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Japan April Trade Surplus 823.5 Billion Yen

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Japan Trade Surplus

Japan’s exports fell for a seventh consecutive month in April as the yen strengthened, underscoring the mounting challenges to Prime Minister Shinzo Abe’s efforts to revive economic growth.

Overseas shipments declined 10.1 percent in April from a year earlier, the Ministry of Finance said on Monday. The median estimate of economists surveyed by Bloomberg was for a 9.9 percent drop. Imports fell 23.3 percent, leaving a trade surplus of 823.5 billion yen ($7.5 billion).

Even after coming off an 18-month high earlier this month, the Japanese currency has gained 9 percent against the dollar this year, eroding the competitiveness of the nation’s products overseas and hurting the earnings of exporters. Concern about the impact of the yen was on show over the weekend as Finance Minister Taro Aso and his U.S. counterpart disagreed over the seriousness of recent moves in the foreign exchange market.

“The yen’s appreciation is taking a toll on Japanese exports,” Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities in Tokyo, said before the report was released. “Exports are looking weak in the April-June period, posing a downside risk to Japan’s economy.”

Maruyama also said supply chain constraints following the earthquakes in the Kumamoto area last month may affect shipments of some products, such as auto parts and electronic components, slowing Japanese exports to China and other Asian nations.

The earthquakes hit the southern island of Kyushu in April, bringing a halt to production at factories of companies including Sony Corp. and Toyota Motor Corp.

Monday’s report also shows that:

  • Exports to the U.S. fell 11.8 percent in April from a year earlier, while shipments to EU rose 9.9 percent.
  • Exports to China, Japan’s largest trading partner, dropped 7.6 percent.

Gross domestic product expanded by an annualized 1.7 percent in the three months ended March 31, after a 1.7 percent contraction in the previous quarter. The leap year provided an extra day of production and spending to bolster the data.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Company News

Cadbury Nigeria Recognised For Human Resource Management

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Cadbury Nigeria

Cadbury Nigeria Plc announced that it had been recognised as a top employer by the Netherlands-based Top Employers Institute, even as it stressed the importance of employee well-being.

Cadbury Nigeria, a subsidiary of Mondelēz International, made the announcement in a statement released on Wednesday as part of the celebration of its third annual purpose day.

The consumer goods manufacturer said it held a webinar for its employees anchored by experts in healthcare management.

The Managing Director, Cadbury Nigeria, Mrs. Oyeyimika Adeboye, said the company takes the well-being of its employees seriously, adding that they would give their best if they had the right mental attitude.

“That is the reason we organised the webinar by bringing in experts from Helen Keller International to speak to us on well-being, as part of our Purpose Day,” she said.

Adeboye added that the growing importance of holistic well-being made the company focus its annual Purpose Day activities this year exclusively on well-being in the areas of mind, body and connection.

The Country Director, Helen Keller International, Ms. Philomena Orji, was quoted as saying during her presentation, “Helen Keller is dedicated to scaling up evidence-based, cost-effective solutions to improve care practices and ensure that basic health interventions reach vulnerable people, with a focus on women, youth, and children.”

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Appointments

CSCS Reappoints Haruna Jalo-Waziri As CEO

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CSCS-Investors King

The board of the Central Securities Clearing System has approved the re-appointment of the Chief Executive Officer, Mr. Haruna Jalo-Waziri, for another five-year term.

CSCS disclosed this in a statement on Tuesday, saying the company had seen a major boost in its revenue base and had also built strong strategic alliances with other financial market entities across Africa during Jalo-Waziri’s tenure.

It said Jalo-Waziri led the company’s profit growth by 18 percent compound annual growth rate and delivered a 20 percent return on average equity in the 2020 financial year amidst the pandemic.

The Chairman, CSCS, Mr. Oscar Onyema, said the board was impressed with the CEO’s performance and that the foundation built by the team had positioned the firm for its next growth phase.

Onyema said, “That is why we are aiming to consolidate on our gains and diversify the business for sustainable growth.

“On behalf of the board, I congratulate Mr. Jalo-Waziri on this reappointment, which reflects our vote of confidence and greater expectations from him in creating value for shareholders and broader stakeholders of CSCS.”

Jalo-Waziri appreciated the board for the reappointment.

“I am tremendously proud of the talent pool we have built here at CSCS. As we set out to diligently execute our next growth strategy, I am super excited at the future of this great institution and look forward to deepening our partnership with different stakeholders for mutual prosperity,” he said.

He added that he would continue to count on the support of the Securities and Exchange Commission, the board, participants and other stakeholders in deepening the Nigerian capital market.

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Company News

BOC Gases Nigeria Plc Rebrands to Industrial and Medical Gases Nigeria Plc Following Acquisition

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BOC Gases Nigeria Plc - Investors King

BOC Gases Nigeria Plc, Nigeria’s leading manufacturer of industrial and medical gases, has changed its name to Industrial and Medical Gases Nigeria Plc following an additional 60 percent acquisition by TY Holdings Limited in August.

TY Holdings Limited acquired a 60 percent stake owned by BOC Holdings UK to take its total stake in the company to 72 percent.

The company disclosed in a statement signed by Ayodeji Oseni, the Company’s Managing Director.

The statement reads, “The change of name is sequel to the purchase of 60% of BOC Gases Nigeria Plc, which was formerly controlled by BOC Holdings UK (a member of the Linde Group) by TY Holdings Limited. This has also resulted in the change of the Company’s logo and trademark.

“The Company has obtained a new certificate of incorporation from the Corporate Affairs Commission.”

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