Asian Stocks Close Mixed as US Slams $16b Tariffs on Chinese Goods

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

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By Modupe Gbadeyanka The management of Tantalizers Plc has taken a step further to serve its customers better and make them enjoy sumptuous meals during this lockdown period. The Nigeria’s largest indigenous Quick Service Restaurant (QSR) brand has signed a partnership agreement with two local companies, OyaNow Logistics and Concorde Express. This deal, according to a statement from the company’s media handlers, was entered into in the bid to offer customers greater ease of order delivery across major areas in Lagos. Customers of Tantalizers Lekki, Ajah, Victoria Island, Ikoyi, central Lagos and other parts of the Lagos Island metropolis can

By Modupe Gbadeyanka Chairman of Jaiz Bank Plc, Dr Umaru Mutallab, has been inaugurated as the new Chancellor of the Fountain University, Osogbo, Osun State. This was done on Tuesday at the institution’s 9th convocation ceremony held at the school’s auditorium. The ceremony followed the approval of Mr Mutallab as Chancellor by the board of trustees and management and announced during a courtesy visit by the NASFAT executive members to his office in Abuja last November. Mr Mutallab, while speaking during the ceremony, said that he felt honoured to be appointed chancellor of the university, adding that he would deploy

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has petitioned the United Nations over what it described as a vicious assault on Justice Mary Odili. SERAP in a petition dated November 13, 2021, by its deputy director, Mr Kolawole Oluwadare specifically urged Mr Diego García-Sayán, the UN Special Rapporteur on the independence of judges and lawyers to “put pressure on the government of President Muhammadu Buhari to conduct a credible, thorough, impartial, independent, transparent, and effective investigation into the vicious assault on Supreme Court Justice Mary Odili by rogue officials.” SERAP also urged him to “ask the Nigerian

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that retailing stations operated by the state oil firm would commence the sale of the Compressed Natural Gas (CNG) for vehicles from December 2020. This was disclosed by the Group Managing Director of the corporation, Mr Mele Kyari, who added that the deployment will be extended to independent retail stations as the NNPC plans to replicate the plants in non-NNPC owned petrol stations by the end of 2021. “We are deploying in all our stations. Like we said, by December we will deploy it in all NNPC stations. We

By Aduragbemi Omiyale The banking industry in Nigeria may be plunged into another crisis if urgent steps are not quickly taken to address the issue so as to douse the looming tension. Business Post reports that a few years ago, precisely in 2018, depositors and shareholders of Skye Bank were in a panic mood after the Central Bank of Nigeria (CBN) nationalised the lender to Polaris Bank Limited because of debts and the House of Representatives on Thursday raised an alarm that another financial institution is allegedly swimming in huge debts. The lower chamber of the National Assembly had invited

By Investors Hub European shares have also turned mixed on Thursday after hitting an eight-month high the previous day on hopes that a U.S.-China trade deal could be imminent. Investors watched fresh developments on the Brexit front after U.K. lawmakers voted by a majority of one to force Prime Minister Theresa May to ask for an extension to the Brexit process. Elsewhere, White House economic adviser Larry Kudlow said Wednesday the U.S. and China hope to get closer to a trade deal this week. President Donald Trump is due to meet with Chinese Vice Premier Liu He in Washington today.

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By Dipo Olowookere The first trading day of the last week of 2019 ended positive on the Nigerian Stock Exchange (NSE) after the benchmark indicators appreciated by 0.73 percent to reduce the year-to-date loss to 15.34 percent. This consequently increased the All-Share Index (ASI) by 192.86 points to 26,609.34 points from 26,416.48 points and the market capitalisation by N93 billion to N12.846 trillion from N12.753 trillion. Business Post observed that there were renewed interests in the acquisition of stocks at the market on Monday, leading to an improvement in the level of activity. The volume of shares traded by investors