Business
Global shares rally on hopes for U.S. jobs growth
PARIS – Stocks gained ground on Friday to further recover from a steep two-week selloff, buoyed by expectations that a January U.S. jobs report will soothe recent concerns over the pace of global growth.
The euro dipped to a session low against the dollar while German bund futures rose after Germany’s Constitutional Court referred the European Central Bank’s flagship bond-buying program to the European Court.
Europe’s FTSEurofirst 300 .FTEU3 index was up 0.2 percent in morning trade in Europe, while MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.9 percent and Tokyo’s Nikkei .N225 added 2.2 percent.
The gains mirrored a rally on Wall Street on Thursday, fuelled by data showing a drop in applications for U.S. unemployment insurance, as well as robust corporate results.
While the data has no direct bearing on January’s employment report, as it falls outside the survey period, it boosted the mood after the recent rout in emerging economies raised fresh concerns about the global growth outlook.
“After what we saw yesterday, we’re going slightly ‘long’ into the data and if the figures are good, we expect a nice short squeeze,” said Markus Huber, senior trader at Peregrine & Black, referring to a situation where traders scramble to unwind negative bets on the market, helping push prices higher.
According to a Reuters’ poll of economists, non-farm payrolls are expected to have increased by 185,000 last month, snapping back from December’s three-year low, which could eclipse recent tepid U.S. manufacturing data.
Emerging market equities were regaining ground on Friday, with the MSCI Emerging Market index .MSCIEF up 0.7 percent, while battered currencies such as the Turkish lira and the South African rand were trading off recent lows.
Data from Thomson Reuters Lipper showed further massive outflows from emerging market equities, however, with U.S.-based funds invested in emerging market stocks seeing redemptions of $2.7 billion during the seven-day period to February 5.
Alexandre Baradez, chief market analyst at IG France, warned about the risk that a lower-than-expected U.S. payroll figure could send stocks dropping again.
“If you look at the last batch of U.S. macro figures, it was quite sluggish, so the risk seems on the downside ahead of the payrolls data. This market correction is probably not over yet,” he said.
The euro fell to $1.3552, from around $1.3582 beforehand, and Bund futures rose as high as 144.02, up 69 ticks on the day, after German judges referred a complaint against the ECB’s OMT bond-buying program to the European Court.
Although the German court said it saw substantial reasons to suggest the OMT exceeds the ECB’s mandate, the European Court has a reputation for giving federalist rulings that take a broad interpretation of European institutions’ powers.
The announcement at the height of the bloc’s sovereign debt crisis in September 2012 of the as-yet unused program, which promises potentially unlimited sovereign bond purchases by the ECB, is widely credited with stabilizing the euro.
On the commodities front, London copper was set to post its largest weekly rise this year, boosted by hopes the U.S. jobs figures will calm fears about global growth.
Brent crude steadied above $107 a barrel, heading for its second weekly gain in three on optimism about the U.S. jobs data.
Gold inched up, trading at $1,260.35 an ounce, as Chinese buyers came back into the market after a week-long holiday.
– REUTERS
Business
Sahara Champions Global Shipping Collaboration for $20m Mercy Ships Healthcare Impact
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.
Business
30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni
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.
Business
DPRP’s Appeal Against Fuel Import Licence Ruling Earns Stakeholder Backing
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.”





