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
LPG Exports Ban Still in Force – FG
The ban on exportation of Liquefied Petroleum Gas (LPG) is still in force despite rising prices and supply concerns across Nigeria.
An official with the Federal Ministry of Petroleum Resources made the clarification amid soaring prices and claims that locally produced cooking gas is being exported in foreign currency at the expense of domestic consumers.
Speculations had mounted amongst cooking gas retailers that some locally produced LPG was being sold to West African buyers because it was more profitable than supplying the domestic market.
The Chairman of the Liquefied Petroleum Gas Retailers Association, Ayobami Olarinoye, had told The PUNCH that the persistent scarcity and high prices of cooking gas were being worsened by limited product availability and alleged exports by a local refinery.
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Speaking exclusively with The PUNCH, the spokesman for the Minister of State for Petroleum Resources (Gas), Louis Ibah, dismissed the claim, saying the Federal Government’s restriction on LPG exports remains in place and is being enforced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
“The ban on exports of LPG announced by the Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, is still in place to stabilise prices and is strictly enforced by the NMDPRA,” Ibah told The PUNCH on Thursday.
Ibah emphasised that none of the local producers is allowed to export cooking gas, saying all resources are focused on making the product available for Nigerians. “It’s important to note that none of our producers are currently exporting the LPG meant for cooking in Nigeria, so all resources are focused on meeting our local needs,” he said.
The government’s position comes as concerns mount over soaring cooking gas prices and supply shortages across several parts of the country. Retailers and consumers have reported difficulties accessing supplies, while prices have continued to rise.
Describing the situation, Olarinoye said access to products had become increasingly difficult in recent weeks. “Getting the product has been excruciatingly difficult, and it is not readily available. Out of every 10 plants, only one or two would have products to sell to our members. Many of them, especially those situated in relatively residential areas, prefer to sell directly to end-users, while a few are still selling to retailers,” he stated.
He warned that prices were unlikely to decline in the immediate term unless there was an intervention. “The high price may remain the way it is until the situation changes positively,” the LPGAR boss noted.
Olarinoye called on the Federal Government to create incentives that would encourage more investors to enter the LPG market and boost local supply.
A source at the NMDPRA said the regulator was working with the Nigerian National Petroleum Company Limited and other stakeholders to improve product availability. “The regulator is collaborating with the Nigerian National Petroleum Company Limited and other key stakeholders to further boost LPG availability in the local market,” the source said.
It was also learnt that a new Seplat gas facility is expected to begin LPG supply to the domestic market by July. “This means we can expect a significant improvement in supply,” the source added.
The concerns come as the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, called for stronger efforts to improve domestic gas distribution and utilisation across the country.
Speaking at the Association of Local Distributors of Gas Business Forum 2026 in Abuja, Ekpo said Nigeria’s vast gas reserves would remain economically insignificant unless they are translated into accessible energy for households, industries and businesses.
Represented by the Director, Midstream and Downstream, Mrs Ikenma Irene, the minister delivered a keynote address titled, ‘From Gas Abundance to Gas Access: Reassessing Nigeria’s Gas Distribution Imperatives’.
He noted that Nigeria holds more than 209 trillion cubic feet of proven natural gas reserves but said the country’s development would depend on how effectively those resources are utilised.
“Nigeria’s development will not be measured by the volume of gas beneath our soil but by the extent to which that gas powers industries, supports households, creates jobs, and fuels sustainable economic growth,” the minister stated.
According to him, infrastructure gaps, weak distribution networks and limited market penetration remain major obstacles to increased domestic gas utilisation.
Ekpo reiterated the Federal Government’s commitment under President Bola Tinubu to accelerate domestic gas development through the Decade of Gas initiative and highlighted reforms under the Petroleum Industry Act 2021 aimed at improving investor confidence and encouraging private sector participation.
“Nigeria must now move decisively from gas abundance to gas accessibility. The success of this vision requires policy consistency, strong institutions, strategic investments, infrastructure expansion, security collaboration, and sustainable stakeholder partnerships,” he said.
He urged operators to focus on practical solutions that would expand infrastructure and distribution networks while ensuring affordable and reliable access to gas.
“Let us remain focused on building a gas sector that delivers real value to Nigerians—one that powers industries, supports households, creates jobs, enhances energy security, and drives inclusive national development,” he stated.
The minister concluded with a call for the implementation of gas sector reforms. “Let us move from gas abundance to gas access. Let us move from policy to implementation. Let us build a gas economy that works for all Nigerians,” he added.
Business
Dangote Foundation Distributes Rice to Cement Host Communities in Ogun
In a significant effort to alleviate the burden of rising food costs on vulnerable households, the Aliko Dangote Foundation (ADF) has commenced the distribution of bags of rice to members of host communities of Dangote Cement Plc across Nigeria.
The initiative forms part of the Foundation’s National Food Intervention Programme aimed at cushioning the effects of prevailing economic challenges on ordinary Nigerians. The distribution exercise, which is being rolled out across communities where Dangote Cement operates in Ibese and Itori, both in Ogun state, underscores the Dangote Group’s commitment to inclusive growth and community wellbeing.
In what has now become an annual event, in which thousands of 10kg bags of rice are being distributed to beneficiaries from 17 host communities in Ibese and 36 others in Itori and Ijebu-Igbo with focus on low-income families, elderly residents, and other vulnerable groups within the host communities.
Speaking on the initiative, ADF Chief Executive, Zouera Youssoufou who was represented by the ADF Head of Operations, Victor Ejiro reaffirmed that the food intervention programme reflects the organization’s long-standing dedication to food security and poverty alleviation, particularly during periods of economic strain.
She said: “This intervention is designed to provide immediate relief to households grappling with high food prices. As a socially responsible organization, we recognize the importance of supporting our host communities beyond business operations,”.
“At the Aliko Dangote Foundation, we recognize the current economic realities facing many Nigerian households. This intervention is aimed at providing immediate relief while reinforcing our long-standing commitment to the wellbeing of our host communities.”
“We understand the difficulties families are facing at this time. This support is our way of standing with our communities and ensuring that no household is left behind during these challenging times. Sustainable development goes beyond business operations. Through this programme, we are strengthening community resilience and contributing to national efforts to improve food access and social stability.”
“This intervention is focused on delivering real, immediate support to vulnerable households. We will continue to expand our reach to ensure more families benefit from this programme.”
At the Ibese distribution centre, The Aboro of Ibeseland, Oba Rotimi Oluseyi Mulero thanked the giving spirit of Alhaji Dangote describing the rice distribution as “operation feed the families”.
He stated excitedly: On behalf of our people, I extend our profound gratitude to the Aliko Dangote Foundation for this timely and commendable gesture. At a time when many families are facing economic challenges, this distribution of food items will go a long way in alleviating hardship within our communities.
“We appreciate Dangote Group not only as a business partner but as a responsible corporate citizen that continues to demonstrate genuine concern for the wellbeing of its host communities. We pray that this partnership continues to flourish for the benefit of all. Today, our hearts are filled with appreciation. This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families.”
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Some of the community leaders and beneficiaries also expressed appreciation to the ADF Chairman, Alhaji Aliko Dangote for the gesture, noting that the rice distribution comes at a critical time when many families are facing financial pressures due to inflation and rising living costs.
Also at Itori, the Olu of Itori, Oba Abdulfatai Akorede Akamo said his people’s hearts are filled with appreciation. “This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families.
“We thank Alhaji Aliko Dangote and his Foundation for remembering the grassroots and standing by us in times of need. We are deeply grateful for this act of kindness. May the Almighty bless the Dangote Group and increase its capacity to continue doing good for humanity.”
At several distribution points, orderly processes were put in place to ensure transparency and equitable access. Local coordinators, in collaboration with community representatives, supervised the exercise to guarantee that the items reached intended beneficiaries.
The Dangote Cement host communities, spread across key states including Ogun, Kogi, Benue, Edo, and others, have historically benefitted from numerous Corporate Social Responsibility (CSR) initiatives by the Dangote Group, ranging from infrastructure development to healthcare, education, and economic empowerment programmes.
The ongoing food intervention aligns with the Foundation’s broader strategy to enhance food access and strengthen social safety nets across Nigeria. It also complements government efforts aimed at mitigating the impact of economic headwinds on citizens.
Industry observers note that such private sector-driven interventions are increasingly crucial in bridging gaps in social welfare delivery, especially in times of economic uncertainty.
The ADF, one of the largest private philanthropic organizations in Africa, continues to play a pivotal role in supporting national development priorities through targeted interventions in health, education, and economic empowerment.
As the rice distribution progresses, the Foundation has reiterated its commitment to expanding the reach of the programme to cover more communities in need, reinforcing its mission to improve the quality of life for Nigerians.
Business
Africa’s Largest Bank Backs Dangote Refinery’s IPO
Africa’s largest financial institution, Standard Bank Group, has reaffirmed commitment to support the growth of the Dangote Industries Limited (DIL), pledged backing the planned listing of the Dangote Petroleum Refinery, and expressed readiness to finance future expansion projects across the continent.
The commitment came during a strategic visit by Standard Bank Group Chief Executive, Sim Tshabalala, and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.
Speaking after touring the facilities, Tshabalala described the refinery as a transformational industrial project with far-reaching implications for Nigeria and Africa.
“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” he said. “Standard Bank is the largest financial institution in Africa and we have partnered with Dangote on a variety of initiatives. We are here to lend support, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions.”
Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering and future growth initiatives.
“As Dangote lists, there is an IPO coming up and we are a leading player in that process,” he said. “As the Group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”
He described the refinery as “a wonder of the world,” noting that its impact is already being felt through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.
“This is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,” he said.
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit represented a significant milestone in a partnership that began during the refinery’s construction phase.
“The bank visited us during construction and understood the scale of what we were building,” Edwin said. “Today, the refinery is fully operational and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.”
He added that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.
Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” Bird said.
“This visit was an opportunity to demonstrate what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved.”
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The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.
Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day.
“We have always believed there was engineering flexibility built into the design,” he said. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built.”





