- Eko Hotel, Ibom Hotel Win Big at Nigeria Travel Awards
The Lagos State Commissioner for Tourism, Arts, and Culture, Mr Steve Ayorinde through the Director, Lagos State Council of Arts and Culture, Mrs Saidat Olaitan Otulana has stated that the tourism growth plan of Governor Ambode led administration has turned Lagos to a safe and welcoming tourist destination.
Otulana stated this while delivering on behalf of the Commissioner the keynote address at the 3rd edition of the recently held Nigeria Travel Awards, organised by Jumia Travel, Nigeria’s leading online travel agency. The event, which held at Four Points by Sheraton, recognised individuals and organisations within the country’s travel and tourism industry.
“For us at the Lagos State Ministry of Tourism Arts and Culture, all we have done in almost four years is to commit to the governor’s growth agenda on the creative economy through what he called “Project T.H.E.S.E” which stands for Tourism, Hospitality, Entertainment and Sports for Excellence. It is a known fact that the agenda, which informed the deliberate investment in human capital and infrastructure with remarkable impact on the creative industry, has lived up to its promise in the last three and half years.”
“Tourism has become one of the major players in international commerce and represents one of the main sources of income for many developing countries. And this precisely is why the Lagos State Government under Governor Akinwunmi Ambode has accorded the sector huge attention and committed huge resources into developing it in order to make it a model sector that will perform the tripartite role of rebranding the state as a safe and welcoming destination for visitors; of creating opportunities for different levels of stakeholders and to further develop the sector as a thriving and profitable venture for both investors and stakeholders on one hand, and government as regulators and enablers on the other hand,” Otulana said.
The Wells Carlton Hotels & Apartments, Abuja won the “Hotel of the Year”, while Eko Hotel & Suites won the “Best Business Hotel” and “Jumia Travel Booking” awards. Ibom Hotel & Golf Resort won the “Best Leisure Hotel” while Air Peace won the “Best Local Airline” for two consecutive years. Emirates Airline won the “Best International Airline,” while Tour2Nigeria won the “Best Travel Blogger/Vacation Planner”. Chuks Nwanne of The Guardian newspapers won the “Travel Reporter of the Year.”
In her opening remark for the awards presentation, the Managing Director of Jumia Travel Nigeria, Miss Omolara Adagunodo said that the Awards is organised to raise the service delivery bar in the Nigeria Travel/Hospitality Industry, and encourage all hotels and airlines in the country to offer the highest quality of service to their customers.
Barclays Tell High Net Worth Investors to Shun Africa and Other Emerging Economies
Barclays to High Net Worth Clients, Stay Off Africa and Other Emerging Economies
Barclays, one of the world’s largest investment banks, has started advising high net worth clients to stay off Africa and other emerging economies.
According to Barclays, despite the recent recovery noticed in emerging-market stocks, investors are better off avoiding the risks that still abound in emerging nations. Barclays Plc, however, advised high net worth clients to focus on U.S equities despite the S&P’s breakneck rally.
The investment bank said emerging economies do not have enough fiscal buffers to spend their way out of the COVID-19 pandemic and will likely continue to struggle in the near-time compared to the US with 12 percent of gross domestic product fiscal-support.
It said the huge US stimulus may halt rebound in emerging-markets stocks as more money is expected to flow into the world’s largest economy and its European counterparts.
“Compared to the U.S., emerging-market economies appear more vulnerable,” said Haider, the London-based managing director and head of global growth markets. “Their central banks have less room to maneuver, their governments may not be able to provide unlimited support and equity markets, given their sector mix, can be more challenged by an economic slowdown.”
Barclays added that even after 33 percent rebound in stocks of emerging markets since the panic selloff subsided in March, stocks are still down by 9 percent from year-to-date while the US S&P 500 stocks are up by 45 percent. Presently, their stocks trading at a 36 percent discount to US stocks, up from 25 percent three months ago.
Crude Oil Rises to $43.1 Per Barrel on Production Cuts Extension
Crude Oil Hits $43.1 Per Barrel Following OPEC’s Production Cuts Extension
Brent crude oil, against which Nigerian oil price is measured, rose by 1.25 percent on Monday during the Asian trading session following OPEC and allies’ agreement to extend crude oil cuts to the end of July.
OPEC and allies, known as OPEC plus, agreed to extend production cuts of 9.7 million barrels per day reached in April to July on Saturday.
In the virtual conference, delegates agreed that members, including Nigeria and Iraq presently struggling to attain a 100 percent compliance level must keep to the agreement or be forced to do so in subsequent months.
Nigeria, Iraq and others failed to keep to the cartel’s agreement in May after reports show that Nigeria only managed to attain a 19 percent compliance level during the month while Iraq struggled to attain just 38 percent in the same month.
Russia and Saudi Arabia, the two largest producers of the group, warned members to stick to the agreed quota if they want to rebalance the global oil market.
“While the errant producers such as Iraq and Nigeria have vowed to reach 100% conformity and compensate for prior underperformance, we still think they will likely continue to have some commitment issues over the course of the summer,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.
“The potential return of Libyan output could also cause considerable challenges for the OPEC leadership.”
Earlier on Monday, Brent crude oil hits $43.1 per barrel, more than a month record-high, before pulling back slightly to $42.83 per barrel.
Gold Dips by 2 Percent on Better Than Expected Job Report
- Gold Dips by 2 Percent on Better Than Expected Job Report
Gold prices declined by 2 percent on Friday following a better than expected US non-farm payroll report.
The report showed an increase of 2.5 million payroll numbers against a decline of 7.5 million predicted by many experts.
The surprise number boosted investors’ confidence in US recovery as many dumped their haven investment (gold) for the stock market.
“We had significantly stronger-than-expected U.S. payroll numbers – an increase of 2.5 million versus an expectation of a decline of 7.5 million – that 10-million swing has brought forward expectations of the economic recovery in the United States,” said Bart Melek, head of commodity strategies at TD Securities.
Spot gold immediately declined by 1.9 percent per ounce to $1,678.81 while the U.S. gold futures slid 2.6 percent to settle at $1,683.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
The surprise didn’t stop there, US Dow Jones was up 614 points despite the protest going on the US and US-China tension.
Also, NASDAQ rose by 29 points while the S&P index added 50 points increase.
Note: Investors generally increase their investments in gold and other haven assets during a crisis to avert risk exposure and do the opposite once they sense a better economy.
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