Toyota to recall 1m hybrid models globally over wiring issue
Agency Report
September 5, 2018
Toyota Motor Corp. says it plans to recall around 1.03 million vehicles, including its gasoline-hybrid Prius model in Japan and other regions, due to an issue with the engine wire harness which can pose a fire risk. Toyota spokesman Jean-Yves Jault said on Wednesday in Tokyo that the issue affected vehicles produced in Japan between […]
Zenith, GTB, UBA drive Nigerian stock market index up 0.30%
Adesola AfolabiSeptember 4, 2018
The lead indicator of the Nigerian equities market, the All-share Index closed 0.30 percent higher to settle at 34,933.68 points on Tuesday as a result of sustained buying interest in banking stocks – ZENITH (+2.3%), GUARANTY (+1.5%) and UBA (+1.9%). Market capitalization also increased by N36.1 billion to reach N12.8 trillion, while year-to-date losses improved […]
Nigerians spend N4.9 trillion on generators annually to self-generate 14 gigawatts of electricity, RMI report
Bukola OdufadeSeptember 4, 2018
Nigerians spend N4.9 trillion annually to self generate 14 gigawatts (GW), as the country’s average 4 gigawatts (GW) electricity generation continues to be unable to meet the growing energy needs of its 189 million citizens. According to a report released by Rocky Mountain Institute in collaboration with Nigerian Economic Summit Group, domestic and commercial consumers […]
Gold prices dive as dollar rallies on market concerns
Temitayo AyetotoSeptember 4, 2018
Gold prices dived on Tuesday as the dollar rallied to more-than-one-week high on the back of intensifying global trade tensions and economic worries in emerging markets. The precious metal was eight percent down this year amid rising U.S. interest rates, trade disputes and the Turkish currency crisis, with investors converting their monies in the dollar […]
South Africa goes into technical recession as GDP falls 0.7% in second consecutive quarter
Adesola AfolabiSeptember 4, 2018
Adesola Afolabi & Bukola Odufade Gross Domestic Product (GDP) data from South Africa’s statistical agency published Tuesday for the second quarter of 2018 has shown that the country has entered into a technical recession. A country is said to be in a technical recession when in two consecutive quarters it records economic decline. The […]
Turkey’s central bank to take action after inflation hits 18%
Businessam StaffSeptember 4, 2018
Turkey’s central bank said on Monday that it would take action after inflation surged to its highest in nearly a decade and a half, Reuters reported. Inflation jumped 17.9 percent year-on-year in August, official data showed, outstripping market expectations and marking its highest level since late 2003. “We will take necessary actions,” the central bank […]
Nigerian stocks close negative, NSEASI falls 0.03%
Adesola AfolabiSeptember 4, 2018
Nigeria’s equities market began the trading week on a slightly negative note as the All Share Index (ASI) declined 0.03 percent to 34,837.67 points. Consequently, year-to-date loss stood at -8.9 percent while N3.9 billion was wiped off market capitalization which decreased to N12.7 trillion. Price appreciation in bellwethers – ZENITH (+1.7%), GUARANTY (+1.4%) and DANGCEM […]
Dangote emerges most valuable brand in Nigeria
Justice OkamgbaSeptember 3, 2018
Nigeria’s Dangote has emerged the most valuable brand among the top 50 brands in Nigeria for 2018, according to a survey conducted by Brand Nigeria. This is coming barely three months after the brand was adjudged the most admired brand of African origin by consumers in a brand rating coordinated by South Africa-based Brand Leadership […]
Analysts see no near term rebound in equities as benchmark index slumps 1.6% w-o-w
Adesola AfolabiSeptember 3, 2018
The likelihood of a rebound at the equities market remains slim as analysts are projecting continued sell pressures on stocks following the bearish performance recorded last week. Analysts at Afrinvest in their weekly equity market report to investors noted, “we expect sell pressures to persist over the near-term given the general negative mood in the […]
‘Recapitalization alone can’t improve fortunes of Nigerian microfinance banks’
Adesola AfolabiSeptember 3, 2018
It would take more than recapitalization or financing to improve the fortunes of microfinance institutions in the country, according to Muideen Adejare Isiaka, a research economist at the Bells University Ota. Isiaku who spoke to business a.m. on the sidelines of the August edition of the monthly financial and investment dialogue powered by business a.m. […]