SEC unveils 46 commodity exchange warehouses across Nigeria
Adesola AfolabiJuly 21, 2019
The Securities and Exchange Commission (SEC) has unveiled commodity exchange warehouses across 17 different states in the country. The warehouses are 46 in number. Warehouses and storage infrastructure according to the SEC, are necessary for the commodity sector and commodities futures trading. The move is in a bid to facilitate rapid growth of the commodity […]
NY Fed clarifies Williams speech that market took as signal of a rate cut
Businessam StaffJuly 19, 2019
New York Fed President John Williams’ assertion that policymakers need to “act quickly” as economic growth slows was drawing from research, not hinting at what may happen at this month’s Federal Open Market Committee meeting, a spokesperson for the central bank said. “This was an academic speech on 20 years of research. It was not […]
How Nigeria’s wealth agency invests its capital — MD
Businessam StaffJuly 18, 2019
The Nigeria Sovereign Investment Authority (NSIA) invested its $1.5 billion seed capital in the development of key infrastructures to create wealth and grow the economy, Uche Orji , the managing director, has said. From the initial $1.2 billion capital provided by the Federal Government at inception in 2012, Orji said the only additional monies the […]
OVN rises by 250bps as OMO depletes liquidity levels
Afolabi OluwaseunJuly 18, 2019
The overnight lending rate increased by 250 basis points to 7 percent, as liquidity levels in the market declined following the PMA and OMO auctions held Wednesday and Thursday respectively. At the OMO auction, the Central bank offered a total of N107 billion, and saw a 22.06 percent oversubscription to the tune of N473.5 billion, […]
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 […]
NSE inducts 46 dealing clerks
Adesola AfolabiJuly 16, 2019
The Nigerian Stock Exchange (NSE) on Monday inducted 46 qualified dealing clerks. A statement by the NSE said out of the 53 candidates who passed the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical automated trading system (ATS) training at the NSE, only 46 passed the final oral examination at the […]
Seplat’s gas business to yield $261m annually
Adesola AfolabiJuly 16, 2019
Seplat Petroleum Development Company Plc, is projecting at least $261 million in gas revenues annually from its Assa North / Ohaji South (ANOH) Gas Processing Company (AGPC). AGPC, according to Seplat is an incorporated joint venture (IJV) between Seplat and Nigerian gas Corporation (NGC) to develop a 300 MMscfd midstream plant on OML 53 for […]
Nigeria’s inflation dips to 11.22% in June
Tola AkinmutimiJuly 16, 2019
Tola Akinmutimi The National Bureau of Statistics (NBS) on Monday reported that Nigeria’s Consumer Price Index, (CPI), which measures inflation, increased by 11.22 percent (year-on-year) in June, representing 0.18 percent points lower than the 11.40 percent rate recorded in May. The agency stated that increases were recorded in all the Classification of Individual Consumption by […]
UK banks can cope with no-deal Brexit and trade war: BOE
Businessam StaffJuly 11, 2019
British banks hold enough capital to cope with a simultaneous disorderly no-deal Brexit and global trade war, the Bank of England said on Thursday as part of its half-yearly assessment of financial risks. In an assessment that raised little in the way of new concerns, the BOE confirmed it would intensify its focus on risks […]
France approves digital tax on American tech giants, defying US trade threat
Businessam StaffJuly 11, 2019
France’s senate approved a tax on the revenues of tech giants like Google, Amazon and Facebook on Thursday, defying a warning from the President Donald Trump administration that it “unfairly targets American companies.” On Wednesday, Trump ordered an investigation into France’s planned “digital tax” on tech companies. The 3% tax would apply to the French […]