Nigeria economy grows 1.4% in q3 as oil production increases to 2.03m bpd
Businessam Staff
November 20, 2017
Nigeria’s economy expanded in the third quarter 2017, as oil production output increased. The gross domestic product of Africa’s largest crude producer expanded 1.4 percent in the three months through September from a year earlier, compared with a revised 0.72 percent in the second quarter, according to the report by National Bureau of Statistics released […]
What Warren Buffett really thinks about Bitcoin
Businessam StaffNovember 19, 2017
Bitcoin is not only the top digital currency on the market today; it’s an incredibly volatile investment. Opinions are sharply divided on bitcoin’s suitability as a currency, and as an investment; some consider it to be the future of money, while others believe it’s only the fad of the moment. Falling squarely into the second […]
Global banks flag concerns over U.S. Senate tax proposal
Businessam StaffNovember 19, 2017
Global banks raised concerns on Saturday over a provision in the U.S. Senate tax bill aimed at cracking down on tax avoidance by multinational corporations that they said could hurt the banking industry, Media reports said. Banks initially looked to be one of the major winners of Republican lawmakers’ efforts to overhaul the U.S. tax […]
IMF, statisticians gather on measuring welfare in a digital economy, continued relevance of the GDP tool
Businessam StaffNovember 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 […]