Author: Olu Anisere

Oil Prices Rise amidst US-China Trade Agreement Oil prices rose amidst US-China agreement in principle on framework to de-escalate tensions between the world’s largest oil consumers. International benchmark Brent crude increased by around 0.19%, trading at $66.35 per barrel, down from $66.22 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) increased by about 0.15%, settling at $63.95 per barrel, compared to $63.85 in the prior session. The US and China say they have agreed in principle to a framework for de-escalating trade tensions between the world’s two biggest economies. US Commerce Secretary Howard Lutnick said the…

Oil prices declined as weaker exports and lower crude imports from China, combined with the Organisation of Petroleum Exporting Countries and allies’

Aradel Holdings Sees Price Uptick amidst Bearish Estimates Aradel Holdings experienced a day rally that pushed its market price to N550 at the close of the trading session in the equities market segment of the Nigerian Exchange. The oil and gas company share price gained N20 on the back of fresh bargain hunting that was short-lived by Islamic holiday—having traded steadily at N530 over the week. The upswing lifted the market value of Aradel Holdings Plc’s 4.344 billion shares outstanding higher to N2.389 trillion, its trading details obtained from the Nigerian Exchange revealed. Based on its price movement since Oct…

SEC Warns Against Investing in Punisher Coin The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in a cryptocurrency called Punisher Coin, also known by the symbol $PUN. In a statement issued Sunday in Lagos, SEC said the presale was unauthorised and lacked regulatory approval, resembling a Ponzi scheme. According to the statement, the promoters of $PUN are not registered to operate in any capacity within Nigeria’s capital market. The Commission said: “Our attention has been drawn to online promotions of an unauthorised presale for a cryptocurrency called PUNISHER COIN, also known as $PUN. “Of particular concern is…

Congo Implements Enhanced General Data Dissemination System With the successful launch of the new data portal—the National Summary Data Page (NSDP)—the Democratic Republic of Congo has implemented a key recommendation of the International Monetary Fund’s (IMF) Enhanced General Data Dissemination System (e-GDDS) to publish essential macroeconomic and financial data. In an official statement, the IMF said e-GDDS is the first tier of the IMF Data Standards Initiative that promotes transparency as a global public good and encourages countries to voluntarily publish timely data that is essential for monitoring and analyzing economic performance. The launch of the NSDP is a testament…

World Bank Calls for Impact-Driven Partnerships to Tackle Africa’s Needs World Bank has called for more impact-driven partnerships to address the development challenges in Africa. This call is part of a broader push for more collaborative and outcome-focused development efforts, recognising that global challenges like climate change, health pandemics, and economic instability require a concerted effort from various stakeholders The World Bank President, Mr Ajay Banga, in a statement by the African Development Bank (AfDB), said that friendship alone was not sufficient to meet Africa’s development needs. Banga spoke while giving a tribute for AfDB’s President Dr Akinwumi Adesina during…

Oil Prices Ease as Market Awaits US-China Tariff Talk Outcome In the global crude oil market, prices declined Wednesday as investor sentiment was weighed down by renewed US-China trade uncertainty, a planned supply increase by OPEC+, and profit-taking by cautious market participants. International benchmark Brent crude decreased by around 0.2%, trading at $65.32 per barrel, down from $65.44 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) fell by about 0.01%, settling at $62.83 per barrel, compared to $62.84 in the prior session. The price decline comes amid growing uncertainty over US President Donald Trump’s protectionist trade…

UK Manufacturing Output, New Orders Contract as Uncertainties Continue The UK manufacturing sector continued to face tough operating conditions in May, S&P Global said in its latest purchasing manager index. A combination of weak global demand, turbulent trading conditions, and rising cost burdens led to reduced levels of output, new orders, new export business, and employment. The seasonally adjusted S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®) rose to a three-month high of 46.4 in May, up from 45.4 in April and above the earlier flash estimate of 45.1. The PMI has nonetheless signaled a deterioration in operating performance in…

€1m Grant: French Embassy Releases List of Beneficiaries The French embassy has shed more light on its 1m euros or N1.8 billion grant for Civil Society Organisations (CSOs) in Nigeria, providing a list of beneficiaries. 19 CSOs, drawn from 14 states and the Federal Capital Territory, are listed. The grant is to be deployed to drive grassroots development in the country. The donation was announced in Abuja on Friday. Tagged the French Embassy Fund for Civil Society Organisation (FEF-OSC), the initiative is now in its sixth year. Among the CSOs listed are Against All Odds Foundation and Grassroot Researchers Association…

NATO Chief Calls for Boost in Military Budgets NATO Secretary General Mark Rutte has called for significantly higher defence spending in view of the geopolitical confrontation with Russia. “We have to stand ready so it will be considerably more than the 2 per cent we were used to,” Rutte said during a visit to Lithuania. He said that the alliance’s current annual defence-related spending target of 2 per cent of economic output is no longer adequate to address today’s security challenges. The host, Lithuanian President Gitanas Nausėda, also called on the allies to invest significantly more money in the military.…