Category: INTERNATIONAL
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Nigeria: Niger to Produce One Million Metric Tonnes of Rice
Niger State Governor, Alhaji Abubakar Sani Bello has said that adequate provision has been made to enable rice farmers in the state produce one million metric tonnes of rice this dry season. Also, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh has disclosed federal government’s plan to provide irrigation equipment to rice farmers…
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World Bank cautions Kenya to tame borrowing spree
Kenya is building a potentially dangerous mountain of debt that could in the long run expose the economy to systemic risks, the World Bank has warned in a newly-released report. The World Bank warns in the report that while Kenya’s public debt remains sustainable, the margin for further debt accumulation is narrowing at an uncomfortably…
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Wall St. set to open slightly higher; Fed meet eyed
Wall Street looked set to open slightly higher on Tuesday, a day after all three major indexes recorded their worst monthly performance since January. Investors have been cautious about taking large positions due to uncertainty surrounding the U.S. presidential election and with the Federal Reserve poised to raise interest rates before the year ends. The…
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Oil prices rise from one-month lows after OPEC approves strategy
Oil prices rose from one-month lows in Asian trading on Tuesday after OPEC agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production. But further gains are likely to be limited as the market was weighed down by further indications of record output from the…
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U.S. stocks not moved by October’s marquee deals
The record dealmaking volume for October did not create a ripple effect lifting U.S. stocks as it has in the past – partly because the mergers, albeit large, were few and far between, bankers and analysts said. Though acquisitive corporate bosses generated $329 billion worth of takeovers in October, the biggest month for U.S. M&A…
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Shell’s earnings beat Exxon as oil majors adapt to low prices
Royal Dutch/Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year. Shell’s stocks rose by over 3 percent as it announced higher quarterly earnings than arch-rival U.S. Exxon Mobil, the world’s largest listed…
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Samsung Electronics to invest more than $1 billion in U.S. chip production
Samsung Electronics Co Ltd (005930.KS) said on Tuesday it planned to invest more than $1 billion by the end of June 2017 to boost production of system chips at its Austin, Texas, facilities in the United States to meet growing demand. The South Korean firm, the world’s second-largest chipmaker behind Intel Corp (INTC.O), said in…
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Nigeria: Breaking – Senate Rejects Buhari’s Request to Borrow $30 Billion
The Senate has rejected President Muhammadu Buhari’s request for authorisation to borrow about $30 billion. The president, last Tuesday, forwarded a request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018. He made the requests in two separate letters to…
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Algeria: Air Algerie Plans to Launch New International Routes, Says CEO
CEO of Air Algérie, Mohamed Abdou Bouderbala, on Monday in El -Oued announced plans to reinforce national airline’s air transportation network by the launching of new international routes. “Air Algérie plan to launch new international routes is part of the airline strategy to meet the demands of its customers from the Algerian community abroad and…
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Egypt: Alternative Fuels Can Help Power Egypt’s Cement Sector, IFC Study Finds
A new report by IFC, a member of the World Bank Group, finds that Egypt’s cement producers could save money and lower greenhouse gas emissions by using waste, so-called alternative fuels, to power their production facilities. The study, Unlocking Value: Alternative Fuels for Egypt’s Cement Industry, assessed the potential for producers to increase the use…