European Stocks Move Downside

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Adedapo Adesanya Trading activities on the floor of the NASD Over-the-Counter (OTC) Securities Exchange closed bullish on Wednesday, June 14. Data revealed that unlisted equities appreciated by 0.18 per cent in the midweek, as the share prices of three companies on the platform gained weight at the close of transactions. 11 Plc gained N12.66 to move up to N144.00 per unit from N131.34 per unit, FrieslandCampina Wamco Nigeria Plc rose by N1.62 to close at N69.76 per share compared with the previous day’s N71.38 per share, and Geo-Fluids Plc improved by 23 Kobo to settle at N3.00 per unit

By Kester Kenn Klomegah The Republic of Mali, a landlocked West African state with an impoverished population, faces increasing isolation from the international community over the political power grab. Even as the African Union (AU), the continental organization, and the Economic Community of West African States (ECOWAS), the regional bloc, both suspended the membership of the Republic of Mali following military coups in August 2020 and May 2021, the ruling military officials are still holding onto political power by delaying the proposed elections earlier next year. The African Union “decides to suspend the Republic of Mali from participation in all

By Modupe Gbadeyanka Data released on Monday, July 17, 2017, by the National Bureau of Statistics (NBS) has revealed that the Consumer Price Index (CPI), which measures inflation, increased by 16.10 percent (year-on-year) in the month of June 2017. This was 0.15 percent points lower than the rate recorded in May, which stood at 16.25 percent. It is the fifth consecutive decline in the rate of inflation since January 2017. According to the stat office, on a month-on-month basis, the headline index increased by 1.58 percent in June 2017, 0.30 percent points lower than the rate of 1.88 percent recorded

By Dipo Olowookere Despite the rough environment it found itself this year, especially as a result of the negative disruption caused by COVID-19, United Capital Plc was able to achieve double digits growth in its revenue for the first half of this year. The firm on Thursday released its financial statements for the period ended June 30, 2020, and from the brief analysis by Business Post, it increased its revenue by 40.6 per cent N4.5 billion from N3.2 billion in the same period of last year. It was observed that the significant growth in the earnings was influenced by the

By Adedapo Adesanya GlobalData, an analytics company, has revealed that Nigeria’s real GDP growth should grow by 2.7 per cent in 2023. This is a slowdown in economic growth compared to 3 per cent in 2022, its report titled Macroeconomic Outlook Report: Nigeria revealed. The report showed that the continued decline in oil production, insecurity ahead of the 2023 general elections, and high inflationary pressure remain the major areas of concern for Nigeria, adding that the broadening inflationary pressure had triggered a cost-of-living crisis. “Inflation rate is projected to further rise to 19.2 per cent in 2023 from 19.1 per cent

By Ahmed Rahma Due to poor welfare package and exposure to COVID-19, the employees of the National Identity Management Commission (NIMC) have embarked on a nationwide indefinite strike. The strike notice signed by the President of the Association of Senior Civil Servants of Nigeria, NIMC branch, Mr Lucky Michael, and its Secretary, Odia Victor, stated that, “Consequent upon the just-concluded congress of the above mentioned association that took place on January 6, 2021, the unit executive directs all members of grade level 12 and below in the head office and state offices to report to their respective duty posts tomorrow

By Adedapo Adesanya Crude oil prices rose to a five-month high on Tuesday as the United States producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases capped gains. The international benchmark, Brent crude, rose by 80 cents or 1.77 per cent to $45.93 per barrel, while the US West Texas Intermediate (WTI) crude gained 75 cents or 1.76 per cent to sell for $43.37 per barrel. The prices had opened in the green territory on Monday, which was sustained on Tuesday as energy companies cut output at US Gulf Coast

By Investors Hub The major U.S. index futures are currently pointing to a higher opening on Wednesday, with stocks likely to move back to the upside following the sharp pullback in the previous session. News that Hong Kong leader Carrie Lam has withdrawn a controversial extradition bill may contribute to initial strength on Wall Street. The bill, which would have allowed people in Hong Kong to be extradited to mainland China, sparked widespread protests across Hong Kong. Positive sentiment may also be generated in reaction to a report showing growth in China?s service sector accelerated in August despite broader economic