Business
Global Shares, Bunds edge higher, plenty of risk ahead
LONDON – World shares made guarded gains on Monday, encouraged that Wall Street was able to weather a seemingly disappointing U.S. jobs report last week but with more than enough event risk ahead to keep investors cautious.
European stocks got off to steady start, holding their ground along with safe-haven German Bunds as moves remained limited ahead of the week’s bigger events.
The new head of the Federal Reserve, Janet Yellen, delivers her first testimony to the House of Representatives on Tuesday and the Senate on Thursday. Markets will be hoping for reassurance that policy will stay loose for a long time to come.
The dollar had begun to retreat as European trading gathered pace, softened by questions over Yellen’s stance and what if any impact a second successive month of uncertain jobs data could have on the Fed’s stimulus withdrawal.
It was last trading at $1.3644 to the euro and was buying 102.20 yen, a turnaround from Asian trading when it had bobbed as high as 102.41.
“I think the market is bit on the dovish side of where it should be,” Saxo Capital Markets chairman Nick Beecroft said.
“Given the perception of Janet Yellen being a dove, if she doesn’t come over extra-dovish it could be a bit of a disappointment.”
Both stocks and the dollar initially retreated when Friday’s U.S. payrolls report showed a rise of only 113,000 in January, falling well short of forecasts. The damage was limited by a very strong household survey in which a sharp jump in the number of people employed nudged the jobless rate down to 6.6 percent.
That mixed bag of data left Treasuries little changed with yields on 10-year notes a shade lower at 2.67 percent in early Monday trade.
In commodities, oil prices lost momentum having initially extended their recent gains as persistently cold weather across the United States continued to eat into heating fuel stocks.
U.S. crude made an early six-week peak at $100.46 a barrel but could not force its way past the December high at $100.75. Brent crude oil futures gave up 21 cents of last week’s gains to stand at $109.35 a barrel.
Spot gold was also firm at $1,271.70 an ounce, but faces stiff resistance from $1,273 to $1,278.
YELLEN FROM THE HILL
Japan’s Nikkei led the way in Asian trading, with a rise of 1.3 percent to 14,668, and away from last week’s trough at 13,995. Shanghai also added 1.7 percent after its recent sell-off.
But emerging market tensions were back in focus after credit rating downgrades late on Friday for Turkey and Ukraine, two of the countries most under fire in markets.
Turkey’s lira and its main stock market suffered their biggest falls in a week although losses in Ukrainian assets were limited by its imposition from Friday of capital controls.
Expectations that cuts in U.S. monetary stimulus, which has buoyed risk assets for several years, are one of the main reasons for the pressure being seen in emerging markets.
Fed chair Yellen will be able to offer her own reading of the jobs report before lawmakers this week, which could give markets a fresh steer on the pace of stimulus withdrawal.
Analysts generally assume she will stick to the script of recent policy meetings, reiterating that a gradual decline in asset buying is likely as long as the economy continues to improve as assumed.
“We expect her to state that tapering is not on a pre-set course and the committee will adjust course as needed, particularly if the expected firming in growth and gains in payrolls do not persist,” Barclays analysts said in a note.
Yellen is also likely to repeat the standard forward guidance that the funds rate will remain near zero until the unemployment rate falls well below 6.5 percent, as long as inflation is subdued.
BEARS IN THE CHINA SHOP
Major U.S. data includes retail sales on Thursday, for which a flat result is forecast due partly to bad weather and a rise in gasoline prices.
China releases trade numbers on Wednesday and consumer prices on Friday. Analysts at Commonwealth Bank of Australia predict exports will have shrunk in January but mainly because of significant base effects as January last year saw an outsized 25 percent increase.
Trade flows can be very volatile in January and February because of the timing of the Lunar New Year holiday.
The euro zone releases its first estimate of economic growth on Friday and forecasts favor a slim 0.2 percent increase in the fourth quarter, which would keep pressure on for more action from the European Central Bank.
ECB President Mario Draghi gives a speech on “Progress Through Crisis?” on Wednesday and markets will be sensitive to any hint of further accommodation to come.
The Bank of England issues its February Inflation Report on Wednesday, which is likely show price pressures are muted and so support the outlook for low rates.
BoE chief Mark Carney is expected to sketch out a new format for forward guidance after a quicker-than-expected fall in unemployment undermined an original plan, outlined in August.
– REUTERS
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.
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.
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.
Yul Edochie Lashes Out At Critics Over His Personal Life On Social Media
Ruger Criticises Nigerian Music Industry
Bandits Attack Niger State Community, Kill 10, Burn Houses
TikTok Chased Me Because Of My Dangerous Miracles – Odumeje
Suspected Thief Beaten To Death By Angry Mob In Makurdi
Osimhen Back In Action As Eguavoen Names 23-Man Squad For AFCON Qualifiers
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
