E-Financial
US, Eurozone Exhibit Pool of Mixed Data- ForexTime
ForexTime in its weekly report released on Monday said that the US proclaimed mixed economic news during the course of last week, some areas of the economy showing an onward and upward move and some lagging slightly behind.
According to data released on Tuesday, September 24th, the Consumer Confidence for September fell to 79.7 from August’s figure of 81.8, revealing that US consumers are not entirely confident about the progress of the economy and still have some doubts and reservations.
The release of Durable Goods Orders followed on the 25th, ForexTime continues, with a minute yet encouraging increase of 0.1%, backed by growing vehicle orders. The particular figure came under scrutiny by economists however because it excluded transportation, which constitutes a big part of durable goods orders and which in fact declined by 0.1%.
The report continues: “On the stronger side of events, the annualized GDP came in at 2.5%, a significant increase from the previous 1.1% and much in line with expectations of a 2.6% rise. Initial jobless claims further dropped from 310K to 305K, far better than the predicted 325K and a boost to the US dollar. Pending Home Sales for August also proved positive for the dollar, with a 5.8% rise.
“This week, the market is anticipating the ISM Manufacturing PMI on Tuesday, October 1st, which is expected to rise slightly to 55.8. Thursday October 3rd holds in store Fed Reserve Bernanke’s speech, which could potentially cause major volatility in the market, and Friday the 4th will reveal the month’s most influential data, including Non-farm Payrolls which are estimated at 179K and the September Unemployment Rate which is expected to remain at 7.3%.
“The German federal election last Sunday was perhaps the highlight of the month in the eurozone, with Angela Merkel being re-elected with a dynamic 42% of the public behind her. Responsibility thus remains in Chancellor Merkel’s hands to strike coalitions with strategic allies in order to keep investor faith alight in the eurozone.
“On Friday the 25th of September, the Harmonized Index of Consumer Prices for September was released, unchanged from August and in line with expectations at 1.6%. The Consumer Price Index for September disappointed, up by only 1.4% which was short of expectations of a 1.5% rise.
“The remainder of the data released in the eurozone was very mixed, with the Markit Manufacturing PMI and the Consumer Confidence disappointing at 51.1 and -14.9 respectively, but the Markit PMI Composite and the Economic Sentiment Indicator both above expectations at 52.1 and 96.9 respectively. ECB President Mario Draghi spoke to the public twice during the last week, the main point delivered in both his speeches being that the European economy is showing a slow recovery. The most important fundamental news from the Eurozone this week are the ECB interest rate decision and the ECB Monetary Policy statement and press conference on Wednesday, October 2nd.
“Data in the UK last week consisted of a better than expected Gfk Consumer Confidence, which hit a 6 year high by rising to -10; 3 points higher than the previous month and the highest figure since November 2007. The CBI Distributive Trades Survey – Realized also grew unexpectedly in September despite forecasts of a downward move, rising to 34 from 27.
“On the downside, the annual GDP growth disappointed expectations of 1.5%, with a revised outcome of 1.3% for Q2, sowing the seed of doubt about whether the UK economy will continue at the pace of recovery it has enjoyed so far. This week the UK is expecting the PMI Construction on October 2nd, with a small increase to 60.1 anticipated.
“The biggest news to come out of Japan for the week that passed were the news on the Overall Consumer Price Index, which rose 0.9% in comparison to the 0.7% recorded in July, and the Core Consumer Price Index, which rose to 0.8% from the previous year. Both these figures were a positive indicator for the JPY because a higher CPI signifies higher inflation, which in this case is positive for a heavily reliant on exports Japan”.
The end of this week will see the Bank of Japan interest rate decided, with no expectations for any drastic change seeing as the 0.1% rate is beneficial for the Japanese monetary policy which aims to keep the JPY weak to boost exports.
E-Financial
Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches
Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.
Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’
The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.
The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.
“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.
“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”
The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.
“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.
Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.
She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.
“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.
E-Financial
Ecobank Serves Customers Notice of Planned Service Disruption
Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.
The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.
In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.
However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.
Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.
The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.
E-Financial
Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
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