Africa Business News

A total of 3,800 power and distribution transformers are to be installed across the country based on the deal between the Federal Government with the German Government and Siemens AG.
The Office of the Minister of Power disclosed this in series of tweets on Tuesday, which were further affirmed by the Minister of Power, Sale Mamman, via his official Twitter handle.
The OMP explained that the 3,800 power and distribution transformers would come under the first phase of the Presidential Power Initiative deal with the German government and Siemens.
The total amount approved by FEC in July for the deal was N8,648,081,465.2.
Providing a breakdown on some of the distribution projects as proposed by power distribution companies to be implemented in phase one of the deal, the power ministry said 3,765 distribution transformers would be deployed.

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The Federal Government has commenced the process of reviving moribund industries across the country.
The Minster of Industries, Trade and Investment, Otunba Adeniyi Adebayo, disclosed this when he led a Federal Government delegation on a courtesy visit to the Emir of Kano, Aminu Ado-Bayero on Tuesday.
Adebayo, represented by the ministry’s Director Planning, Alhaji Tijjani Babura, said the purpose of the visit to Kano was to inspect and assess the affected industries.
According to him, the team was not only in the state to assess the collapsed industries but also to see how those managing their operations despite economic challenges would be supported.
According to him, the present regime is working assiduously to fine-tune modalities for addressing the challenges bedevilling collapsed industries in the country.

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Data obtained from the Organisation of Petroleum Exporting Countries showed that Nigeria’s rig count fell to six in July from nine in June.
The rig count, which stood at 21 in March, fell to 16 in April and eight in May.
The rig count is largely a reflection of the level of exploration, development and production activities occurring in the oil and gas sector.
The global oil benchmark, Brent crude, plunged to as low as $15.98 per barrel in April, its lowest since June 1999. It traded around $45 per barrel on Monday.
Analysts at Financial Derivatives Company Limited on Monday said that oil price volatility would continue in the coming weeks due to supply and demand concerns.
The collapse in crude oil demand and prices occasioned largely by the coronavirus pandemic has forced many operators to put exploration on the back burner.

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· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Indonesia’s current account deficit in the second quarter narrowed slightly from the previous three months to $2.9 billion, or 1.2% of gross domestic product. This is according to a central bank report released on Tuesday. The report showed first quarter’s current account gap was equal to 1.4% of GDP. In the report, Bank Indonesia said Portfolio capital inflows returned in the second quarter after significant outflows at the beginning of the coronavirus pandemic.
Indonesia had a $9.2 billion balance of payments surplus in the April-June quarter, compared with a $8.5 billion deficit in the first quarter.

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South Korean shares fell the most in two months on Tuesday. The Korean won edged up, while the benchmark bond yield fell.
The benchmark KOSPI closed down 59.25 points, or 2.46%, at 2,348.24 points. It marked the sharpest decline since June 15.
On the foreign exchange market, foreigners were net buyers of 71.0 billion won worth of shares on the main board.
The won ended trading at 0.08 percent higher against the dollar on the onshore settlement platform.
In offshore trading, the won was 0.2 percent lower than the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,184.2.
In money and debt markets, September futures on South Korea's three-year treasury bonds rose 0.07 points to 112.21. The 3-month Certificate of Deposit rate was quoted at 0.65% in late afternoon trade.
The most liquid 3-year Korean treasury bond yield fell by 0.9 basis points to 0.818%, while the benchmark 10-year yield fell by 3.8 basis points to 1.362%.

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Asian shares made cautious gains on Tuesday.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.43% percent, edging closer to its pre-pandemic late January high.
Chinese blue chips rose 0.18%, continuing directions of travel set on Monday.
Australia’s benchmark rose 1% as new coronavirus infections in the country eased.

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The yuan hit a more than five-month high against an easing dollar on Tuesday. This comes amid relief from investors that a U.S.-China trade deal appears intact despite rising political frictions on a host of other issues.
Prior to the market opening, the People's Bank of China set the midpoint rate at a new five-month high of 0.05% firmer than the previous fix of 6.9362. Tuesday's guidance rate was the strongest since March 9.
In the spot market, onshore yuan rose to a high of 6.9250 at one point, the loftiest level since March 9. By midday, it was changing hands
at 6.9315, 3 pips firmer than the previous late session close.
The offshore yuan was traded at 6.9265 per dollar by midday.

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U.S. President, Donald Trump, has rejected a Pentagon proposal to cut military healthcare by 2.2 billion dollars.
President Trump made the announcement in a tweet, saying the rejection was aimed at protecting military professionals.
The cut proposed to the military health system over the next five years came as part of an effort by Esper that started last year with the goal of eliminating inefficiencies within the Pentagon’s coffers.
About 9.5 million active-duty personnel, military retirees and their dependents rely on the military health system. The military’s government-run healthcare network operates hundreds of facilities around the world.

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· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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US banking giant, Citigroup, has asked a federal court to force hedge fund Brigade Capital to return 176 million dollars. The money is part of the 900 million dollars the bank accidentally transferred to creditors of the struggling cosmetics company Revlon. In a filing to the Southern District of New York Court, Citigroup said it meant to make interest payments on behalf of Revlon but transferred amounts more than 100 times the size intended.
The bank also says it meant to send Brigade just 1.5 million dollars to cover interest on a loan the hedge fund holds. According to the complaint, Brigade was supposed to receive interest on a 174.7 million-dollar loan. Citigroup blames the accidental over-payment on an "operational mistake".

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Norway’s 1.15-trillion-dollar sovereign wealth fund has posted a loss of 188 billion Norwegian crowns in the first half of 2020. This comes as stocks and real estate holdings fell in value during the COVID-19 pandemic. The decline followed record earnings in 2019, when the fund raked in profits of 180 billion dollars as global stock markets soared.
The world’s largest sovereign wealth fund holds stakes in some 9,200 companies globally, owning 1.5% of all listed stocks. It also invests in bonds and real estate.
The overall portfolio had a negative return of 3.4%, with a decline of 6.8 percent for equities and minus 1.6% for unlisted real estate, while the value of fixed-income holdings rose 5.1% as interest rates plunged.
The overall value of the fund is now equivalent to about 214,000 dollars for every person in Norway.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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