Morning Beats

Oil prices dip sharply on U.S. inventories

Oil prices declined toward lows not seen since late June yesterday after official data showed an unexpected increase in the United States (U.S.) inventories of crude oil that pushed stockpiles back toward the five-year average.The Nation

Renewable energy records $200m investments

Nigeria’s renewable energy segment has recorded $200million worth of equity investments, Stanbic IBTC Bank’s Head, Power & Infrastructure, Mr Abiodun Oni, has said.The Nation

Equities open August with N147b loss

Against the background of a net capital depreciation of N456 billion in July, Nigerian equities started the new month on a negative note as investors continued realignment of their portfoliosThe Nation

Fed Govt okays TCN to oversee N72b investment in DisCos

The Transmission Company of Nigeria (TCN) has received approval from the Federal Government to manage the N72 billion proposed investment in electricity distribution companies (DisCos).The Nation

Oil price to be stable into 2019 as OPEC, U.S. meet supply needs

Oil prices are likely to be stable this year and next as increased outputs from OPEC and the United States meet growing demand led by Asia and helps to offset supply disruptions from Iran and elsewhere, a Reuters poll has shown.The Nation

Presidential panel to recover N87b bad debts for FMBN

The Special Presidential Investigation Panel for the Recovery of Public Property said it plans to recover N87 billion bad debts owed the Federal Mortgage Bank of Nigeria (FMBN).The Nation

Nigeria’s flared gas can attract $3.5b investments

The Department of Petroleum Resources (DPR) has said flared gas in Nigeria can attract $3.5 billion investments. According to a document from the DPR sighted by The Nation, the flared gas is enough to generate 2.5 gigawatts (Gw) of power or produce 50 million barrels of oil equivalent (boe).The Nation

CBN’s PMI indicates further expansion in economic activities

The Purchasing Managers  Index (PMI) report for July, 2018, posted by the Central Bank of Nigeria (CBN) yesterday has indicated a further expansion in economic activities for the seventeenth consecutive monthsVanguard

Naira appreciates to N362.33/$ in I&E window

THE Naira, yesterday, appreciated to N362.33 in the Investors and Exporters (I&E) window in spite of 52 percent decline in the volume of dollars traded.Vanguard

Low savings: 92,925 retirees quit contributory pension scheme

More retirees are quitting the Contributory Pension Scheme and withdrawing the funds in their Retirement Savings Accounts because they do not have more than N550,000 in their accounts as of the time  of their retirement, investigation has revealed.Punch

CBN revises banks’ clearing system rules

The Central Bank of Nigeria said on Wednesday that it had revised the clearing system rules for Deposit Money Banks.Punch

Delay in deepwater projects threatens oil reserves target

The lack of final investment decisions on seven offshore deepwater oilfield projects in the country poses a threat to the country’s target of 40 billion barrels of crude oil reserves by 2020, our correspondent has learnt.Punch

UBA, GTB to provide banking services through WhatsApp

United Bank for Africa Plc and Guaranty Trust Bank Plc have extended their banking services to a social media platform, WhatsApp.Punch

Customs generate N162.7bn at Tin Can Island

The Tincan Island Command of the Nigeria Customs Service has announced a total revenue generation of N162.7bn for the first half of the year, January to June 2018.Punch

FTSE falls as trade war fears sink miners

The FTSE 100 has fallen into the red, weighed down by miners as global trade war fears reignited on reports that the United States was considering hiking tariffs on up to $200bn (£152.5bn) of Chinese goods.Punch

Turkey targets N360bn trade transactions with Nigeria

The Turkish Exporters Assembly on Wednesday expressed optimism that trade transactions between Turkey and Nigeria would reach about N360bn in the short-term by 2020.Punch