Five things to know to start your Monday

Markets are bracing for US election showdown

Global markets are warming up for the finale of one of the United States’ most contentious elections in modern history. Financial markets began the week on a cautious note on Monday, with shares in Asia subdued while the dollar eased slightly ahead of a busy week.

The week will also provide investors with global monetary policy catalysts with rate decisions from the Federal Reserve, the Bank of England (BoE), the Reserve Bank of Australia (RBA), Riksbank and Norges Bank.

According to AFP, more than 76 million Americans have already voted ahead of Tuesday’s decisive day, and the contest remains exceptionally close, with more states showing tied polls at this stage than in any similar previous election.

FG allocates N18bn compensation for Lagos-Calabar highway

The Minister of Works, David Umahi, has announced that N18bn has been set aside to compensate property owners affected by section 1 of the Lagos-Calabar coastal highway construction.

Speaking at a stakeholder’s engagement involving sections 1 and 2 of the coastal road, Umahi stated that all individuals on the compensation list for section 1 would receive payment within 10 days.

During the meeting, the minister acknowledged that his ability to provide satisfactory compensation for affected individuals was limited by legal constraints.

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Dangote refinery says new depot is blending substandard fuel

Dangote Petroleum Refinery has warned the public that a foreign trading company has set up a facility next door that might be producing low-quality fuel. According to the refinery, this company has rented a depot specifically to mix poor-quality fuel products, which would then be sold to Nigerian customers who wouldn’t know they’re buying substandard fuel.

Anthony Chiejina, who handles communications for Dangote Group, raised this concern in a public statement on Sunday. He emphasised that this poses serious risks to both Nigeria’s oil refining industry and public safety.

This warning came after some fuel sellers, specifically the Independent Petroleum Marketers Association of Nigeria and other groups, claimed that “the price of imported fuel is cheaper than what is being sold by the Dangote refinery.”

Fitch says Nigeria’s forex markets are still unstable.

Fitch Ratings, a respected global rating agency, has stated that Nigeria’s foreign exchange market remains unstable, despite the Central Bank of Nigeria’s various efforts to improve it. This assessment differs somewhat from the International Monetary Fund’s view, which had suggested the naira was becoming more stable thanks to recent interest rate increases and the CBN’s work on addressing outstanding foreign exchange commitments.

In their review, Fitch noted, “The Central Bank of Nigeria is initiating several measures to address FX liquidity challenges and formalise FX activity to support the currency. These include plans to introduce an electronic FX matching platform for all FX transactions effective December 1, 2024, to provide intra-day prices in real-time and enhance transparency. The CBN has also raised the monetary policy rate five times by a cumulative 850bp to 27.25 per cent since February 2024. However, Fitch believes that the FX market has yet to stabilise, and the ongoing flexibility of the exchange rate remains to be tested.”

Spanish protesters interrupt the king’s visit to stricken Valencia.

A tense scene unfolded in a Valencia suburb on Sunday when hundreds of flood-affected residents protested during a visit by Spain’s King Felipe, Queen Letizia, and Prime Minister Pedro Sanchez. The situation turned hostile when some protesters threw mud at the visiting officials. This happened in an area that was severely damaged by last week’s devastating floods.

The angry residents shouted “Murderers, murderers!” expressing their deep frustration with the government. Many felt the authorities were too slow in warning them about the flood danger and that emergency services took too long to help when the disaster struck on Tuesday.

According to Spain’s national TV network RTVE, the situation became more dangerous when some protesters threw rocks and other hard objects at the royal party. Two bodyguards needed medical treatment for their injuries.

Following this incident, RTVE reported that the royal group cancelled their planned visit to Chiva, another badly affected village located about 30 minutes east of Valencia City.

The floods, which are being called Spain’s worst flash floods in recent history, have become even more tragic with the death toll rising to 217 as of Sunday. Most of these deaths occurred in the Valencia region, with the suburb of Paiporta suffering more than 60 casualties alone.