Programmed-trading seen distorting oil prices as swings confound traders
Businessam Staff
July 10, 2017
Energy analysts and investors, who are hard put on figuring out oil markets this year, are blaming algorithmic traders for the seeming illogical moves in prices, reports, New York-based Wall Street Journal (WSJ). On various days over the first six months of 2017, even amid signs of tightening supply, oil prices fell sharply, eventually sinking […]
Etisalat UAE gives Etisalat Nigeria three weeks deadline to stop using brand name
Businessam StaffJuly 10, 2017
Debt-troubled Etisalat has finally terminated its management agreement with its erstwhile Nigerian arm, giving the business a three-week timeline for the brand to be phased out in the country, Hatem Dowidar, the chief executive of Etisalat International said on Monday. “All UAE shareholders of Etisalat Nigeria have exited the company and have left the board […]
Citigroup analyst sees oil selling at $60 per barrel by year-end
Businessam StaffJuly 10, 2017
Crude oil could end the year selling at $60 per barrel if a call by Citigroup senior energy analyst, Eric Lee, is anything to go by, it has emerged. The call is hinged on what is seen as a likely acceleration in global demand and reduced supply of the commodity by the Organisation of Petroleum […]
$1 trillion investments lost in ongoing global oil industry downturn
Businessam StaffJuly 10, 2017
A whooping sum of $1trillion in investments is estimated to have been lost by crude oil investors in the current downturn that has gripped the industry, Amin Nasser, president and chief executive officer of Saudi Aramco, is quoted by Bloomberg to have said Monday. A deeply uncertain oil supplies outlook has gripped the world for […]
Nigeria, Libya may be asked to cap crude output later this month, says Kuwait oil minister
Businessam StaffJuly 10, 2017
Nigeria and Libya, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon, Issam Almarzooq, Kuwait oil minister said on the sidelines of an energy conference in Istanbul, Turkey. In an effort to help re-balance the market, the Organisation of Petroleum Exporting Countries (OPEC) and […]
Patience wears thin in Nigeria’s oil heartlands putting peace at risk
Businessam StaffJuly 9, 2017
The patience of indigenes of the heartlands of Nigeria’s oil production appears to be running thin, according to a report by the Reuters news agency, and a new threat to peace appears to lurk in the horizon as community leaders describe federal government efforts as full of empty promises and issue fresh threat of a […]
Nigeria among four countries to benefit from $638m US aid
Businessam StaffJuly 9, 2017
Nigeria, along with Yemen, Somalia and South Sudan, is to benefit from $638 million in new aids that have just been announced by the United States government, according to reports filed by Associated Press and obtained by Businessamlive. The four countries are regarded as places where conflict has helped to cause what the United Nations […]
Nigeria’s 2019 elections projected to push fiscal deficit to 20-year high of 2.8% of GDP
Steve OmanufemeJuly 9, 2017
Nigeria’s central government would continue its expansionary fiscal stance into 2017-18 in an effort to drag Nigeria out of the recession it entered in 2016 and to prosecute the 2019 elections, which will push fiscal deficit to a 20-year high of 2.8 percent of GDP, says the Economist Intelligence Unit in its Nigeria country Report […]
Zenith, Dangote Cement late rallies fail to lift Nigeria’s equities from bear zone
Businessam StaffJuly 8, 2017
Late rallies from Zenith Bank, Transcorp, Dangote Cement and Sterling Bank helped Nigeria’s equities market turnover to close positive Friday as volume moved up by 26.03 percent as against 45.88 percent downtick recorded in the previous session. However, the late rallies could not pull the equities market from the bear zone as of week ended […]
Nigeria’s inflation to remain high at an average of 17% in 2017, despite deceleration H1, says EIU
Businessam StaffJuly 8, 2017
The Economist Intelligence Unit (EIU), a member of The Economist Group, has projected that Nigeria’s inflation figures would remain high at an average of 17 percent for full year 2017. In a July Nigeria country report released by the EIU and seen by Businessamlive, the EIU said the effects of currency devaluation and efforts by […]