Business
Hong Kong stocks rebound on PBOC’s US$70 billion finance facility, fiscal stimulus hopes
Published
3 months agoon
By
Ekwutos BlogThe Chinese central bank’s liquidity boosting tool sparks a 3 per cent surge in Hong Kong’s Hang Seng Index
Hong Kong and Chinese stocks both rebounded from sell-offs after China’s central bank kicked off a US$70 billion financing facility to fund institutional buying and traders bet on more fiscal stimulus to shore up growth.
The Hang Seng Index jumped 3 per cent to 21,251.98 at the close, snapping a two-day, 11 per cent decline. Still, the benchmark tumbled 6.5 per cent for the shortened trading week, as the city’s financial markets will be shut on Friday for a public holiday. The Hang Seng Tech Index gained 2.1 per cent on the day.
The CSI 300 Index rose 1.1 per cent, bouncing back from a 7.1 per cent slump a day earlier. The Shanghai Composite Index finished 1.3 per cent higher. Trading on the mainland’s markets remained wild, with the 10-day realised volatility of the CSI 300 rising to its highest since August 2015, according to Bloomberg data.
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Sentiment on the Hong Kong and mainland’s markets seemed to have stabilised after the People’s Bank of China (PBOC) started the swap facility with an initial size of 500 billion yuan (US$70.7 billion). Under the programme, qualified brokerages, mutual-fund firms and insurance companies will be able to swap their holdings of bonds, stock exchange-traded funds and stocks on the CSI 300 for highly liquid assets such as government bonds and central-bank bills, the PBOC said in a statement on Thursday. The scale can be expanded and applications from qualified institutional will be accepted immediately, it said.
The swap facility is part of a combined 800 billion yuan in new funding tools announced by the PBOC last month to bolster the stock market. The package also includes a 300 billion yuan relending programme to finance stock buy-backs and stake increases by listed companies and major shareholders.
Investors will closely scrutinise a press conference by Finance Minister Lan Foan on Saturday. Hopes are high that Lan will announce or offer clues on the much-heralded fiscal stimulus after top leaders signalled an all-out pivot to prop up economic growth.
“The steep dip in Chinese equities could present a more tempting entry point for investors, banking on the hope that Beijing will eventually roll out a fiscal lifeline,” said Stephen Innes, managing director at SPI Asset Management in Bangkok.
Chinese and Hong Kong markets have emerged as the best performers among the world’s major benchmarks over the past month, with the key equity gauges rising at least 20 per cent in the span and turnovers jumping to record highs. For the bull run to sustain, Beijing will need to deliver on no less than 3 trillion yuan in fiscal packages to revive economic growth, according to Daiwa Securities.
As part of the fiscal stimulus, China’s legislative body will probably approve the issuance of 2 trillion yuan of government bonds later this month, said Lu Ting, chief China economist at Nomura Holdings.
The stock markets will remain volatile until more fiscal policies and measures to support the property market are implemented, which will make re-rating of stocks more sustainable, according to HSBC Jintrust Fund Management.
All but five stocks on the 82-member Hang Seng Index rose. Ping An Insurance Group surged 5.9 per cent to HK$51 and China Life Insurance advanced 4.7 per cent to HK$16.46 on optimism they will be eligible to participate in the swap facility. Alibaba Group Holding rallied 2.8 per cent to HK$105.80 and Tencent Holdings advanced 1.1 per cent to HK$438.80.
On the mainland, both Guotai Junan Securities and Haitong Securities jumped by the 10 per cent daily limit in Shanghai after the two brokerages unveiled detailed merger plans. The stocks resumed trading after being suspended since September 5.
Other major Asian markets trader higher after US stocks rose to new highs overnight. Japan’s Nikkei 225 edged up 0.3 per cent, while South Korea’s Kospi gained 0.2 per cent and Australia’s S&P/ASX 200 added 0.4 per cent.
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Business
Breaking News: Nigerian Youngest Billionaire, B-Lord, Pioneers Electric Taxi Revolution in Nigeria
Published
19 hours agoon
January 21, 2025By
Ekwutos Blog
In a groundbreaking move for Nigeria’s transport and energy sectors, Nigeria’s youngest billionaire and business mogul, B-Lord, has launched an electric car taxi service, marking a significant step toward sustainable mobility in the country. The initiative is set to commence operations in Anambra State.
In an exclusive statement, B-Lord disclosed that over five containers filled with fully electric city cars are currently en route to Nigeria from China. The vehicles are expected to revolutionize public transport by providing an eco-friendly, cost-efficient, and modern alternative for commuters.
To support this venture, several charging station terminals are already under construction across Anambra State. These charging hubs aim to ensure a seamless experience for the upcoming fleet of electric vehicles, setting the foundation for a robust, sustainable infrastructure.
“This initiative is not just about transportation; it’s about boosting economic growth, creating jobs, and setting Nigeria on the global map of innovation and sustainability,” said B-Lord.
The electric taxi project is poised to enhance the state’s economy by generating employment, reducing carbon emissions, and modernizing the transportation sector. Experts believe this move will ripple across other states, driving further investment in green technology in Nigeria.
As Nigeria takes its first steps into the electric vehicle era, B-Lord’s vision is a testament to the power of entrepreneurship and innovation in shaping a better future for the nation.
Stay tuned for more updates as this transformative project unfolds!
Business
World Pizza Day: How an Italian food favourite conquered the world
Published
4 days agoon
January 18, 2025By
Ekwutos Blog17 January marks World Pizza Day, a celebration of a dish with more than 2,000 years of history. From Neapolitan and Roman styles to Margherita, diavola, and even potato-topped variations, there are few places left in the world which don’t honour this iconic culinary tradition.
In 2017, UNESCO recognised “the art of Neapolitan pizza makers” as an Intangible Cultural Heritage of Humanity, highlighting its cultural significance on a global scale.
As for the date, it wasn’t chosen randomly: 17 January coincides with the feast of St. Anthony Abbot, the patron saint of fire and related trades, including machinists, blacksmiths, and, fittingly, pizza makers.
Where is pizza eaten the most in the world? And in Europe?
In Italy, four out of ten families are expected to prepare pizza at home in 2025, according to data from Coldiretti-Ixé. Meanwhile, global pizza turnover in 2024 is projected to reach a record €160 billion, with Italy contributing €15 billion to this figure.
Pizza is a major economic driver in Italy, generating 100,000 jobs nationwide – a number that doubles to 200,000 on weekends. Each year, Italy produces 2.7 billion pizzas, equating to about 46 pizzas per person annually, a figure that includes all age groups, from infants to the elderly.
Italians’ preferences differ significantly from those of the global market. According to Coldiretti, Italians prioritize higher-quality ingredients and are willing to pay a premium for them.
Interestingly, while pizza is an Italian staple, the world’s largest per capita consumers are Americans, who eat an average of 13 kilograms of pizza per year.
In Europe, on the other hand, Italy is in first place with 7.8 kilos per year, followed by Spain’s 4.3kg, and France and Germany’s 4.2kg and in fifth position the United Kingdom with 4kg.
The rise of food delivery has significantly boosted this already thriving sector: some apps speak of ‘an order every two seconds’. Others point to year-on-year growth in turnover of 20 per cent between 2024 and 2025.
The most and least popular pizzas in the world
According to data from the food web portal TasteAtlas, the Margherita reigns as the most popular pizza in the world, followed by the Montanara and calzones. In sixth place is American-style pizza topped with cheese, vegetables, and tomato sauce. Following that is pepperoni pizza (where ‘pepperoni’ in the US refers to a type of salami) and the iconic ‘New York-style’ pizza, before circling back to fried pizza.
In last place is an Italian pizza: the ‘Mimosa pizza,’ topped with corn and cooked ham. Just above it are the Cuban pizza, the Scottish fried pizza, the Quad City-style pizza (a grilled variation popular in the US), and Canada’s unique pizza-ghetti, which features spaghetti as an additional topping.
How much does pizza cost in Italy?
Pizza has always been a popular dish in the Bel Paese, and this has never changed. On the other hand, inflation and the push for higher quality ingredients have increased the price in Italy and across Europe.
A survey by Altroconsumo calculated the average cost of a pizza, a soft drink, and service in various Italian cities. Sassari tops the list as the most expensive city (€14.67), followed by Bolzano, Milan, and Venice. On the more affordable end are Livorno (€8.67), Pescara (€9.18), Naples (€9.63), and Bari (€9.63).
Whatever pizza you love, with or without pineapple, happy World Pizza day.
Petrol prices across Nigeria have increased to between N1,050 and N1,150 per litre.
This increase follows a price adjustment by Dangote Refinery, which raised its rates from N899 to N955 per litre for bulk purchases.
Private depots nationwide have also raised their prices, with some locations now charging over N1,000 per litre for Premium Motor Spirit (PMS).
Oil marketers explained that the hike is primarily due to rising crude oil prices, which recently climbed to $81.84 per barrel, the highest in 2025.
Deregulation of the petroleum sector and logistics costs have further contributed to the price surge.
Areas far from depots, such as the hinterlands, are experiencing the steepest prices, with some regions reporting costs of up to N1,150 per litre.
Private depots in Lagos and Calabar have also adjusted their loading costs.
For instance, Sahara and Pinnacle depots raised prices to N970 per litre, while Rainoil and Alkanes in Calabar now charge N1,000 per litre.
Retail stations are adding logistics and regulatory charges to their prices, pushing the pump rates higher for consumers.
Marketers predict that prices will continue to rise due to the global increase in crude oil costs.
With deregulation in place, the industry relies on demand and supply dynamics, making fluctuations inevitable.
Experts warn that this trend will significantly impact consumers and businesses across the country.
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