• Monday, July 15, 2024
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FG begins digitisation of conditional cash transfer in Lagos

The Federal Government of Nigeria on Thursday began the digitization of the Conditional Cash Transfer (CCT) to beneficiaries in Lagos.

The digitisation exercise is not only to enhance the programme but also to make payment easier and stress-free for beneficiaries.

According to nannews.ng Yetunde Arobieke, the Lagos State Commissioner for Wealth Creation and Employment, at the flag-off of the distribution of ATM Cards and Activation of Personal Identification Numbers (PINs) to Lagos State Conditional Cash Transfer Beneficiaries, said that the digitisation would make it easier for beneficiaries to receive payment.

Arobieke said that the payment exercise will “enhance transparency, accountability, and integrity in the delivery of programme benefits to beneficiaries.”

She said that the beneficiaries of the CCT in Lagos State had been receiving the bi-monthly cash stipends from the programme.

She added that the Savings & Group Mobilisation (SGM) training would bring in a lot of benefits to participants even as they continue to receive their bi-monthly cash stipends from the programme.

Morocco seeks Saudi financial support for investment fund

Morocco pleaded with Saudi Arabia on Thursday to contribute financially to a project aimed at spurring investment into the country.

The country, which, like any other country facing an economic crisis because of the war in Ukraine, has downgraded its economic forecast from 7.9 percent to 1.5 percent this year.

In response to the changing economic situation, the country has pleaded with Saudi Arabia to contribute meaningfully to the country’s $4.5 billion investment fund that is targeted at boosting its post-pandemic economic recovery.

At the joint Moroccan-Saudi 1 cooperation meeting, Nasser Bourita, the Foreign Minister of the Kingdom of Morocco said, “We invite relevant bodies in Saudi Arabia to support Morocco’s large-scale reforms and priority development projects,”

According to Reuters, the “yet to be activated fund has received an initial contribution of 15 billion dirhams ($1.5 billion) from the state budget, with the rest to be raised from national and international donors.”

Bank of England raises UK interest rates to 1.25%

The Bank of England has raised the interest rate in the UK to 1.25 percent from 1 percent in an attempt to curb rising inflation.

The bank, which followed the US Fed Reserve to make this key interest rate decision, sees this move as an important step to arrest the pace at which prices are skyrocketing in the UK courtesy of the war in Ukraine.

This rise not only represents the fifth consecutive rise this year, but the highest in 13 years.

According to the bank, inflation is at a 40-year high of 9 percent and is projected to surpass 11 percent this year unless something is done urgently.

WTI Crude heads for weekly loss on demand concerns

The West Texas Intermediate (WTI) crude futures traded around $116 per barrel on Friday as the oil market is headed for its first decline in more than a week.

This development comes in the wake of many central banks hiking their interest rates so as to contain the inflationary pressure their economies face.

With the US Fed Reserve Bank leading the way with its 75 basis points increase rate aimed at curbing the negativity of accelerating inflation.

Analysts at tradingeconomics argued, “that drastic action was needed to get ahead of rising prices, but warned of a higher risk of recession.”

The reputable International Energy Agency (IEA) had warned earlier that the global economy was at risk of recession following soaring oil prices and weakening demand.

Meanwhile, investors will be watching to see how the market will react after the US announced new sanctions on Iran.

US futures steady as recession fears linger

US futures steadied after a rollercoaster week of massive sell-offs as investors weigh the potential economic cost of the Federal Reserve Bank’s latest 75 basis point hike in interest rates. Thus, the futures contracts of the Dow Jones, the Nasdaq 100, and S & P 500 traded in the positive, with all three recording gains of 0.89 percent, 1.21 percent, and 1.20 percent, respectively.

However, the regular trading contracts had a different fortune from the futures as “the Dow lost over 700 points, falling below the 30,000 level, while the S&P 500 and Nasdaq tumbled 3.3% and 4.1%, respectively, bringing all three benchmarks to levels not seen since late 2020.” This is according to tradingeconomics.

The cause of the loss, according to analysts at tradingeconomics, was the uncertainty surrounding how the economy will react following this new interest rate hike.