Globalization has brought the most advanced trading networks the world has seen, with the biggest, fastest vessels, robot-operated ports and vast computer databases tracking cargoes. But it all still relies on millions and millions of paper documents. That last throwback to 19th century trade is about to fall. A.P. Moeller-Maersk A/S and other container shipping […]
Business
Nigeria’s Oando gains for fifth day to almost one-year high
Nigerian oil company Oando rose to almost a one-year high on Wednesday, a week after regulators lifted a trading suspension on its shares. Oando rose 9.70 percent to 9.05 naira, its fifth straight rise after Nigeria’s Securities and Exchange Commission (SEC) directed the stock exchange to lift a six-month suspension on the company’s shares. The […]
Sub-Saharan Africa GDP growth to rise to 3.1percent in 2018 -World Bank
Sub-Saharan Africa is on course for economic growth of 3.1 percent this year, the World Bank said on Wednesday, marginally slower than it previously forecast but faster than last year thanks to rising commodity prices. By 2020 growth in the region should pick up to 3.7 percent, it said. Sub-Saharan African economies were hit hard […]
Nigeria Wema Bank to start second tranche of N50 billion debt
Nigeria’s Wema Bank plans to start issuing the second tranche of a Tier II capital increase next month, part of a 50 billion naira ($159 million) programme, its deputy chief executive said on Wednesday. Ademola Adebise said the mid-tier lender hoped to boost its capital ratio, which is at 14.3 percent, higher than the regulatory […]
Shell calls for 2035 ban on diesel and petrol cars
Petro-chemical giant Shell has proposed banning the sale of new petrol and diesel cars in the US, EU and China by 2035 to meet emissions goals set out in the 2015 Paris Agreement. The multinational’s ‘Sky’ report is the company’s vision of the future, with proposals that would meet climate change commitments. It suggests that […]
West Africa Crude-Traders await June allocations
Spot traded was muted on Tuesday as traders awaited June Nigerian programmes and the possibility of the 2018 crude contracts being issued. ANGOLA * About six cargoes of May loading Angolan crude were still available. * State firm Sonangol has not yet issued its term allocations for June after the programme was issued on Monday. […]
Nigerian Govt, Agip Partner On National Oil Contingency Plan
Nigeria Agip Oil Company (NAOC) and the federal government have concluded preparations to activate a National Oil Spill Contingency Plan (NOSCP). Director-General of National Oil Spill Detection and Response Agency (NOSDRA), Peter Idabor said the NOSCP would take care of oil spill management in the Nigerian environment, as well as the responsibility of ensuring timely, […]
Nigeria realtors expectant as property asking price in UK rises
By Foster Obi As property market receives a boost following rise in prices in the United Kingdom (UK) by about 0.4% in the last month, pushing the national average to a new record of £305,732 according to property website’s House Price Index, Nigeria realtors are highly expectant of a reversal in fortune. Nigeria’s housing market […]
‘OPEC to review oil output cut deal, consider extension at June meeting’
OPEC’s next planned meeting in June will be a chance to review its oil production cut agreement, but the producer group will continue with cuts through 2018, Kuwait’s oil minister Bakheet al-Rashidi said Monday. While it will be discussed in June, a decision on whether to extend the deal into 2019, would be taken later […]