Nigeria economy slump continues as GDP contracts 0.5% in first quarter
Businessam Staff
May 23, 2017
Nigeria’s economy continued its slump and contracted for a fifth consecutive quarter in the three months through March as oil output declined. Gross domestic product in Africa’s most populous nation shrank 0.5 percent in the first quarter from a year earlier, compared with a revised 1.7 percent contraction of in the final three months of […]
European stocks gain on economic data, as pound slips after Manchester suicide attack
Businessam StaffMay 23, 2017
European stocks advanced as economic data from Germany and France signaled that the region’s recovery is on track. U.K. equities and bonds showed resilience in the wake of a suicide bomb attack, even as the pound slipped. The most important market news of the day. Get our markets daily newsletter. Technology companies helped spur the […]
Access Bank, FBNQuest analysts see Nigeria MPC retaining key rates
Businessam StaffMay 22, 2017
Analysts at Nigeria’s Access Bank and FBNQuest are betting that the country’s key monetary policy rates would be retained at the ongoing Central Bank Monetary Policy Committee meeting which ends, Tuesday. Godwin Emefiele, governor of the CBN, who is chairing the meeting, is expected to announce decisions reached after two days of deliberations and the […]
AfDB projects moderate economic recovery for Nigeria
Businessam StaffMay 22, 2017
The African Development Bank (AfDB) has projected a moderate economic recovery for Nigeria, saying growth would be at 2.2%. This is contained its 16th Africa Economic Outlook launched Monday at its 52nd Annual meetings holding in India. “The outlook for 2017 is for a moderate economic recovery with real GDP projected to grow at 2.2% […]
Africa disappoints on global emerging market expectations
Businessam StaffMay 20, 2017
Africa has disappointed the world on its expected emergence as a strong and virile market, according to economic watchers. The continent instead of riding on the birth of democracy in most of its countries and an equally working population, slipped into debts despite billions of dollar debt being forgiven her. At the turn of the […]
Rising dollar debts still a worry for Africa
Businessam StaffMay 19, 2017
*Govts advised to embrace local currency liabilities… Despite having a chunk of their dollar denominated debts written off in 2005, most African governments are still neck deep in foreign currency debts, which have been estimated to be rising to the $500 billion mark, according to Reuters. Analysts are worried that over a decade later, most […]
Global shares, dollar lick wounds as Trump rout eases
Businessam StaffMay 19, 2017
The dollar limped toward its worst week since August on Friday and world stocks headed for their first weekly fall in five, as storms surrounding Donald Trump’s U.S. presidency and Latin America’s biggest economy, Brazil, began to calm. The most eventful week of 2017 for markets started with stocks at record high but then saw […]
Markets Wrap: Stocks steady after volatile week; crude rises
Businessam StaffMay 19, 2017
Global equities showed signs of stabilizing at the end of a turbulent week in which investors confronted political crises in Washington and Brazil. Oil headed for a second weekly gain as OPEC members supported Saudi Arabian and Russian pledges to extend supply cuts. Stocks in Europe gained, paring their worst week since November. Gold resumed gains […]
Nigeria Central Bank clears 36 items for access to official forex
Businessam StaffMay 18, 2017
Nigeria’s central bank has given further clarity to 36 items that are eligible to access foreign exchange at the official window of the country’s much watched currency markets. The CBN, in a communication to authorised market dealers signed by Woritka Dauda Gotring, its director of trade and exchange, said importers were now free to source […]
World’s 500 richest people lose $35 billion from Trump turmoil, Mark Zuckerberg hardest hit
Businessam StaffMay 18, 2017
The world’s richest people lost $35 billion Wednesday when global equity markets were rocked by political turmoil in the U.S., according to the Bloomberg Billionaires Index. Bill Gates, the world’s richest person with $86.8 billion, lost $1 billion as shares of Microsoft Corp., his largest holding, tumbled 2.8 percent, the most in almost a year. […]