Bitcoin defies skeptics, claws back over $1,000 after three-day losing streak
Businessam Staff
November 13, 2017
Bitcoin Monday defies skeptics who had predicted its free fall following huge bets on its offshoot, bitcoin cash as it recovers more than $1,000 after losing almost a third of its value in less than four days with traders buying back into the volatile cryptocurrency. The cryptocurrency tumbled in the second half of last week, […]
Crude oil market stability will come with cut, says OPEC’s Barkindo
Businessam StaffNovember 13, 2017
Mohammad Barkindo, OPEC Secretary-General said Monday that the oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, Suhail Al Mazrouei, United Arab Emirates Energy […]
Nigeria’s 2017 fiscal underperformance, unrealistic assumptions may bog down 2018 budget targets
Businessam StaffNovember 13, 2017
Nigeria’s 2018 ‘budget of consolidation’ though intended to build on the gains of the 2017 ‘recovery and growth’ budget, its bold targets may not be met due to fiscal underperformance in 2017 and some unrealistic assumptions, say analysts at Renaissance Capital. In a research note entitled “Nigeria: FY18 budget reach for the moon…” published Monday […]
Oil trades near $57 as Saudis boost security at crude facilities
Businessam StaffNovember 13, 2017
Oil traded near $57 a barrel as Saudi Arabia signaled it will raise security at its crude facilities after Bahrain blamed Iran for a fire on a pipeline that connects the two Arab allies. Iran denied it was involved, according to a report by Bloomberg. Futures were little changed in New York after falling 0.8 […]
Uber says deal in works to sell stake to Japan’s SoftBank ahead planned IPO
Businessam StaffNovember 13, 2017
Scandal-hit ride-sharing company, Uber, Sunday said it had entered into a deal to sell a stake to Japan’s SoftBank as the firm looks to turn a new page ahead of its planned IPO by 2019, according to AFP reports. The move was announced shortly after reports emerged that its former CEO Travis Kalanick and an […]
Moody’s downgrades 8 Nigerian banks following downgrade of Nigeria sovereign rating
Businessam StaffNovember 12, 2017
*Says govt capacity to provide support for banks weak Moody’s Investors Service (Moody’s) Friday downgraded to B2 from B1 the long-term local currency deposit and issuer ratings of four Nigerian banks – Access Bank Plc., Guaranty Trust Bank Plc., United Bank for Africa Plc. and Zenith Bank Plc. and the long-term local and foreign currency […]
Saudi’s Aramco IPO preparations ongoing, says CEO but no decision yet on venue of the listing
Businessam StaffNovember 12, 2017
Preparations to float shares of Saudi Aramco next year are proceeding, but no decision has been taken yet on the venue for the international listing, the chief executive of the state oil company told Al Arabiya Television channel. Crown Prince Mohammad bin Salman had said last month that the Aramco’s initial public offering, part of […]
Alibaba sold record $25bn on ‘Singles Day’ promotion
Businessam StaffNovember 12, 2017
Alibaba, Chinese e-commerce giant, sold over $25 billion of product on the Chinese biggest online shopping date, code-named ‘Singles Day’ November 11, 2017. Data available on the site of the e-commerce giant indicate that online shoppers spent 163.8 billion RMB, that’s roughly $25.3 billion, in gross merchandise volume (GMV), which is used to measure a […]
Bet on offshoot, bitcoin cash, crashes Bitcoin to its lowest since November
Businessam StaffNovember 12, 2017
Bitcoin, which had hit a record high of $7,879.06, traded more than seven percent lower Friday near $6,621, according to CoinDesk, thus marking its lowest since Nov. 1. A development analyst and traders claim may have be huge bets on on its offshoot, bitcoin cash. The offshoot digital currency surged more than 30 percent to […]
BP sends in big guns as majors jostle for Abu Dhabi oil riches
Businessam StaffNovember 12, 2017
When BP Plc goes to Abu Dhabi this week, where big oil companies will be jostling for access to the Emirate’s offshore riches, the British behemoth won’t be leaving anything up to chance. An all-star cast is slated to attend the annual Abu Dhabi International Petroleum Exhibition & Conference, including BP Chief Executive Officer Bob Dudley and […]