Business

U.S. economic growth slows to a 0.7 percent rate in fourth quarter

U.S. economic growth slows to a 0.7 percent rate in fourth quarter

Business, Economy
U.S. economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports. Gross domestic product increased at a 0.7 percent annual rate, the Commerce Department said on Friday, also as lower oil prices continued to undermine investment by energy firms and unseasonably mild weather cut into consumer spending on utilities and apparel. The growth pace was in line with economists' expectations and followed a 2 percent rate in the third quarter. The economy grew 2.4 percent in 2015 after a similar expansion in 2014. But some of the impediments to growth - inventories and mild temperatures - are temporary and the economy is expected to snap back in the first quarter. Excluding in...
Plateau State Farmers Benefit from CBN’s N98.9million Loan in 2015

Plateau State Farmers Benefit from CBN’s N98.9million Loan in 2015

Business, Capital Market
A total of 487 farmers from Plateau State benefited from the N98.9 million loan the Central Bank of Nigeria, CBN, released to entrepreneurs in the state in 2015. CBN’s Branch Controller in Plateau State, Mathias Kurah, who made this known during the 2015 end-of-year dinner/award ceremony organised by the Bankers’ Forum in Jos, recently, stated that only one money depositing bank (MDB) and three micro-finance banks (MFBs) participated in the scheme. Kurah said the loans were part of CBN’s efforts to develop agric financing which, he said, was centred on the Agricultural Credit Guarantee Scheme. “We are encouraging money depositing banks and micro-finance banks to fully avail themselves of the various opportunities put forward by the CBN in the state,” he said. #BWN
Unease over Fed rate path dents European stocks

Unease over Fed rate path dents European stocks

Business, News
Uncertainty over the future path U.S. interest rates weighed on European stocks on Thursday, while the resignation of Japan's economy minister impacted currency markets, sending the yen higher. Japanese Economy Minister Akira Amari said he would step down from his post to deal with allegations, which he denies, that he received bribes from a construction company. Amari's resignation, which came after Tokyo's Nikkei stock market had closed, caused the yen to rise slightly against the dollar, with Japanese policymakers currently grappling with the effects of a firmer yen and worries about a weakening global economy. [FRX/] The FTSEurofirst 300 .FTEU3 index of top European shares fell 0.2 percent, partly due to concerns about whether the U.S. Federal Reserve can continue to raise int...
Oil rises further above $30 on hopes of deal to tackle glut

Oil rises further above $30 on hopes of deal to tackle glut

Business, News
Oil rose further above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades. The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate. Iraq's oil minister said on Tuesday he saw some flexibility for a deal between OPEC and non-OPEC. Brent crude rose 17 cents to $30.67 a barrel by 1102 GMT (6:02 a.m. ET), rebounding from an earlier decline. It reached $27.10, its lowest since November 2003, on Jan. 20. U.S. crude was up 7 cents at $30.41. "Without a production agreement, fundamentals point to lower numbers," said David Hufton of oi...