Business

European Stock Markets Surge On Vaccine Hopes

Asia Stocks Retreat As Virus Threatens Economic Reopening

June 29, 2020 5:41 am
Asian share markets began the week with a cautious tone on Monday as the relentless spread of the coronavirus finally made investors question their optimism on the global economy, benefiting safe harbour bonds and crimping oil prices.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent and further away from a four-month top hit last week.

Japan’s Nikkei shed 2.2 per cent and Chinese blue chips 0.9 per cent.

Read Also: European Stocks Turn Sour After Bright Start

E-Mini futures for the S&P 500 eased 0.2 per cent, while EUROSTOXX 50 futures lost 0.7 per cent …

Nigerian Youths Tasked To Exploit Digital Skills As Means Of Survival

Nigerian Youths Tasked To Exploit Digital Skills As Means Of Survival

June 25, 2020 4:22 am

Nigerian youths have been advised to join hands with the government to acquire necessary digital skills for self-reliance, post-COVID-19 era.

They have also been warned to remain committed to their talents as educational qualifications without prerequisite skills may no longer guarantee success considering changes in global trends.

The Director-General, National Information Technology Development Agency (NITDA), Mallam Kashifu Abdullahi, gave the advice during an online interactive session with Nigerian youths on the topic, ‘Education, Employment & Technology in Nigeria, Gaps & Opportunities Post COVID-19 Pandemic’.

Mallam Abdullahi lamented that the outbreak of Coronavirus has been a monumental disaster globally which has

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MTN Subscribers Send 3.71 Billion Free SMS

MTN Subscribers Send 3.71 Billion Free SMS

June 23, 2020 2:22 pm

Ferdi Moolman, the MTN Nigeria CEO said that the network had provided 3.71 billion free Short Message Service (SMS) for its subscribers nationwide.

Moolman said the initiative was implemented to ensure that all MTN’s customers were be able to access loved ones, support systems and information, during the lockdown.

Read Also: COVID-19: MTN Orders Staff To Work From Home

The free service will end this month.

“As of June 19, 2020, the network has provided 3.71 billion free SMS to no fewer than 51 million subscribers across every state of the Nigerian Federation.

“This means 75 per cent of all

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Egypt Announces New Oil Discovery

Egypt Announces New Oil Discovery

June 18, 2020 4:15 pm

The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday that it has discovered a new oil site at the Gulf of Suez.

Petrogulf Misr joint company discovered the new site on behalf of Egyptian General Petroleum Corporation (EGPC), Pico GOS Petroleum Company Limited and the Egyptian unit of Kuwait Foreign Petroleum Exploration Company (KUFPEC), the ministry said.

It is estimated to initially produce 2,000 barrels of crude per day in the shallow waters of Geisum concession south of the Gulf of Suez.

Indications showed that the discovery, referred to as GNN-4, contains about 70 million barrels of extractable …

Nigeria’s Revenue Slumps, 3 Tiers Of Government Share N547.3 Billion

Nigeria’s Revenue Slumps, 3 Tiers Of Government Share ₦547.3 Billion

June 18, 2020 7:29 am

The Federation Accounts Allocation Committee (FAAC) on Wednesday shared ₦547.309 billion to the three tiers of government for the month of May.

It was the lowest amount shared this year, reflecting the downside effect of COVID-19 pandemic.

In January the three tiers shared ₦716billion.

It was ₦647billion in February, ₦780 billion in March and N606billion in April.

Out of the N547.3 billion available for May, the Federal Government received N219.799 billon, States N152.436 billion and Local Government Councils N114.095 billion.

Read Also: Buhari Govt Faults Atiku’s Claims On Nigeria’s Debt Profile, Economy

Oil producing states received …

BP to take up to $17.5bn hit on coronavirus

BP To Take Up To $17.5bn Hit On Coronavirus

June 15, 2020 4:34 pm

British energy giant BP said Monday that it will take a hit of up to $17.5 billion in the second quarter as “sustained” coronavirus fallout ravages global oil demand.

The company, fresh from outlining plans to axe almost 10,000 jobs on COVID-19 fallout, said in a statement that it will suffer a negative impact of between $13 billion and $17.5 billion (11.4 billion euros and 15.3 billion euros) in non-cash impairments and write-offs.

BP also cut its long-term oil price forecast after the deadly virus outbreak slammed the brakes on the global economy and hurt oil prices this year.

Read

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AfDB Will Create 25 Million New Jobs By 2025 - Adesina

Adesina Reacts As Jennifer Blanke Resigns As AfDB Vice-President

June 11, 2020 3:26 am

President of the African Development Bank (AfDB), Akinwumi Adesina has spoken about the resignation of Jennifer Blanke, as vice president for agriculture, human and social development at the bank.

Blanke’s resignation was confirmed by the bank on Wednesday and takes effect July 4, 2020.

According to her, she was leaving for “purely family reasons”.

Read Also: AfDB: Obasanjo, Jonathan, Presidents Oppose US, Endorse Adesina

Adesina in a statement, expressed his delight to have worked with Blanke for the last three and a half years.

“I have been delighted to work with Dr Jennifer Blanke over the past three and a …

Honda cyberattack halts plants in India, Brazil

Honda Cyberattack Halts Plants In India, Brazil

June 10, 2020 5:01 pm

Honda plants in Brazil and India have halted operations as the Japanese carmaker battles to recover from a cyberattack that affected several factories worldwide.

The cyberattack at the beginning of the week targeted Honda’s internal servers and spread a virus through the company’s systems, a spokeswoman told AFP on Wednesday.

Motorcycle plants in India and Brazil were still out of action following the attack, while a four-wheel vehicle plant in Turkey resumed operations on Wednesday, the spokeswoman said.

The firm was “still investigating details”, she said.

In total, the cyberattack affected 11 Honda plants — including five in the US, …

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

U.S. Economy Backslides Into Full Recession

June 9, 2020 4:11 am

The U.S. economy entered a recession in February, a group of economists declared Monday, ending more than a decade of steady if slow growth.

The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn.

A committee within the National Bureau of Economic Research, a trade group, determines when recessions begin and end. It defines a recession as “a decline in economic activity that lasts more than a few months.”

The committee acknowledged, however, that in this case the depth of the economic downturn so far also played a role in its decision.

For …

UK Unemployment Hits 5.0% On COVID-19 Fallout

US Faces Unemployment Crisis Amid Record Trade Drop

June 4, 2020 5:04 pm

In further signs of the crisis facing the world’s largest economy amid the coronavirus pandemic, new data Thursday showed US a record plunge in US exports as layoffs exceeded 42 million.

The two key reports on economic health indicate that even as Wall Street regains its strength and some industries show signs of recovery as virus lockdowns ease, the United States is not out of the woods yet.

The Labor Department said 1.87 million workers filed new jobless claims last week, 249,000 less than the week prior but still a grievous figure nearly three times higher than the weekly record …

Oil Prices Fall On Doubts Over Output Cuts

Oil Prices Fall On Doubts Over Output Cuts

June 4, 2020 4:55 am

Oil prices dropped on Thursday, reversing Wednesday gains, on concern over whether major crude producers will be able to agree to extend record output cuts.

Also, worries over a huge build in U.S. distillate inventories contributed to the price fall.

Brent crude LCOc1 futures fell 1.46 per cent, or 58 cents, to $39.21 a barrel as of 0459 GMT, while the U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.98 per cent, or 74 cents, to $36.55 a barrel.

Read Also: Oil Glut Drives Oil Prices Lower

Saudi Arabia and Russia, two of the world’s biggest oil producers, have …

Facebook Employees Resign Over Trump’s Post

Facebook Employees Resign Over Trump’s Post

June 3, 2020 1:12 pm
Facebook chief Mark Zuckerberg has defended himself for not condemning remarks by U.S. President Donald Trump appearing to threaten violent retribution against demonstrators protesting the death of a black man at the hands of police, according to media reported on Tuesday.

In a tweet that was also visible on his Facebook page, Trump slammed demonstrators protesting the death of George Floyd in Minneapolis as “THUGS” and appeared to promote a violent response by saying, “when the looting starts, the shooting starts.”

That phrase was first used by a Miami police chief in 1967 to justify a violent crackdown on black …

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