Oil gained more than 20 percent in the first half of 2018, and odds have been rising that higher crude oil prices will spark the next economic downturn. This should not come as a surprise for any investor who is a student of market history: The last five U.S. recessions were also preceded by a […]
Business
Oil jumps after Trump warns Iran of grave ‘consequences’
President Donald Trump warned Iranian President Hassan Rouhani late Sunday of “Consequencies the likes of which few throughout history have ever suffered before” after the Iranian leader said a US-Iran conflict would be the “mother of all wars.” Oil prices rose Monday after President Donald Trump delivered Iranian President Hassan Rouhani a frenzied threat on […]
Royal Dutch Shell mulls $25bn share buy-back
Royal Dutch Shell is under pressure to repay its investors’ patience this week by beginning a bumper $25bn (£19bn) share buy-back plan. The oil giant issued shares to existing investors instead of paying out dividends when oil prices were low as it sought to hang on to cash. As the crude market has recovered, Royal […]
Nigerians bury cash in backyards as mobile money stumbles
Every few days, Tasiu Abdurrahman takes the money he makes from selling spices in Nigeria’s biggest northern city and buries it in his yard. The 55-year-old closed his bank account eight years ago after growing disillusioned with standing in long lines for hours to deposit or withdraw cash. Abdurrahman is one of about 50 million […]
Saudis struggling to sell oil, regret opening taps ‘too quickly’: Independent
Shortly after indications grew that Saudi Arabia had increased its production of crude oil in response to a call to the same effect by US President Donald Trump, concerns are reportedly surfacing in the kingdom that the taps may have been turned open too quickly. The Independent in a report quoted unnamed sources as saying […]
Dangote thinks Donald Trump is onto something with higher tariffs
Africa richest man, Aliko Dangote may not agree with President Donald Trump that higher tariffs would be good for the United States, but the Nigerian businessman thinks they could work for his own country. “If you look at what President Trump is doing right now—not that I agree with what he is doing because they […]
Shell in talks to sell $2-billion Nigeria oil assets
Royal Dutch Shell Plc is in talks to sell two Nigerian oil licenses in an area that’s at the heart of environmental and human rights controversies for $2 billion, according to people familiar with the plan. The Anglo-Dutch oil major is discussing selling oil mining licenses 11 and 17 to Heirs Holding Ltd., a company […]
Though volatile, supply-side woes resurface to push oil prices higher
Monetary policy balanced against renewed questions about the supply of crude oil in the second half of the year to add volatility Friday to the price for oil. Crude oil prices moved erratically in Thursday trading as calls for restraint from Saudi Arabia offset gains in U.S. oil storage and production. There was a brief […]
Twitter appoints ex-Nigerian minister, Okonjo-Iweala to its board
Nigeria’s former finance minister Ngozi Okonjo-Iweala has been appointed to the board of directors of Twitter. Mrs Okonjo-Iweala served under President Olusegun Obasanjo from 2003 to 2006 and President Goodluck Jonathan from 2011 to 2015. She tweeted the news of her appointment, saying she was “excited” to work on a platform that connects people and […]
Nigeria central bank asks lenders to bid for Chinese yuan -traders
Nigeria’s central bank asked lenders on Friday to submit bids for the Chinese yuan, traders said, in the first auction after it agreed a $2.5 billion swap with its Chinese counterpart in May. Nigeria is Africa’s biggest nation by population and its largest economy due to its oil exports but it lacks a manufacturing base […]