China’s preliminary reading for a key purchasing manager’s index (PMI) fell to six and a half year low in August. The data that measures the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry came out 47.1, below Reuters forecast of 47.7.
The figure indicates the contracting activity of the manufacturing industry and attests to the wariness of the Chinese investors regarding the overall outlook of China’s economy. Asian market plunge towards the bear market territory, with Japanese Topix 500 Index losing 3.08 percent as at the time of writing while China’s Shanghai SE composite lost 3.36 percent, losing a total of 11.86 percent so far this month.
In Hong Kong, Hang Seng Mainland 100I drop 2.57 percent on Friday to bring total loss in a month to 13.92 percent and 10.54 percent in a year. South Korea Index gradually erased profit gained in the first half of the year, dropping 4.52 percent early this morning after North Korea’s attack on its border.
New Zealand’s S&P/NZX 20 Index gained 0.41 percent closing at 4,285.2, bringing its profit to 7.30 percent so far this year. Also, Malaysia FTSE Bursa Malaysia KLCI gained 0.31 percent amid economic crisis and domestic political tension, the market has lost over 15 percent of its total value this year and 8.86 percent this month alone.
Emerging markets rout continues as countries intensify currency war to boost the manufacturing sector of their economies, with China leading the war on devaluation backed stimulus to stem the economy through rout, the question is when would manufacturing pick up in the second-largest economy.
According to He Fan, chief economist at Caixin Insight Group “The Caixin Flash China General Manufacturing PMI for August has fallen further from July’s two-year low, indicating that the economy is still in the process of bottoming out”.
“There is still pressure on maintaining growth rates, and to realize the goal set for this year the government needs to fine-tune fiscal and monetary policies to ensure macroeconomic stability and speed up the structural reform,” he added.
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Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
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