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OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of […]

Banking Fraud Is Costing The Nigerian Economy Dearly

Banking Fraud Is Costing The Nigerian Economy Dearly

Pervasive electronic banking fraud is affecting Nigeria’s banking system and costing the Nigerian economy dearly. It is also holding back the adoption of cashless technologies and has become an obstacle to financial inclusion in Africa’s second largest economy. Recent data shows that last year electronic fraud in the banking sector accounts for about 16% of […]

Nigeria To Finish Eurobond Sale By End Q1, Make Currency More Flexible: Vice President

Nigeria To Finish Eurobond Sale By End Q1, Make Currency More Flexible: Vice President

Nigeria hopes to conclude the sale of a $1 billion Eurobond by the end of the first quarter of 2017 and will seek to make its foreign exchange market more flexible, vice president Yemi Osinbajo said on Tuesday. Nigeria is in its deepest recession in 25 years and needs to find money to make up […]

Regional Partners Pledge Billions In Help For Tunisia

Regional Partners Pledge Billions In Help For Tunisia

Qatar said it would provide $1.25 billion in aid to shore up Tunisia’s post-revolution economy as regional and Western partners pledged extensive financial backing at an investment conference on Tuesday. The money from Qatar, announced by the emir, Sheikh Tamim bin Hamad al-Thani, is the biggest single offer of aid to Tunisia since a 2011 […]

Nigeria’s Recession Deepens In Q3, Oil Output Falls

Nigeria’s Recession Deepens In Q3, Oil Output Falls

  Nigeria’s recession deepened in the third quarter and oil production fell, the National Bureau of Statistics (NBS) said on Monday, as a dollar shortage kept Africa’s biggest economy in a stranglehold. Gross domestic product contracted by 2.24 percent year-on-year, the NBS said. That was even worse than the 2.06 decline in the second quarter, […]

Nigeria Reaches A Deal To Pay $5.1 Billion In Unpaid Bills To Oil Majors

Nigeria Reaches A Deal To Pay $5.1 Billion In Unpaid Bills To Oil Majors

Nigeria has reached a deal to pay $5.1 billion in unpaid bills to oil majors including Royal Dutch Shell and Exxon Mobil , the minister of state for oil said on Thursday. The Nigerian National Petroleum Corporation (NNPC), the OPEC member’s state oil firm, has amassed a total of $6.8 billion in unpaid bills up […]

Lundin Mining To Sell Stake In Tenke Mine Owner For $1.14 bln

Lundin Mining To Sell Stake In Tenke Mine Owner For $1.14 bln

Canada’s Lundin Mining Corp said it would sell its indirect stake in TF Holdings Ltd to an affiliate of Chinese private-equity firm BHR Partners for about $1.14 billion in cash. Bermuda-based TF Holdings owns an 80 percent interest in Tenke Fungurume Mining SA. Lundin owns an indirect 30 percent stake in TF Holdings, resulting in […]

Dollar Soars As U.S. Yields Spike; Global Shares Divided

  The U.S. dollar hit an 11-month peak on Monday as the risk of faster domestic inflation and wider budget deficits if Donald Trump goes on a U.S. spending binge sent Treasury and other benchmark global bond yields ever higher. It was a painful mix for assets in many emerging market countries. Currencies from the […]

Alibaba Smashes Sales Records On Singles’ Day Hype

Alibaba Smashes Sales Records On Singles’ Day Hype

Chinese e-commerce group Alibaba surpassed last year’s Singles Day sales record of $14.3 billion by 3:30 pm (Beijing time) today, after the company pulled out all the stops to ensure a successful shopping bonanza amid a slowing Chinese economy. Gross merchandise value settled through its payment app Alipay reached 91.2 billion yuan ($13.3 billion) shortly after […]

Yen Gains As Election Jitters Weigh On Stocks, Hit Mexican Peso

Yen Gains As Election Jitters Weigh On Stocks, Hit Mexican Peso

Investors are becoming more jittery amid a tightening race for the U.S. presidency, spurring demand for haven assets including the yen while weighing on stocks and Mexico’s peso. Egypt’s currency tumbled as the country switched to a freely floating exchange rate. The yen climbed to a one-month high, U.S. equity index futures fell and the […]