Oil prices push up the trend following last night’s descent
Businessam Staff
February 13, 2020
The latest crude oil price rally was nipped in the bud last night by the news that 15,000 new coronavirus cases had been diagnosed in the Chinese province of Hubei as the health authorities had changed their method of counting the cases, including “clinically diagnosed” patient to the total count. But oil recovered on […]
Global oil demand set to see first quarterly decline in over 10 years, says IEA
Businessam StaffFebruary 13, 2020
Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude. Demand is now expected to fall by 435,000 barrels a day (b/d) in the first quarter of 2020, […]
Foreign, domestic flights delays, cancellations as harmattan haze hits Nigeria airspace
Businessam StaffFebruary 13, 2020
Harmattan hays have caused flight cancellation and delay in the Nigerian Aviation sector grounding foreign airlines throughout the week. The harmattan has led to poor visibility for the planes intending to fly in or out of the Murtala Muhammed Airport in Lagos State. A British Airways flight which was expected to land on Sunday had to divert to Ghana […]
Nigerian stock market maintains lead in Africa despite sell pressure
Businessam StaffFebruary 13, 2020
The Nigerian stock market has remained the best performing bourse in the African continent, year-to-date, despite sell pressure that has eroded significant value since the beginning of February. The market had delivered 7.5 per cent appreciation in January 2020, after declining for two consecutive years. But profit taking, coupled with negative reactions that greeted the […]
BPE opposes clamour to reacquire privatised power assets
Businessam StaffFebruary 13, 2020
The Bureau of Public Enterprises (BPE) wednesday warned against the ongoing clamour for the federal government to re-nationalise already privatised power assets of generating companies (Gencos) and distribution companies (Discos). Alex Okoh, BPE’s director general, at an interactive session with journalists in Abuja, advised the government not to succumb to the pressure of re-possessing the […]
One billion oil barrels found in North-East, says FG
Businessam StaffFebruary 13, 2020
Timipre Sylva, the minister of state for petroleum resources, said on Wednesday that the nation’s oil and gas sector has worsened as the uncertain fiscal environment put a damper on investment. The minister also disclosed that about a billion barrels of crude oil have been discovered in the North East of the country, adding that […]
A stock and a hard place: SoftBank’s $150 billion Alibaba warchest in public eye
Businessam StaffFebruary 12, 2020
SoftBank CEO Masayoshi Son threw cold water on Wednesday on the idea of cutting his firm’s $150 billion stake in e-commerce giant Alibaba, after prominent activist investor Elliott Management called for big buybacks. The emergence of New York-based Elliott as a SoftBank shareholder has renewed focus on the company’s 26% stake in China’s Alibaba, the Japanese […]
EIA reports hefty oil inventory build
Businessam StaffFebruary 12, 2020
Crude oil prices hesitated today after the Energy Information Administration reported a US oil inventory build of 7.5 million barrels for the first week of February. The report came a day after the American Petroleum Institute estimated an inventory build of 6 million barrels. Analysts had expected a build of 2.93 million barrels for the period, after the EIA reported […]
Nigeria, Ethiopia sign visa waiver agreement, MoU on defence cooperation
Businessam StaffFebruary 12, 2020
Nigeria and Ethiopia have signed a visa waiver agreement for diplomatic and official passport holders, and a Memorandum of Understanding (MoU) on Cooperation in the field of Defence. President Muhammadu Buhari and prime minister Abiy Ahmed witnessed the signing of the agreement Tuesday in Addis Ababa by their ministers of foreign affairs, Geoffrey Onyeama and […]
Photo story: Sifax holds staff retreat on 5-year strategic plan
Samson EchenimFebruary 11, 2020
The SIFAX Group management team recently embarked on a retreat. The retreat provided all participants with insights on how the company will achieve its five year strategic plan and their role as staff. It was attended by all managers in the group. Soji Oyawoye, a renowned HR consultant and Lanre Olusola, Nigeria’s foremost business coach […]