UK pushes to increase regulation of Bitcoin, to apply anti-money-laundering rules on digital currencies
Businessam StaffDecember 4, 2017
Britain wants to increase regulation of Bitcoin and other digital currencies by expanding the reach of European Union anti-money-laundering rules that force traders to disclose their identities and report suspicious activity, according to Reuters’ report. With demand for Bitcoin surging, fuelling a 1,000 percent rally in its value so far this year, the British finance […]
2018 budget lacks capacity to grow the economy, analysts say
Businessam StaffDecember 4, 2017
Despite commendations for the timely presentation of the N8.6 trillion 2018 National Budget to the National Assembly by President Muhammadu Buhari, analyst say the budget lacks the capacity to grow the economy. The analysts who identified varying flaws of the budget specifically noted that the budget does not seem to be expansionary and that Nigeria […]
Nigeria’s Vision 2020 goal of 20th world largest economy muted – analyst
Businessam StaffDecember 4, 2017
The target set by Nigeria to become the 20th largest economy in the world by the year 2020 may not be achievable as proposed. This was the submission of Alaba Olusemore, a top banker and financial analyst while speaking at the occasion of the 12th anniversary of Nigerian banking consolidation held at Chartered Institute of […]
Oil prices fall after U.S. shale drillers add more rigs
Businessam StaffDecember 4, 2017
Oil fell Monday after U.S. shale drillers added more rigs last week, but prices held not far off their highest since mid-2015, supported by an extension of output cuts agreed last week by OPEC and other producers. Drillers in the United States added two oil rigs in the week to Dec. 1, bringing the total […]
Ageing population ‘poses risks to global economy’
Businessam StaffDecember 3, 2017
An ageing global population could be putting the brakes on economic growth, resulting in an almost permanent squeeze on living standards, a leading investment bank has warned. Older workers are typically less dynamic than younger participants in the labour market, economists believe, while pensioners spend their investments rather than making new ones. Slower growth in […]
It’s too soon for Goldman Sachs to need a bitcoin plan, CEO Lloyd Blankfein says
Businessam StaffDecember 1, 2017
Lloyd Blankfein, Goldman Sachs CEO said it is too early for the bank to have a strategy for bitcoin, in reaction to report that the firm was exploring a possible bitcoin trading operation. The banker told Bloomberg Television the cryptocurrency is too volatile for the bank to consider it as an urgent matter, at least […]
Nigeria equities’ week-to-date gain in 3-month high as market capitalization exceeds N13trn
Businessam StaffNovember 30, 2017
Nigerian stocks sustained positive run Thursday, up 0.62 percent against the backdrop of buying interest in bellwether industrial goods and banking stocks – DANGCEM (+1.7%), WAPCO (+1.6%) and GUARANTY (+1.1%) and ZENITH (+0.6%). The performance thus closed the week largely bullish as large, mid, and small cap stocks rallied. To this end benchmark index appreciated […]
Oil group agrees on 9-month output-cut extension as ministers expected to strike deal with non-OPEC allies
Businessam StaffNovember 30, 2017
OPEC agreed to extend its oil-production cuts to the end of 2018 as the job of rebalancing the market is not yet done, according to delegates at a ministerial meeting in Vienna. Talks have now moved on to the mechanism that will be used to review the agreement in mid-2018, the delegates said, according to Bloomberg, […]
OPEC, Russia to extend oil production cuts until end of 2018
Businessam StaffNovember 30, 2017
OPEC and Russia are ready to extend their oil production cuts until the end of next year to ensure global stockpiles keep falling and prices maintain recent gains, according to Bloomberg report. All OPEC members and Russia, the biggest producer outside the group to join the deal, agree the cuts should last until the end […]
Nigerian stocks extend gains by 0.55% as Dow jumps 70 points on strong U.S economic data
Businessam StaffNovember 29, 2017
The Nigerian equities market Wednesday extended gains from the previous session as benchmark index jumped 0.55 percent to close at 37,709.20 points. This is just as Wall Street bet on strong U.S economic data, which drove the Dow up 70 points. The local market performance expanded year-to-date gain to 40.3 percent, while market capitalization gained […]