Connect with us

General News

Stocks, Currencies Gain as Investor Optimism Grows over US-China Trade Deal

Published

on

Kindly share this post

By Han Tan, Market Analyst at FXTM,

Most Asian stocks and currencies are gaining as investors grow increasingly hopeful that the US and China can reach a trade deal on Friday. There’s a clear risk-on mood in the markets at the expense of safe haven assets, as Gold trades below $1500, yields on 10-year US Treasuries breach 1.65 percent, and USDJPY breaks above the psychological 108 level for the first time since October 1.

Investors are ready to celebrate any form of a US-China trade deal, even an interim one, having endured trade-related volatility since May. The amount of market fanfare will correspond with the contents of the actual deal, assuming one will be announced later today. Investors are in sore need of a solid pick-me-up beyond mere whispers of a trade pact, and a formal agreement is likely to sustain risk sentiment for the rest of 2019. Still, investors are cognizant that a trade pact that marks a pause in tariff hikes without rolling back any of the tariffs imposed since last year would not solve all of the global economy’s existing problems.

At the other end of market expectations, failure to come to any agreement this week may have dire consequences for the global economy. Keep in mind that the US administration had threatened to raise existing tariffs on $250 billion worth of Chinese goods by 5 percentage points to 30 percent on Tuesday, with potentially more tariffs to follow in December.

 

Whiffs of Brexit deal send Pound on steepest climb in seven months

Risk sentiment is also being boosted by reports of another crucial deal becoming likelier across the Atlantic.

UK Prime Minister Boris Johnson and Irish premier Leo Varadkar said they have identified a “pathway” towards a Brexit deal. Following the news, GBPUSD breached the 1.245 mark for the first time since September 25 after seeing its biggest one-day jump in seven months, before moderating slightly to converge around its 100-day moving average.

With three weeks remaining before the existing October 31 deadline, markets can expect more twists and turns in the Brexit saga, as has been the case since 2016. This uncertainty also means that the Pound will be highly volatile as the UK endeavours to find its way out of the European Union. The 1.20 level remains the floor supporting Sterling, unless a no-deal Brexit becomes an absolute certainty.

 

US-China trade deal to act as Brent boost

Brent futures could carve out a path back towards $64/bbl in the event that a US-China trade deal is announced going into the weekend. Despite Brent futures now breaking above the psychological $60/bbl level following news of an Iranian tanker catching fire, investors’ focus remains primarily on the outcome of the trade negotiations in Washington.

Oil markets have been weighed down by demand-side uncertainties, as heightened tariffs have choked global trade. Even in the event of a trade truce, the tariffs that remain in place however will limit Oil’s upside, barring any tightening in global supplies. This could come via a spike in geopolitical tensions involving major Oil producers or a tighter supply-cuts programme by OPEC+.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

Kuwait Busts Nigerian Cybercrime Ring Targeting Telecom Tower, Banks

Published

on

Kindly share this post

Kuwait’s Criminal Security Sector has dismantled an international cybercrime ring composed of Nigerians responsible for coordinated attacks on telecommunications towers and banks, the Ministry of Interior announced on Sunday.

Kuwait Busts Nigerian Cybercrime Ring Targeting Telecom Tower, Banks

According to Arabic-language daily Al Qabas, the case was initiated after the Communication and Information Technology Regulatory Authority reported cyber intrusions targeting local telecom networks.

Specialised security teams quickly launched an investigation, discovering that the suspects used advanced electronic devices to breach networks and distribute mass phishing messages impersonating banks, aiming to steal account information and siphon funds.

Signal-tracking technology led investigators to a vehicle in the Salmiya area.

When authorities attempted to stop the vehicle, the driver tried to flee, colliding with several cars before being apprehended following a fierce struggle.

A search of the vehicle uncovered sophisticated electronic equipment and various technical tools.

Upon investigation, the suspect confessed to collaborating with an accomplice to hack telecom networks and send fraudulent messages posing as banks and telecommunications companies.

Police subsequently located and arrested the second suspect, and a search of their residence uncovered additional devices used to analyse the stolen data.

Both suspects, along with the seized equipment, have been handed over to the relevant authorities for prosecution.

The Ministry of Interior reaffirmed its commitment to protecting the nation’s cybersecurity and intensifying efforts to combat electronic fraud targeting both citizens and residents.


Kindly share this post
Continue Reading

General News

Nigerian Scientists Await Return of Egusi Seeds Sent to Space

Published

on

Kindly share this post

Space in Africa, the Lagos-based firm Oniosun founded, is expecting its Egusi melon seeds to splash down in the Pacific Ocean Saturday—fresh from a trip to the International Space Station.

Nigerian Scientists Await Return of Egusi Seeds Sent to Space

Once Earthside, experiments will begin on what is being hailed as the first food native to West Africa to be sent to space.

As Oniosun told AFP on Friday, it could herald an era where space exploration reflects the planet’s diversity.

“When we talk about humans colonizing other planets, this is not just an American mission or a European mission—this is a global mission,” he told AFP.

And future African space explorers might enjoy a taste of home.

Experiments on extraterrestrial food, which is to say tested in space, have been going on for years.

Growing food in space is seen as a crucial part of long-distance space flight and long-term missions, where frequent resupply won’t be feasible.

Scientists at the University of Florida in the United States, and the International Institute of Tropical Agriculture, in the southwestern Nigerian city of Ibadan, will examine the seeds “to see the effects of exposure to space” and zero gravity, including on the seeds’ DNA.

Once planted, researchers will monitor their post-space performance and germination.

The seeds went up to the ISS on a SpaceX flight last week, as part of NASA’s partnership with private firms.

Oniosun said the inclusion of Egusi seeds marked an important step forward, both for those on Earth as well as future astronauts.

High in protein, they are typically used to prepare soups and stews across West and Central Africa.

Africa’s most populous country has a small space industry, but the launch of the seeds seemed to generate more excitement on social media and in newspapers than previous launches of Nigerian satellites, he said.

“The moment that we’re sending food that they love, a food that holds significant cultural contexts to Nigeria… everybody starts getting interested in the subject,” Oniosun told AFP.

“The launch of Egusi melon seeds into space is more than a symbolic gesture,” he added.

“The future of humanity among the stars must reflect the diversity and richness of life on Earth.”

Whether pounded yam—the key dish served alongside Egusi soup—will make its way to the final frontier remains to be seen.

 

 


Kindly share this post
Continue Reading

General News

NITDA Deepens Digital Gender Inclusion with IgniteHer Bootcamp

Published

on

Kindly share this post

In a powerful demonstration of its commitment to the Renewed Hope Agenda of the present administration of President Bola Ahmed Tinubu GCFR, the National Information Technology Development Agency (NITDA) has launched the second cohort of the IgniteHer Bootcamp for Women Entrepreneurs, a strategic initiative aimed at accelerating gender inclusion and economic empowerment through digital innovation.

The bootcamp, themed “Empowering Women Entrepreneurs for Growth and Innovation”, was launched in partnership with the Japan International Cooperation Agency (JICA) and brought together selected women entrepreneurs from across Nigeria, both physically and virtually, for rigorous training in digital skills, innovation management, business development, and investor readiness.

The NITDA Director General, Kashifu Inuwa CCIE, who declared the bootcamp open, reaffirmed the Agency’s role in aligning Nigeria’s digital development with the national priorities of reforming the economy for sustained inclusive growth and accelerating economic diversification through industrialisation and digitisation.

“Through IgniteHer, we are actualising President Bola Ahmed Tinubu’s Renewed Hope Agenda by expanding women’s access to technology and economic opportunity,” he stated.

The DG, who was represented by the agency’s Acting Director of the Digital Literacy and Capacity Building department, Dr. Ahmed Tambuwal, noted that inclusive innovation is a cornerstone of NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0: 2024–2027), which supports national aspirations for inclusive growth, poverty eradication, and youth empowerment.

“We are not merely imparting skills; we are creating self-reliant entrepreneurs, change-makers, and leaders,” he added.

Inuwa disclosed that the IgniteHer Bootcamp is also a key component of the National Gender Digital Inclusion Strategy (NGDIS), through which NITDA is working to empower 12.7 million Nigerian women with digital literacy skills by 2027. He averred that the programme complements broader government efforts to bridge gender gaps, enhance productivity, and reduce unemployment, especially among young women.

Citing a report by the World Wide Web Foundation, the DG emphasised that closing the digital gender gap in Nigeria could unlock an estimated $13 billion in GDP growth over the next decade.

“This training is a step towards harnessing this economic potential and ensuring that women play an integral role in shaping the digital landscape of Nigeria,” he noted.

He therefore called on participants selected from over 12,000 applicants to seize the moment and shape the future of Nigerian entrepreneurship.

While highlighting NITDA’s leadership in strategic partnerships, the DG commended JICA and the Government of Japan for their ongoing collaboration in supporting digital empowerment through programmes like IgniteHer and the iHatch Incubation Programme, which provides startup support, mentorship, and innovation development to early-stage entrepreneurs.

“At NITDA, we believe that inclusive innovation is not just an ideal but a critical strategy that ensures the growth of a stronger economy, the development of smarter solutions, and the existence of more resilient communities. Through IgniteHer, we are dismantling barriers and replacing them with pathways to opportunity,” he concluded.

In his remarks, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, reaffirmed Japan’s long-standing commitment to innovation and gender inclusion in Nigeria. He announced that Japan, through JICA, is currently supporting two grant projects worth $30.9 million, focused on improving Nigeria’s startup ecosystem, strengthening the investment climate, and building an inclusive innovation hub.

The Ambassador also referenced the upcoming Tokyo International Conference on African Development (TICAD 9), themed “Co-create Innovative Solutions with Africa”, as further testament to Japan’s dedication to deepening Africa-Japan cooperation on digital transformation and entrepreneurship.

Lead Facilitator of IgniteHer, Hajiya Hafsat Salabi-Dange, described the programme as a catalyst for social and economic transformation. While praising NITDA’s visionary approach to development, she stated that the programme is a movement that is bridging the digital gender divide and fostering economic independence.

Encouraging the participants to remain curious, intentional, and bold, she said, “What you will gain here goes beyond business; it is a tool for community upliftment, national growth, and generational impact.”


Kindly share this post
Continue Reading

Trending