Nigeria’s Recovery From Recession Is Complete, Says Buhari

Nigeria’s Recovery From Recession Is Complete, Says Buhari

LAGOS (Capital Markets in Africa)  – Nigeria’s economy has fully recovered from a recession in 2016, President Muhammadu Buhari said in a nationally televised speech before Saturday’s general elections in which he is seeking a second four-year term. “The recovery of the economy from recession is complete and Nigeria is back on the path of steady growth,” Buhari, 76, said. Gross domestic product in Africa’s largest oil producer and most populous nation expanded 1.9 percent last year,…

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RBS Makes Special Investor Payout as Brexit Starts to Bite

RBS Makes Special Investor Payout as Brexit Starts to Bite

LAGOS (Capital Markets in Africa) – Royal Bank of Scotland Group Plc plans to award shareholders a special dividend as the British lender seeks to assuage concerns with the U.K.’s departure from the European Union looming. The bank, which required one of the costliest bailouts in financial history, swung to a better-than-expected profit before tax of 572 million pounds ($733 million) in the fourth quarter. Despite the planned payout, RBS remains one of the strongest capitalized…

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Nigerian Annual Inflation Decelerates Ahead of Election

Nigerian Annual Inflation Decelerates Ahead of Election

LAGOS (Capital Markets in Africa) – Nigerian inflation decelerated in January ahead of the nation’s Feb. 16 general election. The annual inflation rate in Africa’s largest oil producer dropped to 11.37 percent, from 11.44 percent in December, the Abuja-based National Bureau of Statistics said in a report on its website Friday. Prices rose 0.7 percent in the month. Key Insights: Annual growth in food prices slowed to 13.5 percent from 13.6 percent in December. Spending…

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Islamic State Wreaks Havoc as Turbulent Nigeria Nears Vote

Islamic State Wreaks Havoc as Turbulent Nigeria Nears Vote

LAGOS (Capital Markets in Africa) – Amina Sanusi was getting ready for morning prayers at her home in northeastern Nigeria when she heard gunshots and explosions. She scrambled into nearby bushes with her two children, but lost contact with her husband. Government soldiers in the fishing town of Baga on the shores of Lake Chad fled too, overwhelmed by the firepower of Islamist militants. Like thousands of others since an upsurge in attacks that started…

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Why So Much Is at Stake in Nigeria’s Elections: QuickTake

Why So Much Is at Stake in Nigeria’s Elections: QuickTake

LAGOS (Capital Markets in Africa) – Almost every Nigerian vote since independence in 1960 has been dogged by varying degrees of conflict and allegations of rigging. That’s one reason why the 2015 election that saw Muhammadu Buhari, now 76, become the first candidate in the nation’s history to topple a sitting president through the ballot box was such a watershed moment. But the former military ruler has presided over four years of lackluster growth and fallen short on…

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Trump Flexible on China Tariff Deadline as He Seeks `Real Deal’

Trump Flexible on China Tariff Deadline as He Seeks `Real Deal’

LAGOS (Capital Markets in Africa) – President Donald Trump said he’s open to extending a March 1 deadline to raise tariffs on Chinese products if the two sides are near an agreement, sending a conciliatory signal amid talks to resolve the trade war between the world’s two biggest economies. “If we’re close to a deal where we think we can make a real deal and it’s going to get done, I could see myself letting that slide…

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A Recession Is Just One Reason Bund Yields Could Go Below Zero

A Recession Is Just One Reason Bund Yields Could Go Below Zero

LAGOS (Capital Markets in Africa) – Yields on benchmark German government bonds are within touching distance of zero percent for the first time in almost three years as Europe’s economic performance stalls and concerns over global trade spur investors toward havens. A no-deal Brexit, upheaval in Italian politics or a deteriorating labor market are among the risks that could turn bund yields negative, according to strategists. Sub-zero yields on 10-year bonds would mark a step…

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