Tuesday, March 24, 2020
Nigeria slashes crude selling prices to woo buyers
Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday….read more.
States’ revenue shrinks as FAAC shares N581bn
The Federation Account Allocation Committee on Monday shared the sum of N581.56bn to the three tiers of government for the month of February. The February allocation represents a decline of N65.79bn when compared to the N647.35bn which was shared in the month of January…..read more.
Coronavirus: Expect recession worse than 2008 global crisis – IMF
The International Monetary Fund has said the global economy will slide into a recession that is “at least as bad as during the global financial crisis or worse” this year on the back of the coronavirus pandemic. The Managing Director, IMF, Kristalina Georgieva, in a statement on Monday, said many emerging markets and low-income countries were facing significant challenges…read more.
IMF warns of global recession as investors demobilise $83b from markets
Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has warned of an imminent global recession of that of 2008 magnitude. In a statement to the G20 finance ministers, she said the human costs of the Coronavirus pandemic were already immeasurable….read more.
Why oil licensing round bids may not hold this year
The possibilities of having an oil and gas bid round this year appears to be bleak as the coronavirus pandemic continues to affect global economies and foreign investments.Indeed, the United Nations Conference on Trade and Development (UNCTAD) had projected that….read more.
FiberOne Broadband expands further within Lekki
FiberOne Broadband this month has expanded its Fiber to Homes and Offices coverage areas to better meet the needs of her growing customers. This means that more families and businesses within the Lekki Area can enjoy unlimited broadband connection…read more.
COVID-19: World oil demand to plunge more than 10%, says Vitol
There are fears that global oil demand will soon plunge by more than 10 percent from the typical 100 million barrels per day, bpd consumption, as the raging coronavirus pandemic otherwise known as covid-19 forces countries into lockdown, according to the world’s biggest independent oil trader, Vitol…..read more.
COVID-19: Oil price sheds gains, dips to $22 per barrel
IPMAN lauds FG on pump price reduction By Ediri Ejoh AFTER what seemed to be trend reversal last week to $28 per barrel, the price of crude oil, yesterday, tumbled with Nigeria’s premium grade, Bonny Light, trading at $22.46 per barrel….read more.
Olayinka becomes acting MD of Keystone Bank
Keystone Bank In line with the strategic intent to constantly align its corporate structures and processes to support the sustained push for growth, the Board of Directors of Keystone Bank Limited has announced the appointment of Mr. Olaniran Olayinka as the Bank’s Acting Managing Director/CEO, subject to approval by the Central Bank of Nigeria (CBN)….read more.
Treasury yields rise as investors hold out for stimulus bill
The bill to authorize huge fiscal spending to prop up the economy failed in the Senate for a second time Monday.
U.S. Markit flash composite, goods and services PMI (Purchasing Managers’ Index) readings for March are set for publication at 9:45 a.m. ET on Tuesday….read more
‘Not unreasonable’ for China’s economy to shrink 10% in the first quarter, independent survey shows
The China Beige Book conducts an independent survey of more than 3,300 Chinese businesses every quarter. The firm’s primary indicators for the first quarter have fallen to their lowest level in the firm’s nearly 10 years of tracking China’s economy, according to an early look brief released Tuesday Beijing time…..read more.
Cryptocurrency value rises over $14 billion in 24 hours as bitcoin rallies 10%
Bitcoin was up over 10% from 24 hours previously trading at $6,569.17 at around 11:57 a.m. Singapore time. Other digital coins, including ethereum and XRP, were also higher….read more.
