Economy
Asia shares push ahead as China markets jump
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
FGN Poised To Dismantle Kidnap Economy – General Laka

From Lateef Taiwo
The Coordinator, National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA), Major General Adamu Laka, has reaffirmed the commitment of the Federal Government of Nigeria (FGN) to ending kidnap economy in the country.
General Laka stated this while briefing newsmen on the activities of the Multi-Agency Anti-Kidnap Fusion Cell in collaboration with the United Kingdom – National Crime Agency on Tuesday in Abuja.
He said the centre had officially launched the State Expansion Programme of the Multi-Agency Anti-Kidnap Fusion Cell, bridging a critical gap between national security coordination and state-level tactical response.
The National Coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.
He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.
The national coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.
He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.
General Laka noted the cell had played key roles in supporting rescue operations, disrupting kidnapping networks, and improving interagency coordination.
According to him, experience has shown that while national coordination is crucial, state-level engagement is also indispensable.
“Too often, real-time intelligence, local knowledge, and operational readiness reside with field commands, while national coordination can only succeed when it is informed by ground realities.
“This is the primary purpose of this programme – to close the gap between national-level coordination and state-level response. Essentially, to build direct operational linkages between the Cell and state commands across the country,” Laka said.
Economy
Food Security: Sanwo-olu Commended Over Launch of ₦500bn ‘Produce for Lagos’

The Good Governance Campaign Forum (GGCF) has praised the Lagos State Government for launching the “Produce for Lagos” programme, describing this initiative and its ₦500 billion Offtake Guarantee Fund as a brilliant solution to the food insecurity challenges the nation faces.
The Forum issued this commendation in a statement signed by its Coordinator, Rahman Suleiman, on Wednesday, following the official unveiling ceremony of the program earlier in the week.
The program aims to transform Lagos’ food system and reduce the state’s dependency on external food sources, receiving positive recognition both within and outside the state for the Sanwo-Olu-led government’s efforts.
According to Suleiman, the initiative is timely and represents a pioneering collaboration between the Lagos State Government, the private sector, the Lagos Food Systems Infrastructure Company (LAFSINCO), Ekolog, and the Lagos Bulk Trading Company. He noted that this model is designed not only to enhance food production and logistics across the state but could also serve as a scalable framework for improving livelihoods and national resilience.
Suleiman shared insights from the Forum’s sampling of public opinion in Lagos and other states, indicating that people are pleased with the Lagos State Government’s strategic programs aimed at tackling hunger and starvation. He emphasized that a key component of the “Produce for Lagos” program is its data-driven approach, which will help address agricultural inefficiencies and strengthen value chains.
“Food security is a collective responsibility that we cannot afford to neglect as a nation,” Suleiman stated. “We are grateful to God for providing us with a leader like Sanwo-Olu, who is visionary, forward-thinking, and compassionate toward ordinary people.”
He commended Governor Sanwo-Olu for consistently setting benchmarks and leading by example in subnational governance. These achievements underscore the economic growth, infrastructural development, and urban planning efforts of the Lagos government.
“Governor Sanwo-Olu is a trailblazer; he has done exceptionally well, and we fully support his programs and policies. His work over the past six years speaks for itself,” he added.
Suleiman noted that this initiative, a partnership between the state government and the private sector, is expected to significantly boost agricultural production.
During the launch, Governor Sanwo-Olu also announced the deployment of a fleet of 150 cold and dry trucks—the largest of its kind—in partnership with the private sector.
Business mogul Tony Elumelu, who supported the project with ₦25 billion, stated that food security is crucial and expressed satisfaction with the collaboration between Lagos and other participating states.
Other prominent individuals at the event included Amir Kamel, Vice President of Afreximbank, and Michel Deleen, the Consul General of the Kingdom of the Netherlands, among other dignitaries.
Economy
Constitution Amendment: Group Urges NASS, FG To Prioritise Restructuring, Regionalism

… rejects the creation of new states
A prominent youth organization, the Youth Bureau, has urged the National Assembly to prioritize genuine restructuring of Nigeria, emphasizing regional autonomy and the establishment of State Police without further delay. This call comes as the legislature reviews the nation’s constitution.
The demand was articulated in the group’s Position Paper presented to the National Assembly Committee on Constitutional Amendment for the South-West Zone, which convened recently in Lagos.
In a statement signed by its Southern Coordinator, AbdulRahman AbdulRazaq, on Thursday in Lagos, the Youth Bureau also rejected calls for the creation of new states. The group warned that the Supreme Court’s judgment on local government contradicts their position, asserting that its implementation should be set aside. They believe only the State Government should have the authority to create local governments.
AbdulRazaq urged President Bola Ahmed Tinubu to prioritize comprehensive restructuring, as it is fundamental to effective governance and development. He encouraged the National Assembly Committee on Constitutional Amendment to make bold decisions that will have a positive impact on the populace.
He pointed out that the regional governments established in the late 1960s in Nigeria facilitated healthy governance and development, particularly under the Action Group government led by Chief Obafemi Awolowo in the Western Region. During that period, significant advancements were made in free education initiatives, healthcare infrastructure, industrialization, and overall infrastructure growth.
AbdulRazaq noted that the abolition of regional autonomy by the late General Aguyi Ironsi led to a unitary system of government, which resulted in excessive concentration of power in the central government, a lack of adherence to the rule of law, and restricted resource control and financial autonomy for the regions.
The Youth Bureau’s position paper includes the following demands and recommendations for the National Assembly Committee on Constitutional Amendment:
Our Demands
We urge the National Assembly Committee to consider the following:
- Genuine restructuring of the country based on regional autonomy.
- No need for the creation of additional states.
- The formation of State Police without further delay.
- Recognition that local government is a component of state government; the Supreme Court’s judgment on local government contradicts this principle, and its implementation should be set aside. Only the State Government should have the authority to create local governments.
Conclusion
We believe that a decentralized governance system founded on devolution and decentralization will ensure political and fiscal autonomy for its component units and promote equity among them. We urge President Bola Ahmed Tinubu to prioritize comprehensive restructuring and encourage the National Assembly Committee to make bold decisions that positively affect the citizenry.
Recommendations
- Decentralize governance in theory, practice, content, and character.
- Ensure equity among the component units.
- Guarantee political and fiscal autonomy for the regions.
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