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Gold Plunges: Australia the New Safe Haven

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Gold

Gold rout continue in Asian trading session and currently trading between 1071 and 1083 price level, the precious metal reached a new low in 5 years on Monday when it touches 1071.73. The situation keeps getting worse without possible solution in sight, gold has declined for 10 straight days, the longest losing streak for the metal since September 1996.

Many analysts have attributed decline in gold to strong U.S dollar which hurt commodities measured in dollars. Most overseas investors find it too expensive due to strong American dollar, hence, drop in demand. On Thursday dollar dropped against major currencies, which enable gold to tick up 0.2 percent to $1,093 an ounce.

In Australia the story is different, while spot gold tumbled 16 percent in the past year, the precious metal’s price in Australian dollar has surged about 8 percent. S&P/ASX All Ordinaries Gold Index of 21 Australian miners have gained 12 percent so far this year as the benchmark Philadelphia Stock Exchange Gold and Silver Index slumped 31 percent.

The suppliers in Australia, the second largest producer of Gold in the world are benefiting from selling the metal for strong U.S dollar while cost of production are denominated in weaker local currency. Australian dollar plunged to 6 year low on Friday.

William Kaye, a Hong Kong based owner of The Pacific Group Ltd. said Australian miners are profiting from weaker Australian dollar against the strong U.S dollar, this would make Australian miners attractive to investors. Australia’s largest producer, Newcrest Mining Ltd., said its margin increased 13 percent in the year through June as it increased output.

A Sydney based senior economist at Westpac Banking Corp., Justin Smirk, said investors may remain wary of weaker bullion prices because there is no guarantee that they will get a movement in Aussie dollar that will equal the movement of the rise or fall of the gold price.

On Friday, Australian fell 0.8 percent to 72.94 U.S. The Australian gold index dropped 5.4 percent as gold hit the lowest since 2010. The Australian index rose 2.6 percent on Thursday as Philadelphia Index fell 4.7 percent.

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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Lagos State to Support Businesses Looted by Hoodlums

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endSARS violence

Lagos State to Support Businesses Vandalised and Looted by Hoodlums

Lagos State has announced plans to support businesses looted and vandalised by hoodlums last week.

The Deputy Governor of the stated, Obafemi Hamzat, made this known in a series of tweets put out on Friday.

He directed businesses vandalised in the state to fill a form attached through the link below.

“If you are a Lagos based business and your store got looted/vandalized this week, please fill this form by @LSETF https://t.co/lwPiXvFzTp. Let’s do what we can to support you,” he tweeted.

This was after Governor Babajide Sanwo-Olu said the state had activated the process of healing the destruction and massacre that happened earlier in the week when security operatives in army uniforms opened fire on armless #EndSARS protesters.

Sanwo-Olu said, “My heart bled after I went out today for a first-hand assessment of the destruction of assets of the Government and private properties. The level of destruction observed indicated that the violence was more than just a peaceful protest and agitations for police reforms. The proportion of devastation is a lot. This is not the Lagos that was handed over to me on May 29, 2019.

“Moving forward from the destruction, we have to continue the process of healing ourselves. We need to stop some of our citizens still using social media to instigate or incite the people. It will not be under my watch that we will lose the city that has the largest economy in the entire black nation. Enough is enough. I have moved around and I saw that our people want peace. On this, we are committed to bringing lasting peace back to the State.

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TVC Resumes Operations in Lagos Office Following Hoodlums Attack

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Telecommunications

TVC Commences Operations Less Than 72 Hours After Hoodlums Attacked and Destroyed the Company’s Lagos Office

Television Continental (TVC) station has resumed operations less than 72 hours after its Lagos office was attacked by hoodlums that hijacked the #EndSARS protest.

The television station was attacked on Wednesday by criminals would believe that the media platform was owned by one of the top Buhari supporters, Mr. Bola Ahmed Tinubu.

The attack followed the shooting of unarmed #EndSARS protesters, who had gathered to protest against the activities of the Special Anti-Robbery Squad (SARS) unit of the Nigerian Police Force (NPF) at the Lekki Toll Gate on Tuesday.

The peaceful protesters were shot by security operatives in Nigerian Army uniform before the commencement of curfew imposed by Governor Babajide Sanwo-Olu of Lagos State.

The killings now tagged Lekki Massacre attracted global attention as global leaders condemned the Federal Government or whoever ordered the shooting and called for an immediate investigation into the matter.

On Wednesday, criminals allegedly sponsored by interested parties to dislodge peaceful protesters took advantage of the situation to wreak havoc across Nigeria’s commercial hub, Lagos State, as several private establishments businesses were attacked and looted by these unscrupulous characters.

One of the establishments attacked was the National Newspaper also linked to Mr. Tinubu.

The hoodlums stormed TVC on Wednesday morning during a popular morning show, Your View, anchored by Mrs Morayo Afolabi-Brown, the programme did not end before the television station went off air as it was immediately set on fire.

However, Investors King gathered that TVC resumed operations on Saturday morning, although regular programs were yet to resume fully.

As at the time of writing, the station was airing promos of various programmes and from what we gathered, regular programming will return very soon especially from its Abuja office.

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Ambassadorial Deal: Puma Names Wizkid as Brand Ambassador

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Wizkid is Puma Latest Brand Ambassador

Puma, global sportswear, has named Nigerian superstar, Ayodeji Ibrahim Balogun popularly known as Wizkid as one of its global ambassadors.

Wizkid, 30, is the new Puma x JD ambassador for the relaunching of the Puma Suede Classics range.

Speaking on the deal, Wizkid said “It’s an honour to be the face of the new JD x Puma Suede Classics campaign.

“Puma is a brand I’ve loved and respected growing up, and so the decision to become an Ambassador felt completely natural. The Puma Suede is a classic shoe that can be worn by anyone at any age and I think my fans will really connect with that.”Also speaking on the partnership, Puma’s Sportstyle marketing director, said “We’re thrilled to have Wizkid as the face of the new Puma x JD Suede campaign.

“A truly innovative and exciting artist in the music scene, Wizkid embodies the passion and hustle we look for in someone to represent Puma and we look forward to working with him for the AW20 season.

Wizkid is a Nigerian musician and songwriter that has worked with Beyonce, Drake, Wale and other international superstars.

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