Economy

Asia shares push ahead as China markets jump

Published

5 years ago

August 17, 2020

Asian shares crept back toward recent peaks on Monday as Chinese markets swung higher, while investors waited to see if the recent sell-off in longer-dated U.S. Treasuries would extend and maybe take some pressure off the beleaguered dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS gained 0.5 per cent to 565.74, moving nearer to the January top of 574.52.

Chinese blue chips led the way with gains of 2.4 per cent, with the country’s central bank providing more medium term loans to the financial system.

Beijing also granted a patent for CanSino Biologics Inc’s COVID-19 vaccine candidate Ad5-nCOV.

Japan’s Nikkei dipped 0.6 per cent after touching a six-month peak on Friday, as the country suffered its biggest economic contraction on record in the second quarter.

E-Mini futures for the S&P 500 ESc1 firmed 0.28 per cent to be just below the record close of 3,386.15.

EUROSTOXX 50 futures STXEc1 eased 0.1 per cent and FTSE futures FFIc1 0.04 per cent.

The U.S. second-quarter earnings season wraps up with the major retailers reporting this week, including Walmart Inc, Home Depot Inc and Kohls Corp.

Sino-U.S. relations remain a sticking point with U.S. President Donald Trump on Saturday, saying he could exert pressure on more Chinese companies such as technology giant Alibaba after he moved to ban TikTok.

U.S. crude oil shipments to China will rise sharply in coming weeks, as the world’s two top economies gear up to review their January deal after a prolonged trade war.

News that the scheduled review of the U.S.-China Phase-One trade deal over the weekend had been postponed indefinitely didn’t elicit much of a reaction.

The highlight of the economic calendar will be the release of the minutes from the Federal Reserve’s last policy meeting.

“Market participants will be looking for insight into the details and exact timing of when the Fed’s Monetary Policy Review will be completed.

“This is also for more clarity with respect to the potential timing and structure of any changes to forwarding guidance,’’ noted analysts at NatWest Markets.

Speculation is rife that the Fed will adapt an average inflation target, which would seek to push inflation above two per cent for some time to make up for the years it has run below it.

That combined with massive new debt supply caused a sharp increase in longer-term bond yields last week with 30-year yields US30YT=RR rising 21 basis points as the curve steepened.

The lift in yields gave the dollar some respite after weeks of losses.

Against a basket of currencies the dollar was a fraction lower at 93.016 =USD, still uncomfortably close to the recent trough of 92.521.

The euro flattened out a little late last week, having met resistance around the two-year peak of $1.1915.

Yet it still ended the week with a gain of 0.5 per cent and was last holding firm at $1.1856.

“Investors strategically long EUR/USD should stick to the position,’’ said CBA forex analyst, Elias Haddad.

“Greater Eurozone fiscal solidarity, real two‑year swap rate differentials and relative central bank balance sheet trends between the Eurozone and the U.S. suggest the fundamental uptrend in EUR/USD is intact.’’

The single currency has also made a notable break higher on the yen to reach ground not trod since April 2019.

Indeed, the yen fell against most of its peers last week, with the dollar holding at 106.59 yen on Monday.

In commodity markets, gold steadied at $1,943 an ounce, after the jump in bond yields saw it lose 4.5 per cent last week in its worst performance since March.

Oil prices edged ahead on hopes for Chinese demand and after data showed crude oil, gasoline and distillate inventories all declined in the week-ending Aug. 7.

Brent crude futures rose 33 cents to $45.13 a barrel, while U.S. crude gained 38 cent to $42.39. (Reuters/NAN)

Economy

Nigerians to Pay More for Petrol as Fuel Prices Rise Nationwide

Published

19 hours ago

October 7, 2025

Our Reporter

By: Fabian Apechihin

Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.

Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.

Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.

Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.

“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.

IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.

Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.

The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.

Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.

Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”

In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.

Economy

Tourism wearing a new face in Kwara: Commissioner

Published

1 week ago

September 28, 2025

Our Reporter

Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin

Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.

The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.

The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).

According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.

“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.

The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.

She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.

She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.

“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.

The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.

In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.

Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.

She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.

Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.

End

Economy

FAAN Rolls Out Cashless Payment System at Lagos, Abuja Airports

Published

2 weeks ago

September 26, 2025

Our Reporter

By: Fabian Apechihin

The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.

In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.

According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.

FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.

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