Stocks advanced in Europe and Asia on Thursday, with the focus on energy companies as speculation U.S. interest rates may not rise at all this year left the dollar nursing hefty losses and oil held most of the previous day's big gains. The dollar fell sharply on Wednesday after weak U.S. data and comments from a Fed policymaker interpreted as signalling further rate hikes could be delayed. The U.S. currency fell 0.2 percent against a basket of its peers .DOXY on Thursday, and held close to Wednesday's 14-week low against the euro and its weakest for a week against the Japanese yen JPY=. "The dollar is on its knees," said Richard Benson, head of portfolio management with currency fund Millennium in London. "Probably we will now have some stability ahead of U.S. payrolls tomorrow." ...
As the Zika virus spreads from Brazil through the Americas, so too may investor attention spread to U.S. companies developing treatments, vaccines or other products tied to the mosquito-borne disease. But resulting share price improvements may be fleeting. With no vaccines or treatments for Zika, which has been linked to a surge in babies born with unusually small heads, a scramble is on to find ways to quell the threat. Shares of Inovio Pharmaceuticals Inc (INO.O) appear to be benefiting. The company is collaborating on a vaccine that could be ready for emergency use this year, one of the product's lead developers said on Thursday. Inovio's chief executive, Joseph Kim, told Reuters he believed the company was "ahead of the pack" in the race for a vaccine. The company's shares ...
The downward trajectory that plagued trading at the Nigerian Equities market came to an abrupt halt at the close of trading on Thursday, January 28. Trading on the Nigerian bourse gained N91 billion as the NSE All Share Index closed higher at 23,598.85 points as it added 265.51 basis points translated to 1.14 per cent. Volume and value of trades both improved by 4.99 per cent and 17.75 per cent respectively from their previous trading levels. Transactions in the shares of Africa Insurance, Guaranty Trust Bank, Zenith Bank, UBA and Universal Insurance topped the activity chart as most traded equities by volume. NSE Al, Share Index and all sector indices closed upbeat save for NSE Insurance and NSE Oil & Gas with daily losses of 1.03 per cent and 2.75 per cent. The market bre
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
• Stakeholders differ on CBN’s N50 charge • Utomi cautions against depressing consumption, growth OVER 50 million active accounts in the banking sector will be enlisted in the new revenue drive of the Federal Government with the takeoff of the N50 stamp duty on financial transactions. The Central Bank of Nigeria (CBN) has already communicated the commencement of the N50 stamp duty deduction on receipt of financial value of N1000 and above from bank accounts to financial institutions. However, only transfers from personal account to another personal account, both at the same bank or another bank are exempted from the charge. With the act already in force, there are projections that the total number of direct cash lodgements in various accounts in banks, the transfer of cash
THE World Bank Group has unveiled a new plan that calls for $16 billion in funding to help African people and countries adapt to climate change and build up the continent’s resilience to climate shocks. Titled “Accelerating Climate-Resilient and Low-Carbon Development,” the Africa Climate Business Plan, in a statement tracked from Online Media Briefing Centre (OMBC), will be presented at COP21, the global climate talks in Paris, on November 30. The plan lays out measures to boost the resilience of the continent’s assets – its people, land, water, and cities – as well as other moves including boosting renewable energy and strengthening early warning systems. “Sub-Saharan Africa is highly vulnerable to climate shocks, and our research shows that could have far-ranging impact on eve
A capital market operator, has urged the Federal Government to float a sovereign “Sukuk’’ — Islamic Financial Certificate — to tap into the international market to raise funds to address infrastructure challenges. Mrs Hajara Adeola, Managing Director, Lotus Capital Ltd., made the assertion on Wednesday when she spoke at the two-day workshop on the Nigerian Debt Capital Markets in Lagos. The workshop was organised by FMDQ OTC and the Securities and Exchange Commission (SEC). Sukuk is an Islamic financial certificate, similar to a bond in Western finance that complies with Sharia, the Islamic religious law. Adeola said that sovereign Sukuk was critical to the development of the Nigeria non-interest capital market. “We need policy direction and the political will to make this h