Business
Yen Falls as Emerging-Market Stocks Gain; Treasuries Drop
TOKYO – The yen weakened against most of its counterparts and emerging-market shares climbed for a second day on expectations for continued Federal Reserve stimulus. European stocks and U.S. equity-index futures were little changed, while yields on 10-year Treasuries advanced.
Japan’s currency fell 0.4 percent to 100.39 per dollar at 10:51 a.m. in London today after earlier reaching the weakest since Sept. 11. The MSCI Emerging Markets Index gained 1.2 percent. The Stoxx Europe 600 Index rose less than 0.1 percent and Standard & Poor’s 500 Index futures added 0.1 percent. The 10-year Treasury yield appreciated two basis points. U.K. natural-gas prices jumped to a seven-month high and gold dropped 0.4 percent.
An economic report in the U.S. later today may show that industrial output growth slowed in October. Janet Yellen, the nominee for chairman of the Federal Reserve, signaled during her Senate confirmation hearing yesterday that she’ll maintain record monetary stimulus until the economy is stronger. China may release details of its economic policy plans as early as next week, according to Morgan Stanley.
“It’s generally a more risk-on environment,” said Kiran Kowshik, a foreign-exchange strategist at BNP Paribas SA in London. “That’s why you’re seeing the yen weakening. Yellen’s testimony has sparked a risk-on move.”
Japan’s currency weakened 0.1 percent to 134.93 per euro, after reaching 135.05, the least this month. The U.S. currency was little changed at $1.3444 per euro, set for a 0.6 percent weekly decline.
Yen Decline
The yen slumped 1.4 percent this week, the worst performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar rose 0.1 percent and the euro gained 0.7 percent.
Yields on 10-year Treasuries rose two basis points to 2.71 percent.
The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong (HSCEI) rose 3 percent, bringing the two-day gain to 4.2 percent, amid optimism for detailed economic policy changes in the nation. The Shanghai Composite Index jumped 1.7 percent, the most in more than a month.
Samsung Electronics Co. led gains in the broader emerging-markets measure, driving technology shares up the most since Oct. 18. The world’s largest maker of handsets plans to release a Galaxy smartphone next year with a three-sided display that wraps around the edges, two people familiar with the plans said yesterday. The stock rose 2.7 percent in Seoul, the most since August.
Domestic Product
Hungary’s BUX Index rose for a second day, gaining as much as 0.9 percent, after Economy Minister Mihaly Varga told state-run Duna television yesterday that fourth-quarter economic growth may exceed 2 percent. Gross domestic product accelerated more than economists forecast in the three months through Sept. 30, data showed yesterday.
Poland’s benchmark WIG30 Index rallied 1.4 percent, set for the first weekly gain in three, led by technology, financial and basic-material companies. The zloty appreciated 0.1 percent per euro.
Yellen said during her hearing that it’s important that policy makers do not remove support for the U.S. economy too soon given the limited range of tools available to the Fed, which has to promote a “very strong recovery.”
Fed Stimulus
The Federal Open Market Committee probably will wait to taper its bond buying to $70 billion at its March 18-19 meeting from the current pace of $85 billion a month, according to the median estimate of 32 economists in a Bloomberg survey Nov. 8.
U.S. data today may show that industrial production cooled in October, reflecting a pause in manufacturing during the 16-day partial shutdown of the federal government. Output rose 0.2 percent last month after gaining 0.6 percent in September, economists forecast before the Fed releases the data at 9:15 a.m. in Washington.
Manufacturing in the New York region grew at a faster pace in November after slowing for three consecutive months, according to the median economist projection. The Fed Bank of New York’s index probably rose to 5, rebounding from a five-month low. Positive readings signal expansion in New York, northern New Jersey and southern Connecticut.
Dredging Company
The Stoxx 600 Index gained 15 percent this year and reached a five-year high on Nov. 11. Vivendi SA (VIV) gained 3.8 percent today after the Paris-based company said it will spin off its French phone carrier SFR by July 2014 and posted third-quarter adjusted profit that beat analysts’ estimates. Royal Boskalis Westminster NV jumped 3.9 percent after the world’s largest dredging company increased its 2013 profit forecast.
Safran SA (SAF) slipped 3.7 percent after the French government, its biggest shareholder, sold a 4.7 percent stake in the manufacturer. Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, dropped 1.8 percent after saying gross margins dropped at the end of October.
The increase in S&P 500 futures indicated the equity gauge may extend its all-time high. The index climbed 0.5 percent to 1,790.62 yesterday. The S&P 500 surged 26 percent this year, headed for its biggest annual gain in a decade.
Exxon Mobil Corp. increased 1.8 percent in early New York trading after Berkshire Hathaway Inc. reported a stake in the oil company valued at about $3.7 billion, the largest new holding since Warren Buffett’s company adding International Business Machines Corp. in 2011.
Goldman Sachs
Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of New York Mellon Corp. had their senior holding company ratings lowered one level by Moody’s Investors Service, which decided the U.S. government would be less likely to help them repay creditors in a crisis.
The yield on Morgan Stanley’s 4.1 percent subordinated notes due in May 2023 fell 26 basis points to 4.52 percent, while the yield on JPMorgan’s 3.375 percent subordinated notes due May 2023 slipped 10 basis points to 4.3 percent. The yield on Goldman Sachs’s 5.95 percent subordinated bonds due January 2027 rose one basis point to 5.4 percent. There was little trading in notes of Bank of New York Mellon.
Yields on downgraded bonds typically rise after a rating reduction to account for the perceived deterioration of the issuer’s creditworthiness.
U.K. day-ahead natural-gas prices jumped as much as 2.4 percent to 70.25 pence a therm, the highest price since April 11, according to broker data compiled by Bloomberg. Temperatures may average 1.9 degrees Celsius (35.4 degrees Fahrenheit) next week, compared with a seasonal average of 6.9 degrees Celsius, according to MetraWeather. Gold dropped to $1,282.67 an ounce and silver fell 0.7 percent to $20.6385 an ounce.
– BLOOMBERG
Business
Dangote Bags Corporate Excellence Award for Road Safety Advocacy
The Dangote Group has received the coveted Road Safety Corporate Excellence Award for its outstanding contributions to safer transportation and accident prevention initiatives from the Kogi State government, in Lokoja.
Similarly, the Pan-African conglomerate received the commendation of road transport industry operators for its sustained support for initiatives aimed at reducing traffic accidents and safeguarding lives.
According to the government which presented the award, it was to celebrate the Group’s outstanding contributions to promoting safer roads, supporting accident prevention initiatives and advancing collaborative efforts aimed at protecting lives along one of Nigeria’s most strategic transportation corridors.
The award was presented before a gathering of government officials, road safety regulators, transport operators, industry leaders and other stakeholders, where participants explored innovative solutions and partnerships required to reduce road crashes, improve traffic management, and strengthen safety standards across the state and beyond.
Kogi State Commissioner for Transport, Hon. Atuluku Victor Levi, who presented the award said it underscored the company’s growing reputation as a champion of safe transportation practices and its commitment to partnering with government and regulatory agencies to improve road safety outcomes across Nigeria.
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According to him, the recognition highlights the company’s longstanding collaboration with the state government and road safety agencies to promote responsible road use, enhance driver safety awareness, and support initiatives that strengthen Nigeria’s transportation ecosystem.
“As one of Nigeria’s largest industrial conglomerates and a major user of the nation’s road network, the Group has continued to champion safety standards across its logistics and transport operations.
“Kogi State occupies a strategic position within Nigeria’s transportation ecosystem, serving as a vital transit corridor linking several states and geopolitical zones. The state’s road infrastructure facilitates the movement of people, goods and services across the country, making stakeholder collaboration critical to reducing road crashes, improving mobility and supporting economic growth”, he stated.
Receiving the award on behalf of the Company management, Abdullahi Aliyu, Assistant Divisional Director, Dangote Cement Transport (DCT), Obajana, thanked the Kogi State Government and road safety stakeholders for the recognition saying the recognition would only spur the Group to do more to support road safety initiatives.
“This award reflects Dangote Group’s unwavering commitment to safety as a core value across all our operations. We remain dedicated to supporting initiatives that promote safer roads, protect lives and contribute to sustainable economic development” Aliyu said, adding that road safety remains a shared responsibility requiring continuous partnership between government, corporate organizations and road users.
“At Dangote, we believe that every journey should end safely. We will continue to invest in safety awareness, driver training and responsible transport practices that help make our highways safer for all users,” he stated.
Reaffirming the company’s commitment to maintaining high safety standards within its transport operations, Aliyu pointed out “safety is not just a regulatory requirement; it is an integral part of our corporate culture. We are committed to strengthening collaborations that improve road safety outcomes and reduce preventable accidents across the communities where we operate.”
Furthermore, the Dangote Cement Transport Director said the recognition aligns with the Company’s broader sustainability agenda and supports the objectives of the United Nations Sustainable Development Goals (SDGs) as well as reinforcing the Group’s reputation as a responsible corporate citizen committed to promoting safer roads, protecting lives and contributing to sustainable development in Nigeria.
“At Dangote, Road safety is a collective responsibility, and partnerships such as these are crucial to saving lives and strengthening Nigeria’s transport system. Our goal extends beyond business operations; it is about creating safer communities and sustainable mobility for everyone.”
Meanwhile, Stakeholders at the conference commended private sector organizations that have consistently supported road safety campaigns, noting that meaningful partnerships between government and industry are essential to addressing transportation challenges and improving public safety.
It would be recalled that the Dangote Cement Transport recently launched an ultra modern drivers lounge at its Ibese plant in Ogun state, where its drivers could rest and refresh before and after every trip to promote their well being.
Murilo Silva, the Head of Dangote Cement Transport urged the drivers to make maximum use of the lounge to eliminate fatigue by resting well and be in sound mind always
Business
NNPC Ltd: $3.4bn Saved Through Contract Restructuring
The Nigerian National Petroleum Company Limited (NNPC Ltd) claimed that it saved $3.4 billion through contract restructuring and optimisation between April 2025 and July 2026.
Group Chief Executive Officer, Bayo Ojulari, made the assertion in Abuja at the opening of the 25th Nigeria Oil & Gas (NOG) Energy Week, while highlighting the impact of ongoing reforms aimed at improving operational efficiency, reducing costs, strengthening partnerships, and enhancing value delivery to the federation.
Ojulari also stated that the national oil company had maintained full compliance with its joint venture cash call obligations.
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According to the scorecard presented by the NNPC Ltd, the $3.4 billion cost savings were realised through contract restructuring and optimisation initiatives across the company’s operations.
The reforms also contributed to an increase in government revenue, with the NNPC Ltd reporting a government take of N19.5 trillion, representing a 21.8 per cent year-on-year increase.
Besides, a major highlight of the report was NNPC’s 100 percent compliance with its joint venture cash call obligations across all its joint ventures from Financial Year 2025 to June 2026.
However, the company’s partners recorded a blended compliance rate of just 61 percent.
Of the 27 joint venture partners, only six were fully current with their obligations, while 13 recorded partial compliance with an average payment rate of 72 percent, and eight remained in significant default, paying an average of only 14 percent, prompting Joint Operating Agreement remedies.
The NNPC Ltd said it remained committed to sustaining its cash call obligations to support Nigeria’s target of achieving two million barrels of oil production per day.
Operationally, the company reported a six percent increase in crude oil production year-on-year and an 8.1 percent rise in gas production over the same period, reflecting improvements in upstream operations.
Ojulari also highlighted several strategic partnerships concluded since the last Nigeria Oil and Gas Conference, including a long term gas supply agreement with Nigeria LNG, progress on deepwater investments valued at over $20 billion, refinery related partnerships, industrial gas projects, and new gas supply arrangements.
Looking ahead, the company identified seven priority projects expected to drive production and gas infrastructure growth through 2027.
These, it said, included the UTM Floating LNG project, the OB3 East West Connector, the AKK gas pipeline, refinery technical enhancement projects, the Zabazaba deepwater development, the Owowo field, and the BSWAP project.
The state oil major added that the combination of cost optimisation, stronger operational performance, improved infrastructure reliability, and strategic partnerships would reinforce Nigeria’s energy security, boost government revenues, and support sustainable growth in oil and gas production.
Ojulari said the national oil company achieved 98 percent recovery across five crude export terminals between April 2025 and May 2026, up from one per cent at Bonny in June 2022.
He put current output at 1.71mbpd, the highest in five years, with the NNPC Exploration and Production Limited (NEPL) hitting a record 365,000 bpd.
Gas production, he said, reached 7.5 billion standard cubic feet per day (bscf/d) following the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Pipeline and inauguration of the ANOH Gas Plant.
Ojulari added that the NNPC Ltd had “zero tolerance for partners who are not able to fund their Cash-call” and had begun invoking default clauses.
He stressed collaboration over control, saying, “We have rid ourselves of any pseudo-regulation. We are not the super-regulator. Let them regulate. We want to work.”
Business
Energia, Oando Inaugurate Board for HCDT in Delta Community
Energia Limited and its Joint Venture partner, Oando Plc, have inaugurated the board of trustees of the Ndokwa West-1 Host Community Development Trust (HCDT).
The inauguration marked a significant milestone in strengthening sustainable development, transparency and community participation across their host communities in Delta State.
The inauguration, held in Asaba, also featured the signing of a Memorandum of Understanding (MoU) between the Energia-Oando Joint Venture and the seven host communities, in line with the provisions of the Petroleum Industry Act (PIA), 2021.
The event brought together representatives of Delta State Government, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), traditional rulers, community leaders, members of the newly inaugurated board of trustees, and other key stakeholders from the oil and gas industry.
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Representing the Governor of Deputy Governor, Delta State, Sir Monday Onyeme, Deputy Chief of Staff, Hon. Christopher Osaskwe commended Energia Limited and the host communities for successfully establishing the Trust and signing the Memorandum of Understanding.
He described the initiative as a demonstration of mutual commitment to partnership and sustainable development, while urging the newly inaugurated board to discharge its responsibilities with transparency, accountability and fairness.
He also encouraged host communities to continue protecting oil and gas infrastructure and embrace dialogue as the preferred approach to resolving disputes.
Managing Director, Energia Limited, Oladimeji Bashorun, described the inauguration as the beginning of a new chapter in the relationship between Energia and its host communities.
According to him, the company remains focused on building partnership, shared responsibility and sustainable development rather than dependency.
He noted that while the PIA provides a structured framework for host community development, Energia’s commitment to its host communities predates the legislation and has remained a core part of the Company’s operating philosophy since it achieved First Oil in 2009.
“Communities that host our operations should also share meaningfully in the opportunities created by those operations. Our success has always been closely connected to the success of our host communities,” Bashorun said.
He also disclosed that Energia has invested over N15.94 billion in community development initiatives since inception, supporting roads, drainage systems, healthcare facilities, educational programmes, scholarships, youth empowerment, solar-powered street lighting, community welfare initiatives and other social investments across its operational communities. He added that the Company dedicates 3% of its gross revenue annually to support sustainable development initiatives for its host communities.
Also speaking at the event, the Asset Manager of Oando, Seyi Fawora, reaffirmed the Joint Venture’s commitment to implementing the HCDT, noting that the partnership remains focused on building stronger, mutually beneficial relationships with host communities.
The representative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Dennis Eyitemi, described the inauguration as a significant milestone in strengthening host community participation in development. He urged members of the Board of Trustees to remain accountable, transparent and committed to promoting the long-term welfare of the communities they represent.
Providing an overview of the HCDT framework, the Delta State Solicitor-General and Permanent Secretary, Ministry of Justice, Omamuzo Irebe, SAN, commended Energia for contributing beyond the statutory requirement prescribed under the Petroleum Industry Act and encouraged members of the Board to place community interests above personal interests while ensuring prudent management of the Trust’s resources.
The ceremony concluded with the swearing-in of the members of the Ndokwa West-1 Host Community Development Trust Board of Trustees. In his acceptance remarks, the Chairman of the Board, Chief Godwin Edeme, pledged the Board’s commitment to working with Energia Limited, Oando Petroleum Development Company and all stakeholders to ensure the effective implementation of the Trust for the benefit of present and future generations.
The establishment of the Ndokwa West-1 Host Community Development Trust represents another milestone in Energia’s long-standing commitment to responsible operations, stakeholder engagement and creating shared value for its host communities through sustainable, transparent and inclusive development. About Energia Limited
Energia Limited is a leading indigenous Nigerian exploration and production company with a proven track record of responsible hydrocarbon development and sustainable value creation. Since achieving First Oil in 2009, Energia has remained committed to operational excellence, environmental stewardship, and meaningful partnerships with its host communities, delivering lasting social and economic impact alongside its business growth.





