Global Stocks Head For Another Week Of Gains After Wall Street Triple High

Reuters reports

World stocks were headed for their fourth week of gains in five on Friday after a surge in oil prices helped propel Wall Street's three main indexes to co-ordinated record highs for the first time since 1999.

Nigeria’s Bank of Agriculture to Give Single Digit Interest Rate Loans to Farmers

 In support of the diversification drive of the Federal Government, the Bank of Agriculture (BOA) is considering a single digit interest rate for farmers in the country.

Nigerian Airlines Risk Extinction Due To N30b Domestic Debt

Despite the plummeting fortunes of domestic airlines in the country due to the harsh economy, they will have to pay up their debts worth more than N30 billion or be grounded by regulatory agencies.

The Nigerian Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA) are going after airlines to recover over N30 billion debts accumulated in the last 16 years.

Naira Appreciates To N314,75 A Dollar After CBN Intervention

 The Naira pared some its previous day’s loss on the interbank forex market as it appreciated to N314.75 to the dollar on Thursday, stronger than the N317 to the dollar it closed on Wednesday.

Consumer Inflation Drops 16.7% In Ghana

Ghana’s annual consumer price inflation dropped to 16.7 percent in July from 18.4 percent in June as the cedi currency stabilised and food prices fell at the start of the harvest season, the statistics office said on Wednesday.

UK Launches 24-Hour Visa Service In Nigeria

 The UK has launched Super Priority Visa Service in Nigeria to allow customers to process their applications within 24 hours.

The British High Commission, on its website, said the new service was to particularly meet the needs of those who required urgent service to travel.

South Africa Overtakes Nigeria, Reclaims Spot As Africa’s Largest Economy

South Africa’s economy has again overtaken  Nigeria  as Africa’s largest economy  in dollar terms, reclaiming the top spot it lost two years ago.

Both economies face recession after contracting this year. But while the South African rand has gained more than 16 per cent since the beginning of 2016, Nigeria’s naira has plunged by more than a third of its value.

Household Debt Hits $35B to $12.3 Trillion In US

 Investigation has shown that household debt in the United States of America has climbed to the roof.

In the second quarter, total household debt increased by $35 billion to $12.3 trillion, according to the New York Fed's latest quarterly report on household debt. That increase was driven by two categories: auto loans and credit cards.

U.S. Crude Trades Below $43 on Oversupply Concerns

Oil prices fell on Wednesday as a global supply overhang weighed on markets, while talk of a potential producer meeting to discuss propping up prices was largely expected by analysts to have no impact on supplies.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $42.43 per barrel at 0657 GMT, down 34 cents from their last settlement, or 0.79 percent.

InnJoo Launches Max3 Smartphone with Fingerprint Technology

Fast-selling mobile device brand InnJoo, this week, launched its latest brand offering of smartphone known as Max 3, which is a high-specification smartphone with an epic six inch High Definition (HD) screen with fingerprint technology into the Nigerian mobile devices market to offer more value to millions of consumers.

2500 Diamond Bank Customers Get N4 Billion through Extra-promo

No fewer than 2,500 customers of the Diamond Bank Plc across the country have received over N4billion through the Diamond Extra promotion.

The Head, Mass Market Segment of Diamond Bank, Osita Ede stated this in Enugu during the south east Regional draw DiamondXtra season 8 organised for customers of the Bank in the south east zone.

AG Leventis To Inject Fresh Funds Into Its Operations

A.G Leventis (Nigeria) Plc is to inject fresh funds into its operations as part of its revival strategies. The Executive Vice Chairman of A.G Leventis, Mr. Michael Economakis stated this yesterday, while speaking at the ‘Facts behind the figures’ presentation ceremony at the Nigerian Stock Exchange (NSE).

Nigeria Government Earns N692 Billion Form Oil And Gas Sales Between July 2015 And June 2016

The Muhammadu Buhari administration has earned a total about $3.46 billion (about N692 billion) as oil and gas sales proceeds between July 2015 and June 2016, latest Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report has revealed.

The report said a total of $2.3 billion was realised from crude oil sales proceeds, while a total of $1.17 billion was received as proceeds from gas sales.

Germany's DAX Hits 2016 High, Boosted By Wall Street And Earnings

Germany's top share index hit a new high for 2016 on Tuesday as European shares advanced for a fifth straight session, boosted by new highs on Wall Street and strong results from companies like Munich Re.

Germany's DAX closed up 2.5 percent, having hit 10,701.33, its highest level since the last trading day of 2015.

Valeant Pharmaceuticals To Sell Billions In Assets To cut Debt

 Valeant Chief Executive Officer has revealed that the company is set to sell billions of dollars of non-core assets and could accept offers for its main businesses, as the drug company is working to restore investor trust after a year of bad news.

Valeant's U.S. shares rose more than 25 percent, touching a two-month high, after the company outlined its reorganization and sell-off plan, and also confirmed full-year forecasts. Even so, the stock is down nearly 90 percent from a year ago.

ENI Wraps Up Deal With Exxon On Mozambique Gas Project

Italian oil firm Eni has reached a deal  to sell a multi-billion dollar stake in its planned Mozambique liquefied natural gas (LNG) development to Exxon Mobil, two sources with knowledge of the matter told CNBC.

"The deal is done but won't be announced for several months at Exxon's request," one of the sources said.

Eni declined to comment, while a spokesman for Exxon said, "We do not comment on market rumours or speculation".

Burundi Reports Stronger Inflow From Domestic Taxes

Burundi’s tax revenue increased to 13 percent last month compared with a year ago. Data released on Monday showed a boost in the country’s economy after a year of unrest which was attributed to the re-election of  Pierre Nkurunziza as President.

More than 450 people have been killed in violence and more than a quarter of a million people have fled to neighbouring countries since Nkurunziza was re-elected for a third term in the small east African country in what the opposition said was a violation of the constitution.

Naira Hits All-Time Low, As CBN Intervenes

The Nigeria currency, Naira, crashed further to 350 to a dollar in the interbank rate on Tuesday as the Central Bank of Nigeria tried to savage the situation.

The naira closed at 310.50 to the dollar following the CBN’s  intervention. A single trade of $100,000 was carried out at 350 to the dollar. A total of $6.86 million traded on Tuesday.

Pound Crashes Below $1.30

The pound fell below $1.30 for the first time in almost a month as investors prepared for data that will give further clues on the state of the U.K. economy in the wake of the decision to quit the European Union.

I Have Not Been Directed To Increase Fuel Price- NNPC GMD

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said there is no plan to increase pump prices of petroleum products.‎

Baru, who reluctantly answered only one question from  State House correspondents after he met with President Muhammadu Buhari at the State House, in Abuja,  said:‎ “I have not been directed to increase pump price; even the other price was based on recommendation from the regulatory body.

Wall Street Near Record Highs As Oil, Tech Stocks Lift

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S

Picture-Reuters

U.S. stocks traded near record highs on Tuesday morning as a rise in technology stocks added to the lift from steadying oil prices.

Oil edged further above $45 on estimates of a drop in U.S. inventories and speculation of producer action to freeze output.

"Today, it seems like whatever oil does, equities will follow," said Peter Cardillo, chief market economist at First Standard Financial in New York.

US Approves Sale Of Tanks, Other Equipment To Saudi Arabia

The U.S. State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armored recovery vehicles, and other equipment to Saudi Arabia, worth about $1.15 billion, the Pentagon said on Tuesday.

The Defense Security Cooperation Agency, which oversees foreign arms sales, said the sale would contribute to the national security of the United States by improving the security of a regional partner.

US Productivity Drops Third Straight Quarter- Report Says

U.S. nonfarm productivity unexpectedly fell in the second quarter, pointing to sustained weakness that could raise concerns about corporate profits and companies' ability to maintain their recent robust pace of hiring.

Trade Deficit Widens In UK,Possible Recession Looms

The Bank of England has suffered a setback in the bond markets in its first attempt to buy long-dated debt under its new QE programme, according to Reuters.

The Bank of England failed to get enough offers for its planned purchase of £1.17bn of government bonds with maturities longer than 15 years, sending gilt yields to new record lows across a range of maturities.

NBC Universal Buys 'Harry Potter'

The company has acquired the broadcast and cable TV rights to the eight "Harry Potter" films in the franchise and the forthcoming "Fantastic Beasts" films.

Starting July 1, 2018, the original eight films will be available to air on NBC's broadcast channels as well as its cable channels, USA Network and Syfy.

Oil Companies Lose N2.26 trillion in Nigeria Due To Low Prices, Militancy- Reports

Reports have shown that International Oil Companies IOCs and indigenous oil firms lose N2.26 trillion in Nigeria as a result of the unrest in the Niger-Delta region of the country and low oil prices in the international market in the first half of 2016.

International Oil Companies like Shell, Exxon Mobil Corporation, and Chevron Corporation, suffered a loss of over $7.1 billion, representing about 70 per cent of its earnings as crude oil prices continued to decline.

Pound Drops Below $1.30 On Central Bank’s Post Brexit Stimulus

AFP PHOTO

The pound dropped below $1.30 in Asia on Tuesday as the Bank of England’s post-Brexit interest rate cut and surprise stimulus weighed on the unit.

Sterling fell for its fifth day after the central bank last week voted to reduce rates to a record low 0.25 percent, cutting borrowing costs for the first time in more than seven years.

The central bank also announced £170-billion ($221-billion, 199-billion-euro) stimulus package, which it added could be expanded further.

Samsung Galaxy Note7 Makes Debut In The Market

Samsung Electronics Co., Ltd has unveiled Galaxy Note 7 and defining leadership with innovative features that set a new standard for large-screen devices. Featuring a refined craftsmanship, premium materials and a unique, symmetrical edge design, the Galaxy Note7 strikes a balance between work and play, enabling people to achieve more than what they thought possible on a smartphone.

AFDB Approves $9m Equity Investment For SME’s In Nigeria

The African Development Bank (AfDB) has approved a $9million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs),this was made known in a statement issued by the bank on Sunday, August 8, 2016.

First-Bank of Nigeria Gets Thumps-Up From Interswitch

First Bank of Nigeria Limited has been recognised by Interswitch Group, Africa’s leading integrated payment and transaction processing company, as the first financial institution in the country to achieve sustained transaction volumes of 100 million transactions, first in December 2015 and again in May 2016.

Wal-Mart Agrees To Buy Jet.com For $3.3 billion

World largest retailer, Wal-Mart has agreed to acquire online retailer, jet.com in a deal valued at 43.3 billion making it one of the largest ever acquisition of e-commerce in the world.

The world's largest retailer said a portion of the $3 billion will be paid over time. Additionally, $300 million of Wal-Mart shares will be paid over time as part of the deal, which is expected to close this year, subject to regulatory approval. Terms of those payments were not disclosed.

Crude Price Rises To $41.99 A Barrel On Monday

Oil prices rose on Monday, lifted by reports of renewed talks by some members of the Organization of the Petroleum Exporting Countries (OPEC) to restrain output.

U.S. West Texas Intermediate (WTI) crude futures were at $41.99 per barrel at 0643 GMT (2:43 a.m. ET), up 19 cents, or 0.5 percent, from their last close.

Brent futures were trading at $44.42 per barrel, up 15 cents, or 0.34 percent.

Steinhoff International to Buy Mattress Firm For $3.8B

 South African retailer Steinhoff International Holdings will buy Mattress Firm Holding, the largest specialty bedding retailer in the United States, for $3.8 billion which includes debt, both companies said on Sunday.

Steinhoff said it will pay $64 per share, a premium of about 115 percent to Mattress Firm's Friday close in a deal that will create the world's largest mattress retail distribution company. The boards of both firms have approved the deal, the companies said in a statement.

Bitcoin Owners May Lose 36% of their money Due To Hackers

Bitfinex, the Hong Kong-based exchange that was hacked, has started to bring its platform back online. It was shut down last week after 119,756 bitcoins, worth more than $65 million based on exchange rates at the time, were stolen from some users' accounts.

Bitfinex said it decided "after much thought, analysis and consultations" to generalize the losses across all users. That means even people who weren't affected by the hack will find that 36% of the value of their accounts will be replaced by a "token" labeled BFX.

The company said it will use those tokens to keep track of customers' losses and will work to compensate the accounts in the future. Bitfinex said those discussions are "in early stages" and "will likely take time to play out."

Tanzania’s $3.5b Oil Pipeline From Uganda To Finish In 2020

 Tanzania plans to complete construction of a crude oil pipeline from Uganda in 2020 at an estimated cost of $3.5 billion, its energy ministry said on Monday.

Uganda said in April it would build a pipeline, to ship out crude from its fields in the Albertine rift basin, through Tanzania rather than Kenya, which had wanted to secure the export route.