Business
Stocks scale peaks, yuan drops most in three years
LONDON – World shares were at a 6-year high on Tuesday following a record peak on Wall Street, while moves by China to stamp out easy betting on the yuan triggered the currency’s biggest drop in over three years.
The upbeat mood among equity investors in the United States as well as Europe helped steady markets in China after the sharp plunge in the yuan and talk of credit tightening had seen stocks in Beijing suffer their biggest drop since September. .SSEC.
Spot yuan has entered a dramatic weakening cycle in recent weeks, guided by a series of moves by the central bank, with the unwinding of yuan positions by banks and funds adding downward momentum.
China allows the yuan to move 1 percent above or below a midpoint set daily but traders believe the recent depreciation is intended to set the stage for a widening of that band to 2 percent or more this year to make it more free moving.
“The yuan move has some relation to the slowdown in the Chinese economy but it looks more that it has been orchestrated by the PBOC to make it more of a two-way street for speculators,” said Societe Generale strategist, Alvin Tan.
MSCI’s all world index .MIWD00000PUS, which tracks stocks in 45 countries, was up 0.1 percent and in positive territory for the 13th session in 15 as it sat at a six-year high.
In Europe, the region’s main share markets .FTEU3 opened slightly lower, down 0.4 percent, but after seven straight sessions of gains traders were cashing in profits. .EU
The euro and benchmark German government bonds kept within tight recent ranges.
Investors were looking to European Commission forecasts due later in the day for the 28 EU member states, covering GDP, inflation, unemployment and debt.
In its last set of figures three months ago, the EU’s executive said the euro zone recovery would be hampered by weaker private demand and investment and that growth would be an anemic 1.1 percent in 2014 as a result.
Any revisions up or down would add to the information the European Central Bank says it needs before deciding whether to take any policy action at its March meeting.
A detailed breakdown on Tuesday of Germany’s fourth quarter GDP data confirmed quarterly growth of 0.4 percent with exports leading the way. Foreign trade, which had been weak for much of 2013, added 1.1 percentage points to GDP in the fourth quarter, but there was an alarm bell from weak domestic demand which subtracted 0.7 percentage points from growth.
WALL STREET HIGH
Away from China in Asia, Japan’s Nikkei .N225 bolted ahead by 1.4 percent to breach the 15,000 barrier, which in turn gave the dollar a slight lift on the yen to 102.56 yen.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.5 percent, while Seoul .KS11 gained 0.7 percent. Australia’s market briefly hit its highest since mid-2008 .AXJO on a run of solid earnings reports.
“The (Tokyo share) market looks fairly cheap considering that Japanese corporate profits are expected to hit record highs in the year to March and are expected to rise further in the following financial year,” said Ryota Sakagami, chief strategist at SMBC Nikko Securities.
Asia followed in the footsteps of Wall Street, where the benchmark S&P 500 hit an intra-day record as the Nasdaq punched to peaks last seen almost 14 years ago. U.S. markets are expected to start slightly lower later.
The latest U.S. economic data disappointed, but again the weakness was put down to bad weather. Instead, U.S. investors focused on a flurry of merger and acquisition activity that is pumping cash into the market and signaling growing confidence among business leaders. .N
U.S. Treasuries prices, which provide the benchmark for global borrowing costs, were steady on Tuesday after a dip overnight, with yields on the benchmark 10-year note holding at 2.74 percent in early European trade.
GOLD HOLDS
The swing in risk sentiment boosted currencies leveraged to global growth with the Australian dollar steady around $0.9015, having gained half a cent on Monday.
Most emerging Asian currencies also rose while in early trading Ukraine’s sovereign dollar bonds kept most of Monday’s stellar gains as hopes grew it would receive Western aid to prevent it going bankrupt after its political gyrations.
Gold which has benefited from recent global uncertainty, was firm at around $1,335 an ounce after touching a four-month high. It faces stiff resistance at October’s peak of
$1,361.60.
Oil prices faded just a little after supply worries gave them a boost the session before. Brent crude dipped 34 cents to $110.30 a barrel, while U.S. oil eased 54 cents to $102.28 a barrel.
– 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.”





