Markets articles

IMF cuts global growth forecast and warns of trade war and Brexit risks

IMF cuts global growth forecast and warns of trade war and Brexit risks

(CNN Business)The International Monetary Fund is warning that the world economy is slowing — and that it will get worse if countries keep squabbling over trade. The agency’s updated World Economic Outlook lowered estimates for growth in 2019 by 0.2 percentage points to 3.5%, its second downward revision, this time on account of weakness in

Energy expert on US shale: ‘I told you so’

Fatih Birol made a big call at last year’s Davos. Now he’s taking a victory lap. The executive director of the International Energy Agency predicted last year that US oil production would skyrocket. “We had a very bullish prediction and many people told us it was too bullish … so I said that we may

Saudi Arabia: We’ll pump the ‘last barrel’ of oil

Saudi Arabia says it will be the last man standing when the world finally weans itself off oil. And it doesn’t expect that to happen for a very long time, despite the rise of renewable energy. Oil would account for a smaller share of world energy consumption in future, but in absolute terms demand will

Central bankers lack the weapons to fight the next big recession

New York (CNN Business) If there’s a serious recession on the horizon, the world’s central banks may have trouble fighting it. Central banks took dramatic and unorthodox steps to prevent economic collapse during the financial crisis. They slashed interest rates, and in the years that followed spent trillions on bonds as part of an effort

IMF warns of the world’s fading fortunes

The International Monetary Fund released Monday its updated economic outlook with a dire warning: The world’s economy is slowing and it could get much worse if countries keep fighting over trade. The agency lowered estimates for growth in 2019 by 0.2 percentage points to 3.5% — its second downward revision. The biggest risks are the

Marriott is seeing ‘double-digit’ declines in D.C. as a result of the government shutdown

As the partial U.S. government shutdown entered its 32nd day, Marriott International is feeling the pain, according to Stephanie Linnartz, the company’s global chief commercial officer. Marriott International, a global hotel chain which operates in 130 countries, said that it has been taking a hit from the ongoing shutdown. “[The shutdown] is impacting our business,

Nigeria posts biggest oil production rise in OPEC

Crude oil production from Nigeria increased the most last month among its peers in the 14-member Organisation of Petroleum Exporting Countries. OPEC, in its latest Monthly Oil Market Report for January, put Nigeria’s output at 1.797 million barrels per day for December, up from 1.579 million bpd in the previous month, according to direct communication.

Operators task government on conducive climate for investment inflow

Worried by the over N4 trillion losses incurred by investors due to macroeconomic challenges accentuated by political uncertainties, capital market operators have urged government to instil credibility into the nation’s electioneering process, to make investment environment more conducive. They argued that this would help sustain the gradual recovery witnessed currently in the stock market, and

Six Ministers tell story of decline and recovery of Nigerian economy

Attendance was unsually heavy at the Banquet Hall of the State House, Abuja, as the Economic Management Team (EMT) engaged representatives of the private sector from all over the country on the economy at the 10th Presidential Quarterly Business Forum. “We didn’t know you have done so much,” Nike Akande, the President of the Lagos

Three investors in talks with AMCON to acquire Aero Contractors

Three investors are in talks with the Asset Management Corporation of Nigeria to acquire Aero Contractor, our correspondent has learnt. It was gathered that the airline had attracted 19 investors since it was acquired in 2016 and the number had been narrowed down to six and later three. An industry source said on Sunday that