Economy, Finance And Business News Headlines: 3rd April 2020

Economy, Finance And Business News Headlines: 3rd April 2020
COVID-19 Update:


The number of people infected by Coronavirus was approaching 1 million yesterday, it has now touched that figure. As of Thursday evening, at least 51,000 people have died, and the virus has been detected in at least 171 countries.

In the U.S., the growth remains double-digit, the number of infections grew by 13.65% (14% yesterday) to 243,729 and deaths by 27.33% (23.8% yesterday) to 6,164.

Ten new cases of #COVID19 have been reported in Nigeria; 7 in Lagos and 3 in the FCT. As at 08:00 pm 2nd April there are 184 confirmed cases of #COVID19 reported in Nigeria. Twenty have been discharged with two deaths

Oil Market Update:

Mr. Trump said in a tweet that he had spoken with Crown Prince Mohammed bin Salman, who had spoken with President Vladimir V. Putin. “I expect & hope that they will be cutting back approximately 10 million barrels,” he said.

Then this…

“Saudi Arabia called on Thursday for an urgent meeting of the Organization of the Petroleum Exporting Countries and other oil-producing countries with the “aim of reaching a fair agreement to restore” balance in the oil markets. The Saudis said in a statement that they were acting to support the global economy and in “appreciation” of Mr Trump’s request.” NY Times

These developments are crucial for the stability of the oil market and Nigeria’s reserves as money from oil is the backbone of our reserves which currently stands at $35.16bn with over $8bn held as debt.

News headlines:

Buhari Insists on Project Implementation, Salaries’ Payment
President Muhammadu Buhari wednesday instructed members of the Presidential Committee on the Impact of COVID-19 on the Economy to ensure that the pandemic does not obstruct the implementation of critical infrastructure projects as well as payment of workers’ salaries. Read more
Foreign reserves shed $3.02bn in three months
The country’s foreign reserves have continued its downward trend dropping by $3.02bn from $38.53bn on January 2, 2020 to $35.51bn as of March 27, 2020, latest statistics from the Central Bank of Nigeria have revealed. Read more

 

Govs Urge CBN to Suspend States’ Debt Deductions
Governors of the 36 states of the federation have called on the Central Bank of Nigeria (CBN) to suspend all funds’ deductions from states and restructure their debt repayments. Read more
FG distributes cash to Anambra, Katsina, Nasarawa residents
The conditional cash transfer to the most indigent and vulnerable across the country by the Ministry of Humanitarian Affairs, Disaster Management and Social Development entered its second day on Thursday with a simultaneous rollout in Anambra, Katsina and Nasarawa states. Thursday’s rollout of the payments came on the heels of the previous day’s exercise in Kwali Area Council of the Federal Capital Territory where 5,000 registered beneficiaries were paid. Read more
Nigeria’s COVID-19 Cases Rise To 184 As NCDC Confirms 10 New Infections
The Nigeria Centre for Disease Control (NCDC) revealed in a tweet on Thursday that the total figure increased from the 174 cases reported yesterday. This comes shortly after the Lagos State Governor, Babajide Sanwo-Olu, announced that 11 more people had been discharged from the government’s facility in Yaba. Read more
Latest on the spread of the coronavirus around the world
The U.S. economy likely shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the coronavirus shuttered businesses and factories, confirming a recession is underway. Read more
Oil, shares slip on doubts over Saudi-Russia deal
Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered. U.S. West Texas Intermediate (WTI) crude lost $1.14, or 4.5% to $24.18 a barrel in early Asian trade after having surged a record 24.7% on Thursday. Brent futures dropped $0.70, or 2.67% to $29.24. Read more
Dollar consolidates as hopes for quick recovery evaporate
The dollar edged toward a 2% weekly rise on Friday, boosted by a surge in the oil price and as investors sought safety amid the worsening economic fallout from the coronavirus pandemic. The gains consolidate the dollar’s strength after a rollercoaster end to last month, when it soared in a scramble for cash, then slumped as the U.S. Federal Reserve flooded the market with liquidity. Read more
U.S. economy to shrink at fastest rate since 1946, unemployment to top 15%: Morgan Stanley
The United States economy will shrink 5.5% in 2020, the steepest drop since 1946, with a huge 38% contraction predicted for the second quarter, Morgan Stanley said on Friday in a new batch of forecasts on the economic damage from the coronavirus outbreak. Read more
Devaluation and your wealth Continue reading …

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