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Yen Falls as Emerging-Market Stocks Gain; Treasuries Drop

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TOKYO – The yen weakened against most of its counterparts and emerging-market shares climbed for a second day on expectations for continued Federal Reserve stimulus. European stocks and U.S. equity-index futures were little changed, while yields on 10-year Treasuries advanced.

Japan’s currency fell 0.4 percent to 100.39 per dollar at 10:51 a.m. in London today after earlier reaching the weakest since Sept. 11. The MSCI Emerging Markets Index gained 1.2 percent. The Stoxx Europe 600 Index rose less than 0.1 percent and Standard & Poor’s 500 Index futures added 0.1 percent. The 10-year Treasury yield appreciated two basis points. U.K. natural-gas prices jumped to a seven-month high and gold dropped 0.4 percent.

ASIA STOCK EXCHANGEAn economic report in the U.S. later today may show that industrial output growth slowed in October. Janet Yellen, the nominee for chairman of the Federal Reserve, signaled during her Senate confirmation hearing yesterday that she’ll maintain record monetary stimulus until the economy is stronger. China may release details of its economic policy plans as early as next week, according to Morgan Stanley.

“It’s generally a more risk-on environment,” said Kiran Kowshik, a foreign-exchange strategist at BNP Paribas SA in London. “That’s why you’re seeing the yen weakening. Yellen’s testimony has sparked a risk-on move.”

Japan’s currency weakened 0.1 percent to 134.93 per euro, after reaching 135.05, the least this month. The U.S. currency was little changed at $1.3444 per euro, set for a 0.6 percent weekly decline.

Yen Decline

The yen slumped 1.4 percent this week, the worst performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar rose 0.1 percent and the euro gained 0.7 percent.
Yields on 10-year Treasuries rose two basis points to 2.71 percent.

The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong (HSCEI) rose 3 percent, bringing the two-day gain to 4.2 percent, amid optimism for detailed economic policy changes in the nation. The Shanghai Composite Index jumped 1.7 percent, the most in more than a month.

Samsung Electronics Co. led gains in the broader emerging-markets measure, driving technology shares up the most since Oct. 18. The world’s largest maker of handsets plans to release a Galaxy smartphone next year with a three-sided display that wraps around the edges, two people familiar with the plans said yesterday. The stock rose 2.7 percent in Seoul, the most since August.

Domestic Product

Hungary’s BUX Index rose for a second day, gaining as much as 0.9 percent, after Economy Minister Mihaly Varga told state-run Duna television yesterday that fourth-quarter economic growth may exceed 2 percent. Gross domestic product accelerated more than economists forecast in the three months through Sept. 30, data showed yesterday.

Poland’s benchmark WIG30 Index rallied 1.4 percent, set for the first weekly gain in three, led by technology, financial and basic-material companies. The zloty appreciated 0.1 percent per euro.

Yellen said during her hearing that it’s important that policy makers do not remove support for the U.S. economy too soon given the limited range of tools available to the Fed, which has to promote a “very strong recovery.”

Fed Stimulus

The Federal Open Market Committee probably will wait to taper its bond buying to $70 billion at its March 18-19 meeting from the current pace of $85 billion a month, according to the median estimate of 32 economists in a Bloomberg survey Nov. 8.

U.S. data today may show that industrial production cooled in October, reflecting a pause in manufacturing during the 16-day partial shutdown of the federal government. Output rose 0.2 percent last month after gaining 0.6 percent in September, economists forecast before the Fed releases the data at 9:15 a.m. in Washington.

Manufacturing in the New York region grew at a faster pace in November after slowing for three consecutive months, according to the median economist projection. The Fed Bank of New York’s index probably rose to 5, rebounding from a five-month low. Positive readings signal expansion in New York, northern New Jersey and southern Connecticut.

Dredging Company

The Stoxx 600 Index gained 15 percent this year and reached a five-year high on Nov. 11. Vivendi SA (VIV) gained 3.8 percent today after the Paris-based company said it will spin off its French phone carrier SFR by July 2014 and posted third-quarter adjusted profit that beat analysts’ estimates. Royal Boskalis Westminster NV jumped 3.9 percent after the world’s largest dredging company increased its 2013 profit forecast.

Safran SA (SAF) slipped 3.7 percent after the French government, its biggest shareholder, sold a 4.7 percent stake in the manufacturer. Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, dropped 1.8 percent after saying gross margins dropped at the end of October.

The increase in S&P 500 futures indicated the equity gauge may extend its all-time high. The index climbed 0.5 percent to 1,790.62 yesterday. The S&P 500 surged 26 percent this year, headed for its biggest annual gain in a decade.
Exxon Mobil Corp. increased 1.8 percent in early New York trading after Berkshire Hathaway Inc. reported a stake in the oil company valued at about $3.7 billion, the largest new holding since Warren Buffett’s company adding International Business Machines Corp. in 2011.

Goldman Sachs

Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of New York Mellon Corp. had their senior holding company ratings lowered one level by Moody’s Investors Service, which decided the U.S. government would be less likely to help them repay creditors in a crisis.

The yield on Morgan Stanley’s 4.1 percent subordinated notes due in May 2023 fell 26 basis points to 4.52 percent, while the yield on JPMorgan’s 3.375 percent subordinated notes due May 2023 slipped 10 basis points to 4.3 percent. The yield on Goldman Sachs’s 5.95 percent subordinated bonds due January 2027 rose one basis point to 5.4 percent. There was little trading in notes of Bank of New York Mellon.

Yields on downgraded bonds typically rise after a rating reduction to account for the perceived deterioration of the issuer’s creditworthiness.

U.K. day-ahead natural-gas prices jumped as much as 2.4 percent to 70.25 pence a therm, the highest price since April 11, according to broker data compiled by Bloomberg. Temperatures may average 1.9 degrees Celsius (35.4 degrees Fahrenheit) next week, compared with a seasonal average of 6.9 degrees Celsius, according to MetraWeather. Gold dropped to $1,282.67 an ounce and silver fell 0.7 percent to $20.6385 an ounce.

– BLOOMBERG

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Tinubu Moves To Transform Tragedy To Prosperity With Livestock Investment

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Nigeria’s President, Bola Ahmed Tinubu is of the view that his administration’s renewed focus in driving international and local investments into livestock sector of the agricultural value-chain will end the crisis of farmer-herder clashes, eradicate hunger and poverty in addition to promoting economic prosperity.

President Tinubu said this Thursday in Rio de Janeiro, Brazil at the signing of a Letter of Intent between the Nigerian Government and the JBS S.A, one of the top three largest meat processing companies globally.

“What we are doing right now is that we are solving a problem that afflicted humanity in that part of Africa, clashes between farmers and migrating cows that have caused some life and bloodshed when there is a modern, civilized way to solve those problems and even bring a successful economy out of it.

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“We are trying to turn a situation of tragedy, hopelessness into economic opportunity, see through problems and see the opportunity that is involved in it.”

The Nigerian leader called on the company to see the considerable potentials in what he called the $2.5billion livestock investment opportunities in Nigeria, especially with its huge population and tap into it, given JBS S.A’s globally recognized expertise in the area of guaranteeing food security.

“We’ve heard so much about you in terms of the reputation, and we believe in the partnership we are forging today.

“Food security is extremely important. As we talk right now, there is hunger. However, there is huge hope. And you are one of those hopes that we are looking at.”

President Tinubu told the JBS top executives that Nigeria is ready to do business with them, assuring them of a good return on their investment.

Prior to his visit to Brazil, President had commissioned a team of Nigerian officials and private sector players to take the advantage of the G20 Leaders’ Summit in Rio to conduct a study tour of Sao Paulo, Brazil and explore the opportunities in livestock development, meat processing, seed development and multiplication for key grains.

In his remarks, the Minister of Livestock Development, Idi Muhktar Mahia, who led the delegation, reported to the President that the team embarked on guided, extended and intensive tours of companies on the scale of their global reach, the integrated nature of their operations as well as the deployment of advanced technology. He added that from their interactions with various companies, JBS S.A. was chosen being the second largest meat processing company in the world with the capacity to process 33,000 cattle daily and over eight million birds daily, using advanced zero-waste practices. The company employs over 200,000 people across its subsidiaries in more than 50 countries in the world including United States, Canada, Mexico, Saudi Arabia among others.

Wesley Batista, founder and President of the JBS group, said the company is the largest employer of labour in Brazil with over $79 billion dollars revenue already in year 2024.

“We are glad to work with Nigeria to work together to develop the livestock industry there. We think it’s a good opportunity for our business in Nigeria and Africa as we believe Nigeria can be the center of supply of protein to many countries in Africa. We look forward to working with you. We are almost in December and this year is almost gone. We hope to be in Nigeria as soon as possible,” the founder and Chief Executive said.

Other members of the delegation included Minister of State Agriculture and Food Security Hon. Aliyu Sabi Abdullahi, Co-chairman Presidential Livestock Reform Committee, Professor Attahiru Jega, the Secretary of the Committee, Professor Mohammed Kuta Yahya, and the Chief Executive Officer of Nigerian Investment Promotion Council, Aisha Rimi.

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NANTA Champions Nigeria’s Tourism Revival With ₦742m Investment

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The National Association of Nigeria Travel Agencies (NANTA) has disclosed an investment of ₦742 million over the past three years to position Nigeria as a premier tourism destination at the annual World Travel Market (WTM) in London.

Speaking in Lagos on Thursday, NANTA’s immediate past president, Mrs. Susan Akporiaye, revealed that the funds were used for exhibition pavilions, magazine publications, and logistical support for members attending the prestigious trade show.

“In three years, NANTA has spent ₦742,226,100 to deliberately put Nigeria on the global tourism map at the WTM. This was achieved with only skeletal support in 2022 and 2023,” Akporiaye said.

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According to Akporiaye, the association received minimal support in its early years of participation.

In 2022, La Campagne Tropicana Beach Resort and Air Peace contributed by placing advertisements on the Nigerian pavilion and in the association’s magazine. By 2023, Ibom Air joined the effort, supporting NANTA with adverts, while La Campagne Tropicana maintained its support.

The 2024 edition, however, marked a turning point. Akporiaye noted that for the first time, Ibom Air went beyond advertisements to co-exhibit, alongside Eko Hotels and Sabre Travel Network. Their contributions made Nigeria’s representation at WTM more robust and impactful.

“Sabre Travel Network also supported us, so we had their graphics, as well as Ibom Air’s, displayed on our stand. Their contributions made our 2024 participation very grand,” she added.

Akporiaye highlighted that 90% of the funds for WTM participation came directly from NANTA members, underscoring their commitment to Nigeria’s tourism development.

“This shows that we are true patriots, and we deserve national recognition for our efforts,” she said.

NANTA began attending the WTM in 2022 to fill the gap left by Nigeria’s absence from the event for over 10 years.

The association saw the need to promote the country’s tourism potential and create international business opportunities for its members.

“It’s been a wonderful and successful three years that NANTA has participated in WTM, filling the gap left by Nigeria’s absence for over 10 years. We are glad to have handed over the baton of Nigeria’s participation at WTM to the Nigerian government this year,” Akporiaye said.

Through its participation, NANTA has secured affiliations with international tourism boards, organized product training for members, and raised awareness about Nigeria as a destination.

These efforts have also led to partnerships with global airlines and travel boards, fostering significant growth for members’ businesses.

“Our participation at WTM has helped members’ businesses grow significantly. We have formed partnerships with airlines and travel boards worldwide.

“Our greatest achievement at WTM is drawing Nigeria’s attention back to the need to exhibit at the global travel market,” Akporiaye said.

The initiative has also inspired members to expand their horizons into global Meetings, Incentives, Conferences, and Exhibitions (MICE) events.

 

 

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CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools

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Dangote Cement Plc, a leading cement manufacturer, has donated multi-million Naira educational support projects to secondary schools in Lagos as part of its social investment initiatives.

The company in a statement explained that the move is aimed at complementing the government’s efforts in providing quality and sustainable education in the state.

It was gathered that the projects were commissioned and handed over to various schools in the Ikoyi-Obalende Local Council Development Area, align with the Sustainable Development Goals (SDGs) on education. These goals focus on ensuring inclusive, equitable, and quality education, as well as promoting lifelong learning opportunities for all.

The projects, warmly received by both teachers and students, include 100 dual school desks for Ilado Community Junior High School and Wahab Folawiyo Senior High School, alongside a refurbished and fully equipped Chemistry Laboratory at the Government Senior Secondary School, Ikoyi.

ALSO READ: Dangote Cement Ibese Fetes Host Communities’ Senior Citizens

Also donated were reading tables, chairs, and bookshelves for the library at Government Junior Secondary School, Ikoyi.

A celebration also took place at Falomo Junior High School and Ireti Senior Grammar School, both in Ikoyi, where the company donated 20 brand-new desktop computers to the ICT departments of the schools.

At the event at Government Junior College, Ikoyi, the Group Managing Director of Dangote Cement Plc, Arvind Pathak, explained that social investment is a key part of Dangote Cement’s operations.

He said the company is dedicated to giving back to society and supporting the sustainable development of local communities, especially in areas where it operates.

Pathak’s address was delivered by Wakeel Olayiwola, the Head of Social Performance at Dangote Cement Plc.

He said, “education holds a pivotal role in the development and empowerment of the youths in the country. As a cornerstone for societal advancement, it serves as a critical tool for personal growth, economic development, and national progress. An educated youth population not only fosters individual success but also contributes significantly to the nation’s overall wellbeing.

“At Dangote Cement, we believe that providing quality education to our youth is vital and should not be left solely as the government’s responsibility. Thus, we aim to partner with the government to enhance educational development in this regard.

“The projects we are handing over today are part of our 2024 Corporate Social Responsibility (CSR) programme for selected schools within the neighbourhood of Dangote Cement Plc’s Head Office in Ikoyi, Lagos. These projects were selected based on need assessments in collaboration with the schools.”

As a responsible corporate entity, Pathak noted that Dangote Cement’s commitment to societal wellbeing, with investments in four key areas: Education, Healthcare, Infrastructure, and Economic Empowerment programmes.

“This year, our plants in Ibese, Ogun State; Obajana, Kogi State; Gboko, Benue State; Okpella, Edo State; and our Pan-African operations have launched several social investment projects. These efforts contribute to the quality of life in our host communities and support sustainable national development,” he added.

Pathak thanked the Lagos State Government, the Tutor General/Permanent Secretary, and the school management teams for their collaboration in identifying the schools’ needs and ensuring the timely completion of the projects.

Dr. Idowu Olufunke Oyetola, Tutor General and Permanent Secretary of Education District 3, Lagos State Ministry of Education, who was represented by Bolaji Rotimi Ajayi, Director of School Administration, praised the long-standing partnership with Dangote Cement, noting that the schools selected for the donations were fortunate beneficiaries. “We hope for more collaborations that will positively impact education,” she added.

The principals of the recipient schools expressed their gratitude after the formal handover of the projects.

Odunlami Olubunmi, Principal of Ilado Community Junior High School, Ikoyi, thanked Dangote Cement for the new desks, stating that the donation would significantly improve the learning environment for the students, helping to prepare them for a brighter future.

Bamidele Ayotunde, Principal of the school with the refurbished laboratory, urged other businesses to follow Dangote Cement’s example in supporting local schools, pointing out the positive impact of the laboratory’s renovation on the school’s learning environment.

The Principal of Ireti Senior Grammar School, Ikoyi, whose school received the new desktop computers, described the donation as a positive development and expressed hope for more support in the future.

Pupils also shared their appreciation for the contributions. Abiola Jamaudeen, a lab prefect at Government Senior College, Ikoyi, promised that the laboratory would be used to its fullest potential and well-maintained.

Lawal Rumayzo Abdulsalam, a student at the school, said the new library equipment would foster better reading habits and create a more conducive environment for learning, ultimately preparing them for success. Some students even performed special songs to welcome the Dangote team to their schools.

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