Iraq sees no need for further OPEC output cuts, will support consensus if such need arises
Businessam Staff
September 20, 2017
Iraq doesn’t see a need for more collaborative oil production cuts currently, but it would support consensus within OPEC if such need arises, Jabbar al-Luiebi, Iraqi Oil Minister said Tuesday, adding that it was still too early to decide on actions to take beyond March next year. OPEC and the non-OPEC producers that are part of […]
Sustained profit taking in large caps pares Nigeria’s stocks index 0.08% as bears rule, three days in a row
Businessam StaffSeptember 19, 2017
The Nigerian bourse’s benchmark index maintained its negative momentum at the end of Tuesday’s session, shedding 8 basis points (bps) to close at 34,846.82 points, just as year-to-date gain retreated to 29.7 percent. Market performance was largely influenced by sustained profit taking in large caps – NIGERIAN BREWERIES (-1.2%), FBNH (-5.0%) and SEPLAT (-1.5%), which […]
Quantitative easing, world growth buoy global rating outlooks, says Fitch
Businessam StaffSeptember 19, 2017
Global rating outlooks remain on an improving trend and are on balance less negative than at the start of the year across most rating sectors, Fitch Ratings says in its latest global credit outlook report. The report noted that the improving outlook for global credit quality is largely underpinned by years of loose central bank […]
October 1 shake-out in pay-TV market nears as new entrant, TStv, offers Pay-As-You-Go
Businessam StaffSeptember 19, 2017
In what appears to be a symbolic but historical tie-in with Nigeria’s Independence Day celebrations, and a shakeout of the country’s National Broadcasting Commission’s estimated 37.2 million television households market, new pay-TV entrant, Telcom Satellite TV (TStv), is set to launch October 1, in an aggressive attempt to win a profitable slice of the market, […]
Climbing stocks, weaker dollar push world’s biggest wealth fund to $1tr mark
Businessam StaffSeptember 19, 2017
Uptick in stock markets and a weaker U.S. dollar have combined to push Norway’s sovereign wealth fund to an all time high of $1 trillion for the first time on Tuesday. The current high valuation of the fund could be traced to its huge investment in equities, which stands at 65.1 percent of total investment […]
Nigeria’s N100bn rail freight market hobbled by infrastructure deficit as operators carry only 0.2% of potential
Businessam StaffSeptember 19, 2017
The size of the Nigerian rail freight market has been estimated at N100 billion with a capacity to move over a 100 million metric tons of goods annually. Edeme Kelikume, managing director, ConnectRail Services Limited, an indigenous rail haulage, infrastructure and logistics support firm, gave the estimate in an exclusive interview with businessamlive in Lagos. […]
Nigeria’s central bank buoys foreign exchange market with $545m, to sanction directive-breaching banks
Businessam StaffSeptember 18, 2017
The Central Bank of Nigeria (CBN) Monday sustained its intervention in the various sectors of the inter-bank foreign exchange market with the injection of $545 million. This is even as it has threatened to sanction any deposit money bank (DMB) in breach of its earlier directive of March 3, 2017, for lenders to among other […]
Competition heightens in LNG market as Equatorial Guinea signs sales, infrastructure MoU with Burkina Faso
Businessam StaffSeptember 18, 2017
The MoU also calls for Equatorial Guinea to explore and produce oil and gas in Burkina Faso… Competition is heightening in LNG market as Equatorial Guinea has signed sales and infrastructure agreement with Burkina Faso, Nigeria’s West African neighbor. According to a release distributed by APO, Equatorial Guinea’s ministry of mines and hydrocarbons signed a […]
NEPAD set to bridge Africa’s $68bn infrastructure finance gap with 5% Agenda campaign in New York
Businessam StaffSeptember 18, 2017
The New Partnership for Africa’s Development (NEPAD), African Union’s economic development programme, is poised to bridge the continent’s $68 billion infrastructure finance gap with the launch of its 5% Agenda campaign to international investors and CEO-level business leaders in New York at the NASDAQ Stock Market Monday. The launch is taking place five years after […]
Nigerian Breweries, Seplat, FBNH drag equities market bearish as benchmark index tumbles 0.4%
Businessam StaffSeptember 18, 2017
Nigeria’s equities market’s bearish close Friday was extended in Monday’s trade as bourse’s all-share index shed another 0.4 percent to close at 34,873.07 points. Consequently, year-to-date gain moderated further to 29.8 percent while market capitalization fell N46.5 billion to settle at N12.0 trillion. NIGERIAN BREWERIES (-2.9%), SEPLAT (-5.0%) and FBNH (-3.4%) were the major drags […]