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Economy

Recession fears hit Wall Street after grim China, German data

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Wall Street was set to open sharply lower on Wednesday, as poor economic data from China and Germany put the focus back on the impact of a bruising Sino-U.S. trade war, which is pushing some major economies toward the brink of recession.

The outlook for Germany’s export-reliant economy was also grim and Chinese industrial output growth cooled to a more than 17-year low, adding to headwinds for U.S. multinationals that rely on global demand.

The U.S. bond market showed red flags, with two-year Treasury yields rising above those for 10-year paper for the first time since 2007, pointing to the risk of recession.

Wall Street’s main indexes surged more than 1.5 per cent on Tuesday after Washington delayed the introduction of tariffs on some Chinese consumer goods.

“It’s almost as if global investors either don’t buy the tariff delay as a sign of real progress in the U.S.-China trade war or have been too consumed by further evidence of global economic weakness to care,’’ BMO Capital Markets strategist, Stephen Gallo, said.

At 8.28 a.m. ET, Dow e-minis 1YMcv1 were down 361 points, or 1.37 per cent.

S&P 500 e-minis EScv1 was down 39.25 points, or 1.34 per cent and Nasdaq 100 e-minis NQcv1 were down 119 points, or 1.54 per cent.

Banks were among the losers in trading before the bell, with Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs, Wells Fargo & Co and Morgan Stanley down between 2.3 per cent and 3.1 per cent.

Shares of Apple Inc were down 2.3 per cent after boosting markets a day earlier with a four per cent rise.

Chipmakers were also trading lower, with Micron Technology Inc, Broadcom Inc and Nvidia Corp down more than two per cent.

Macy’s Inc tumbled 12.9 per cent after the department store operator cut its full-year profit forecast as it discounted heavily to clear excess spring season inventory.

AIB

Edited by Abdulfatah Babatunde

Economy

ICPC ex-chair takes over Salaries and Wages Commission

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Mr Ekpo Nta, the former Chairman, Independent Corrupt Practices and Other Offences Commission (ICPC), has taken over the leadership of the National Salaries, Income and Wages Commission (NSIWC).

The Chief Press Secretary of the Commission, Mr Emma Njoku made this known in a statement on Saturday in Abuja.

According to Njoku, the Chairman of the Commission, Chief Richard Egbule handed over to Nta, who is also the Commissioner for Compensation at the NSIWC, after the completion of his statutory 10 years tenure.

Egbule, while handing over to Ekpo Nta, described his tenure as historic, being the first to complete two terms and the first Chairman as the pioneer staff of the Commission from inception in 1992.

He called on staff of the Commission to get acquainted with the Act establishing the Commission.

This, according to him, will enable them know the enormous contributions and importance of the Commission to the development of the Civil Service and overall welfare of Public Service.

Nta, in his response, commended Egbule for his achievements in streamlining the nation’s salary administration.

The Nigeria News Agency recalls that Egbule started his working career as an Administrative Officer on grade level 08 in the Office of the Head of Civil Service of the Federation and rose to the post of Chief Management Consultant in the same office in 1992.

He became a pioneer staff of the National Salaries, Incomes and Wages Commission in 1992 and worked to structure and builds the Commission with the best professional practice.

In 2006, he was appointed the Secretary to the Commission and on Aug. 17, 2009, former President Umaru Yar’Adua made him the Executive Chairman of the Commission.

He attained 10 years as the Executive Chairman on Aug. 17.

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Economy

Kaduna Govt. to prioritise uncompleted project in 2020 –Commissioner

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The Kaduna State Government says it will give priority to projects that were unlikely to be completed and paid for in its 2020 budget.

Mr Thomas Gyang, Commissioner, Planning and Budget Commissioner, made this know in the 2020-2022 Multi-Year Budget Call Circular, obtained by the Nigeria News Agency in Kaduna on Saturday.

“Ministries, Departments and Agencies (MDAs) are advised to ensure that all ongoing projects that are unlikely to be completed and paid for in 2019 are captured in their 2020 Budget.

“Where ongoing projects exceed budget ceilings, they should be spread into 2021 and 2022 columns of the Multi-Year Budget.

“New projects are not to be integrated into the 2020 budget except priority projects of utmost importance,” Gyang said.

He also requested all MDAs to be guided by the state Development Plan 2016 to 2020 in coming up with programmes and projects to ensure coherent development across the state.

According to him, the administration will continue to focus on economic development, social welfare, security and justice and good governance.

“In preparing the budget, financial resources will be strictly dedicated to meet the objectives outlined in the State Development Plan as it relates to each sector.

“Therefore, MDAs will focus on delivering the outputs and strategies that will deliver the outcomes specified in the development plan.

“Resources should be allocated starting from the highest priority activities and continuing in sequence down to lower priority activities until the budget ceiling is reached.”

To give room for community participation in the budget process, the commissioner advised the MDAs to engage civil society organisations, community-based organisations and relevant stakeholders in drawing up their budgets.

He, however, stressed that inputs from such engagement should be in line with the aspirations of the state government as contained in the state’s development plan.

He also advised the MDAs against presenting over-ambitious budgets, adding that previous budget implementation rates have provided ample evidence of absorptive capacity issues across MDAs and the revenue generating capacity of the state.

“The government wants to facilitate service delivery which cannot be achieved without appreciable funding due to consistent dependence on statutory allocation from the Federation Account that has been dwindling over the years.

“This underscores the need for the Revenue Generating Agencies to perform maximally for the state to meet the challenging and obviously increasing demands of its citizens.

“To improve revenue generation, Kaduna State Internal Revenue Service is being repositioned alongside the review of revenue laws that governs revenue generation in the state.

“MDAs are, therefore, required to submit realistic and implementable multi-year budget estimates for the 2020 budget, based on the state revenue potentials outlined in the Medium-Term Expenditure Framework 2020 to 2022.”

Gyang directed all MDAs to submit detailed budget proposals to the Planning and Budget Commission by Sept. 17, while budget defence would be held between Sept. 24 and Sept. 29.

FDY/IS

Edited by Ismail Abdulaziz

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Economy

Gov. Akeredolu lauds CBN ‘s  various intervention programmes

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Gov. Oluwarotimi Akeredolu of Ondo State has commended the Central Bank of Nigeria (CBN) for various intervention programmes that lifted the country out of recession.

Akeredolu stated this on Friday in Akure when he received some  officials of the bank who visited him in his office.

The governor, represented by his Deputy, Mr Agboola Ajayi, said as the manager of the nation’s economy, the apex bank should continue to be steadfast and play active roles in  growing  and rebuilding  the nation’s  economy towards sustainablity.

Akeredolu said the meeting was important because it provided a veritable platform for interaction between the state government and the CBN.

“It offers us the opportunity of gaining first hand information and useful insights on the abounding opportunities within the bank, which the state can explore to better the lots of her citizens,” he said.

Akeredolu noted that the state government would key into the numerous opportunities provided by the CBN such as  the School Feeding programme, which provided employment for food vendors and income for farmers.

He expressed the determination of his government to improve on the already established relationship to open up  the rural economy in the state.

Earlier, the leader of the CBN ‘s delegation, Mr Olumide Aina, urged the state government to improve on the level of its participation in the various intervention programmes of the bank.

Aina later made presentation on various intervention opportunities available in the bank.

 

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Economy

Ekiti targets 3rd spot on ease of doing business index – Fayemi

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Economy

Forex restriction on food importation requires clarity – MAN

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