Friday, February 22, 2019
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Brent crude oil traded below $60 a barrel yesterday, near 5-1/2-year lows, as major oil producers signaled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.
This came as Nigeria insists on oil benchmark of $65 per barrel for the N4.3 trillion 2015 budget which was presented to the National Assembly yesterday by the Minister of Finance and Coordinating Minister of  Economy Dr (Mrs.) Ngozi Okonjo-Iweala.

NWADINAMUO AUGUSTINE

The Nigerian Maritime Administration and Safety Agency (NIMASA) has revealed that over 38 per cent of the   129 port facilities in the country are now fully compliant with the International Ships and Port Facility Security (ISPS) code.
Director-General of NIMASA, Mr. Ziakede Patrick Akpobolokemi who disclosed this while speaking at a press Conference held in Lagos stated that this comprised of all the major ports in the country.

The Federal Government has threatened to withdraw the licences of non-performing marginal blocks by March 2015.
The Director, Department of Petroleum Resources (DPR), George Osahan, said at the one-day marginal field sensitization for stakeholders, in Lagos that the department would target the licences of the defaulting operators at the expiration of the deadline.

The global economy is ending the year in a fragile state with factory activity shrinking in China, euro zone business growth remaining weak, and emerging market giant Russia in a spiraling currency crisis.
“These are uncertain times again and there is a risk of another global downturn,” said Stephen Webster, chief European economist at 4CAST.

Activity in China’s factory sector contracted in December for the first time in seven months, the latest in a string of weak economic indicators that will intensify calls for more stimulus measures to head off a hard landing.
The flash HSBC/Markit manufacturing purchasing managers’ index(PMI) fell to 49.5 in December from November’s final reading of 50.0 and below the 50.0 forecast by analysts.

Standard Chartered has agreed to sell its Hong Kong-based consumer finance business to a consortium that includes Pepper Australia Pty Ltd and a Chinese group, in a deal estimated between $600 million to $700 million, two people with knowledge of the deal said.
The deal, which is expected to be announced later on Tuesday, comes after the UK-listed bank had entered into advanced talks with Pepper in September, Reuters had reported earlier.

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