Analysts foresee Nigeria’s economy in sluggish recovery in 2018 at 2.2%
Jerome Ushakang
December 14, 2017
Financial and economic analysts at Financial Derivative Company (FDC) have foreseen a sluggish economic recovery in 2018. Bismarck Rewane, the chief executive officer of the FDC in a presentation at the Lagos Business School (LBS) Breakfast Session December 7, said economic recovery in 2018 will be slow, adding that overall gross domestic products (GDP) growth […]
Ahead NBS data, headline inflation seen dipping to 15.88% in November
Businessam StaffDecember 14, 2017
Ahead the release of November inflation numbers on December 19, 2017, by the National Bureau of Statistics (NBS), analysts at Financial Derivative Company, a Lagos-based research and data company, have forecast that headline inflation will decline for the 10th consecutive month to 15.88 percent in the month of November. In their FDC Monthly Economic Update […]
Fitch sees bleak outlook for reinsurance on back of Q3 weather catastrophes, depressed prices
Businessam StaffDecember 13, 2017
Fitch ratings has seen bleak future for reinsurance because of Hurricanes Harvey, Irma, Maria and a couple of earthquakes that also contributed to catastrophe losses in Q3 2017. It said while market conditions are forecast to improve, outlook on global reinsurance is negative. The credit rating agency cited three factors impacting reinsurer profitability: intense market […]
US SEC warns ‘extreme caution’ over cryptocurrency investments, says there are ‘substantial risks of theft, loss, including from hacking’
Businessam StaffDecember 13, 2017
Jay Clayton, the head of the US Securities and Exchange Commission has warned bitcoin and other cryptocurrency investors to beware of scams and criminal activity in the sector. In the financial regulator’s strongest statement yet a statement, the SEC chair said: “If a promoter guarantee returns, if an opportunity sounds too good to be true, […]
World Bank to cease financing upstream oil and gas after 2019
Businessam StaffDecember 12, 2017
The World Bank said on Tuesday it will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances. The bank said in a statement, according to Reuters,”as a global multilateral development institution, the World Bank Group is continuing to transform its own operations […]
Brent crude soar above $65 bpd for first time since 2015
Businessam StaffDecember 12, 2017
Global benchmark Brent crude oil prices jumped above $65 per barrel for the first time in 2 1/2 years after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts. Futures rose as much as 1.6 percent in London, set for […]
Profit taking in large caps pull down Nigerian stocks index 0.88%
Jerome UshakangDecember 11, 2017
Equities trading on the floor of the Nigerian Stock Exchange (NSE) Monday ended negative, depressing the all-share index (ASI) by 0.88 percent to close at 38,913.99 points in contrast to 0.70 percent depreciation recorded in the previous transaction last Friday. Similarly, market capitalization downsized to close at N13.53 trillion just as year-to-date gain retreated to […]
Nigeria’s 2018 budget seen not a fiscal stimulus for growth as experts explore prospects
Jerome UshakangDecember 11, 2017
Nigeria’s bid to achieve economic recovery and sustainable growth through its 2018 budget was the focus of the 2017 economic discourse hosted by the Institute of Chartered Accountants of Nigeria (ICAN) at the Nigerian Law School, Lagos. Most of the experts at the event said the assumptions for the budget are overly optimistic and that […]
NERC’s new eligible customer regulation may hike retail tariffs
Businessam StaffDecember 11, 2017
There are possibilities that retail tariffs may go up when the Nigerian Electricity Regulatory Commission (NERC’s) eligible customer regulation comes into force, says analysts at Detail Solicitors, Nigeria’s first commercial solicitor firm specialising exclusively in non-courtroom practice. By the declaration, electricity customers who fall within any of four “eligibility” categories would now be permitted to […]
Oil halts gains near $57 bpd on OPEC-cuts review as U.S. drillers add rigs to fields
Businessam StaffDecember 11, 2017
Oil halted gains to near $57 a barrel as U.S. drillers expanded the crude rig count to a three-month high, potentially countering efforts by OPEC and its allies to drain a global glut. Futures were little changed in New York after climbing 2.5 percent in the previous two sessions. Drillers boosted the rig count by two […]