract $25 billion in five years from passive investors, according to a Goldman Sachs report…
Nasdaq Surges On Megacap Earnings But U.S. Fiscal Uncertainty Nags
The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty…
Messy Business: Diaper Firm Struggles Without Dollars
Women in hairnets and masks are sorting through diapers coming off a conveyor belt. But the head of Wemy’s, the Nigerian company where they work, wonders how much longer he…
Italy Struggles To Clinch Deal For Single Broadband Network
The Italian government needs more time to broker a deal between former phone monopoly Telecom Italia (TLIT.MI) and state-controlled utility Enel (ENEI.MI) over plans to create a single ultrafast broadband…
Outlook For U.S. Value Stocks Uncertain With Cloudy Economic Picture
After a rally led by growth companies that has left the S&P 500 index .SPX roughly 4% from setting a new record high, the window of opportunity for value stocks…
Investors Raise Cash As U.S. Recovery Wobbles; Options Strategies Profit
Investors are preparing their portfolios for a potentially rocky patch in U.S. stocks, worried that a dramatic rebound in equities may stall amid dimming economic data and rising political uncertainty.…
Global Funds Favour Bonds Over Stocks On Surging Coronavirus Infections
Global funds recommended cutting equity holdings in July to the lowest in four years and suggested keeping bond allocations unchanged from June, amid worries the coronavirus pandemic is hobbling a…
Dollar Heads For Biggest Monthly Drop In A Decade As Virus Fuels U.S. Economy Fears
The dollar extended its dramatic fall on Friday, putting it on course for its biggest monthly drop in a decade as investors fretted that a rebound in the U.S. economy…
Wired Transfers Hit N477/$1 At Black Market
Exchange rate disparity between the parallel and black market remains as high as N85.75 Nigeria’s exchange rate at the NAFEX window appreciated to N389.25 during intraday trading on Wednesday July…
The Dollar’s Leading Rivals All Have Their Own Drawbacks
A guide to the pros and cons of the euro, gold, crypto, and the other potential replacements for the dollar. The dollar’s rise to become the dominant currency started after…
Starved Of Dollars, Nigerian Businesses Struggle For Survival
As women in hairnets and anti-coronavirus masks sort through folded nappies coming off a conveyor belt, the head of the Nigerian firm they work for wonders how much longer he…
Nigeria: ‘Businesses Lost Hope On Economic Growth In July’
The July 2020 Business Expectations Survey Report of the CBN has shown that firms are pessimistic on the macro economy growth prospects for July 2020, with a -7.9 index point…
CBN’s Ban On Forex For Import Boosts Interest In Maize, Fish Farming
In furtherance of government’s efforts to drive Nigeria towards food sufficiency, Agribusiness firm, Eatrich Farms, has launched the Green Africa Project (GAP), which involves large-scale maize farming, fish and livestock…