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British Pound Declines Against US Dollar

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Naira Declines against pound
  • British Pound Declines Against US Dollar

The British pound fell below $1.29 against the US dollar for the first time in almost a year following growing Brexit uncertainty.

This was after the governor of the Bank of England Mark Carney said on Friday that the chances of the United Kingdom leaving the European Union without a deal were “uncomfortably high”.

Liam Fox, international trade secretary, on Sunday put the odds at “certainly not much more than 60-40”.

This upped Brexit uncertainty as investors has been selling off their pound holdings since the comment, especially after the central bank raised interest rates on projected increase in demand.

Analysts at Investors King Ltd said the concerns emanated from confusion created by the BOE’s rate statement and it’s Brexit comments.

“The BoE raised interest rates to rein in inflation and at the same time expect the likely surge in demands to offset economic deficit created by the increase”.

This, according to the analysts is unlikely due to the global trade tensions projected to hurt global growth and offset the competitive advantage of a lower pound.

Therefore, except domestically generated demands are big enough to compensate for a possible drop in exports, the timing of the rate hike might not be perfect.

It is, in fact, possible for the BOE to renege on the current monetary policy if the U.K fails to secure a Brexit deal as it would need to lower rates to sustain job creation, new investment, and support consumer spending.

“Some are thinking in the market that the Bank of England raised rates in order to give them ammunition to cut them in the face of a no-deal,” said Neil Jones, a foreign exchange expert at Mizuho Bank. “The next move by the central bank could be a cut rather than another hike.”

The pound dipped further against the US dollar during the Asian trading session, reaching as low as 1.2850. The lowest since August 2017.

GBPUSDWeekly

As previously analysed, the uncertainties surrounding both local and international politics are weighing on the U.K economy, therefore, except the Brexit negotiating teams reached an agreement to ease worries amid US-China trade war, the pound might slide to 1.2602 against the US dollar as shown above.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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ARISE News Channel Goes Global: Launches in Nine Southern African Countries

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Arise News

ARISE News Channel, a prominent Nigerian cable news network, has reached another significant milestone in its journey to become a global media powerhouse.

The channel has officially gone live in nine Southern African countries, including South Africa, Angola, and Botswana.

This expansion was made possible through a partnership with Multichoice/DSTV, with ARISE News Channel now available on Channel 416.

Alongside South Africa, Angola, and Botswana, the channel is now accessible to viewers in Lesotho, Malawi, Mozambique, Namibia, Swaziland, Zambia, and Zimbabwe.

In a statement released by the Chief of Staff to Chairman/Editor-in-Chief of ARISE News Channel, Fauziya Ali Mohammed, it was revealed that the channel’s presence now spans 54 African countries.

Mohammed explained that ARISE News Channel is committed to delivering high-quality news coverage across the continent, showcasing various facets of African life, including business, politics, technology, commerce, science, sports, show business, and fashion.

ARISE News Channel, which celebrated its 11th anniversary earlier this year, has earned acclaim for its Emmy-winning programming.

It has become a leading broadcaster in Africa, offering audiences a diverse range of content while projecting the best of Africa’s culture and people to the world.

Chairman/Editor-in-Chief of ARISE News Channel, Nduka Obaigbena, expressed his excitement about the channel’s expansion into Southern Africa, emphasizing its commitment to promoting African narratives globally.

Obaigbena highlighted ARISE News Channel’s dedication to showcasing the continent’s potential and celebrating its achievements on the global stage.

The channel operates around the clock from studios located in Lagos, Abuja, Johannesburg, Cape Town, London, and New York.

Its coverage extends beyond traditional broadcasting platforms, reaching viewers across Europe, North Africa, the Middle East, and the United States through various channels and streaming services.

With its latest expansion into Southern Africa, ARISE News Channel continues to solidify its position as a leading voice in African media, shaping narratives and fostering dialogue on issues of regional and global significance.

As the channel continues to grow its global footprint, it remains dedicated to providing audiences with insightful and impactful journalism that reflects the dynamism and diversity of the African continent.

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Travel

Air Peace Flight Delayed, Passengers Stranded After Failed Promise of Hotel Stay

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Passengers aboard an Air Peace flight from Abuja to Owerri found themselves in a state of disarray and frustration after a series of delays and unmet promises left them stranded without accommodations.

What was supposed to be a routine flight scheduled to depart Abuja at 4:30 PM and arrive in Owerri at 5:30 PM turned into a nightmare as the flight was delayed until 6:18 PM due to a reported lack of a pilot.

However, midway through the journey, passengers were informed that the flight couldn’t proceed to Owerri because the airport there would close by 6:40 PM.

The flight was forced to return to Abuja, where passengers endured further uncertainty as they waited for over 20 minutes to receive any communication from the airline. Eventually, they were informed of plans to provide a bus to transport them to a hotel for accommodation.

However, this promise was not fulfilled, leaving passengers stranded and scattered around the airport.

One passenger, who had already experienced delays with another airline earlier in the day, expressed frustration at the lack of accountability and protection for travelers.

The incident highlights the ongoing challenges faced by passengers in Nigeria’s domestic aviation sector and raises questions about the adequacy of regulations to safeguard passengers’ rights.

Attempts to reach Air Peace for comment on the situation were unsuccessful at the time of reporting.

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Travel

Emirates Halts Check-Ins Amid Severe Weather Disruption

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Emirates Airline

Emirates, the largest international airline, has taken the unprecedented step of halting all passenger check-ins for the day.

The move comes as the emirate grapples with severe weather disturbances, including heavy rainfall and storms, leading to widespread travel chaos in one of the world’s busiest aviation hubs.

The airline announced that check-ins for all passengers would be suspended from 8 am local time until midnight, as the adverse weather conditions continue to wreak havoc on travel plans.

Despite the disruption, Emirates assured that transit passengers would still be allowed to proceed to their connecting flights.

Dubai, known for its modern infrastructure and bustling aviation industry, has been brought to a standstill by the relentless rainfall and storms.

The inclement weather has resulted in delayed or diverted flights, leaving travelers stranded and adding to the existing challenges posed by the ongoing global pandemic.

Emirates has pledged to exert all efforts to restore its scheduled operations and provide support to affected customers amidst the chaos.

However, the extent of the disruption caused by the adverse weather conditions underscores the resilience and adaptability required to navigate unforeseen challenges in the aviation sector.

As the situation unfolds, authorities and airline personnel are working tirelessly to mitigate the impact of the severe weather on travel operations and ensure the safety and well-being of passengers.

Despite the temporary setback, Emirates remains committed to maintaining the highest standards of service excellence and operational efficiency, even in the face of unprecedented challenges posed by Mother Nature.

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