Economy
AlikeAudience Recognised at the Marketech APAC 2024 Marketing Technology Awards
Omnichannel data audience company wins for Best Customer Data Platform, Best AI Marketing Solution, and Best Mobile Marketing Solution
SUNNYVALE, USA & HONG KONG SAR – Media OutReach Newswire – 3 December 2024 – AlikeAudience, a company directly integrated with major demand side platforms and data marketplaces worldwide that provides premium omnichannel audience data to brands, has announced its victory in three categories at this year’s Marketech APAC Marketing Technology Awards.
The gala awards night, held in Singapore on November 28, awarded AlikeAudience for Best Customer Data Platform, Best AI Marketing Solution, and Best Mobile Marketing Solution.
“The AlikeAudience team is proud to be recognized by the Marketech APAC team, and the top panel of industry judges,” said AlikeAudience Managing Director Jeremy Lo. “We believe the AdTech industry, particularly in the key area of data utilization, will increasingly rely on AI-powered, privacy-compliant solutions. AlikeAudience is at the forefront of this advancement, providing platform and tech-agnostic solutions to meet industry needs.”
AlikeAudience offers bespoke demographic, interest, and app data, and has more than seven thousand audience segments in the US and APAC across the key sectors of FMCG, automotive, e-commerce, entertainment, travel, and hospitality.
The company assembles its audience data from a combination of location signals, app data, and demographic data and connects these data points with insights from market research to generate methodologies to deliver targetable segments for media activation.
Lo also said marketers in Asia must adapt their strategies for first, second, and third party data to effectively navigate diverse market dynamics and regulations.
“An innovative approach is essential to take advantage of technological advances,” Lo said. “With strong US coverage, AlikeAudience can apply global insights while localizing strategies to meet APAC advertisers’ data needs, helping future-proof their business.”
AlikeAudience was founded in Sunnyvale, California, in 2015, and operates in the US, Asia, and Australia.
Hashtag: #AlikeAudience
The issuer is solely responsible for the content of this announcement.
About AlikeAudience
AlikeAudience is a data science company focused on omnichannel data activation. We enable advertisers to seamlessly connect with their target audiences through AI-powered, future-proof data solutions. See more at www.alikeaudience.com
Economy
New FX Trading System Buoys Naira to N1,535/$1 at Official Market
By Adedapo Adesanya
The new foreign exchange (FX) trading system of the Central Bank of Nigeria (CBN) known as the Electronic Foreign Exchange Matching System (EFEMS) has continued to strengthen the Naira in the various segments of the currency market.
On Friday, the local currency maintained its positive run with a 2.0 per cent or N32 gain against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to trade at N1,535/$1 compared with the preceding day’s value of N1,567/$1.
This happened despite a decline in the value of forex transactions at the official market yesterday by 38.8 per cent or $111.18 million to $175.15 million from the $286.33 million recorded a day earlier.
The EFEMS was put in place by the central bank to eliminate distortions and bring greater efficiency to Nigeria’s volatile foreign exchange market.
It was observed that in the spot market, the domestic currency appreciated against the British Pound Sterling during the session by N84.25 to quote at N1,960.61/£1 compared with the previous day’s N2,044.86/£1 and improved its value against the Euro by N66.90 to close at N1,624.41/€1 versus Thursday’s closing price of N1,691.31/€1.
In the parallel market, the Nigerian Naira gained N125 against the US Dollar on Friday to settle at N1,580/$1, in contrast to the preceding session’s N1,705/$1.
Meanwhile, the cryptocurrency market was largely positive with the second-largest cryptocurrency, Ethereum (ETH), crossing the $4,000 mark for the first time since March before it corrected.
The coin chalked up 2.0 per cent in the last 24 hours to trade at $3,978.16 as spot ether exchange-traded funds saw record inflows, suggesting high institutional interest.
Further, Ripple (XRP) increased yesterday by 3.9 per cent to $2.44, Binance Coin (BNB) went up by 1.9 per cent to $741.66, Bitcoin (BTC) grew by 1.5 per cent to $99,420.58, Cardano (ADA) jumped by 1.1 per cent to $1.21, Dogecoin expanded by 0.7 per cent to $0.4397, and Litecoin (LTC) inflated by 0.4 per cent to $136.67.
However, Solana (SOL) slumped by 1.3 per cent to trade at $235.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
Economy
Oil Market Slides Amid Supply Surplus Concerns
By Adedapo Adesanya
The oil market depreciated on Friday as analysts projected a supply surplus next year on weak demand despite the decision by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to delay output hikes and extend deep production cuts to the end of 2026.
During the session, Brent crude futures shed 97 cents or 1.4 per cent to trade at $71.12 per barrel and the US West Texas Intermediate (WTI) crude futures lost $1.10 or 1.6 per cent to close at $67.20 a barrel.
For the week, Brent lost more than 2.5 per cent while WTI saw a drop of 1.2 per cent.
OPEC+ pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.
Weak global oil demand and the prospect of OPEC+ ramping up production as soon as prices rise have weighed on trading.
The alliance had already postponed twice the beginning of the output increase. January 2025 was set as the point from which producers would begin to add supply, but that has since changed due to a slowdown in global demand – especially from top crude importer China.
OPEC+, which is responsible for 50 per cent of the world’s supply, will also face competition from rising output elsewhere, which has forced it to postpone the plan several times.
On Friday, Saudi Energy Minister, Prince Abdulaziz bin Salman said that the primary reason for OPEC’s deferral of the production increase to the start of the second quarter is that the first quarter in any year is a weak consumption period.
“The first quarter is not a good quarter to bring volumes,” Abdulaziz bin Salman said. “That quarter is known to be a quarter for building stocks.”
The deferral, while primarily motivated by fundamentals, would give OPEC+ a better view of China’s growth, Europe’s growth, US policy, interest rates, and inflation in key developed markets.
Bank of America forecast that increasing oil surpluses will drive the price of Brent to an average of $65 a barrel in 2025, while oil demand growth will rebound to 1 million barrels per day next year, the bank said in a note on Friday.
Also in a note, HSBC expects a smaller oil market surplus of 0.2 million barrels per day, from 0.5 million barrels per day previously.
Brent has largely stayed in a tight range of $70-$75 per barrel in the past month, as investors weighed weak demand signals in China and heightened geopolitical risk in the Middle East.
Economy
Nigeria’s Positive Trade Balance Grows 43.6% in Q3 2024
By Adedapo Adesanya
Nigeria recorded another positive trade balance in the third quarter of 2024, growing 43.6 per cent as the country’s total merchandise trade stood at N35.2 trillion.
A positive trade balance (surplus) occurs when there is a higher export value than import as it stood at N5.8 trillion, in the period under review.
This represents an increase of 81.4 per cent compared to the value recorded in the corresponding period of 2023 and a rise of 13.3 per cent over the value recorded in the preceding quarter.
In the quarter under review, exports accounted for 58.3 per cent of total trade with a value of N20.5 trillion, showing an increase of 98 per cent over the value recorded in the third quarter of 2023 at N10.4 trillion and 16.8 per cent compared to the value recorded in Q2 2024 at N17.5 trillion.
Nigeria’s export trade continued to be dominated by crude oil exports.
In the third quarter of 2024, crude oil export was valued at N13.4 trillion representing 65.4 per cent of total exports while the value of non-crude oil exports stood at N7.1 trillion accounting for 34.6 per cent of total exports; of which non-oil products contributed N2.5 trillion or 12.2 per cent of total exports.
On the other hand, the share of imports accounted for 41.7 per cent of total trade in the third quarter of 2024 with the value of imports amounting to N14.5 trillion in Q3, 2024.
This value indicates an increase of 62.3 per cent compared to the value recorded in Q3 2023 (N9.0 trillion) and 8.7 per cent over the value recorded in Q2 2024 (N13.5 trillion).
China remains Nigeria’s highest trading partner on the import side in the third quarter of 2024, followed by India, Belgium, United States of America, and Malta.
The most traded commodities imported during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Cane sugar meant for sugar refinery and used vehicles, with diesel or semidiesel engines, of cylinder capacity >2500cc.
The top five trading export partners were Spain, the United States of America, France, the Netherlands and Italy.
The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Floating or submersible drilling or production platforms, and superior-quality Cocoa beans.
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