House of Reps hopeful in Jos proposes open contracting system
Hope Ikwe
January 23, 2019
By Hope Ikwe, Jos A candidate who is vying for the position of lawmaker representing Jo’s North Bassa Constituency in the House of Representative, Vitalis Lanshima, has proposed open contract system and transparency in governance. The aspirant who just completed a 10 year term in the United States as a council man said he intends […]
Banking stocks rally, as stock market rises by 0.5%
Adesola AfolabiJanuary 23, 2019
Nigeria’s stock market rose by 0.5 percent Wednesday as All Share Index settled at 30,878.56 points following gains in banking stocks such as Guaranty Trust Bank (+2.8%), Zenith (+0.9%) and Fidelity (+9.6%). The market’s year-to-date losses thus improved to -1.8 percent while market capitalization increased by N52.8 billion to settle at N11.5 trillion. Activity level […]
Deutsche Bank shares slip on reports of Fed investigation over Danske Bank scandal
Businessam StaffJanuary 23, 2019
Shares of Deutsche Bank slid more than 1 percent in early trading on reports that the U.S. Federal Reserve is investigating the German lender’s role in a money laundering scheme. A report published in Bloomberg, citing sources, said the Fed probe is in very early stages as it examines whether Deutsche Bank’s U.S. arm was involved in moving […]
Merkel calls for global cooperation to reach ‘win-win outcomes
Businessam StaffJanuary 23, 2019
German Chancellor Angela Merkel delivered a robust defense of the post-war multilateral order on Wednesday, lauding compromise as a virtue in international relations in a veiled criticism of U.S. President Donald Trump. In an address to global political and business leaders in Davos, Merkel urged Western powers to think beyond their narrow national interests and […]
Wall Street bounces back on strong corporate earnings
Chris IkosaJanuary 23, 2019
U.S. stocks rose on Wednesday, as strong earnings from IBM, United Technologies and Procter & Gamble led a rebound for Wall Street from its second biggest decline in 2019. International Business Machines Corp jumped 8.78 percent and led the gains on the Dow Jones Industrial Average after the technology services company projected 2019 profit above expectations. […]
Egypt’s central banker sees more volatile exchange rate
Businessam StaffJanuary 22, 2019
Egypt’s stagnant exchange rate is likely to see more movement after a system that guaranteed foreign investors could repatriate dollars was terminated, but the central bank stands ready to fend off speculators and ensure debt holders don’t lose out, Governor Tarek Amer said. “We will witness more volatility in the currency after the repatriation mechanism […]
Verdi union speaks out against any Deutsche Bank, Commerzbank merger
Businessam StaffJanuary 22, 2019
Germany’s Verdi labor union on Tuesday voiced concern over any possible merger between Germany’s largest banks – Deutsche Bank and Commerzbank. Jan Duscheck, head of Verdi’s banking division, said that any possible merger would lead to big job cuts. Speaking to journalists, Duscheck also said that the union did not see any added value from […]
Softer system liquidity anticipated amidst CBN multiple OMO sales
Chris IkosaJanuary 22, 2019
The CBN has found it most important to conduct multiple OMO sales to combat higher system liquidity, and so far this year, the system liquidity has been very tight, but this week, Nkechi Ezugho, forex trader at UBA is of the opinion that the FAAC payment and OMO maturities could mean a softer system liquidity. […]
Experts advise short-term investment strategy for 2019
Afolabi OluwaseunJanuary 22, 2019
Amidst election and other uncertainties which bewilder investors away from the Nigerian investment space, investment experts have suggested that a way to profit could be to invest in short-term instruments. The weak performance of the equities market in 2018 incited an influx of investors into the fixed income market. Emerging market contagion, pre-election jitters, weaker […]
Despite stable outlook, analysts fear currency downside risk from volatile oil prices in H2 2019
Afolabi OluwaseunJanuary 22, 2019
Analysts at Afrinvest and Coronation Research have opined that the determination of the Central Bank of Nigeria to keep the exchange rate market stable has predicated the stability stance, but that the volatile oil prices will surely put the CBN’s resolve to the test in H2 2019. Exchange rate stability was achieved for most of […]