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Global Shares, Bunds edge higher, plenty of risk ahead

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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

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Sahara Champions Global Shipping Collaboration for $20m Mercy Ships Healthcare Impact

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AOW 2021: Sahara Group advocates measured transition in Africa’s upstream sector

Sahara Energy Geneva has highlighted the power of business collaboration to deliver lasting impact, with Mercy Ships Cargo Day celebrating more than $20 million raised over the past decade to support healthcare interventions in Africa.

More than 500 guests from over 150 shipping and trading companies gathered in Geneva recently for the 10th anniversary Gala of Mercy Ships Cargo Day, celebrating a decade of industry support for the international charity.

David Walker, Head of Chartering at Sahara Energy Geneva and Chairman of the Cargo Day Geneva Committee, joined industry leaders at the event, where he thanked the global shipping community, sponsors, media partners and Cargo Day committees in Geneva, London, Houston, Dubai and Singapore for supporting the initiative.

Cargo Day brings together charterers, shipowners, shipbrokers, and other shipping professionals who contribute through pledges, cargo commissions, and address commissions to support the work of Mercy Ships.

READ ALSO: 30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni

Kola Motajo, Director, Sahara Geneva said Sahara’s involvement reflects the company’s belief in the ability of enterprise and partnerships to deliver impact beyond business.

“At Sahara, our focus is always on impact and lives transformed. Cargo Day demonstrates what is possible when businesses and individuals unite around a shared purpose. The $20 million milestone reflects the collective commitment of the global shipping community to improving healthcare in Africa. As Sahara looks Beyond XXX, we remain committed to building connections that create lasting value and possibilities for generations to come,” Motajo said.

Reflecting on Cargo Day’s growth, Walker said: “Ten years ago, we raised $300,000 and there were 70 people at the Gala. Today, we have more than 500 people coming from around the world to support such a great cause.”

Cargo Day 2025 raised more than $2.5 million, with 93 companies participating, including charterers, brokers, shipowners, and other partners.

Mercy Ships operates two hospital ships supporting patients in Africa with free life-changing surgeries, while also providing training and mentoring for local healthcare professionals. Cargo Day funding contributes to expenses associated with operating the hospital ships.

The 2026 Cargo Day campaign begins November 4 and will run through November and December, with companies participating through Mercy Cargoes, address commissions and pledges.

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30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni

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Up to 30 Nigerian graduates have bagged postgraduate scholarships to pursue further studies both locally and in the Diaspora.

According to the Nigerian National Petroleum Company Limited (NNPC Ltd) and Italian energy company, Eni have awarded postgraduate scholarships

The beneficiaries emerged from more than 3,000 applicants following assessments of their academic records and performances in a recently conducted computer-based test (CBT).

The awards are under the 2026/2027 Postgraduate Scholarship Scheme of Nigerian Agip Exploration Limited (NAE), an Eni subsidiary, on behalf of the NNPC-NAE Production Sharing Contract (PSC) partners.

In a statement, NAE’s Vice Chairman and Managing Director, Maurizio Pinna, said the initiative was designed to develop local talent and equip young Nigerians with skills relevant to the oil and gas industry. Pinna congratulated the beneficiaries, noting that the scholarships would enable them to pursue their academic ambitions and achieve their career goals.

According to NAE, the programme reflects its commitment to education, innovation and capacity building in Nigeria.

The company urged the beneficiaries to make good use of the opportunity by acquiring valuable knowledge and skills that would contribute to national development, particularly in the energy sector.

Ten of the awardees will undertake postgraduate studies in universities abroad, including Imperial College London, Robert Gordon University in Aberdeen, Newcastle University, the University of Aberdeen and the University of Hull in the United Kingdom.

READ ALSO: Navy Recovers 98,000 Litres of Suspected Stolen Crude in Rivers

The remaining 20 beneficiaries will study at Nigerian universities in fields including engineering, geosciences, petroleum and environmental technology, energy economics, renewable energy and energy transition.

Established in 2007, the NNPC-NAE PSC postgraduate scholarship scheme is part of the partners’ human capital development programme aimed at promoting specialised knowledge and addressing skills shortages in Nigeria’s deep offshore oil and gas operations.

NAE said 380 Nigerian graduates had benefited from the scheme since its inception, gaining knowledge and skills required by the oil and gas industry.

Beyond education, Eni, through NAE, has implemented sustainability initiatives in Nigeria covering healthcare, access to water, infrastructure and community empowerment.

Eni has operated in Nigeria since 1962 and currently has an equity production of about 55,000 barrels of oil equivalent per day. The company also holds a 10.4 per cent stake in Nigeria LNG.

NAE was incorporated in 1996 to manage Eni’s deep offshore exploration and production assets. It became the first oil and gas company in Nigeria to produce oil from the country’s deep offshore when its Abo floating production, storage and offloading (FPSO) vessel began operations in 2003.

The company has interests in nine offshore blocks in Nigeria, either as operator or co-venturer, including PML 102 and PML 103, where the Zabazaba-Etan fields are being developed.

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DPRP’s Appeal Against Fuel Import Licence Ruling Earns Stakeholder Backing

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The Dangote Petroleum Refinery and Petrochemicals’ (DPRP) decision to seek leave to appeal a Federal High Court (FHC) judgment directing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing petroleum product import licences to three major oil marketers is being backed by the Energy Watchdog.

This was detailed in a statement by Martins Tayo, which considers the move as necessary to protect Nigeria’s domestic refining industry and reduce dependence on imported petroleum products.

The judgment, delivered on September 28, 2026, by Justice Inyang E. Ekwo in Suit No. FHC/ABJ/CS/1363/2026, ordered the NMDPRA to continue issuing import licences to Matrix Energy, AA Rano and AYM Shafa.

The Energy Watchdog argued that the ruling undermined the objectives of the Petroleum Industry Act (PIA) and threatened investments in domestic refining capacity.

“We completely reject and condemn in totality the judgment of the lower court. It is a deeply flawed decision that disregards the clear intent of the Petroleum Industry Act and the national interest in building a robust domestic refining industry,” the statement said.

READ ALSO: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits

The group further cited a reported decline in petrol imports in the first quarter of 2026, alongside increased supplies from local refineries, particularly the Dangote facility, as evidence of the country’s growing domestic refining capacity.

It argued that sustaining import licences despite rising local production could undermine efforts to achieve self-sufficiency in refined petroleum products and weaken investor confidence in the sector.

According to the organisation, Dangote Refinery’s decision to seek leave to appeal as an interested party was timely, given the potential implications of the judgment for the future of Nigeria’s downstream petroleum industry.

“The lower court’s decision amounts to a judicial endorsement of continued importation irrespective of local capacity.

“We condemn it without reservation because it threatens to reverse the hard-won gains of the last few years,” Tayo stated

The Energy Watchdog maintained that the Petroleum Industry Act was designed to encourage investment in midstream and downstream infrastructure, warning that allowing the ruling to stand could send a negative signal to investors who have committed substantial resources to domestic refining projects.

The group urged the Court of Appeal to grant the DPRP leave to appeal and ultimately set aside the FHC’s order, describing the case as significant to Nigeria’s energy security and the development of its refining industry.

“Any judgment that forces the continued importation of fuel products when local refineries can supply the market is a setback for Nigeria.

“We condemn the lower court ruling in the strongest terms and fully support the appeal filed by Dangote Refinery,” the statement concluded, “The Court of Appeal must correct this error and reaffirm that the era of automatic import licences is over.”

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