Global economy growth firm enough to absorb oil burden rise, says Morgan Stanley
Businessam Staff
June 7, 2018
Rising oil prices do not pose a major threat to aggregate global growth, as the increase in crude prices is largely driven by robust demand conditions, says a Morgan Stanley research. Contrary to rife speculations among investors as to whether the recent rise in oil prices poses downside risks to global growth, Chetan Ahya, Morgan […]
Nigerian Stock Exchange realised N8.30bn income, N3.82bn surplus before tax in 2017
Businessam StaffJune 7, 2018
The Nigerian Stocks Exchange, NSE group, recorded a total income of N8.30 billion and N3.82 billion surplus before tax for the year ended 31 December 2017. This was revealed Thursday via the Twitter handle of The Exchange, which also announced its 57th Annual General Meeting scheduled for June 7, 2018. The NSE’s 2017 full year […]
Nigerian stocks extend bull-run as market capitalization gains N586.45bn in 3 days
Businessam StaffJune 6, 2018
Nigerian stocks sustained previous trades’ positive momentum Wednesday as benchmark index, the NSEASI, climbed 1.53 percent to close at 38,435.29 points while year-to-date losses moderated to 5.5 percent. Consequently, market capitalization gained N586.45 billion in the three days of positive trade to settle at N13.922 trillion. Wednesday’s performance was largely buoyed by a broad-based rally […]
Global economic impact of violence rises 2.1% to $14.76trn in 2017 as Nigeria ranks 148 out of 163 in global peace index
Businessam StaffJune 6, 2018
The economic impact of violence to the global economy rose 2.1 percent to $14.76 trillion in 2017, in constant purchasing power parity (PPP) terms, which is an equivalent to 12.4 percent of world gross domestic product (GDP), or $1,988 per person, according to the 2018 Global Peace Index (GPI) produced by the Institute for Economics […]
Report says new technology could wipe out over $4trn in fossil fuel investments
Ayobami AdedinniJune 6, 2018
The fast pace of technological progress in renewable energy could make an initial $4 trillion of fossil fuel assets vanish off the balance sheets, according to a recent study by the University of Cambridge. The researchers said in order to avoid a global crisis the world needs to deflate the bubble carefully before it bursts, […]
MAN’s director general laments commencement of new excise duty regime despite efforts to halt move
Chukwuemeka ObiomaJune 5, 2018
The director general of Manufacturers Association of Nigeria , Segun Kadiri, Tuesday lamented the new excise duty regime for tobacco and alcoholic beverages which kicked off on Monday June 4 as earlier announced by the government. The DG who spoke to business a.m said it was regrettable that efforts made by MAN to prevent the […]
Nigeria’s suspended SEC chief pleads not guilty over alleged fraud following ICPC arraignment
Adesola AfolabiJune 5, 2018
Mounir Gwarzo, suspended director general of Nigeria’s Securities and Exchange Commission and his co-defendant, Zakawani Garba Tuesday pleaded not guilty to fraudulent charges read to them before Hussein Baba-Yusuf, the trial judge in their case following arraignment by the Independent Corrupt Practices Commission (ICPC). The ICPC arraigned Gwarzo, before an Abuja Hugh Court, for allegedly […]
South Africa economy contracts 2.2% in Q1 2018, worst q-o-q performance in 9 years
BusinessamJune 5, 2018
South Africa’s economy contracted at the sharpest rate in almost a decade in the first three months of 2018, according to official statistics, underlining the challenge confronting President Cyril Ramaphosa’s bid to revive growth. Gross domestic product in Africa’s most industrialised country dropped 2.2 percent on an annualised basis during the first quarter as mining, […]
Nigeria’s state oil company calls for simplified fiscal terms on Petroleum bill
Ayobami AdedinniJune 5, 2018
Nigerian National Petroleum Corporation (NNPC) has urged the Senate to consider simplifying the fiscal provisions in the Petroleum Industry Fiscal Bill (PIFB) so as to ensure easy implementation of the law. In a statement signed by Ndu Ughamadu, group general manager, group public affairs division, Maikanti Baru, group managing director of the corporation, made this […]
Will rising oil prices, improved public sector salary payments stem the tide of high NPLs in banks?
Adesola AfolabiJune 4, 2018
The surge in non-performing loans among Nigerian financial institutions is yet to abate. However, there are speculations by market watchers that improved oil prices and payments of salary to workers in the public sector are expected to significantly reduce the risk exposure in Nigerian banks. According to data, Nigerian banks’ non-performing loans are highly concentrated […]