Trade war unsettles stocks in US, China

Trade war unsettles stocks in US, China

Trade war unsettles stocks in US, China By Newsdesk with agency report The trade war ignited by United States President Donald Trump against China has caused a dip in the stock markets of both countries.. The Dow Jones industrial average dropped more than 700 points as investors worried that trade tensions between the world’s largest economies would escalate, MSN reports on Friday. The planned sanctions include tariffs on $60 billion worth of Chinese imports as well as restrictions on Chinese investments. Trump said he is taking those steps in response to theft…

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CBN injects $210m in FOREX market

CBN injects $210m in FOREX market

CBN injects $210m in FOREX market By Newsdesk with agency report The Central Bank of Nigeria(CBN), on Monday injected 210 million dollars into the inter-bank Foreign Exchange Market, in its bid to sustain liquidity in the foreign exchange market. The Acting Director, Corporate Communications Department, CBN, Isaac Okoroafor, in a statement released on Monday, said that the move would ensure the continuous availability of foreign exchange to customers. Giving a breakdown, Okoroafor said that the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market,…

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Nigeria’s foreign reserves hits $46b-CBN

Nigeria’s foreign reserves hits $46b-CBN

Nigeria’s foreign reserves hits $46b-CBN By Musa Muhammed, Abuja The Central Bank of Nigeria (CBN) has disclosed on Sunday that the country’s external reserves  has grown, hitting a record high of $46 billion. The Acting Director, Corporate Communication, CBN, Isaac Okoroafor, said that the reserves grew by about $3.2 billion between February and March 2018. Okoroafor said that the reserves at the beginning of 2018 stood at $39.3 billion then rose to $42.8 billion in February before hitting the new high of $46 billion. The director attributed the continued accretion…

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New excise duty rates for alcohol, beverages, tobacco to take effect in June-Buhari

New excise duty rates for alcohol, beverages, tobacco to take effect in June- Buhari

New excise duty rates for alcohol, beverages, tobacco to take effect in June- Buhari By Newsdesk with agency report President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from Monday, 4th June, 2018. The President has also granted a grace period of 90 days (three months) to all manufacturers before the commencement of the new excise duty regime. There is, however, no increase in excise duty of other locally excisable products. Minister of Finance, Kemi Adeosun, who stated this on…

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Trump signs sweeping tariffs, triggers global trade war

U.S expels 60 Russians over poison of ex-spy in Uk

Trump signs sweeping tariffs, triggers global trade war By Newsdesk with agency report Despite warnings of a possible global trade war and protests at home and abroad, US President Donald Trump signed off on deeply contentious tariffs on Thursday. The punitive tariffs on foreign steel and aluminum come into effect quickly and are almost certain to spark retaliatory sanctions from the European Union, China and other economic powers. Moving to fulfil a protectionist campaign promise, Trump leaned on a little-used national security clause in US trade law to put a…

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Private companies coming back to Nigeria – Buhari

Private companies coming back to Nigeria – Buhari

Private companies coming back to Nigeria – Buhari By Newsdesk with agency report With Nigeria coming out of crippling economic recession,President Muhammadu Buhari has  disclosed that foreign private companies were coming back to Nigeria. The companies, he said, were making massive investments within the existing legal and regulatory frameworks. Buhari expressed delight over the ‘significant’ growth in the non-oil sector which was creating thousands of jobs across the country. President Buhari made the disclosure at a meeting in Abuja with a Qatari business delegation led by the former Emir, Sheikh…

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Buhari vows to make Nigeria most safest, attractive investment destinations

FG confirms 110 Dapchi schoolgirls missing after Boko Haram attack

Buhari vows to make Nigeria most safest, attractive investment destinations By Nuhu Mohammed, Abuja President Muhammadu Buhari has pledged to make Nigeria one of the easiest, safest and attractive places to do business in the world Buhari made the pledge on Saturday at the opening of the 39th Kaduna International Trade Fair. The President, who was represented by the Minister of Trade and Investment,  Okechukwu Enelamah, said the administration “is prioritising the industrial sector by focusing on rebuilding infrastructure. “One of the important initiatives of our government is the Industrial…

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Osinbajo inaugurates Nestlé Milo’s N4.1bn factory in Ogun State

Osinbajo inaugurates Nestlé Milo’s N4.1bn factory in Ogun State By Newsdesk The Vice-President, Yemi Osinbajo, on Thursday urged multinational companies to domicile their factories in Nigeria for the sustainable growth of its economy. Osinbajo said this as he inaugurated Nestlé Nigeria Plc’s N4.1 billion Milo-Ready-to-Drink (RTD) factory at Agbara in Ogun. He said that international companies operating in the country should take a cue from Nestlé Plc’s expansion drive to domicile their factories in Nigeria as it remained the preferred destination for investment in Africa. “We are grateful to Nestlé…

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MTN plans to raise $500m from stock market

MTN plans to raise $500m from stock market

MTN plans to raise $500m from stock market Nigeria’s biggest mobile-phone company, MTN, plans to raise about $500 million from the sale of shares during the first half of the year. The move is to enable the company in fulfilling the terms of a deal struck with the Nigeria to settle a record fine imposed on it in 2016 over SIM registration default. Standard Bank Group Ltd. and Citigroup Inc. have been advising Africa’s largest company on the disposal of as much as 30 per cent of unit on the…

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AfDB approves $10m loan to boost Africa’s portfolio

AfDB approves $10m loan to boost Africa’s portfolio

AfDB approves $10m loan to boost Africa’s portfolio By Newsdesk The Board of African Development Bank (AfDB) has approved a 10-million dollar loan for African Local Currency Bond Fund (ALCBF) to boost its portfolio in Africa. The Principal Communications Officer in AfDB, Mrs Olivia Ndong-Obiang,disclosed this in a statement in Abuja on Tuesday, adding that ALCBF was also approved by the Bank to promote the development of domestic capital markets in Africa and had a tenor of seven years with a two-year grace period. According to her, ALCBF loan would improve…

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Oil prices extend declines

 Oil prices extend declines

Oil prices extend declines By Newsdesk with agency report Oil prices on Monday extended declines from the end of last week amid a wider market sell off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.. Brent was down 57 cents, or 0.8 percent, at $68.01 a barrel at 0716 GMT, after falling 1.5 percent on Friday. Brent’s weekly drop was 2.75 percent last week. U.S. West Texas Intermediate (WTI) crude declined 47 cents to $64.98 a barrel, after dropping 0.5 percent in the…

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$3bn refineries soon in Kogi,Bayelsa-IPMAN

$3bn refineries in Kogi,Bayelsa soon-IPMAN

$3bn refineries in Kogi,Bayelsa soon-IPMAN By Bimbo Ogunnaike with agency report The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refineries in two states in the federation-Kogi and Bayelsa. The National President of the association, Chinedu Okoronkwo, made the disclosure in an interview  with a news agency in Lagos on Wednesday. IPMAN had in July 2014, acquired over 1,000 hectares of land to build refineries that would produce 200,000 barrels of petrol per day at Itobe in Kogi and…

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Nigeria, China bilateral trade hits $11.2b

Nigeria, China bilateral trade hits $11.2b

Nigeria, China bilateral trade hits $11.2b By Bimbo Ogunnaike with agency report The trade and economic cooperation between China and Nigeria has prospered with bilateral trade hitting $11.2 billion with first 10 months of 2017. The figure put the growth rate at 28.5 per cent which made Nigeria as China’s third largest trading partner and second export partner in Africa. The Economic and Commercial Counsellor, Embassy of China, Zhao Linxiang made this disclosure at a reception for participants of training courses in China in Abuja on Thursday. According to Linxiang,…

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U.S. dollar rises after Trump remarks

Trump blames Obama, Russia, Iran for Syrian chemical attac

U.S. dollar rises after Trump remarks By Our reporter The assets required for declaration include immovable property and movable property worth more than 100,000 U.S. dollars. U.S. dollar rose in late trading on Thursday after U.S. President Donald Trump said he ultimately wants a strong dollar. Trump told a news medium  that the dollar is going to get stronger and stronger as the country is becoming so strong in economy and many other fields. He added the U.S. Treasury Secretary Steven Mnuchin’s comments on the dollar were misinterpreted. The dollar…

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Oil prices hit $80

Oil prices hit $80

Oil prices hit $80 By our reporter Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories. International benchmark Brent futures were nudging 71 dollars per barrel Both crude benchmarks are up by almost 60 per cent since the middle of last year. U.S. West Texas Intermediate (WTI) crude futures climbed to…

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