Report says technological shifts could wipe out $21trn fossil fuel revenues by 2040
Ayobami Adedinni
May 24, 2018
A report by Aurora Energy Research, a UK based company has projected that the adoption of electric cars could wipe out as much as $21 trillion in revenues for the oil, gas, and coal industry by 2040. According to the report, electric vehicles and improved fuel efficiency could cause oil demand to peak in the […]
Nigerian stocks index crashes below 40,000bps on sustained sell-offs
Adesola AfolabiMay 24, 2018
The Nigerian Stock Exchange-All Share Index (NSE-ASI) Thursday crashed below 40,000 basis points to 39,723.85 points on sustained profit taking. The NSEASI, the performance indicator of the equities market, fell 1.06 percent while market capitalization, the growth indicator dropped N155 billion or 1.06 percent to close at N14.389 trillion. The day’s performance thus extended the […]
Nigeria signs climate risk finance and management MoU with African Risk Capacity
Businessam StaffMay 24, 2018
Nigeria government has signed a Memorandum of Understanding (MoU) with the African Risk Capacity (ARC) in an effort to address the impact of extreme weather events in the country, insurance against natural disaster risks and training support for government personnel. The MoU was signed Thursday, at the annual meetings of the African Development Bank, in […]
Nigeria’s industrial production value falls 41% in 6 years, says AfDB
Businessam StaffMay 24, 2018
Akinwumi Adesina, the president, AfDB Nigeria’s industrial value addition fell 41 percent between 2012 and this year, according to the African Development Bank (AfDB). Akinwumi Adesina, the President, AfDB disclosed this in a keynote address delivered at the opening ceremony of the 2018 Annual Meeting of the lender at the Busan Exhibition and Convention Centre, […]
Nigeria stocks in sustained bear run as NSEASI declines 0.25%
Businessam StaffMay 23, 2018
The bearish performance of the Nigerian bourse continued for the fifth consecutive trading session Wednesday as benchmark index, the NSEASI declined 25bps to settle at 40,150.55 points while year-to-date (YTD) return moderated to 5.0 percent. Consequently, market capitalisation lost N35.8 billion to settle at N14.5 trillion. Profit taking in ETI (-2.2%), NIGERIAN BREWERIES (-0.7%) and […]
Nigeria’s federal tax revenue improves 22% in Q1 2018 on VAIDS, hits N269.8bn
Adesola AfolabiMay 23, 2018
Latest tax data by Nigeria’s Federal Inland Revenue Service (FIRS) on tax payment in Nigeria shows that federal tax revenue for the first quarter of 2018 has increased 22 percent year-on-year from the corresponding period of 2017. The data which was verified and validated by the National Bureau of Statistics (NBS) indicates that value added […]
60% of banks globally move towards greater digitalisation, ICC survey shows
Businessam StaffMay 23, 2018
The International Chamber of Commerce’s (ICC) report says over 60 percent of banks globally have implemented or in the process of implementing technology solutions to digitalise their trade finance operations. The 10th annual Global Survey of the ICC titled ‘Global Trade: Securing Future Growth,’ however showed that only 9 percent agreed that the solutions implemented […]
Oil dips after rally, OPEC may ease supply curbs
Businessam StaffMay 23, 2018
Oil prices edged lower Wednesday as the market took a breather on expectations OPEC may raise supplies as early as June, although geopolitical risks kept a floor under the market. Brent futures dipped 4 cents to $79.53 a barrel by 0006 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 […]
Nigerian equities sustain downtrend on losses in oil and gas, consumer, banking counters
Adesola AfolabiMay 22, 2018
Nigerian equities recorded a fourth consecutive downtrend, Tuesday as three major sectoral indexes closed lower. The oil and gas index recorded the highest loss of 0.79 percent as Mobil and Oando fell 4.70 and 1.25 percent respectively. The consumer goods index was next with a depreciation of 0.47 percent (due to a share price decline […]
Global carbon markets worth $82bn, says World Bank
Businessam StaffMay 22, 2018
Global carbon markets have been revived from the brink of collapse as recent developments, including countries looking out to cut carbon and meet their Paris climate targets and the opening of new markets in China, have provided a much-needed boost, according to a new report from the World Bank. The report launched Tuesday, May 22, […]