Business
Nikkei jumps two percent after U.S. jobs data hits yen, lifting exporters
TOKYO – Japan’s Nikkei stock average climbed as much as 2 percent on Monday morning, buoyed by a slide in the yen after an upbeat U.S. jobs report raised expectations the Federal Reserve will soon begin unwinding its stimulus.
Declines in the yen tend to boost sentiment towards Japanese equities because investors expect the weaker currency will inflate overseas earnings for exporters, such as Toyota Motor Corp (7203.T), Sony Corp (6758.T) and Panasonic Corp (6752.T).
Toyota, the fourth-most traded stock on the main board, was up 1.3 percent. Mazda Motor Corp (7261.T), the fifth-most traded, gained 3 percent, while Panasonic advanced 1.5 percent.
Index heavyweight SoftBank Corp (9984.T), the most traded, climbed 2 percent to a 13-1/2 year high on the back of the upbeat market sentiment.
The Nikkei .N225 was up 292.49 points, or 1.9 percent, at 15,592.35 by midmorning after trading as high as 15,610.35. The yen was down 0.1 percent at 103.06 to the dollar, adding to Friday’s 1.1 percent slide and edging closer to a six-month low of 103.38 yen touched last week.
“There isn’t much of domestic catalyst out there in the near term. The next major catalyst is whether the Bank of Japan is going to ease again in the first quarter of next year and also corporate earnings commencing in another eight weeks’ time,” said a senior trader at a European bank in Tokyo.
“Ahead of that there is very little meat on the bone in terms of domestic factor that is going to drive the market. It’s the currency more than anything else.”
Retail investors were piling into social gaming network related stocks, the trader said, with Adways Inc (2489.T), Mixi Inc (2121.T), Gree Inc (3632.T) and DeNA Co Ltd (2432.T) up between 2.5 and 15.2 percent.
Monday’s gain took the Nikkei above its five-day moving average of 15,446.01 and close to a six-month intraday high of 15,794.15 reached last week.
U.S. employers added 203,000 jobs last month and the jobless rate hit a five-year low of 7.0 percent, raising the chance that the Fed could cut back on its $85 billion-a-month bond-buying campaign as soon as this month. These expectations are boosting the dollar against the Japanese currency.
Meanwhile, strong Chinese exports data added further evidence of stabilisation in the world’s second-largest economy, also boosting risk sentiment in the region.
The broader Topix .TOPX index climbed 1.5 percent to 1,254.76, with volume at 25 percent of the full daily average for the past 90 trading days.
Adding Monday’s rally, the benchmark Nikkei is up 50 percent this year, heading for its best yearly gain since 1972. Japanese stocks has been driven by the yen’s weakness on the back of Tokyo’s aggressive fiscal and monetary stimulus.
– REUTERS
Business
Deregulation, Not License For Off-spec Products Blending – Dangote Refinery
The Dangote Petroleum Refinery and Petrochemicals is of the view that deregulation should not be used as a justification for the importation of off-spec petroleum products or the undermining of Nigeria’s national interests.
This was contained in a statement on Tuesday by Dangote’s Group Chief Branding and Communications Officer, Anthony Chiejina.
The counsel came in response to remarks by Chief Executive Officer of Pinnacle Oil and Gas Limited, Robert Dickerman, on the importation and blending of petroleum products, which he framed within the context of a “deregulated commodity market.”
However, the Dangote Petroleum Refinery is of the view that his argument for a deregulated market could not obscure the serious implications of his actions, which, it claimed, not only threatened the integrity of Nigeria’s energy sector but also endangered the welfare of its citizens.
While reiterating support for deregulation and industrialisation, the Dangote Refinery emphasised that the support must be grounded in a commitment to the sustainable growth of Nigeria’s economy, while shielding the people from exploitation.
The refinery made it clear that the health and safety of Nigerians should never be compromised in the pursuit of profit.
According to the statement, “The Dangote Petroleum Refinery and Petrochemicals Company has long been an advocate for deregulation and industrialisation in Nigeria, but our support is rooted in a commitment to the sustainable growth of the country’s economy and the protection of its people from any exploitation. Unlike Dickerman’s view, deregulation should not be a licence for the importation and distribution of off-spec products or the subversion of national interests.”
The company also noted that, as an American, Dickerman should be well aware of how his own country protects its industries. It pointed to several recent examples from the United States to underline the point.
For instance, U.S. President Joe Biden recently opposed the sale of U.S. Steel to Japan’s Nippon Steel, stressing the importance of maintaining strong American steel companies supported by American workers — an example of protectionism that prioritises national economic interests over short-term profit.
Similarly, the U.S. has taken action to restrict the use of Chinese-made cranes in its ports, citing national security concerns. The U.S. has also imposed a 100% tariff on electric vehicles and a 50% duty on medical equipment imported from China, further demonstrating its commitment to safeguarding domestic industries.
The U.S. has also ramped up efforts to boost its own production of computer chips and medical supplies, driven by national security concerns and the need for economic self-sufficiency. Furthermore, during his presidency, George W. Bush used anti-dumping laws to impose tariffs on a range of Chinese goods that were considered to be unfairly priced.
“It is therefore perplexing that Dickerman, with all his experience in the U.S. market, would advocate for the importation and blending of petroleum products to Nigeria under the claim of deregulation and a free market. The fact is that he had deceitfully approached us and pleaded that we extend the pipeline from our refinery to Pinnacle’s tank farms for the purpose of blending our high-quality products with their imported products and selling them to Nigerians. We categorically rejected his request to extend our pipeline to their tank farms for such devious purposes because it would be a betrayal of the Nigerian people’s trust. The health and safety of Nigerians cannot—and should not—be compromised for profit,” the statement added.
The company also raised concerns over Pinnacle Oil’s decision to lease its tank farms to a company without any retail outlets in Nigeria, questioning the strategic intent behind such actions, particularly given that the farms are located just 500 metres from Dangote’s refinery.
It expressed its vigilance regarding the coordinated efforts to undermine the Dangote Refinery, drawing parallels to the fate of refineries in Port Harcourt, Kaduna, and Warri.
Consequently, the Dangote Petroleum Refinery called on the government, patriotic Nigerians, and local businesses to remain steadfast in defending the country’s sovereignty and economic independence.
“The choice we face is between fostering industrialisation or allowing Nigeria to remain a dumping ground for inferior products while exporting jobs. For nearly three decades, cartels and their collaborators have sabotaged efforts to develop Nigeria’s refining capacity, keeping the country dependent on imported products. The time has come to end this cycle of exploitation and ensure that Nigeria’s energy sector works for the benefit of its people,” it added.
Reiterating belief that a strong, self-sufficient energy sector is vital for Nigeria’s economic growth, the Dangote Refinery affirmed that it will continue to advocate for policies and practices that protect both industries and the well-being of all Nigerians.
The company also expressed its support for healthy competition that drives innovation and quality, and looked forward to the upcoming commissioning of the four state-owned refineries, as promised by the NNPC Ltd.
“At Dangote Petroleum Refinery, we are committed to ensuring that Nigeria becomes self-reliant in petroleum production, and we welcome competition that drives innovation and quality. However, we will never allow the continued importation and blending of petroleum products, nor the deliberate destruction of our national economy. We believe that a strong, self-sufficient energy sector is vital to Nigeria’s economic growth, and we will continue to advocate for policies and practices that protect our industries and the well-being of all Nigerians.
“We eagerly anticipate the coming on stream of the Kaduna, Warri, and Port Harcourt refineries before the end of this year, as promised by the Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari. This milestone will not only end all baseless rumours of monopoly but also position Nigeria as a refining hub for petroleum products in Africa,” it concluded.
Business
How CNL Stays Focused On Candidates’ Comprehensive Testing Experience
Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Company Limited (NNPC Ltd) and CNL, has expressed commitment to providing a seamless and inclusive experience for all applicants participating in the selection tests for its available job opportunities.
According to the General Manager, Policy, Government and Public Affairs, at CNL, Olusoga Oduselu, the company strategically achieves this by leveraging reputable organizations and technology.
Biztellers reports that the CNL retained Dragnet Solutions Limited (DSL), a provider of online assessment services with relevant expertise, to administer aptitude tests to candidates for its available job opportunities.
ALSO READ: Sustainability: Dangote Eyes Planting 10,000 Mangrove Trees In Nigeria
Olusoga explained that the online assessments allow candidates to participate from various locations to save time and promote inclusivity for candidates who are constrained to participate in physical assessments.
He maintained that this strategy “provides equal opportunities for all candidates, including those with disabilities.”
According to Oduselu, the CNL was aware of some complaints of challenges by some candidates during their scheduled test period. To address these challenges, CNL engaged with DSL and deployed repeat tests for those who complained of technical hitches during the tests and those who could not participate in their scheduled tests.
“All isolated cases of system glitches have been addressed by our consultant, and the transparent, all-inclusive recruitment process continues. The applicants and our various stakeholders have commended this act of goodwill,” he stated.
The CNL’s recruitment process, including assessment, is transparent and fair and provides equal opportunity for all qualified candidates to compete for available job opportunities.
He added that the CNL assures its stakeholders that its recruitment process uses appropriate technology and complies with applicable laws and regulatory requirements.
Business
Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
READ MORE: SERAP Issues Tinubu 48-Hour Ultimatum Over Detained Minors
The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.