Oil prices rose by about one per cent on Monday after top exporter, Saudi Arabia, announced a cut in supply for December.

International benchmark Brent crude oil futures were at 71.11 dollars per barrel at 0051 GMT, up by 93 cents, or 1.3 per cent from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were at 60.73 dollars per barrel, up by 54 cents, or 0.9 per cent from their last settlement.

Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, Khalid al-Falih, its Minister of Energy, Industry and Mineral Resource said on Sunday.

The country faces uncertain prospects in its attempts to persuade other producers to agree to a coordinated output cut.

Khalid al-Falih told reporters that Saudi Aramco’s customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand.

“Saudi Arabia has stepped in front of the oil market bears, proactively announcing they will reduce exports,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage in Oanda in Singapore.

A big concern for Saudi Arabia and other traditional producers from the Middle East-dominated Organisation of the Petroleum Exporting Countries (OPEC) is the surge in U.S. output.

 

Source: The Router

US President Donald Trump and his children are accused of "deliberately" scamming Americans by encouraging them to invest in a multilevel marketing company, according to a complaint filed in US federal court on Monday.
 
The complaint accuses Trump and his children, Donald Jr., Ivanka, and Eric, of luring vulnerable investors to buy into three businesses with "a pattern of racketeering activity," according to The New York Times, which first reported on the lawsuit.
 
Trump was reportedly paid millions of dollars in exchange for promoting ACN, a telecommunications marketing company; Trump Network, another multilevel marketing company which sold vitamins and health promoting products; and Trump Institute, which allegedly gave "extravagantly priced multiday training seminars."
 
Some of the payments were made in secret, according to the lawsuit, which also alleges the Trumps "were aware that the vast majority of consumers would lose whatever money they invested."
 
Trump, who allegedly promoted ACN to investors without disclosing he was being paid, was heard in at least one ACN marketing video describing the company as being on the "cusp of technological advancements that will change the way we communicate."
 
"I'm here to tell you about a company that provides ... essential components for success," Trump said in the video.
 
"That's probably even better than real estate, I like real estate," Trump continued. "But I think this is probably better. It's certainly more advanced."
 
"You have a great opportunity before you with ACN. Without any of the risks most entrepreneurs have to take," Trump added. "Believe me. It's ultimately a dream come true."
 
The lawsuit was filed on behalf of four anonymous plaintiffs, who withheld their identities due to "serious and legitimate security concerns given the heated political environment," according to their attorneys.
 
The plaintiffs reportedly became investors in ACN after watching Trump's promotional videos, and were charged a $499 registration fee to sell products like videophones, The Times and CNBC reported on Monday.
 
ACN, like other multilevel marketing companies, allegedly advertised incentives for recruiting other investors or sales staff to join its programme.
 
One plaintiff claimed to have joined ACN in 2014 after attending a recruitment meeting that included a video of Trump's endorsement. After spending thousands of dollars attending other meetings, she only earned $38 from the company, according to the lawsuit.
 
Trump Organisation officials questioned the timing of the lawsuit, which comes days before the November 6 midterm election: "This is clearly just another effort by opponents of the President to use the court system to advance a political agenda," attorney Alan Garten said to The Times.
 
"Their motivations are as plain as day," Garten added.
 
A spokesperson for the plaintiff's attorneys denied the allegation and said the lawsuit was filed "because it is ready now," according to CNBC.
 
"No matter when this was filed, the Trump Org would say it was politically motivated," the spokesperson said.
 
 
Source: New York Times
JOHANNESBURG - President Cyril Ramaphosa says the money pledged at the Investment Conference will translate directly to more jobs in the sectors that contributed.
 
President Cyril Ramaphosa declared the conference an overwhelming success that will yield thousands of jobs for the people of South Africa.
 
At the end of the conference on Friday, Ramaphosa announced a combined amount of R290 billion in investments In South Africa.
 
Over 1,000 local and international investors attended the conference at the Sandton Convention Centre.
 
Anglo American, the Brics Development Bank and automotive traders were the big contributors, investing R71 billion, R29 billion and R40 billion, respectively. Vodacom announced R50 billion in investment.
 
President Ramaphosa says prominent among these announcements are the themes of beneficiation, innovation and entrepreneurship.
 
“The number of new jobs and people who will be employed is going to be phenomenal and unprecedented in the history of our country.”
 
He says the country has battled with bringing in investment to generate growth.
 
 
Source: News24
Scorpion venom is not only dangerous - it can also make you quite a bit of money.
The deathstalker is one of the most dangerous scorpions on the planet, and its venom is also the most expensive liquid in the world at R146 million per litre. To get this much you’d have to milk one scorpion almost 700,000 times.
 
The perk is it could save lives
 
The deathstalker is one of the most dangerous scorpions on the planet. It also happens to produce the most expensive liquid in the world costing R146 million per litre. Even if you had the money, you couldn't just go and buy a liter of the stuff, because you can only get it in tiny, minuscule amounts. Almost R1,900 will get you a droplet that's smaller than a grain of sugar.
 
According to Steve Trim, founder of Venomtech, one of the few people brave enough to milk these animals, one sting can be a hundred times more painful than a bee sting. There is a good reason why Trim is going to all the trouble to milk them. Scorpions are almost always milked by hand, one by one. And one scorpion produces, at the most, just two milligrams of venom at a time.
 
Inside that deadly venom, there's tons of useful components that are helping pioneer breakthrough medicines in science.
 
Hlorotoxins, for example, are the perfect size to bind with certain cancer cells in the brain and spine, which is helpful for identifying the specific size and location of tumors. And researchers have used scorpion to eliminate malaria in mosquitoes. Kaliotoxin has been given to rats to fight bone disease. Scientists hope it could work in humans too.
 
 
Source: News24
India agreed a deal with Russia to buy S-400 surface to air missile systems on Friday.
 
The Kremlin said, as New Delhi disregarded U.S. warnings that such a purchase could trigger sanctions under U.S. law.
 
Although there was no public signing, the deal was sealed during President Vladimir Putin’s ongoing visit to New Delhi for an annual summit.
 
“The deal was signed on the fringes of the summit,” Kremlin spokesman Dmitry Peskov told Reuters.
 
The contract is estimated to be worth more than 5 billion dollars and gives the Indian military the ability to shoot down aircraft and missiles at unprecedented ranges.
 
But the United States has said countries trading with Russia’s defence and intelligence sectors would face automatic sanctions under a sweeping legislation called Countering America’s Adversaries Through Sanctions Act (CAATSA).
 
A State Department spokesperson said this week that the implementation of the sanctions act would be focused at countries acquiring weapons such as the S-400 missile batteries.
 
In September, the United States imposed sanctions on China’s military for its purchase of combat fighters as well as the S-400 missile system it bought from Russia this year.
 
India is hoping that President Donald Trump’s administration will give it a waiver on the weapons systems which New Delhi sees as a deterrent against China’s bigger and superior military.
 
After summit talks between Putin and Modi, the two countries signed eight agreements covering space, nuclear energy and railways at a televised news conference.
 
 
Source: PMNEWSNIGERIA
After 18 years, Australia's Monash University will be pulling out of South Africa, selling out to JSE-listed education group Advtech in a R340 million deal.
 
Monash South Africa was registered in 2000, and markets itself as a local provider of degrees with international brand recognition. Its Johannesburg campus has a capacity of 6,500 students and features a number of student residences, popular among students from other African countries.
 
But the Monash name will disappear from that campus, its soon-to-be new owners say.
 
Advtech on Tuesday said it would pay R343 million for Monash South Africa, plus whatever cash on hand and working capital adjustments on the effective date of the acquisition.
 
That is very close to the R330 million net asset value Monash SA reported at the end of 2017.
 
Monash had been looking for a partner to take over the South African institution for some time, Coughlan says, and Advtech's track record gave Monash comfort that existing students would be well catered for.
 
Monash is Australia's biggest university. It also has a campus in Malaysia, and centres in India, China, and Italy.
 
Advtech is keen to roll out some of the registered Monash qualifications at its other tertiary institutions, which include Vega, Rosebank College, and Varsity College. Monash this year launched the first Bachelor of Engineering programme at a private institution reviewed by the Engineering Council of South Africa, and its MBA and public health qualifications are a good fit for the company, says Coughlan.
 
Advtech recently bought Oxbridge Academy and The Private Hotel School. Its fellow listed tertiary education group Stadio plans to create a "multiversity" for some 100,000 students in South Africa, and is looking to set up medical and engineering schools in the next three years.
 
India agreed a deal with Russia to buy S-400 surface to air missile systems on Friday.
 
The Kremlin said, as New Delhi disregarded U.S. warnings that such a purchase could trigger sanctions under U.S. law.
 
Although there was no public signing, the deal was sealed during President Vladimir Putin’s ongoing visit to New Delhi for an annual summit.
 
“The deal was signed on the fringes of the summit,” Kremlin spokesman Dmitry Peskov told Reuters.
 
The contract is estimated to be worth more than 5 billion dollars and gives the Indian military the ability to shoot down aircraft and missiles at unprecedented ranges.
 
But the United States has said countries trading with Russia’s defence and intelligence sectors would face automatic sanctions under a sweeping legislation called Countering America’s Adversaries Through Sanctions Act (CAATSA).
 
A State Department spokesperson said this week that the implementation of the sanctions act would be focused at countries acquiring weapons such as the S-400 missile batteries.
 
In September, the United States imposed sanctions on China’s military for its purchase of combat fighters as well as the S-400 missile system it bought from Russia this year.
 
India is hoping that President Donald Trump’s administration will give it a waiver on the weapons systems which New Delhi sees as a deterrent against China’s bigger and superior military.
 
After summit talks between Putin and Modi, the two countries signed eight agreements covering space, nuclear energy and railways at a televised news conference.
 
 
Source: PMNEWSNIGERIA
Agricultural, manufacturing and the sectors considered as growth and employment stimulating, can now borrow long term as much as N10 billion at consolidated nine per cent interest rate under new guidelines issued by the Central Bank of Nigeria.
 
The new credit policy called Guidelines for Accessing Real Sector Support Facility (RSSF) through CRR and Corporate Bonds was released by the CBN today.
 
And it marks a big departure from the excruciating interest rate regime of 25-30 per cent that has been blamed for stifling enterprises in the country.
 
The CBN acting Director, Corporate Communications in a statement on Thursday in Abuja said the new directive aimed to increase the flow of credit to the real sector; agriculture and manufacturing.
 
He said that Deposit Money Banks (DMBs) would henceforth be incentivised to direct affordable, long-term bank credit to the manufacturing, agriculture, as well as other sectors considered by the Bank as employment and growth stimulating.
 
He said also that Corporate, Triple-A rated companies would be encouraged to issue long-term Corporate Bonds (CBs).
 
He said that a CBs Funding Programme had already been put in place to enable the CBN and the general public invest in the CBs.
 
Furthermore, Okorafor said the Bank had put in place another programme under the Differentiated Cash Reserves Requirement (DCRR) Regime.
 
He said under the programme, banks interested in providing Credit Financing to new and expansion projects in the real sector could request for the release of funds from their Cash Reserve Ratio (CRR) to finance the projects.
 
Making further clarifications, Okorafor said that the tenor for the Differentiated CRR would be a minimum of seven years with a two-year moratorium.
 
For the Corporate Bonds programme, he said the tenor and the moratorium would be specified in the prospectus by the issuing corporate.
 
He said also that the maximum facility would be N10 billion per project and facilities were to be administered at an Interest rate of 9 per cent per annum.
 
Okorafor therefore advocated for a total compliance with the guidelines by stakeholders.
 
He also reiterated CBN’s determination towards the encouragement of projects that would further enhance Nigeria’s import substitution strategies.
 
The guidelines followed the recommendation of the CBN Monetary Policy Committee (MPC). At its 119th meeting held between 23 and 24 July, the MPC emphasised the need to increase the flow of credit to the real sector of the economy, to consolidate economic recovery.
 
 
Source: NAN
The dollar dipped Tuesday in Asia after Donald Trump hit out at the Federal Reserve’s interest rate rises and accused it of not backing his economic plan, while most equity markets edged up ahead of highly anticipated China-US trade talks.
The greenback has been on the ascent in recent months as US borrowing costs have gone up and the economy improves, but it stumbled after Trump’s latest criticism of the central bank.
 
In an interview with Reuters, the president said he was “not thrilled” with the rate rises under new Fed boss Jerome Powell, repeating comments made last month about the bank’s tightening measures.
 
 
When asked if he believed in the Fed’s independence, he refused to say yes, telling the reporter: “I believe in the Fed doing what’s good for the country.”
 
Trump also accused the European Union and China of manipulating their currencies, adding that Beijing was weakening the yuan to offset the effects of US tariffs.
 
While analysts said it was unlikely Trump’s remarks would make much difference to the Fed’s decision-making — Powell has said in the past “we don’t take political considerations into account” — the greenback was weaker against most other currencies.
 
The Fed is expected to raise rates twice more this year.
 
The pound and euro enjoyed some much-needed buying, while the yen was also up.
 
Higher-yielding and emerging market currencies — from South Korea’s won and the Indonesian rupiah to the Australian dollar and Mexican peso — were also higher, having come under pressure last week from the Turkey financial crisis.
 
Stocks rally
After the previous day’s broad gains, equity markets fluctuated as traders turn their attention to the China-US talks, which are due Wednesday and Thursday.
 
By the close Tokyo was up 0.1 percent, Hong Kong added 0.6 percent and Shanghai rallied 1.3 percent.
 
Seoul jumped one percent and Singapore and Wellington each gained 0.1 percent, while Taipei and Jakarta also rose.
 
Sydney shed one percent.
 
In early European trade London and Paris each dipped 0.2 percent, while Frankfurt shed 0.1 percent.
 
The trade meeting will be the first since the world’s top two economies started imposing tit-for-tat tariffs on billions of dollars’ worth of goods, with the Wall Street Journal saying they are aimed at smoothing the way ahead of a November summit.
 
They also come despite Washington continuing to push through fresh measures slated for Thursday.
 
However, JP Morgan Asset Management global market strategist Tai Hui said: “Given the little progress made on the US-China negotiations in the past six months, investors’ expectations are still low.
 
“Ongoing negotiation is good news, and that’s what the market is riding on at this stage, but a sustainable agreement to end this tension still seems unlikely at this point.”
 
He added: “If China’s earlier offer to buy US products and open up its market did not convince the US to de-escalate, it would take more creativity from Beijing to reach a compromise.”
 
– Key figures around 0810 GMT –
Tokyo – Nikkei 225: UP 0.1 percent at 22,219.73 (close)
 
Hong Kong – Hang Seng: UP 0.6 percent at 27,752.79 (close)
 
Shanghai – Composite: UP 1.3 percent at 2,733.83 (close)
 
London – FTSE 100: DOWN 0.2 percent at 7,580.80
 
Euro/dollar: UP at $1.1535 from $1.1479 at 2030 GMT
 
Pound/dollar: UP at $1.2836 from $1.2791
 
Dollar/yen: DOWN at 110.01 yen from 110.11 yen
 
Oil – West Texas Intermediate: UP 30 cents at $66.73 per barrel
 
Oil – Brent Crude: UP five cents at $72.26 per barrel
 
New York – Dow Jones: UP 0.4 percent at 25,758.69 (close)
 
The Guardian
 

The trade volume between the Association of Southeast Asian Nations (ASEAN) and Nigeria in 2017 stood at $7.7 billion, the Malaysia High Commissioner-designate to Nigeria, Gloria Tiwet, has said.

ASEAN comprises 10 countries, with only five represented in Nigeria. They are Malaysia, Indonesia, Philippines, Vietnam and Thailand.

Tiwet made this disclosure while leading Embassies’ Heads of Missions and ASEAN member-states’ High Commissioners on a visit to the Foreign Affairs Minister, Geoffrey Onyeama, on Thursday in Abuja.

She said the envoys were in the ministry to familiarise the minister on ASEAN Day and Film Festival scheduled to hold soon in Abuja, noting that the festival was aimed at strengthening relations between Nigeria and ASEAN, particularly in the area of culture.

“In 2017, the trade volume between ASEAN and Nigeria amounted to $7.7 billion. That is very promising and portrayed good relations between our countries and Nigeria.

“Trade is one area that we looked into to strengthen our bilateral relations, and respectively, we represent our countries here as ambassadors and high commissioners to strengthen our bilateral relations as much as we can,” she said.

 

Source: The Business Insider

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