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Bearish Sentiment kicked off the Week as NGXASI Dropped 0.54% and Investors Lost N317.70bn; BDC Rate Appreciated to N1,728/USD - The domestic stock market continued its downward trajectory at the start of the trading week, marking its sixth consecutive session of losses, due to depreciations in prices of ARADEL (-9.99%), OANDO (-9.98%), ZENITH (-1.45%), UCAP (-0.84%), FBNH (-0.74%), and UACN (-0.73%), GTCO (-0.36%), and 22 others. Source Proshare Read More
Wall St slips as uncertainty surrounds U.S. election - U.S. stocks closed slightly lower after a choppy session on Monday, as investors prepared for a crucial week in which Americans will elect a new president and the Federal Reserve will announce its policy statement. Source Reuters Read More
Hunger Crisis Looms As Food Shortages Linger - Nigeria may be heading toward a severe hunger crisis, with a staggering projection that more than 30 million vulnerable people will face food shortages next year. Source Leadership Read More
Any product cheaper than Dangote petrol is substandard – Dangote - The Dangote Refinery has issued a statement asserting that any claims of cheaper Premium Motor Spirit (PMS) prices than theirs likely indicate the importation of substandard products. Source BusinessDay Read More
Mining Cadastre revenue hits ₦8.2bn in October 2024 - The Nigerian Mining Cadastre Office (MCO), on Monday, said that it achieved record-breaking revenue in October 2024, generating ₦8,199,976,300, marking a substantial rise in earnings for the agency. Source Guardian Read More
FG terminates Julius Berger’s Abuja-Kaduna road contract - The Federal Government, through the Ministry of Works, has directed Julius Berger, the contractor handling Section One, the rehabilitation of the Abuja-Kaduna-Zaria-Kano Dual Carriageway, to evacuate the project site. Source Punch Read More
Amid Liquidity Crunch, Banks Borrowed N18.09tn from CBN in October - Financial data released by the Central Bank of Nigeria (CBN), has revealed that deposit money banks and merchant banks in the country borrowed a whooping N18.04 trillion from the CBN in the month of October 2024. Source THISDAY Read More
US CEOs fired more quickly over low stock prices this year, report says - U.S. companies with lagging stock prices are now quicker to blame management and fire their top executive, but the process of finding a replacement has remained largely unchanged for the last decade, according to a report released on Monday. Source Reuters Read More
Nigeria completes first AfCFTA shipment to Kenya - The Nigeria Customs Service (NCS) has successfully facilitated the country’s first shipment to Kenya under the African Continental Free Trade Area Agreement (AfCFTA). Source BusinessDay Read More
Continuing trend of business exit from Nigeria worrisome — NACCIMA - The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed deep concern at the continuous exit of businesses from Nigeria occasioned by unfavourable government policies. Source Vanguard Read More
TotalEnergies: Oil Demand Will Peak After 2030 - French oil and gas giant TotalEnergies (NYSE:TTE) has predicted that global oil demand will peak after 2030 in its most likely scenarios, driven by population growth, slow power grid investments, and lagging electric vehicle sales. Source Oilprice Read More
Tablet Shipments Surge 20.4% in Q3 2024 | Amazon Grows 111.3% | Apple Leads with 12.6M Units - In the third quarter of 2024, worldwide tablet shipments reached 39.6 million units, a 20.4% increase year-over-year, according to IDC’s latest report. Source TechEconomy Read More
Starlink suspends new subscriptions in Nairobi due to network overload - In a surprise move, Starlink has paused new subscriptions in Kenya’s capital, Nairobi, and five neighbouring regions, citing high demand straining its network capacity. The five regions are Kiambu, Machakos, Narok, Murang’a, and Nakuru. Source TechCabal Read More
US laws regulating AI prove elusive, but there may be hope - Can the U.S. meaningfully regulate AI? It’s not at all clear yet. Policymakers have achieved progress in recent months, but they’ve also had setbacks, illustrating the challenging nature of laws imposing guardrails on the technology. Source TechCrunch Read More
Infrastructure: Nigeria may miss 70 per cent broadband target - Demise of infrastructure companies (InfraCos), lack of commitment by some of the various government agencies tasked with driving the National Broadband Plan (NBP 2020-2025), delays in project approvals, asphyxiating tax regime and others may derail the ambitious targets of the plan, it was gathered at the weekend. Source The Nation Read More
NIA to End Insurance Claims Fraud VIa Digital Claims Collation, Tracking - New Chairman of Nigerian Insurers Association (NIA), Mr Kunle Ahmed, has said that the association during his tenure would end the era of claims fraud and controversy over claims payment between the industry and insuring public by exploring the possibility of digital collation and tracking of claims payment to delight customers and reduce insurance fraud. Source THISDAY Read More
Afreximbank, Woodhall Sign $25m Facility to Support Export Businesses - Woodhall Capital, a financial Services firm, has signed a $25 million loan facility with the African Export–Import Bank (Afreximbank) to provide a support vehicle for Nigerian SMEs entering export markets. Source THISDAY Read More
SMEs lack structure to access N5bn single-interest loans – SMEDAN CEO - The formalisation of businesses remains a significant challenge as it affects the ability of SMEs to access other opportunities. Take access to finance, for example, which remains scarce and poses a significant challenge to small businesses in Nigeria. Source Punch Read More
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