UAE, Kazakhstan, Iraq, Malaysia pledge full compliance with OPEC output cuts
Aderemi Ojekunle
August 8, 2017
The United Arab Emirates (UAE), Iraq, Kazakhstan and Malaysia Tuesday pledged full support for the existing monitoring mechanism to fully cooperate with the Joint OPEC-Non-OPEC Technical Committee (JTC) and Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) in the months ahead in order to achieve the goal of reaching full conformity. The agreement was reached at the […]
Nigeria’s informal economy accounts for 65% of GDP – IMF
Businessam StaffAugust 8, 2017
Unregistered household enterprises comprise a significant portion of Nigeria’s economy, accounting for as high as 65 percent of GDP, says the International Monetary Fund (IMF) in a blog article seen by businessamlive. The IMFblog chat entitled: The Potential for Growth and Africa’s informal Economy, indicates that by 2035, sub-Saharan Africa will have more working-age people […]
Global bank ratings trend sharply negative in H1 2017 as emerging markets dominate downgrades
Oluwafemi OgunjobiAugust 8, 2017
Global bank rating trends were sharply negative in the first half of 2017 with downgrades significantly outnumbering upgrades, says Fitch Ratings, just as it revises up its 2017 and 2018 world GDP growth forecasts to 3.0 percent (from 2.9% in June) and 3.2 percent (from 3.1%), respectively. “We changed 92 bank Issuer Default Ratings (IDRs), […]
Domestic investors back in Nigeria’s equities market, account for 54% of total trade in H1 2017
Businessam StaffAugust 8, 2017
They are back! Nigerian domestic investors who, beaten by the 2008 bug of the financial crisis that engulfed the Nigerian capital markets and stayed away for years to leak their wounds, have made a steady comeback to the market, evidence from a Nigerian Stock Exchange market analysis strongly show. According to the market analysis for […]
Exclusive! Nigeria finance ministry stalls pensioners’ verification, enrollment as it holds back funding
Businessam StaffAugust 8, 2017
Nigeria’s finance ministry has been fingered for non-release of funds to the Pension Transitional Directorate (PTAD) to carry out its statutory function of verifying and enrolling pensioners under the defined benefit scheme (DBS). Businessamlive gathered from various sources close to the ministries of Finance and Budget that enrollment and payment of pensioners have been stalled due to non-release of […]
Nigerian UK-based professor, charges financial regulators to ‘walk the talk’ on sustainability
Oluwafemi OgunjobiAugust 8, 2017
As Nigerian financial regulators look ahead to the December 2019 deadline to fully comply with the demands of the Nigerian Sustainable Finance Roadmap, developed by the Financial Services Regulation Coordinating Committee (FSRCC), a Nigerian professor, Kenneth Amaeshi, has said that the regulators need to make sustainability agenda stick in their respective industries by imbibing sustainability […]
World trade to post modest recovery in Q3 with 6-year high reading of 102.6 points
Businessam StaffAugust 7, 2017
The World Trade Organisations’ (WTO) latest World Trade Outlook Indicator (WTOI) released Monday, August 07, suggests that global merchandise trade growth will continue to strengthen in the third quarter of 2017. The latest reading of 102.6 is higher than the previous reading of 102.2 issued in May this year, suggesting sustained momentum for trade growth. […]
Nigeria equities opens week still upswing with 0.27% rise in benchmark index
Businessam StaffAugust 7, 2017
Nigerian stocks Monday sustained the bullish run of last week, as all-share index appreciated by 0.27 percent to close at 37,525.38 points, representing 0.51 basis point below the 0.78 percent appreciation recorded previously. Thus, year-to-date performance was further buoyed to 39.6 percent. Similarly, market capitalisation gained N34.5 billion to settle at N12.9 trillion. Monday’s positive performance was due to […]
Nigerian equities no longer under siege as outlook strong on improved performance
Oluwafemi OgunjobiAugust 7, 2017
Nigeria ‘market-pessimism’ which had lingered for months took a different turn in Q2-17, as a series of positive headlines and policy pronouncements threw a curve-ball at the market and drove the All Share Index (ASI) from a low of 24,581.9 points on 6th of March 2017 to a high of 37,525.38, according to analysts at […]
Profit muted for Nigeria downstream oil marketers in half-year 2017
Businessam StaffAugust 7, 2017
Scores of half-year results released by downstream oil players indicate that the industry still remains mired by declining revenues, as profitability remains muted, according to data available to businessamlive. Half-year results by Total, Mobil, Oando and Conoil Plc indicate declines in profit, while Forte Oil, though with a marginal increase in profit year-on-year had lower […]