Business

Five things to know to start your Monday


FG to address tariff shortfalls in power sector

The Federal Government has said that it has started making moves to address the tariff shortfalls in the power sector.

Vice President Yemi Osinbajo made this remark when he delivered his speech at the inauguration of the board of the Nigeria Electricity Liability Management Company (NELMCO).

The VP said that NELMCO would help in no small measure to resolve the liabilities challenges relating to tariff shortfalls for distribution companies and other matters bedevilling Nigeria’s power sector.

The VP expressed confidence in the board members, believing that their personalities, skills, and experience would aid in addressing not only the tariff shortfall issue but also other issues that have reduced electricity production to far below capacity.

No going back on election transmission of results – INEC

The Independent National Electoral Commission (INEC) has said that electronic transmission of results has not been discarded for the manual process of result transmission.

Festus Okoye, INEC spokesman said this in a statement when the commission issued a brief communique titled “Clarification On Electronic Transmission of Election Results” on Sunday.

Okoye said that the commission is not thinking of reverting to the manual process of result transmission. He stated that, contrary to popular media reports, the commission intends to use electronic transmission in addition to manual transmission.

According to him, “some have interpreted the explanation of result management procedure to mean that the Commission has jettisoned the electronic transmission of results and reverted to the manual process.”

“This is not correct,” the INEC spokesman declared.

“For clarity, the procedure for result transmission remains the same as in recent governorship elections in Ekiti and Osun States. There will be no change in all future elections, including the 2023 General Election,” he added.

The INEC Commissioner reassured Nigerians that the electronic transmission of results has come to stay.

He added that the transmission adds credibility and transparency to the electoral process when citizens follow polling unit level results on the INEC Result Viewing (IReV) portal in real-time on election day.

Japanese PM Kishida tests positive to COVID, cancels African development conference trip

Japanese Prime Minister Fumio Kishida has tested positive for COVID-19, forcing him to cancel his trip to Tunisia to attend a trade conference on African development.

According to Reuters, Kishida, who tested positive for COVID-19, will work from his residence starting Monday and attend the Tokyo International Conference on African Development (TICAD) online.

The source said that the prime minister developed a cough and fever on Saturday and took a PCR test on Sunday morning, which confirmed his positive.

This year, TICAD, which is the eighth and the first since 2019, is expected to be attended by the United Nations, the African Union, the African Development Bank, and the World Bank.

Areas of discussion will centre on measures to drive development and tackle the impact of the COVID-19 pandemic and the current food and energy crisis caused by the Ukraine-Russia war.

Poll shows China will likely lower lending rate to revive economy

A recent poll conducted by Reuters shows that China will likely lower its lending rates on Monday, in a move a majority of participants predict will help pick up the seriously challenged property market and the overall economy.

According to the poll, the loan prime rate (LPR), which banks normally charge their best clients, is set by 18 designated commercial banks who submit proposed rates to the People’s Bank of China (PBOC).

Reuters reported that 25 out of 30 respondents in the Reuters snap poll predicted a 10-basis-point reduction to the one-year LPR.

However, all 30 respondents expect a cut to the five-year tenor, with 27 forecasting a reduction of more than 10 basis points.

The cuts in LPR are expected to help the country’s COVID-19 hit economy revive. added to addressing the current property market challenge that has led to the loss of more than $10 billion to the country’s economy.

Most new and outstanding loans in China are based on the one-year LPR, which now stands at 3.70% after a reduction in January.

Nikkei shares fall on Fed rate hike concerns

According to Trading Economics, the Nikkei 225 Index fell by 0.6 percent to around 28,750 while the Topix index lost 0.25 percent to 1,990 on Monday morning.

This drop in both indexes represents a fall from a seven-month high, following interest rate hike remarks from Federal Reserve policymakers.

Investors are also expecting a confirmatory rate hike speech from Fed Chairman Jerome Powell at his upcoming annual Jackson Hole symposium this week.

Taking an analytic look at the stock market, Japanese technology stocks led the decline, with sharp losses from Tokyo Electron (-2.1%) and Recruit Holdings (-2.4%).

Meanwhile, it was revealed that Toyota Motor has unveiled plans to boost production and lower prices for its hybrid cars in India.



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