IMF, statisticians gather on measuring welfare in a digital economy, continued relevance of the GDP tool
Businessam Staff
November 17, 2017
The debate on whether gross domestic product (GDP) is a great tool for measuring economic welfare in the 21st century is ongoing as the International Monetary Fund (IMF) holds the Fifth Statistical Forum at its headquarters in Washington DC. The statistical forum is a platform for policymakers, academics, researchers, and compilers of economic and financial […]
Lumi, a new currency, debuts, it’s not digital but solar, uses sun as peg for its value
Businessam StaffNovember 17, 2017
The growing profile of digital currencies such as bitcoin may be met with competition from a new innovative currency, Lumi, which is pegged against Africa’s biggest resource, the sun. The new currency on the block is developed in a tiny village in Western Jamaica, Accompong. Announcing the introduction of the Lumi, Timothy McPherson, Accompong’s minister […]
Why Russia might not support OPEC’s deal extension beyond March
Businessam StaffNovember 17, 2017
Russia, the world’s largest oil exporter could be poised to back out of a widely anticipated extension to global supply cuts, Chris Weafer, senior partner at Macro-Advisory, said Friday, according to reports monitored on CNBC. He said if oil stays in the $60 to $65 a barrel range, Moscow’s support for a deal extension beyond […]
World’s biggest wealth fund divesting out of petroleum, gas stocks to hedge against oil-price risk
Businessam StaffNovember 17, 2017
Norway’s $1 trillion wealth fund amassed through pumping oil and gas over the past two decades wants out of petroleum stocks. According to its central bank Thursday, the country, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in […]
Oil climbs as Saudi Arabia expects OPEC to extend output curbs this month
Businessam StaffNovember 17, 2017
Oil climbed, paring losses earlier this week, as Saudi Arabia moved to dispel doubts over Russia’s readiness to extend output curbs. Futures rose 1.5 percent in New York, trimming the weekly decline to 1.4 percent, after Khalid Al-Falih, Saudi Arabia’s Energy Minister said OPEC should announce an extension of output curbs when it meets on Nov. […]
Nigeria’s aviation industry picking up on recent exit from recession, grows 0.1% year-on-year
Businessam StaffNovember 17, 2017
The Nigeria aviation industry, which suffered from relatively low patronage due largely to softer demand in the wake of the recession the country entered into, is picking up gradually, according to research analysts at FBNQuest. In a Good Morning Note, “Wheels up but still waiting for take-off”, Friday, the analysts affirm that following the recent […]
Sub-Saharan Africa accounts for 57% of world’s active mobile money accounts
Businessam StaffNovember 16, 2017
57 percent of world’s active mobile money accounts are domiciled in Africa in 2016, according to analysts at Ecobank Research in infographics released Thursday’s on Africanchat monitored on Twitter. The researchers noted that more and more Africans are using mobile money to transfer cash, pay bills, top up airtime, remit and pay in shops. The […]
Nigerian stocks rebound after a 2-day sell-off as index rose marginally by 0.05%
Businessam StaffNovember 16, 2017
The Nigerian equities market clawed back gains after a 2-day sell-off as the all-share index (ASI) rose by a marginal 0.05 percent to close at 36,634.89 points. Market year-to-date gain improved to 36.3 percent just as market capitalization increased by N77.1 billion to settle at N12.8 trillion. The day’s market performance was bolstered by price […]
Energy commodities outlook upbeat as price index seen averaging 97.4 in 2018
Businessam StaffNovember 16, 2017
Analysts’ views on energy commodities prices for 2018 are upbeat on expectations of higher prices for crude oils in the long term to year-end 2018. FocusEconomics, a Spain-based leading provider of economic analysis and forecast, in its November 2017 Commodities Outlook, said it sees the energy price index averaging 97.4 in Q4 2018, which would […]
Economic rebound in Nigeria, South Africa, gas investment, fintech innovation to drive growth in Africa in 2018 – Report
Businessam StaffNovember 16, 2017
Economic rebound in sub-Saharan Africa heavyweights, Nigeria and South Africa, and ongoing growth in top performers, Ethiopia, Côte d’Ivoire and (more recently) Ghana, and fintech innovation, as well as a growing investment in gas resources, has been identified as key trends to grow the region’s economy in 2018. The 2017 Ecobank Research’s Fixed Income, Currency […]