Yemisi Izuora/Joseph Bakare With Agency Report Oil prices tumbled below $50 a barrel on Monday, spooking global financial markets and signaling that the remarkable 50 percent price drop since June was continuing this year and even quickening. The new drop in American and global benchmarks of more than 5 percent was accompanied by reports of increased Middle Eastern oil exports, continuing increases in American production and renewed worries about the declining economic fortunes of Europe. The plunge once again sent fear through global markets. The Standard & Poor’s 500-stock index fell 37.62 points, or 1.83 percent, to 2,020.58. The Vix,…
Author: orientalnewsng
Yemisi Izuora/Lagos The Managing Director, Nigerian Airspace Management Agency (NAMA) Mr. Ibrahim Abdulsalam has disclosed that over 60 percent revenue generated is from foreign airlines. Speaking at the Association of foreign airlines representatives in Nigeria(AFARN) safety summit 2014, Lagos Abdulsalam said that foreign airlines are significantly contributing to the growth of the industry. He said safety remains key to sustenance of the aviation industry and vowed to prioritise safety and make the airspace safe. Abdulsalam stated the agency will commence training of Forty Air Traffic Controllers (ATC) on Performance Based Navigation (PBN) in Cairo, Egypt . Abdulsalam, said the training is part of…
Source-Thisday New indigenous carrier, Discovery Air abandoned passengers who bought their tickets and were billed to travel on Christmas Day on 10:00 am flight from Abuja to Lagos. The action has angered the management of the Nigerian Civil Aviation Authority (NCAA) which has threatened to withdraw the airline’s Air Operating Certificate (AOC). One of the passengers, who simply identified himself as Yakubu, told THISDAY that three days before the flight date, he logged on the airline’s website and bought and paid for a ticket with online confirmation. “I got to the airport by 8:30 am and met seven other passengers…
Ijeoma Agudosi-Lagos The Lagos State Government has asked its civil servants to demostrate more commitmentin the New Year to enhance the fortunes of the state. The Head of Service, Mrs Oluseyi Williams who gave the charge at the Inter-religious Thanksgiving Service organised by the state government in Ikeja to usher in the First Working Day of the year maintained that commitment to service and hard work in the New Year is one of the ways the state can move forward. The HOS said workers can only justify the confidence reposed in them through efficient service delivery that impacts positively on…
By Yemisi Izuora/Agency Report Nigerian equities will remain on the downtrend in the months ahead as quoted companies grapple with macroeconomic challenges and investors gauge the continuing impact of the declining crude oil price and political transition on the economic outlook. Investment pundits said quoted equities would in the immediate months continue on the downward trend, although share prices may recover in the latter months of the year. Nigerian equities lost N1.75 trillion last year, representing average full-year decline of 16.14 per cent. Analysts at Bismarck Rewane’s Financial Derivatives Company (FDC) in their latest review stated that quoted equities would…
Yemisi Izuora-Lagos The Financial Derivatives Company Limited has predicted that the Nigerian macroeconomic environment will continue to be vulnerable to exogenous shocks in 2015.This is despite steps taken by government to maintain economic stability through various reforms. The FDC in its latest report titled: “2015: Pain Before Gain,” also expressed fears that the naira may fall to N200 to a dollar at the parallel market Also, the naira has remained volatile while interest rates are strangulating at 22 per cent per annum. “These are some of the issues that made the second half of 2014 a rough and tumble period…
Joseph Bakare Prices of goods and services are likely to rise due to some shifts in policies in the management of the nation’s economy late last year, some analysts have predicted pointing to the tariff of electricity for manufacturers and industrial users which according to government went up in a reviewed Multi- Year Tariff Order (MYTO) on the 1st of January. Also, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) from 12 per cent to 13 per cent. The increment of MPR, according to CBN, was to save the naira and the economy from the negative…
By Our Correspondent The General Overseer of the Synagogue Church of All Nations (SCOAN) Prophet T.B Joshua will on Sunday 4th January reveal what God has told him about the fate of the country. The Man of God warned that corrupt Nigerians will perish and that the country will witness serious challenges as no concerted effort had been made to address lack of employment and living conditions of Nigerians. In an exclusive interview with Oriental News Nigeria, the Holy Prophet spoke on wide range of issues including sponsors of terror and armed banditry. Watch out for the full interview on…
Source-Punch The Nigerian Stock Exchange ended 2014 as one of the worst performing exchanges as the market capitalisation of the listed equities fell by N1.749tn from N13.226tn at the start of the year to N11.477tn. This is despite the listing of companies such as Caverton Offshore Support Group Plc, Seplat Petroleum Development Company Plc and Omoluabi Savings and Loans Plc, which added billions of naira to the market capitalisation. As of December 24, data compiled by CNNMoney using benchmark year-to-date performances of exchanges showed that the Nigerian Stock Exchange ranked 72 out of 74 exchanges considered with the NSE All-Share…
By Ijeoma Agudosi-Lagos West Africa-focused Scottish Firm, Eland, an oil and gas production, development and exploration company with a principal focus on Nigeria, has stated that its joint venture partner, Elcrest Exploration and Production Nigeria Limited, sold a total of 115,722 barrels gross of crude oil from Oil Mining Lease, OML, 40 for an average price of $103.77 per barrel in 2014. In its latest crude oil sale update, the company also announced that Elcrest had completed the loading and sale of 31,500 barrels gross of crude for an average price of $94.93 per barrel. According to the update, this…