Hurricane Harvey hits U.S. petroleum industry, oil markets become tumultuous
Businessam Staff
August 28, 2017
Oil markets were roiled Monday after Tropical Storm Harvey wreaked havoc along the U.S. Gulf Coast over the weekend, crippling Houston and its port, and knocking out numerous refineries as well as some crude production. U.S. gasoline prices hit two-year highs as massive floods caused by the storm forced refineries in the area to close. […]
China is creating the world’s largest power company
Businessam StaffAugust 28, 2017
China’s government led by President Xi Jinping approved the merger of Shenhua Group Corp., the country’s top coal miner, with China Guodian Corp., one of the largest power generators, the State-owned Assets Supervision and Administration Commission said in a statement Monday, according to Bloomberg. The new entity, with assets of 1.8 trillion yuan ($271 billion), will be the world’s […]
Two most powerful central bankers deliver back-to-back warnings
Businessam StaffAugust 27, 2017
The world’s two most powerful central bankers Friday delivered back-to-back warnings against dismantling tough post-crisis financial rules that the Trump administration blames for stifling U.S. growth. European Central Bank President Mario Draghi, speaking at the Federal Reserve’s annual retreat in Jackson Hole, Wyoming, said it was a particularly dangerous time to loosen regulation given that central banks […]
Nigeria’s interbank lending rate drops on liquidity injection
Businessam StaffAugust 25, 2017
Nigeria’s overnight lending rate dropped to 12 percent Friday after spiking to almost 100 percent Wednesday due to a liquidity squeeze as lenders paid for hard currency and treasury bills purchased from the central bank, traders said. Money market rates moderated Thursday after the state disbursed 224.54 billion naira ($715.10 mln) in budget allocations to […]
Central banks’ pursuit of inflation has turned Sisyphean, analysts call for its end
Businessam StaffAugust 25, 2017
Central banks globally have spent years fruitlessly trying to awaken long-dormant inflation, and some analysts say it’s time to stop trying. Anemic inflation has become a bugaboo for global central banks, with frequent mentions in the meeting minutes. It’s been a speed bump in the U.S. Federal Reserve’s path toward normalizing interest rates, with members […]
Global credit growth to stabilise in 2017, says Fitch
Businessam StaffAugust 25, 2017
Global credit growth in 2017 is likely to stabilise following a slowdown in 2016, but remains at a record low since the global financial crisis of 2008, Fitch, a financial rating agencysaid in its latest Macro-Prudential Risk Monitor released on Friday Consequently, macro-prudential risk indicators (MPI scores) continue to point towards reduced vulnerability to systemic stress […]
Oil prices up as U.S. rigs, refineries brace for hurricane
Businessam StaffAugust 25, 2017
Oil prices rose Friday as the U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. Harvey became a category 2 storm as it crossed the Gulf of Mexico with winds of 110 mph (175 kph), 145 miles (235 km) off port […]
FTSE 100 closes down after week of carnage on the markets
Businessam StaffAugust 25, 2017
The FTSE 100 closed down 0.08 per cent at 7,401.46 Friday, after a dramatic week on the markets which saw Dixons Carphone, Provident Financial and WPP all take big tumbles. Provident was the first to fall, when its stock dropped by a whopping 72 per cent at one point on Tuesday. The Neil Woodford-backed firm […]
UK to test driverless lorries on roads by December 2018
Businessam StaffAugust 25, 2017
Self-driving lorries are to be tested on UK roads by the end of next year, the government has said. The Transport Research Laboratory has been given a contract to trial vehicle “platoons”, which will consist of up to three lorries moving in tandem, with the front vehicle controlling the speed and breaking of the group. […]
Nigeria’s central bank offers liquidity cushion to non-interest financial institutions through two new instruments
Businessam StaffAugust 24, 2017
Nigeria’s central bank Thursday said it was offering liquidity access to non-interest financial institutions (NIFIs) operating in the country through the introduction of two new financial instruments for the purpose of aiding liquidity management and deepening the financial system. The new facilities, which will be available to the institutions through the apex bank’s window, are […]