0.2%
The British pound is weakening and concern growing in the camp of Prime Minister Theresa May as the most recent polls show a surprise closing of the gap with Labour ahead of next month’s crucial election.
The tightening in the polls comes days after UK economic growth in the first quarter came in weaker than expected as rival European economies show signs of brightening. The UK’s 0.2 per cent growth compares to 0.8 per cent in Spain and 0.5 per cent across the eurozone. Steven Barrow, currency analyst at Standard Bank, said: “The UK economy seems to be slipping while most others are improving.”
70%
There is understandably considerably hoopla that the senate has finally passed the petroleum industry governance bill but outside the country, the view is that not much has changed.
“A lot of the key conditions, the nuts and bolts issues, that investors really care about are not addressed here,” said Aaron Sayne of the US-based Natural Resource Governance Institute, which has advised Nigeria on previous drafts of the legislation. “Financially and operationally it doesn’t provide much clarity on issues that keep investment trapped, like fiscal terms or the commercial framework for natural gas development.” Nigeria depends on oil for 70% of revenues and virtually all its export earnings.
3m
Indian is seeing a surge in job applications from laid-off IT services workers, as the sector rapidly automates. The Indian IT sector employs more than 3 million, according to industry body Nasscom. IT companies such as Infosys and Wipro grew rapidly over the past three decades by hiring huge numbers of Indian software engineers to perform software installation and maintenance work for global companies, at relatively low cost but recruiters say these companies now appear to be cutting staff at an increasing rate.
$3.55bn
Uganda and Tanzania have signed a framework agreement on their proposed $3.55 billion crude export pipeline, a key milestone for the project, which is expected to start pumping Ugandan oil to international markets in three years.
16m Tons
South Africa will likely harvest a record 15.6 million tonnes of maize in 2017, double last year’s output after favourable weather conditions lifted yields, the government’s Crop Estimates Committee (CEC) said on Friday. This will be the largest crop since 1981 when it reached 14.656 million tonnes, the CEC said
The forecast may further depress maize prices, which will help brake inflation and food prices while cutting the margins for farmers, many of whom have high debts.
Quote
IF YOU DO NOT KNOW TO WHICH PORT YOU ARE SAILING, NO WIND IS FAVOURABLE – Sceneca
