Connect with us

Business

European shares sink as dollar holds strong

Published

on

LONDON – Doubts about the health of Europe’s economy dominated trade on its major stock markets on Thursday after a cautious message from the U.S. Federal Reserve did little to stem the dollar’s charge to 10-month highs.

A steady rise for the U.S. currency is the central story for global financial markets so far this month and a jump in U.S. economic growth reported on Wednesday extended the dollar’s gains against the euro to 6 cents since early May.

U.S. growth of 4 percent in annualized terms in the second quarter came at a time when poor company results and concerns over a still escalating situation in Ukraine have added to worries that Europe will take far longer to recover.

Euro zone data on Thursday showed inflation slowing to just 0.4 percent, adding to those doubts, and the pan-European FTSEurofirst 300 index .FTEU3 was down 0.7 percent by midday.

“Despite some decent earnings from a number of blue-chips, the market is stuck in a range, with a number of negative catalysts including Argentina’s default at the forefront of investors’ minds,” said Lionel Jardin, head of institutional sales at Assya Capital, in Paris.

Argentina defaulted for the second time in 12 years overnight after talks on a last-minute deal with holdout creditors were dashed.

While debt insurance costs on Thursday suggested an eventual agreement was still seen as possible, the default helped fuel weakness in Spanish and French shares, traders said, with Madrid’s main index down 1.8 percent .IBEX.

The broader global impact of any default is likely to be limited because Argentina has been effectively shut out of financial markets since its 2002 default.

“We expect contagion to other markets to be fairly limited. This is a highly technical legal case and a selective default,” Steve Ellis, a portfolio manager with Fidelity Emerging Market Debt.

EURO HALT

While the dollar gained against its Australian counterpart and other higher-yielding plays, the euro held steady just below $1.34 EUR=.

A rough ride this week has seen the single currency fall to its lowest since November but it was little changed after the inflation numbers.

The promise of U.S. jobs numbers on Friday was also likely to keep trading in tighter ranges, dealers said.

“The market is now a little bit too far ahead of itself,” said Adam Myers, head of currency strategy at Credit Agricole in London. “There’s not going to be any Fed interest rate rises in the first half of 2015 and that’s what the market is pretty much pricing in at the moment. It will only take a weak payrolls number and we’ll see quite a snapback.”

While the prospect of a solid U.S. recovery gave equities some general support, many Asian shares slipped on profit-taking after making hefty gains since the middle of this month.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent but was still not far from a 6 1/2-year high hit on Wednesday .MIAPJ0000PUS. The Nikkei average .N225 fell 0.2 percent while Australian shares .AXJO inched up to six-year highs.

– REUTERS

2 Comments
0 0 votes
Article Rating
Subscribe
Notify of
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
ข่าวโลจิสติกส์

562524 284602Truly fighter messages are supposed to amuse offer praise into the groom and bride. Very first time audio system watching more than the top places should also remember you see, the senior guideline of the speaking, which is your certain person. finest man speeches brother 940743

yarmok
6 months ago

193556 517331Using writers exercises such as chunking. They use several websites that contain several creative writing exercises. Writers read an exercise, and do it. 332939

Business

Farmers’ Empowerment: Dangote Cement Ibese Boosts Food Security Free Farming Inputs

Published

on

The Dangote Cement Plc, Ibese Plant has reinforced its commitment to food security and Sustainable Community development with the roll-out of its 2026 annual farmers’ empowerment initiative, providing free agricultural inputs and capacity-building training to farmers drawn from its 17 host communities.

The programme, which has become a cornerstone of the company’s social investment strategy, saw beneficiaries receive modern farming inputs alongside technical training aimed at improving crop yield, productivity, and income across the agricultural value chain with each of the 60 farmers receiving Three bags of 50kg NPK fertilizer; Two bags of Urea fertilizer; One Knapsack sprayer and Ten litres of Force-Up herbicide.

Welcoming the guests and beneficiaries, the Plant Director, Ayyagari Subbaraidu emphasized that the programme was designed not only to support local farmers but to build a sustainable agricultural ecosystem within the company’s host communities. He noted that the intervention aligns with Dangote Cement’s broader corporate social responsibility priorities, which include empowerment, education, health, and infrastructure development.

He said the programme was meant to provide Dangote Cement’s support to “men and women whose labour sustains our food systems and contributes immensely to the well-being of our communities, and the society at large therefore aligns with the yearnings of Government. Your presence despite the public holiday reflects your commitment to agricultural development and the prosperity of our communities.

“At Dangote Cement, we understand that while we manufacture cement for the construction of homes, schools, hospitals, roads, and other critical infrastructure, true development is ultimately about people. It is about creating opportunities, improving livelihoods, and enabling communities to thrive. This philosophy remains at the heart of our operations and our relationship with our host communities.

“This marks the fifth consecutive edition of our Farmers Empowerment Programme at Ibese Plant. It represents five years of consistent engagement, meaningful investment, and a shared commitment to improving livelihoods across our host communities. The initiative has evolved into one of the most impactful interventions under our community development efforts.

“To date, 300 farmers across our host communities have benefited from training, farm inputs, and agricultural tools. Together, the beneficiaries have cultivated more than 800 acres of farmland and produced over 40,000 tons of agricultural output. These figures tell an important story, representing families whose livelihoods have improved, children whose educational needs have been supported, businesses that have grown, and communities that have become more resilient. They demonstrate what can be achieved when communities and corporate organizations work together toward a common goal.

ALSO READ: Katsina Cracks Down on Bandits, Bans Fuel Sales in Jerrycans and Motorcycles

According to him, the free distribution of farming inputs, including fertilizers, herbicides, and other essential tools, is a deliberate effort to reduce the burden on farmers and equip them with the resources needed for modern agricultural practices. “We provide modern farm inputs to support our farmers to enhance productivity and achieve better yields. This is not just about distribution; it is about enabling a shift to more efficient and sustainable farming methods that will ultimately boost food production and livelihoods,” he said.

He further explained that the training component of the programme is critical in ensuring that beneficiaries maximize the value of the inputs provided. Participants were taken through practical sessions on good agricultural practices, including crop protection and pest management techniques, equipping them with knowledge to mitigate farming risks and improve output.

The event also featured remarks by representatives of the host communities, who commended Dangote Cement for its consistent investment in grassroots development. Speaking on behalf of the communities, a representative described the programme as a “game changer” that has not only boosted food production but also strengthened the relationship between the company and its host communities.

In their responses, beneficiaries of the programme expressed profound appreciation for the intervention, describing it as timely and impactful, especially in the face of rising input costs and climate-related farming challenges.

One of the farmers, Mr. Akanbi Moses from Aga-Olowo Community noted that the provision of free inputs and training has significantly improved their productivity and income levels, enabling them to scale their farming activities. Another beneficiary highlighted how the training sessions have enhanced their understanding of modern farming techniques, resulting in better crop management and reduced post-harvest losses.

Also speaking, Chairman of Yewa North Local Government, who was represented at the event by Hon. Segun Ableto, lauded the initiative, describing it as a model of effective public-private partnership in driving rural development. The representative commended Dangote Cement for complementing government efforts in boosting agricultural production and enhancing food security within the region.

He encouraged the beneficiaries to make judicious use of the inputs and knowledge acquired, stressing that the success of the programme ultimately depends on their commitment to applying the training in their farming activities.

Chairman, Communities Joint Consultative Committee, Comrade Dayo Ogunyinka expressed the appreciation of the people to the management of Dangote Cement for sustaining the initiative, which has become a major support system for farmers across our communities, saying “This programme has continued to improve the lives of our people. It has strengthened our farmers’ capacity and deepened the relationship between Dangote Cement and our communities.”

Industry observers have noted that Dangote Cement’s farmers’ empowerment initiative has consistently contributed to stimulating local economies, creating opportunities for farmers, and strengthening food systems in host communities.

The programme forms part of Dangote Cement’s Community Development Agreement (CDA), which underscores its commitment to fostering socio-economic development and maintaining harmonious relationships with its host communities through targeted and impactful interventions.

Over the years, the Ibese Plant has continued to roll out various empowerment initiatives for different segments of the population, including youths, women, and artisans, reinforcing its philosophy that host communities remain key partners in progress.

Continue Reading

Business

Food Security: AFC Deepens Partnership with Dangote Group with $600m Loan for Fertilizer Expansion

Published

on

The Dangote Group has strengthened its strategic partnership with the Africa Finance Corporation (AFC) with the signing of a $600 million loan agreement to support the expansion of its fertilizer production capacity, in a major boost to food security across Nigeria and the African continent.

The loan facility to GreenView Fertilizer Corporation (Greenview), the Dangote Fertlizer Holding Company will part finance the expansion of its urea fertilizer production capacity in Nigeria and the development of the plant in Ethiopia.

The investment forms part of Dangote Group’s broader US$7 billion fertilizer expansion programme, which is expected to increase Dangote Fertilizer’s production capacity in Nigeria from 3 million metric tonnes per annum (“MTPA”) to 9 MTPA, while also supporting the development of a new 3 MTPA urea fertilizer plant in Ethiopia. The programme is expected to materially expand Africa’s fertilizer production capacity, strengthen regional food security, support agricultural productivity, and reduce the continent’s dependence on imported fertilizer.

The financing underscores AFC’s continued confidence in Dangote Group’s vision to drive industrial growth and agricultural transformation through large-scale investments in critical infrastructure. The facility will be deployed towards expanding the Dangote Fertilizer Plant, one of the largest granulated urea fertilizer complexes in the world, located in Ibeju-Lekki, Lagos State.

This expansion is expected to significantly scale up production capacity, enhance supply chain efficiency, and ensure the steady availability of high-quality fertilizers to farmers across Africa. It will also help reduce dependency on fertilizer imports, stabilize prices, and improve agricultural yields, thereby strengthening the continent’s food security framework.

Speaking on the development, President of Dangote Group, Aliko Dangote says the expansion is expected to generate over $4 billion annually in export earnings within the next three years.: “What he’s actually given us this money for is a company where by the next three years we’ll be able to have an export of over $4 billion worth of urea fertilizer, and I think it is a big contribution to the foreign exchange income of the country… You can continue to count on us. When we say that we want to grow our group to $100 billion by 2030, it doesn’t mean that we want to grow alone, we want to grow together, especially with African Finance Corporation among other notable institutions in Africa”

ALSO READ: Nigeria’s Crude Earnings Defy Global Market, Plunge N1.75tn Q1

Commenting on the transaction, Samaila Zubairu, President & CEO of Africa Finance Corporation, said: “This transaction demonstrates AFC’s capital recycling model in action. Following the successful repayment of our earlier investment in Dangote Industries Limited, we are redeploying and doubling that capital into Dangote Group’s next phase of growth. By supporting the expansion of Dangote Fertilizer, AFC is backing a proven African industrial champion whose investments will strengthen food security, reduce import dependence, and create long-term economic value across the continent.”

The Dangote Fertilizer Plant currently plays a pivotal role in meeting domestic demand while also exporting to international markets, generating foreign exchange earnings for Nigeria. With the planned expansion, the company aims to further consolidate its leadership in the global fertilizer market.

Continue Reading

Business

NGX Poised for Dollar Denominated DPRP IPO, Pioneer African Exchanges Linkage Project

Published

on

Dangote Refinery to Open Global Markets for Nigeria’s Downstream, Midstream Sectors

The Nigerian Exchange Group (NGX Group) is set for the Initial Public Offering (IPO) of the Dangote Petroleum Refinery & Petrochemicals (DPRP), which would have three billion ordinary shares on offer at $0.35 ​per share.

Chairman of the (NGX Group), Dr. Umaru Kwairanga, spoke of the IPO at the weekend during a visit to the Abu Dhabi Stock Exchange (ADX), United Arab Emirates (UAE), adding that investor demand already exceeded $2 ​billion.

During a meeting with ADX’s board and management, Dr. Kwairanga said: “In Nigeria, we are also preparing for Dangote Refinery IPO which is seen as a continental project. Hopefully, the refinery, which is one of the biggest refineries in the world, will consider a dual listing in a global financial centre and we hope to have the active participation of Middle East investors with roadshows likely in the UAE.”

Quoting sources and a placement document, Reuters on Friday reported that the refinery is offering 3 billion ordinary shares at $0.35 ​per share, with investor demand already exceeding $2 ​billion.

ALSO READ: SERAP Sues NNPC Ltd over ₦5.9bn Incorporation, Rebranding Expense

According to the report, investors must subscribe to a ⁠minimum of one million shares ($350,000), with additional ​purchases in multiples of 500,000 shares, adding that shares ​will be subject to a 365-day lock-up period.

Proceeds will be used for expansion and general corporate purposes as ​the refinery ramps up operations and strengthens ​its market position, the document showed.

During the meeting with the executives of the UAE-based exchange at the weekend, Kwairanga solicited collaborative efforts between the NGX and ADX, noting that both markets could explore knowledge sharing and training programmes.

He expressed delight that despite the ongoing geopolitical tensions, the Abu Dhabi Exchange and the UAE in general are working and peaceful and still a global destination of choice for business.

This, he observed, was a clear demonstration of the solid foundation laid by the founding fathers and the resilience, determination and focus of current leaders, adding that he had no doubt that the UAE will emerge stronger from present issues.

He said the NGX, which he chairs, and the Nigerian capital market have witnessed dramatic improvement in performance and operations over the last couple of years.

“Our index and market capitalisation has more than doubled in the last couple of years and we have been attracting renewed interest from investors from all parts of the globe, including the Middle East.

“I recall that our President, Bola Ahmed Tinubu, who is Nigeria’s leader and chief marketer was in Abu Dhabi earlier this year to inform investors about ongoing economic reforms in Nigeria and why it is a very attractive destination for business,” Kwairanga said in a statement which he made personally signed.

The NGX Chairman said the exchange is also at the forefront of the African Exchanges Linkage Project, which will seamlessly link stock exchanges in several African countries for intra African trading and broaden the continent’s capital markets significantly.

“I believe during this visit, we will discuss areas for collaboration between our two exchanges in areas such as exchange of knowledge and training programmes, especially product development, cross border listings, openings in Nigeria for UAE quoted companies that may wish to expand. One product/platform that I believe we can work on is Tabadul.

“In Nigeria, we are also preparing for Dangote Refinery IPO which is seen as a continental project. Hopefully, the refinery, which is one of the biggest refineries in the world, will consider a dual listing in a global financial centre and we hope to have the active participation of Middle East investors with roadshows likely in the UAE,” he said.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

2
0
Would love your thoughts, please comment.x
()
x