On the economic front, 2017 is ending on a high note, says IMF
Businessam Staff
December 18, 2017
Though 2017 has been a tumultuous year marked by natural disasters, geopolitical tensions, and deep political divisions in many countries, the year is seen ending on a high note, according to the International Monetary Fund (IMF) in a blog publication seen by businessamlive.com. The IMF Blog published Monday and entitled “The Year in Review: Global […]
Nigeria consumer inflation in 10-month low at 15.90% in November
Businessam StaffDecember 18, 2017
Annual inflation in Nigeria slowed for the tenth month in a row in November, easing to 15.90 percent, the country’s Bureau of Statistics (NBS) said on Monday in a report. Nigeria’s consumer price index (CPI), which measures inflation or the average change over time in prices of goods and services consumed by people for day-to-day […]
Oil prices rise as Forties outage, Nigeria oil workers’ strike threaten supply
Businessam StaffDecember 18, 2017
Oil prices rose on Monday supported by a North Sea pipeline outage and a Nigeria’s oil worker strike. While a fall in the number of U.S. rigs drilling for oil also underpinned prices, growth in U.S. crude output cast a shadow over the market. Brent crude futures LCOc1, the international benchmark, were at $63.48 a […]
Artificial Intelligence to replace all human workers in near future, says expert
Businessam StaffDecember 17, 2017
Human beings are under threat. One US author with a bestselling book about artificial intelligence says that in the near future all human workers will be replaced by robots. But if you’re an electrician, plumber or nurse then you’re in luck. These jobs require advanced emotional and physical skills that AIs haven’t mastered just yet. […]
EU agrees on new rules to curb bitcoin anonymity as cryptocurrency hits almost $18,000
Businessam StaffDecember 16, 2017
The EU is targeting bitcoin anonymity, saying the measure is needed to tackle tax evasion and other crimes, according to report by Reuters. The anonymity of the cryptocurrency holders is a built-in feature that the EU hopes to undermine. Bitcoin blasted to another all-time high of almost $18,000 on the Bitstamp exchange on Friday, up […]
Bitcoin hits new record high amid heightened concerns over risks of investing
Businessam StaffDecember 15, 2017
Bitcoin blasted to another all-time high of just over $17,750 on Friday, up 8 percent on the day, as concerns grew over the risks of investing in the highly volatile and speculative instrument. The cryptocurrency’s staggering price rises – more than 1,700 percent since the start of the year – have driven worries that the […]
IMF recommends economic diversification for increased GDP growth in Africa
Businessam StaffDecember 15, 2017
Christine Lagarde, International Monetary Fund (IMF) chief, has extolled the benefits of diversified economies for African countries, saying even minor increases in export diversification could boost GDP growth rates. Lagarde who delivered an address at the Chamber of Commerce in the Republic of Benin during the week, said economic diversification not only helps to kickstart […]
2018 might not be quite so happy for OPEC producers, says IEA
Businessam StaffDecember 15, 2017
The International Energy Association (IEA) has said that year 2018 might not necessarily be a happy New Year for those who would like to see a tighter market, especially members of the Organisation of Petroleum Exporting Countries (OPEC). The agency’s current outlook for 2018 indicates that total growth in supply could exceed demand growth, which […]
Nigerian stocks trade lower on sell-offs in Dangote Cement, others
Businessam StaffDecember 14, 2017
The Nigerian bourse sustained a downtrend at the end of Thursday’s trading session as sell-offs in Dangote Cement, a major cap, brought the all-share index down by 1.6 percent to 37,933.70 points. To this end, year-to-date gain contracted to 41.2 percent despite market capitalization gaining N76.9 billion in value to settle at N13.5 trillion. An […]
Fuel, cars top most imported goods in the world but Nigeria fails to tap into refining
Steve OmanufemeDecember 14, 2017
The most imported goods around the world are petroleum and cars, according to data from the Observatory of Economic Complexity, organized into a map by vouchercloud. Covering the imports of 187 of the world’s 195 nations, the map reveals that the biggest import for more than half of these countries is fuel with Nigeria’s being […]