Author: Ogochukwu Ndubuisi

Crude Oil Prices Edge Higher over U.S Demand Outlook Prices of crude oil increased in the global commodity market on Wednesday as US crude inventories dropped, indicating a positive demand outlook. Also supporting the price is OPEC+ assurance that no major supply boost is planned, easing fears of a glut amid concerns over a potential US government shutdown. Brent crude was trading at $66.24 per barrel, up 0.36% from the previous close of $66.01. US benchmark West Texas Intermediate (WTI) increased by 0.33% to $62.45 from $62.24 in the prior session. A projected decline in US commercial crude oil stocks…

EU Companies Pay Russia Billions in Taxes on LNG Imports Russia is profiting significantly from liquefied natural gas (LNG) sales to companies in the European Union, according to a study by the environmental organisation Greenpeace published on Tuesday. Oil and coal imports from Russia were virtually banned under EU sanctions over Moscow’s full-scale invasion of Ukraine and pipeline gas imports. These fell sharply after the destruction of the Nord Stream pipelines in September 2022. LNG imports were, however, so far, exempt from sanctions. Greenpeace estimates that Yamal LNG, Russia’s main exporter of LNG, earned a total of 40 billion dollars…

Fitch Affirms Morocco at ‘BB+ with Stable Outlook Fitch Ratings has affirmed Morocco’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook. The rating note stated that Morocco’s ‘BB+’ ratings reflect sound macroeconomic policies, strong official creditor support, favourable debt profile and comfortable international liquidity buffers. It also noted that these strengths are balanced by lower development and governance indicators compared with peers, high government debt and the economy’s exposure to adverse weather conditions. Moody’s analysts said the country’s fiscal reforms support tax revenue. “We anticipate the central government (CG) fiscal deficit will stabilise at 3.8% of…

China Backs U.S. Peace Plan for Gaza, Calls for Acceptance China has come out in support of the U.S. peace plan to end the Gaza war, calling on both parties to immediately reach a comprehensive ceasefire and release all detainees. The Foreign Ministry spokesman Guo Jiakan, made the call on Tuesday. According to him, Beijing supports all efforts to ease tensions between Israel and Palestine. “China is committed to the principle that Palestinians must govern Palestine and that the two-state solution must be implemented,” he said. U.S. President Donald Trump has presented a 20-point plan to end the Gaza war.…

Starmer’s Speech a Decisive Test for Bond Markets, Investors UK Prime Minister Keir Starmer’s keynote speech at the Labour Party conference today is being watched by investors, businesses and global bond markets with acute attention, warns financial advisory giant deVere Group’s CEO Nigel Green. He says: “This is not just another party conference address. It’s a make-or-break moment for credibility. “Bond markets, already charging the UK a premium to borrow, will immediately reprice if they sense a repeat of the policy missteps of recent years, specifically the Truss-era. This would raise costs for the government, for companies, and for households.”…

NELFUND Closes Portal For 2024/2025 Loan The Nigerian Education Loan Fund said the application portal for the 2024/2025 academic session will officially close on Tuesday. An update by the agency on X said the move was to conclude processing of pending applications and upkeep payments. It also announced timelines for the 2025/2026 academic cycle to expand access to higher education through interest-free student loans. The loan portal will reopen in the second week of October for fresh applications and remain open until January 2026. ”NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that…

Nigerian Exchange Soars as Equity Investors Gain N155bn The equity segment of the Nigerian Exchange opened the new week on a positive trajectory, extending the positive momentum that boosted year-to-date (YTD) return to 38.33%. With investors taking on additional risk on stocks, the Nigerian bourse key performance indicators surge by 0.17% as investors take positions in stocks with upside fundamentals. Stockbrokers said the upbeat performance despite a negative breadth, resulting from higher losers than gainers. Investors showed interest in large-cap and moderately priced stocks across market sectors, underscoring growing investor confidence in the domestic bourse. The All-Share Index increased by…

UN Sanctions: Iran Moves to Exit Nuclear Non-Proliferation Treaty The Iranian parliament is preparing legislation that could see the country withdraw from the Nuclear Non-Proliferation Treaty (NPT) in response to the reinstatement of UN sanctions. Ebrahim Resaei, the spokesman for parliament’s National Security and Foreign Policy Commission, said on Monday that legislative body has settled on a draft legislative text. The parliamentary move comes after Israeli and U.S. attacks on Iran’s nuclear facilities in June and the reactivation of UN sanctions over the weekend. “Under these circumstances, the parliament sees no reason for Iran to remain an NPT member,” Resaei…

Trump Plans 100% Tariffs on Movies from Other Countries The United States president Donald Trump has revealed plan to impose 100% tariffs on imported movies to drive American economy entertainment industry’s growth. In a disclosure on its Truth handle, the president said, “Our movie making business has been stolen from the United States of America, by other Countries, just like stealing “candy from a baby.” California, with its weak and incompetent Governor, has been particularly hard hit! Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies…

NUPRC Chief Komolafe Seeks Dialogue in Dangote, PENGASSAN Dispute Mr Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has called for dialogue between Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). Komolafe made the call in a statement on Sunday, adding that the step was necessary to to resolve ongoing dispute. He also urged the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), and parties involved to find common ground to resolve their differences without disrupting energy supply nationwide. The unions have been locked in labour disputes with Dangote Refinery over…