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“Lagos: N950/l, Borno: N1,019/l” – NNPC announces increase in the pump price of petrol at filling stations nationwide.

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The NNPC has announced an increase in the pump price of petrol at filling stations nationwide, with prices varying by location .

In Lagos, the price has been increased to N950 per liter, while in Borno, it has been increased to N1,019 per liter.

The price increase is due to several factors, including the global increase in crude oil prices, the removal of fuel subsidies, and exchange rate fluctuations.

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Bitcoin soars past US$81,000 as Trump’s pro-crypto stance fuels buying spree

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Bitcoin reached a record high on Monday. Photo: Reuters
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The token climbed to an unprecedented US$81,497 early in the Asian day on Monday

Bitcoin rallied past US$81,000 for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.

Trump’s decisive victory in the presidential election has prompted celebratory chest-thumping from the digital-asset industry, which spent over US$100 million backing a range of crypto-friendly candidates.

The largest token climbed as much as 6.1 per cent on Sunday, before extending the gain to an unprecedented US$81,497 early in the Asian day on Monday. Bullish sentiment lifted smaller coins too, including a surge in Dogecoin, a meme-crowd favourite promoted by Trump supporter Elon Musk.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” said Le Shi, Hong Kong managing director at market-making firm Auros.

Trump vowed on the campaign trail to put the US at the centre of the digital-asset industry, including creating a strategic bitcoin stockpile and appointing regulators enamoured with digital assets. Jubilant traders for the moment are paying little heed to questions such as the speed of likely implementation or whether a strategic stockpile is a realistic possibility.

His broader agenda of stoking domestic economic growth, tax cuts and reducing red tape has fuelled a buying spree across stocks, credit and crypto. The S&P 500 stock index last week hit its 50th record this year.

Bitcoin has added about 92 per cent so far in 2024, helped by robust demand for dedicated US exchange-traded funds (ETFs) and interest-rate cuts by the Federal Reserve. The rise in the token, which scaled fresh records after Tuesday’s US vote, exceeds the returns from investments such as stocks and gold.

The ETFs, powered by BlackRock’s $35 billion iShares Bitcoin Trust, posted a record daily net inflow of almost US$1.4 billion on Thursday, according to data compiled by Bloomberg. A day earlier, the iShares ETF’s trading volume jumped to an all-time peak – all signs of how Trump’s victory is reshaping crypto.

Trump’s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities & Exchange Commission Chairman Gary Genslerrepeatedly labelled the sector as rife with fraud and misconduct. The agency turned the screws on crypto following a 2022 market rout and a litany of collapses, notably the bankruptcy of Sam Bankman-Fried’s fraudulent FTX exchange.

Digital-asset companies spent heavily during the election campaign to boost candidates viewed as favourable to their interests. Against that backdrop, Trump did an about-face, becoming a supporter of an industry he once labelled a scam.

“Trump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter.

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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.

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China poised to approve more help for ailing economy

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China poised to approve more help for ailing economy
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China poised to approve more help for ailing economy

 

China is expected to unveil a huge support package for the struggling economy Friday as officials wrap up a key meeting with an eye on the possibility of intensified trade tensions with US president-elect Donald Trump.

Economists predict Beijing will approve hundreds of billions of dollars of help, with a focus on indebted local governments as well as cash for banks aimed at writing off non-performing loans.

Policymakers were keeping tabs on the US vote as they gathered in the Chinese capital this week for a meeting of the country’s top lawmaking body.

Trump promised during his campaign of punishing tariffs on Chinese goods that threaten further grief for the world’s second-largest economy, which is already grappling with a prolonged housing crisis and sluggish consumption.

Observers say Beijing could seek to cushion that blow with a long-awaited “bazooka stimulus” for the economy — though caution details might still take time.

The meeting, originally scheduled for late October, was likely pushed back to allow “policymakers a chance to address a possible Trump win”, Lynn Song, chief economist for Greater China at ING, said.

“In our view, the odds for a larger policy support package will rise somewhat with a Trump victory,” he added.

Trump’s victory is “not necessarily bad for China as this may ‘pressure’ Beijing for a bigger stimulus”, Qi Wang, CIO of UOB Kay Hian Wealth Management, said on X.

State media this week reported that officials had reviewed a bill to raise local government debt ceilings.

That move, touted last month, would allow authorities to borrow more to fund the acquisition of unused land for development — a move aimed at pulling the property market out of a prolonged slump.

Beijing in September began to unveil a raft of measures aimed at boosting economic activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have bemoaned the lack of detail so far.

Trump’s re-election provides a need for greater urgency, experts say, though caution may still prevail as officials try to avoid piling on more government debt.

“Any potential stimulus size may be bigger, but so is the pressure,” Gary Ng, senior economist at Natixis, said.

“The market may still not get the economic boosters it wants,” he warned.

China’s Premier Li Qiang this week said he was “fully confident” that the country would hit its growth target of around five percent for 2024, even after figures showed the economy saw its slowest expansion in a year and a half during the third quarter.

And in a rare bright spot, data Thursday showed the nation’s exports surged last month at their fastest pace in more than two years.

But Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, warned “we cannot rely on exports to carry China’s economy”. “I expect fiscal policy will become more proactive next year as a pillar for growth,” he said.

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Nissan announces 9,000 job cuts, slashes sales forecast

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Nissan did not issue a net profit forecast on Thursday, having downgraded it in July to 300 billion yen. Photo: Yuichi YAMAZAKI / AFP Source: AFP
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Japanese automaker Nissan on Thursday announced 9,000 job cuts as it slashed its annual sales forecast, saying it was taking urgent measures to tackle “a severe situation”.

The company reported a 93 percent plunge in net profit in the first half as CEO Makoto Uchida told reporters that weak sales in the North American market were a major factor.

Nissan and its domestic rivals are also struggling to stand their ground in China, as fast-growing electric vehicle firms backed by Beijing race ahead.

“Facing a severe situation, Nissan is taking urgent measures to turnaround its performance and create a leaner, more resilient business capable of swiftly adapting to changes in the market,” a company statement said.

“Nissan will cut global production capacity by 20 percent and reduce its global workforce by 9,000,” it added.

Uchida “will voluntarily forfeit 50 percent of his monthly compensation starting in November 2024 and the other executive committee members will also voluntarily take a pay reduction accordingly”, the statement said.

The firm now expects net sales of 12.7 trillion yen ($80 billion) — down from 14 trillion previously forecast.

But Nissan did not issue a net profit forecast on Thursday, having downgraded it in July to 300 billion yen. In the six months to September, net profit was just 19.2 billion yen.

“Net income is to be determined due to ongoing assessment of costs necessary for the planned turnaround efforts,” Uchida said.

Nissan’s “core” vehicle models are not performing as well as before in North America, he added. “From the cost perspective, and the brand-strength perspective, we will rebuild our brand in America,” Uchida said.

Among other measures, the automaker will reduce its stake in Mitsubishi Motors by selling shares back to the firm.

It said its stake in Mitsubishi will fall to around 24 percent from 34 percent currently. Uchida added that Nissan would keep close ties with the company.

Nissan has seen a turbulent decade that included the shock 2018 arrest of former boss Carlos Ghosn, who later jumped bail and fled Japan concealed in a music equipment box.

Ghosn remains an international fugitive in Lebanon and denies the allegations against him. He said he fled Japan because he did not believe he could receive a fair trial.

When asked about Donald Trump’s victory in the US presidential election, Uchida said Nissan was “hearing various things, like tariffs, but it’s not just us”.

“We will be lobbying, and the direction of our medium- to long-term plans should remain, but we will conduct our business while monitoring the situation carefully,” he added.

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