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European Stock Markets Surge On Vaccine Hopes

European Stock Markets Surge On Vaccine Hopes

August 24, 2020 5:22 pm

European stock markets surged Monday on hopes of a coronavirus vaccine, while the dollar waned on continued deadlock over a new US stimulus deal, dealers said.

Looking ahead to a key meeting of central bankers this week, traders sent London’s benchmark rallying 2.0 percent and major eurozone indices were almost 2.5-percent higher approaching the half-way stage.

American authorities on Sunday announced that doctors could use blood plasma from recovered coronavirus patients as a treatment against the disease that has killed more than 176,000 in the US.

Read Also: Stocks Slide As US Jobless Data Fuel Economy Concerns

The move by …

Adesina Sends Message To AfDB Stakeholders

Adesina Sends Message To AfDB Stakeholders

August 23, 2020 3:18 pm

The President African Development Bank (AfDB), Dr Akinwumi Adesina said the 2020 Annual General Meeting (AGM) of the bank will provide a forum to discuss ways to help Africa in its economic recovery.

According to him, it will also provide an avenue to come up with post-COVID-19 strategies.

Adesina said this in a video to welcome shareholders and other stakeholders ahead of the forthcoming virtual annual meeting scheduled between Aug. 25 and Aug. 27.

Read Also: Africa’s Outlook Positive, AfDB Officials Tell Indian Investors

He said the meeting would also offer opportunity for shareholders and stakeholders to dialogue, provide insights, …

Ecobank Launches Virtual Card For Online Payments

Ecobank Launches Virtual Card For Online Payments

August 23, 2020 9:59 am

Ecobank has launched the virtual card, a digital payment solution for safe online payments, integrated into its digital banking channel, Ecobank Mobile.

The Ecobank Virtual Card was rolled out in the recently released version of the award winning Ecobank Mobile app which is available for downloading at the Google Play and App Stores.

Read Also: Court Adjourns Ecobank’s Suit Against Honeywell Group

All Ecobank current, savings and Xpress account holders who are onboarded on the Ecobank Mobile app can now access a virtual card for their online payment needs.

“The Ecobank Virtual Card is a safe and secure way to

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‘I’m An Advocate Of Democracy‘ – Buhari Congratulates Obaseki

Oil Minister Buhari In Phone Conversation With King Salman

August 19, 2020 11:05 am

Nigerian leader and Minister of Oil, Nigeria President Muhammadu Buhari has had a phone conversation with Saudi Arabia’s King Salman bin Abdulaziz over stabilising the oil market.

Saudi state news agency SPA reported the conversation on Wednesday.

There has been no statement from Nigeria’s Aso Rock.

According to the SPA, the two leaders “stressed the importance of compliance, by all participants, to the OPEC+ agreement and the agreed upon compensation mechanism.”

Buhari is also Nigeria’s oil minister.

Read Also: Ghali Na’Abba’s Invitation By DSS Not My Concern – President Buhari

A ministerial panel of key OPEC+ oil producers, headed by …

Donald Trump Finally Wears Mask In Public

Trump Backs Oracle In Reported TikTok Bid

August 19, 2020 10:43 am

President Donald Trump has voiced approval of Oracle Corp’s reported bid for TikTok, the Chinese video-sharing sensation that could also be bought by Microsoft.

Reports said Oracle — whose chairman Larry Ellison has raised millions in campaign funds for Trump — was weighing a bid for TikTok’s operations in the US, Canada, Australia and New Zealand.

The Trump administration has given TikTok’s parent company ByteDance a 90-day deadline to divest the app before it is banned in the United States, citing national security concerns.

Taking questions after a speech on Tuesday in Yuma, Arizona, Trump said: “I think Oracle is …

Nigeria’s Foreign Assets At Risk As Enron Seeks $22m Arbitration

Nigeria’s Foreign Assets At Risk As Enron Seeks $22m Arbitration

August 19, 2020 6:36 am

Nigeria is making frantic efforts to stop Enron Nigeria Power Holding (ENPH) from enforcing a $22 million arbitration award that could risk the country’s assets in the US.

ENPH, an incorporation of the defunct Enron International, is seeking a turnover of Nigeria’s claim to proceeds from an $80 million mega yacht that was sold in the US.

In 2019, a US federal court had given Nigeria approval to sell the yacht, named “Galactica Star”, as part of an ongoing corruption case against Kola Aluko, Nigerian businessman who allegedly acquired it with diverted profits from oil sales in Nigeria.

The yacht …

Oil Prices Fall Amid Bleak Outlook Warnings

Oil Prices Rise On Back Of China’s Huge Booking For US Crude

August 17, 2020 10:50 am

Oil prices rose on Monday as China’s plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand amid the coronavirus pandemic and an uptick in supplies.

Brent crude added 30 cents, or 0.7 per cent to $45.10 a barrel by 0410 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.8 per cent to $42.35 a barrel.

Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and September, Reuters reported on Friday.

This is as China …

Japanese Economy Shrinks By 27.8 Percent

Japanese Economy Shrinks By 27.8 Percent

August 17, 2020 9:16 am

The Japanese economy contracted at an annualised rate of 27.8 per cent in the second quarter, as the world’s third-largest economy was devastated by the novel coronavirus pandemic, a government report showed on Monday.

The third straight quarterly contraction marked the biggest fall since 1980, when comparable data became available.

The reading was almost in line with the 26.6 per cent contraction forecast by the Japan Centre for Economic Research.

The centre expected the economy to bounce back in the July-to-September period with annualised growth of 13.6 per cent.

Read Also: Torrential Rains Hit Japan’s Southern Island, Kill 16

Consumer …

Forex Expert Says COVID-19 Boomed Trading

Forex Expert Says COVID-19 Boomed Trading

August 16, 2020 12:34 pm

A fund manager, Mr Stano Emmanuel stated that the COVID-19 pandemic has attracted many players to forex trading.

Emmanuel, the CEO of DCROCSTYLE Nigeria Ltd made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Ilorin.

According to him, COVID-19 has expanded the base of players in the market while many economies were suffering.

Read Also: CBN Injects $218.41m, CNY 18m Into Forex Market

” Presently, we now have more players in the forex market than before. This is because so many businesses have really gone down.

“Everybody wants to go online, especially when …

Poland Enters First Recession Since Communist Era – Official Data

Poland Enters First Recession Since Communist Era – Official Data

August 14, 2020 5:20 pm

Poland is experiencing its first recession since the end of the communist era more than three decades ago, an estimate by Poland’s statistics office showed on Friday.

The economy shrank by 8.9 percent in the second quarter because of the effects of the coronavirus lockdown, after a contraction of 0.4 percent in the first quarter.

Recession is defined two consecutive quarters of contraction.

Read Also: Poland To Propose Limits On Foreign Media Soon, Kaczynski Says

Poland was the only European Union member state to avoid recession during the global financial crisis of 2008 and 2009 and has enjoyed healthy growth …

Oil Prices Rise, Head For Weekly Gain

Oil Prices Rise, Head For Weekly Gain

August 14, 2020 12:06 pm

Oil prices advanced on Friday and were heading for the second week of gains amid growing confidence that demand for fuel is starting to pick up.

This is in spite of the coronavirus pandemic that has slammed economies worldwide.

Brent crude was up 14 cents, or 0.3 percent at $45.10 by 0043 GMT, heading for a gain of about 1.6 percent this week.

West Texas Intermediate had gained 12 cents or 0.3 percent to $42.36.

The U.S. benchmark is heading for a gain of nearly three percent this week.

Read Also: Tax Keeps Nigeria Afloat Not Oil Money – FIRS

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Putin Signs Law That Allows Him Stay In Power Until 2036

Russia’s Economy Shrinks By 8.5 Percent In Second Quarter

August 12, 2020 6:11 pm

Russia’s economy contracted by 8.5 percent year-on-year in the second quarter, the state statistics agency said Tuesday in its first assessment of the impact of the coronavirus and an oil crisis.

GDP fell in “all areas of the economy except agriculture” between April and June, the Rosstat agency said in a statement, with passenger transport down 79 percent and the services industry down 37.2 percent.

Rosstat’s figure for the second quarter was within the central bank’s forecast of between 8 and 10 percent, while the government had predicted a 9 percent reduction in economic activity.

Read Also: WHO Keen To

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