Business
Stocks Decline Before Fed Speakers as Lira Slides, Gas Advances
WASHINGTON – Stocks fell in Europe and Asia after the Standard & Poor’s 500 Index dropped the most in two months yesterday. Turkey’s lira led emerging-market currencies lower while U.S. natural gas climbed for a third day.
The Stoxx Europe 600 Index slid 0.4 percent at 7:05 a.m. in New York, after closing yesterday at the highest level since May 2008. Japan’s Topix (TPX) index sank 2.3 percent and the yen weakened as the nation’s current-account deficit widened to a record. S&P 500 futures added less than 0.1 percent following the gauge’s 1.3 percent drop yesterday. The lira slid to an all-time low against the dollar. The 10-year Treasury yield rose two basis points to 2.85 percent. Natural gas added 1 percent.
Federal Reserve board members Charles Plosser and Richard Fisher are scheduled to speak after Atlanta Fed President Dennis Lockhart yesterday backed reductions in bond buying in the U.S., where retail sales data are due today. The S&P 500 climbed 30 percent last year, the best year since 1997, to close at the highest valuation in four years. The Stoxx 600 trades at 13.8 times its members’ projected earnings, more than the average over the last five years, after advancing 17 percent in 2013.
“The risk in the European market is if profits don’t follow multiple expansion, as that makes the market expensive,” said Nathalie Martin-Pelras, who oversees the equivalent of $1.3 billion as chief investment officer at KBL Richelieu Gestion in Paris. “After 2013’s multiple expansion story, corporate results have to deliver in 2014.”
Support Failed
Every industry gauge in Europe declined as the Stoxx 600 dropped. Celesio AG slid 6.1 percent after McKesson Corp. said it failed to gain support from enough shareholders to enable it to buy the German drug wholesaler. Ashmore Group Plc plunged 11 percent as the asset manager said that clients withdrew a net $3.5 billion from its funds in the three months through December. Jeronimo Martins SGPS SA slipped 2.4 percent after the Portuguese retailer said that sales growth slowed in Poland.
JPMorgan Chase & Co. was little changed in pre-market trading after reporting adjusted earnings per share that beat analysts estimates. JPMorgan and Goldman Sachs Group Inc. are among 29 members of the S&P 500 reporting earnings this week.
The S&P 500 declined yesterday the most since Nov. 7. The gauge traded at 15.4 times estimated earnings, more than their average multiple over the last five years of 14.1, according to data compiled by Bloomberg.
Last week’s payrolls report shouldn’t discourage Fed policy makers from pursuing cuts to asset purchases after they announced the first $10 billion reduction last month, Lockhart, who doesn’t vote on policy in 2014, told reporters yesterday. The economy was on a “solid footing,” he added.
Stimulus Cuts
Plosser, an opponent of bond purchases by the Fed, said this month policy makers shouldn’t try to make up for a permanent loss in potential growth caused by the financial crisis. Fisher argued for a $20 billion reduction in the central bank’s monthly bond purchasing pace instead of the $10 billion announced last month. The regional Fed chiefs and other voting members of the Federal Open Market Committee meet on Jan. 28-29.
A Commerce Department report today will probably show U.S. retail sales rose 0.1 percent last month, after increasing 0.7 percent in November, according to the median of 86 estimates of economists surveyed by Bloomberg.
The MSCI Emerging Markets Index slid 0.5 percent, with benchmark gauges in Russia and Turkey losing at least 1 percent. The lira dropped 0.6 percent to 2.1921 per dollar. It earlier weakened as much as 0.8 percent to 2.1964 after the country’s current-account deficit widened.
Labor Disputes
South Africa’s rand slumped to a five-year low on concern that labor disputes at the world’s three biggest platinum producers will weigh on mining output and dent the nation’s exports. The currency declined as much as 0.7 percent to 10.8952 per dollar, the weakest level since October 2008.
Japan’s currency fell against all of its 16 major counterparts after the current-account shortfall widened more than economists projected in November to a record 592.8 billion yen ($5.7 billion). The yen weakened 0.6 percent to 103.58 per dollar, the biggest decline since Dec. 18, after trading at 102.86 per dollar yesterday. The yen dropped 0.6 percent per euro. The dollar was little changed at $1.3684 per euro.
The Swedish krona strengthened after a report showed consumer prices rose more than economists estimated in December. It added 0.7 percent to 8.8273 per euro.
The cost of insuring corporate bonds against losses rose, with the Markit iTraxx Europe index of credit-default swaps on 125 European investment grade companies increasing 1.5 basis points to 73 basis points, the highest since Dec. 19. The Markit iTraxx Crossover index of contracts on speculative-grade companies rose 4.7 basis points to 288 basis points, the most since Dec. 20.
Stockpiles Forecast
U.S. natural gas climbed 5.5 percent yesterday, the most since April 29, after Citi Futures Perspective forecast a record drop in stockpiles after last week’s cold weather. Inventories probably fell by 303 billion cubic feet in the week ended Jan. 10, Citi Futures Perspective said before Energy Information Administration data on Jan. 16. That would surpass the biggest-ever decline of 285 billion on Dec. 13.
Gold fell 0.4 percent to $1,248.11 an ounce, the first drop in four days, and West Texas Intermediate oil advanced 0.2 percent to $91.94 a barrel.
– BLOOMBERG
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.”





