Trade War: World GDP growth to hit eight-year low in 2020
Omobayo Azeez
October 2, 2019
By Omobayo Azeez The outlook for the global economy has deteriorated significantly due to the escalation in the US-China trade war, Fitch Ratings says in its new Global Economic Outlook (GEO). Consequently, the firm forecast world growth next year to fall to the lowest rate since 2012. “There can be few precedents since the 1930s […]
Pound falls as Johnson seeks parliament suspension before brexit
Businessam StaffAugust 28, 2019
The pound slid as prime minister Boris Johnson sought to suspend the U.K.’s Parliament, raising the risk of a no-deal Brexit. Sterling was the worst performer among major currencies as Johnson confirmed an earlier BBC report, while U.K. government bonds rallied on expectations of an earlier Bank of England interest-rate cut. With the U.K. set […]
Naira closes at N359.3 to dollar at parallel market
Businessam StaffAugust 9, 2019
The Naira on Thursday was sold at N359.3 to the dollar at the parallel market in Lagos. The pound sterling and the euro closed at N450 and N396, respectively. At the bureau de change (BDC) segment, the naira traded at N359.3 to the dollar, while the Pound Sterling and the Euro closed at N450 and […]
Sterling hits lowest level since April 2017 as disorderly Brexit fears grow
Adesola AfolabiJuly 16, 2019
The pound plunged to new lows Tuesday after lackluster U.K. data compounded growing fears of a haphazard Brexit outcome at the end of October. Sterling versus the U.S. dollar weakened 0.7% Tuesday, reaching $1.2418 by late-morning London trade. It hit a 27-month low against the greenback and a new six-month low versus the euro. Against […]
Dollar edges up against yen as some pre-G20 summit jitters ease
Businessam StaffJune 27, 2019
The dollar edged up to a one-week high against the safe-haven yen on Thursday as some of the jitters ahead of the G20 summit in Japan eased amid hopes for progress there in resolving the Sino-U.S. trade war. Hong Kong’s South China Morning Post, citing sources, said that the United States and China have agreed […]
Zimbabwe dollar returns, a decade after iIt became worthless
Businessam StaffJune 25, 2019
Zimbabwe has brought back its own currency, the Zimbabwe dollar, just over a decade after its usefulness was destroyed by hyperinflation. The central bank said that effective immediately, currencies including the U.S. dollar and the South African rand, in use since 2009, will no longer be accepted as legal tender. A local quasi currency known […]
Dollar slips on Fed prospects, safe-haven Swiss franc, gold shine
Businessam StaffJune 25, 2019
The dollar hit a multi-month low against the euro and the yen on Tuesday on the prospects of monetary easing by the Federal Reserve while the safe-haven Swiss franc and gold rose on Middle East tensions. The euro hit a three-month high of 1.14105 dollars, having gained 2.0 per cent from a two-week low of […]
Bitcoins investors are smiling again and here is why
Businessam StaffJune 24, 2019
Bitcoin tested 15-month highs on Monday after jumping more than 10% over the weekend, with analysts ascribing the spike to growing optimism over the adoption of cryptocurrencies after Facebook unveiled its Libra digital coin. The biggest cryptocurrency hit $11,247.62 on the Bitstamp exchange late on Sunday, its highest since March last year. It later pulled […]
Presidential order to raise GPD, boost SMES in information technology sector
Samson EchenimJune 17, 2019
By Samson Echenim A new policy of the federal government targeted at diversifying the economy by creating local demand for information technology and other engineering innovations will help to raise the sector’s contribution to Gross Domestic Product (GDP) and boost small and medium scale enterprises (SMEs), industry stakeholders have said. President Muhammadu Buhari, last […]
How prohibitive taxes stopped ship building in Nigeria
Samson EchenimJune 17, 2019
By Samson Echenim Ship building firms which managed to berth in Nigeria’s free trade zone at Onne in Rivers State, have stopped building vessels and streamlined to only provide repair services, due to prohibitive taxes levied on the new vessels at exit point by the federal government. Even though the shipyards operate in a […]