- Global Stock Markets Grow by $12.4tn in 2017 – S&P
The value of public companies on global stock markets grew by $12.4tn in 2017, according to S&P Dow Jones Indices, which included dividends in its calculation.
The Dow Jones industrial average rose by 25 per cent, the S&P 500 surged by 20 per cent and the tech-heavy Nasdaq index outshined them with all with a stunning 29 per cent gain.
The United States stocks were on a first-class ride into record territory in 2017, but a number of markets outperformed the US, according to a CNN Money report.
Global investors have been bullish in 2017, leading to big stock market gains in countries like Argentina, Nigeria and Turkey.
Argentina’s Merval index surged by 73 per cent this year and hit a record high the day after Christmas.
The election of President Mauricio Macri in late 2015 proved to be a turning point, as the economy is growing and stocks have rallied strongly. The Merval gained 45 per cent in 2016.
Macri pursued a number of economic reforms this year, helping to further boost business confidence.
“President Macri navigated political risks well in 2017, and with no elections scheduled in 2018, Argentina actually stands out as a political safe haven in Latin America for the year ahead,” asset management firm, Algebris Investments, said.
Still, there’s more to be done, as inflation is above 20 per cent and the currency continues to weaken.
The Nigerian All-Share index is still miles below record highs set in early 2008, but a 43 per cent rally in 2017 has helped to close the gap.
The index suffered mightily in 2015 and 2016 as low oil prices, militant attacks, currency troubles, elections and Ebola hit investor sentiment.
But oil prices have moved higher, the central bank has made it easier to swap currencies and the economy has snapped out of recession, explained Zin Bekkali, founder and chief executive officer of Silk Invest.
Many analysts are optimistic that stocks could keep rising in 2018.
“If you look at where we stand today, the (Nigerian) market is still one of the cheapest markets on the planet,” Bekkali said.
The US stocks were front and centre as investors bet on strong economic growth, solid corporate earnings and hopes that President Donald Trump would roll back regulations. Trump also boosted markets with a big corporate tax cut.
An attempted coup in 2016 and a series of terror attacks sent chills through the Turkish economy.
Yet the country’s benchmark index rallied by 43 per cent this year as the government implemented temporary tax cuts and a loan guarantee program that encouraged banks to lend to small businesses. Gross Domestic Product growth soared, reaching 11.1 per cent in the third quarter.
The stock market performance was also helped by the falling Turkish lira, said Neil Shearing, chief emerging markets economist at Capital Economics.
Now experts are warning that the good times can’t last forever.
“From here on we think the economy is getting close to overheating,” said Daniel Salter, global head of equities at Renaissance Capital.
The Hang Seng charged ahead by nearly 35 per cent, but China’s major mainland indexes in Shanghai and Shenzhen floundered.
Commenting on the disparity, the Head of Research at Kingston Financial Group, Dickie Wong, said it was all about Tencent, which is listed on the country’s Exchange. Shares in the Hong Kong-listed tech giant more than doubled over the past year and the company’s valuation briefly eclipsed that of Facebook.
Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others
Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.
Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director
Seun Suleiman is the New Managing Director of Siemens Energy Nigeria
Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.
According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.
Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.”
Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.
The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.
“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.”
It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.
FG Reopens Osubi Airport Warri for Daylight Operations
FG Reopens Osubi Airport Warri for Daylight Operations
The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.
The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.
The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.
However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.
On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.”
I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth. 🇳🇬🙏🏽🇳🇬
— Hadi Sirika (@hadisirika) March 1, 2021
News3 weeks ago
Doctors Warn Covid Will Become Endemic and People Need to Learn to Live With it
Bitcoin2 weeks ago
Bitcoin Rebounds To $50,881 Per Coin on Wednesday
Bitcoin3 weeks ago
Bitcoin Surges Above $50,000 Per Coin on Tuesday, Sets a New All-Time High
News2 weeks ago
U.S. COVID-19 Deaths Hit 500,000
Economy3 weeks ago
Petrol Subsidy May Hit N11.2bn Per Week
Economy4 weeks ago
Petrol Landing Cost Rises to N180, Oil Crosses $60
Cryptocurrency4 weeks ago
Why CBN Bans Banks from Facilitating Cryptocurrency Exchanges
Banking Sector2 weeks ago
Banks Turning Female Marketers to Sexual Slaves – Senator