Business

Gold Above $1,800 An Ounce, First Time Since 2011

Gold reached above $1,800 an ounce Wednesday for the first time since 2011, with the precious metal benefitting from its haven status as the coronavirus outbreak triggers global economy fears. Gold hit $1,800.86 an ounce around 0830 GMT on the London Bullion Market, the highest level in 8.5 years, as a weaker dollar also makes the metal priced in the ...

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FIRS Extends Tax Debt Payments To August 31

The Federal Inland Revenue Service (FIRS) has extended the closing date of tax debt payments in the country. In a statement issued on Wednesday by FIRS Director of Communications, Abdullahi Ahmad, the agency moved its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30 to August 31st, 2020. He noted that the ...

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Markets Mostly In Reverse After Latest Stocks Surge

Asian markets mostly fell Tuesday as traders took a step back after their latest rally, with a run of upbeat economic data offset by fears over a spike in new virus infections. While several countries are suffering a fresh surge in infections — particularly the United States — the ongoing easing of lockdown measures and reopening of economies has been ...

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German Industrial Output Shows Modest Recovery In May

German industrial output rebounded 7.8 percent in May, showing a modest recovery after steep falls in March and April due to the effects of the coronavirus, official data showed Tuesday. By category, production of machine tools was up 27.6 percent on the month, intermediate goods stagnated at 0.1 percent and consumer goods were up slightly at 1.4 percent, the Destatis ...

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NNPC Makes New Appointment, Redeploys Top Management Staff

The Nigerian National Petroleum Corporation (NNPC) has made new appointments and redeployments of its top management staff. This was confirmed in a statement issued on Sunday by the NNPC Group General Manager, Public Affairs Division, Dr. Kennie Obateru. According to the corporation, the move is “part of ongoing efforts to strengthen and reposition NNPC for greater efficiency, transparency, and profitability ...

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Global Stocks Rise As Recovery Signs Offset New Lockdowns

Equities rose Thursday following a record lead from Wall Street, with investors cheered by hopes for a vaccine, more positive economic data, and further lockdown easing in Europe. The developments helped offset a worrying spike in infections in the United States, which has led to the reimposition of containment measures that could slow recovery in the world’s top economy, and ...

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European Equities Dip On COVID-19 Fears

European stock markets dipped Tuesday on stubborn coronavirus fears, with London hit by a worse-than-expected UK growth contraction and gloomy corporate news from energy major Royal Dutch Shell. London fell 0.5 percent with sentiment dented also after officials reimposed lockdown measures in the central English city of Leicester. In the eurozone, Madrid and Milan each fell 0.3 percent, while Paris ...

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CBN Cuts MPR To 12.5 Percent, Retains Other Rates

The Central Bank of Nigeria on Thursday reduced its monetary policy rate to 12.5 percent as part of efforts to combat the economic effects of the coronavirus pandemic. The previous rate was 13.50 percent. However, the bank retained its Cash Reserve Ratio (CRR) at 27.5 percent and Liquidity Ratio (LR) at 30 percent. MPR is the interest rate at which ...

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Virus-hit Hertz declares bankruptcy in US and Canada

Established in 1918 with only a dozen cars, the global car rental giant had survived the Great Depression and numerous American recessions- Global car rental company Hertz became the latest economic casualty of the coronavirus pandemic Friday, filing for bankruptcy in the US and Canada after more than a century in business. “The impact of COVID-19 on travel demand was ...

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OPEC Sees Oil Market Already Rebalancing

The rebalancing of the oil market is underway and will accelerate, the OPEC cartel said Wednesday, days after some of its members voluntarily increased their production cuts. The world oil market was thrown into disarray earlier this year as lockdown measures imposed by governments to slow the spread of the coronavirus led to plunging in demand just as crude producers ...

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