Connect with us

Markets

NRC to Deploy Fast-speed Trains on Abuja-Kaduna Line

Published

on

Railway Projects
  • NRC to Deploy Fast-speed Trains on Abuja-Kaduna Line

The Nigeria Railways Corporation (NRC) said two new speed locomotives will be deployed on the Abuja-Kaduna standard gauge by next month.

NRC Liaison Officer, Pascal Nnorli, disclosed to journalists in Abuja that locomotive, which arrived Abuja last month are built to travel up to 150km per hour.

With the new locomotives, mass transportation of goods and people are expected to improve on the axis while travel time from Abuja-Kaduna would be cut from about 2:45 minutes to about 1:30 minutes.

“Once we deploy the new locomotives, timing of our services will be strict. We will obey our train schedule strictly and judiciously,” he said.

Noting that the number of daily trains services would improve from the present four, Nnorli said the handing over of the new locomotives by the China Civil Engineering Construction Corporation (CCECC), to the NRC management would be complete and training would commence and would be followed by test run before commercial deployment.

“The training should last for about two weeks. After the two weeks training, the locomotives will be test run for about a week before it will be launched for commercial operations. All these processes shouldn’t be more than a month, all things equal,” he explained.

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 long experience in the global financial market.

Continue Reading
Comments

Markets

Silver Joins Haven Assets That Pullback on Dollar Strength

Published

on

silver

Silver Pulls Back on Dollar Strength

Silver pulled back on Friday after Donald Trump-led administration announced it was working on a new stimulus package to ease economic burden of the American people.

The United States dollar gained as investors jumped on it to hedge against US-China trade tensions.

Silver that has risen to almost eight years high of $29.84 on Thursday but pulled back after the US government announced its plan on a new stimulus package.

XAGUSDDaily

The haven asset, like Gold, pulled back to $27.97 on Friday during the New York trading session.

“While there are no early chart clues to suggest the gold and silver markets are close to major tops, both are now getting short-term overbought, technically, and are due for downside corrections in the uptrends,” Kitco Metals senior analyst Jim Wyckoff said in a note.

“And remember that with the higher volatility and bigger daily price gains seen at present, there will also be bigger downside corrections when they come.”

Continue Reading

Markets

Gold Pullback on Dollar Strength on Friday

Published

on

gold bars

Gold Pauses its Bullish  Runon Dollar Strength

Gold pulled back from its record rally on Friday after the US dollar received a boost from the new stimulus.

The world’s safe-haven asset pulled back from $2074 per ounce it traded on Thursday to $2030 on Friday during the New York trading session.

XAUUSDWeekly“We’ll see some pullback (in gold) from these levels with USD bottoming for a while and maybe even see some strength in the USD in the near term, which will reverse these gains but not entirely,” said Spencer Campbell, director at SE Asia Consulting Pte Ltd. “People will be looking to re-enter the market on any pullbacks in precious metals as the medium to longer term views are significantly higher.”

Gold rose to an all-time high of $2074 on Thursday after rising over 35 percent on the back of the COVID-19 pandemic. However, economic uncertainties due to the second wave of COVID-19 continues to support gold rally and expected to continue until a concrete solution or vaccine is discovered.

“There are mixed signals that the economy is recovering and some of the signs of recovery are relatively superficial as they show aggregate figures and not how medium and small enterprises continue to suffer,” said Jeffrey Christian, managing partner of CPM Group.

“We have a very long way to go before we see a proper economic recovery.”

Continue Reading

Markets

Finances of International Oil Companies Suffered in the Second Quarter

Published

on

oil jerk

Finances of IOCs Plunged Amid COVID-19 Pandemic in the Second Quarter

Global leading oil companies suffered substantial losses in the second quarter, according to their various financial statements published in recent weeks.

On Thursday, Royal Dutch Shell posted $18.9 billion loss in the second quarter of 2020, far below the profit of $3.5 billion posted in the same quarter of 2019.

This, the company attributed to the plunge in global oil prices in 2020 due to the COVID-19 pandemic. Shell warned that oil demand remained uncertain, adding that it had cut its exploration plans for this year from about 77 wells to just 22.

This was after the price of Brent crude oil plunged to $15 per barrel during the peak of COVID-19 pandemic while the price of West Texas Intermediate crude oil dipped to -$37 per barrel, the lowest on record.

Also, the company said it has reduced its capital expenditure for the year from the initial $25 billion to $20 billion amid a plunge in revenue and demand for the commodity.

Similarly, ExxonMobil reported a $1.1 billion loss, its biggest decline on record. The oil company also announced it would be lowing spending by 30 percent in 2020 to about $23 billion.

Among the various oil companies posting negative financial statements for the quarter was Chevron Corporation, the company reported $8.3 billion decline in the second quarter of the year. The lowest ever posted by the oil giant in almost three decades.

Chevron, therefore, warned that the havoc caused by COVID-19 pandemic in the energy sector might continue to weigh on earnings.

“While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter of 2020,” Chevron’s Chairman and Chief Executive Officer, Michael Wirth, said.

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending