The total assets under the Contributory Pension Scheme rose to N10.5tn as of the end of February 2020.

Figures obtained from the National Pension Commission on Tuesday revealed that the funds which stood at N10.21tn as of the end of 2019 rose by over N289bn in two months.

The bulk of the funds totaling N7.09tn had been invested in Federal Government Bonds, while N141.06bn had been invested in state governments’ securities.

The pioneering Director-General, National Pension Commission, Mr. Muhammad Ahmad, said there was a need to encourage development of enabling framework for pension funds to facilitate national development.

A total of N662.29bn was invested in corporate debt securities, while N2.6bn and N1.6tn were invested in supra-national bonds and local money market securities.

The Nigerian National Petroleum Corporation on Tuesday announced that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company, recorded N211.62bn sale of white products in February 2020.

The February 2020 report also indicated that total revenues recorded from the sale of white products for the period February 2019 to February 2020 stood at about N2.6tn, with petrol contributing about 98.06 per cent of the total sales value of about N2.5tn.

The NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, explained that the figure contained in the corporation’s February 2020 Monthly Financial and Operations Report was significantly higher than the previous month’s record which stood at N151.79bn.

The 111 per cent growth in the month, the report stated, was largely attributable to improved performance of the Nigerian Gas Company as a result of its low expenses put at over 100 per cent.

Latest figures from the Central Bank of Nigeria have indicated that Foreign reserves have risen to $34.65bn within eleven days,

The report specifically showed that the foreign reserves rose by $1.22bn from $33.42bn as of April 29, 2020 to $34.65bn on May 11.

The reserves had slipped into a decline after hitting a high of $45.17bn on June 11, 2019, losing $11bn at $33.89bn as of April 28, 2020.

The Central Bank Governor, Mr Godwin Emefiele, during the last Monetary Policy Committee meeting of the banking sector, reiterated the need for government to urgently reduce reliance on oil revenue by gradually diversifying the economy and improving tax collection.

On the domestic front, he said, available data on key macroeconomic variables indicated the likelihood of subdued output growth for the Nigerian economy in 2020.

Oil dealer accused the Federal Government through its agencies is trying to set marketers against the buying public by reducing the ex-depot price of petrol without announcing a new price band for the commodity at filling stations.

The Nigerian National Petroleum Corporation, last week, announced a reduction in the ex-depot price of petrol from N113.28k per liter to N108 per liter, without saying anything about the pump price at filling stations.

The Petroleum Products Pricing Regulatory Agency is the organisation responsible for products pricing but it has remained silent on the cost of petrol even after the NNPC reduced the commodity’s ex-depot price.

The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, told newsmen that it was not the fault of marketers that the cost of petrol has not been reduced from N125 per liter despite the reduced ex-depot price of N108 per liter.

He said, when a government organisation reduces the ex-depot price and do not inform the buying public the approved band for the pump price at filling stations, it is more or less trying to put the retail outlet owners against the Nigerian public.

China announced on Tuesday a new list of 79 U.S. products eligible for waivers from retaliatory tariffs imposed at the height of the bilateral trade war, amid continued pressure on Beijing to boost imports from the United States.

China’s finance ministry in a statement said the new waivers will take effect on May 19 and expire on May 18, 2021. The latest list waives tariffs on products including ores of rare earth metals, gold ores, silver ores and concentrates.

The ministry however did not disclose the imports value of the products.

Beijing and Washington’s top trade negotiators held a call last week and discussed implementation of the Phase 1 deal signed in January.

China agreed to increase its purchases of U.S. goods from a 2017 baseline by $200 billion over two years, with about $77 billion in increased purchases in the first year and $123 billion in the second year.

Tesla Inc (TSLA.O) Chief Executive Elon Musk on Monday said production was resuming at the automaker’s sole U.S. vehicle factory, in California, defying an order to stay closed and saying if anyone had to be arrested it should be him.

The move comes as states and cities around the United States experiment with ways to safely reopen their economies after the coronavirus outbreak shuttered businesses and forced tens of millions of Americans out of work.

Musk over the weekend threatened to leave California for Texas or Nevada over his factory’s closure. His move has highlighted the competition for jobs and ignited a rush to woo the billionaire executive by states that have reopened their economies more quickly in response to encouragement from U.S. President Donald Trump.

Ryanair plans to reintroduce 40% of flights from 1 July, subject to travel restrictions being lifted and safety measures being brought in at airports.

The airline will operate nearly 1,000 flights a day, bringing back nearly all of its pre-Covid 19 route network.

Other new rules include face coverings being worn by all crew and passengers and cashless on-board transactions.

Queues for the toilet will be banned during flights and passengers will have to request access from crew members.

Ryanair will ask its passengers to check in online and bring fewer bags, while they will also have to download their boarding pass to a smartphone

South Africa’s Johannesburg Stock Exchange (JSE) said it will offer temporary relief to companies in financial distress because of the coronavirus crisis, including cutting fees for new listings and extended payment terms.

Pressure on business following lockdown measures to slow the spread of the novel coronavirus has led to an increase in companies filing for business rescue - a local form of bankruptcy protection.

JSE Group Chief Executive, Leila Fourie said the small cap counters are among the most vulnerable in strained markets. The discounts we are announcing for these market segments are aimed at stimulating liquidity and supporting this vital growth node of our economy

The JSE further said it will grant distressed companies extended payment terms of between three and six months, with no interest charged and offer a 50% fee reduction for trading, clearing, and settlement in all companies listed on the JSE AltX and BEE Board for the remainder of 2020.

The Industry minister of Morocco, Hafid Elalamy on Monday said the country has cleared disposable face masks for export after reaching a daily production capacity of 10 million daily by 24 factories during the new coronavirus outbreak

An average of 2 million masks are sold daily in Morocco and the surplus will be exported after having secured a strategic stockpile of 50 million masks, Elalamy told members of parliament.

He said Reusable masks will only be cleared for export once Morocco secures a stockpile of 15 million.

Morocco, which has been on lockdown since March 20, has made wearing face masks mandatory since April 7.

South Africa’s rand weakened early on Tuesday as global fears of a second wave of coronavirus infections dampened demand for emerging currencies and investors shied away from risk.

At 0730 GMT the rand was 0.15% weaker at 18.4500 per dollar compared to a close at 18.4220 overnight in New York.

Investor concerns about new virus infections in China, Germany and South Korea have driven safe-haven demand in low liquidity trade and reduced interest in emerging markets that are banking on a quick restart of the global economy. Bonds were also weaker, with the yield on the government paper due in 2030 rising 6 basis points to 9.505%.