Iran-Israel tensions spark gold price jump as markets seek shelter
Post AMUGE
April 15, 2024
Business a.m. The price of gold has entered a period of consolidation, with gains seen above the $2,350 level in early trading on Monday. This comes after the precious metal saw a rebound from its recent corrective decline, which had seen the price fall from record highs of $2,432, set just a few days prior […]
Nigeria’s oil falters as Libya claims Africa’s top spot
Post AMUGEApril 12, 2024
Business a.m. Nigeria’s crude oil output suffered a decline, as new figures from the Organization of Petroleum Exporting Countries (OPEC) showed that the country’s production plunged to a second successive month of declines in the first quarter of the year. At 1.231 million barrels per day (bpd), Nigerian crude oil production dropped significantly, causing the […]
Global trade looking up in 2024, but risks remain, says WTO
Post AMUGEApril 11, 2024
Business a.m. The World Trade Organization (WTO) has projected that global merchandise trade will increase by 2.6 per cent in 2024 and 3.3 percent in 2025, after declining by 1.2 per cent in 2023, as global inflation dips, countering the inflationary pressure seen in 2023, but warned of the risks of global trade fragmentation as […]
Gold prices inch higher as geopolitical tensions boost safe-haven demand
Post AMUGEApril 11, 2024
Business a.m. Gold prices climbed on Thursday, bouncing back from a selloff the previous day.The safe-haven metal benefited from geopolitical risks and tensions, with investors seeking shelter from the turbulence. Spot gold rose 0.6 per cent at $2,345.56 per ounce, while U.S. gold futures also gained 0.6 per cent to $2,362.80. The latest data on […]
Super election year increases risks of political violence — warns Allianz
Post AMUGEApril 10, 2024
Widening polarisation expected in elections in US, EU where there is potential for large insurance losses Terrorism, civil unrest, environmental activism risks intensifying in volatile geopolitical environment Multinational businesses show increasing interest in political violence insurance coverage to mitigate their risks Economic and insured losses from just 7 civil unrest incidents in recent years cost […]
Allianz urges insurance review, business continuity for West Africa, Sahel region
Post AMUGEApril 10, 2024
On back of electoral outcomes Nigeria, Côte d’Ivoire dominates region’s businesses Ben Eguzozie Businesses in West Africa and the Sahel, largely notorious as the epicentre for coup d’états and terrorism, are advised to implement forward planning, robust business continuity strategies, increased security measures and review insurance policies this year, considering the unprecedented super-cycle of elections […]
2024 elections in Africa pose challenges, opportunities for stability – Allianz report
Post AMUGEApril 10, 2024
Ben Eguzozie A flurry of elections coming up this year in Africa pose challenges and opportunities for the continent’s political stability, according to a new report by Allianz Commercial. The Allianz report said most of the elections will be in Southern Africa including Botswana, Mauritius, Mozambique, Namibia, and South Africa. West Africa will hold the […]
IMF flags risks of industrial policy on economic growth
Post AMUGEApril 10, 2024
Says it may not boost economic growth as hoped Onome Amuge The International Monetary Fund (IMF) has cautioned that the industrial policy initiatives recently implemented by the United States, Europe, and other countries to drive innovation in certain sectors would not be a “silver bullet” for stimulating economic growth. In a chapter of its Fiscal […]
Oil prices surge on weak Gaza ceasefire talks
Post AMUGEApril 10, 2024
Business a.m. Crude oil traded higher on Wednesday, as traders sought to capitalise on the flickering embers of hope for a Middle East ceasefire,while the fundamentals of the market remained solid, as the oil bulls continued to charge ahead. The front-month Jun24 ICE Brent futures contract traded at $90.07 per barrel, up from the previous […]
FG settles N4.83trn ways & means advances to CBN using T-Bills,bonds
Post AMUGEApril 10, 2024
The federal government has earmarked a total of N4.83 trillion out of the proceeds of Nigerian Treasury Bills (NTBs) and Bonds issued in 2024 to settle part of the N7.9 trillion Ways and Means advances received from the Central Bank of Nigeria (CBN), which is approximately N3.07 trillion short of the outstanding advances as of […]