Author: Olu Anisere

EU Commission Probes US Social Media The European Commission is demanding information from U.S platforms Apple, Snapchat, Google and YouTube over allegations of insufficient child protection, European Commission Vice-President Henna Virkkunen said on Friday. European Union legislation “clearly says that when minors are using online services, very high levels of privacy, security, and safety have to be ensured,” Virkkunen said. “This is not always the case,” she added, as she arrived at a meeting of EU ministers in charge of telecommunications in the Danish city of Horsens. Officials seek the information to assess measures taken by Snapchat, YouTube, Apple Store…

Oil Prices Fall as Hamas, Israel Inch Near Ceasefire Deal Oil prices fell Friday after Israel and Hamas reached the first phase of a US-brokered ceasefire in Gaza, easing geopolitical tensions that had supported prices in recent months. Brent crude was trading at $64.66 per barrel at 09.42 a.m. local time (0642 GMT), down 0.5% from the previous close of $64.99. US benchmark West Texas Intermediate (WTI) decreased by 0.5% to $60.82 from $61.16 in the prior session. The cease-fire, confirmed late Thursday, includes Israeli troop withdrawals, the reopening of the Rafah border crossing, the entry of humanitarian aid into…

NGX Indexes Close Green Amidst Huge Cross Deals The Nigerian Exchange (NGX) sectoral performance was relatively impressive, with five out of six indexes closing positively on Thursday. The positive sectoral performance came amidst huge cross deals among significant investors. Block trades, deals often conducted outside the Nigerian Exchange trading platform, help in price stability and have become a growing trend in recent times. Stockbrokers said it helped influential investors’ foray into the local market easy and faster with lower risk than open market transactions. Trading result from the local bourse showed that industrial and insurance indices led market rally on…

Money Market Rates Stable, Financial System Liquidity Tempers Money market funding costs were steadied due to rounds of outflow for settlement of Treasury and OMO bills auctions conducted by the Central Bank of Nigeria (CBN). In one swoop, banking system surplus funds reduced by more than half since the Apex Bank started its liquidity mop-up action last week. There have been three open market operations since last week. Also, the CBN also started its Q4 Treasury bills auction during the week, helping to reduce funding gluts in the financial system. On Thursday, the market liquidity moderated but remained robust at…

US Dollar Index Hovers at 2-Month High in Fresh Rally The US dollar index (DXY) hovered around 98.9 on Thursday, holding near a 2-month high after gaining 0.9% over the previous three sessions, supported largely by weakness in other major currencies. Market developments are supporting the US dollar rally, though with intermittent sell-offs as sentiment is weak on the economic outlook. Fed funds rate cuts Optimism persisted after FOMC minutes revealed a consensus to drive employment and achieve a 2% inflation rate. The dollar was sold off as investors shifted attention to safe haven assets amidst the U.S. government shutdown.…

Oil Prices Rise Amidst Markets’ Optimism over Fed Funds Rate Cut Global crude oil prices increased by more than one per cent, with Brent Crude rising over 1.2 per cent to $66.27 per barrel, while WTI Crude saw an increase of nearly 1.4 per cent, trading at $62.59 per barrel. The Federal Reserve’s September meeting minutes revealed a cautious but clear inclination among policymakers to begin lowering interest rates further this year, though concerns over persistent inflation continue to temper the pace of any policy shift. The ongoing federal government shutdown in the US, triggered by a budget impasse, has…

South African Rand Rises vs. USD as Gold Breaches Barrier The South African rand traded around 17.2 per US dollar in the forex market, its highest in two weeks, mainly supported by the rising prices of precious metals, particularly gold, far outpacing the modest rise in the dollar. ZAR popped higher the day after the report of declining South African foreign reserves, which some analysts linked to a steep tariff slammed on the country by the United States. Gross foreign exchange reserves in South Africa dropped to $69.74 billion in September 2025, down from a record high of $70.42 billion in the…

US Energy Agency Raises Oil Price Forecasts for 2025, 2026 The US Energy Information Administration (EIA) has revised its average crude oil price forecasts upward for 2025 and 2026, citing developments in global oil markets. In its Short-Term Energy Outlook (STEO) released Tuesday, the EIA raised its 2025 average Brent crude price forecast to $68.64 per barrel, up from $67.80, while West Texas Intermediate (WTI) was revised to $65 per barrel from $64.16. Despite growing global oil inventories, prices have remained relatively stable in recent months. The EIA said this is partly due to China’s strategic stockpiling, which has likely…

Oil Rallies as U.S Job Data Fuels Fed Rates Cut Expectation Prices of crude oil increased on Wednesday as weak U.S. job data continued to fuel expectations that the Federal Reserve will maintain a dovish stance. Oil prices surge was also bolstered by the OPEC+ group’s cautious production at the time the EU and G7 extended sanctions on Russian crude oil exports. The geological tensions in the Middle East and the Russia-Ukraine war heightened supply risks amidst uncertainties around global demand in 2025. OPEC+ members’ plan to increase output has been projected to raise aggregate supply. Brent crude was trading…

Forensic Examination in Emefiele’s $4.5bn Fraud Trial Faces Setback Forensic examination of a phone and WhatsApp chats in the $4.5 billion fraud trial of former governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has suffered a major setback. This was revealed on Tuesday at an Ikeja Special Offences Court. The examination, meant to be conducted jointly by experts from the prosecution and defence, failed to proceed due to disagreements over execution modalities. Emefiele is facing a 19-count charge bordering on receiving gratification and corrupt demands. His co-defendant, Mr Henry Omoile, faces a three-count charge for unlawful acceptance of…