Tag: Bloomberg

  • Fed Govt, Bloomberg partner to boost investments

    Fed Govt, Bloomberg partner to boost investments

    In a move aimed at attracting more foreign investments and showcase Nigeria’s economic potential, the Federal Government has entred into a two-year partnership with a foreign media company – Bloomberg.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun and Bloomberg’s Global Director, Nicole Keefe, announced the partnership during a meeting at the minister’s Abuja office yesterday.

    Keefe expressed Bloomberg’s commitment to reshaping Nigeria’s global narrative by leveraging its expansive media network.

    “We aim to showcase Nigeria’s achievements and opportunities, addressing outdated or negative perceptions that might deter investors,” she said.

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    The collaboration will focus on promoting key sectors of the Nigerian economy, highlighting achievements and initiatives such as the Real Estate Investment Fund and ongoing gas pipeline projects.

    According to Dr. Armstrong Takang, Chief Executive Officer (CEO) of the Ministry of Finance Incorporated (MOFI), the efforts will enhance Nigeria’s visibility and credibility in critical sectors.

    Stressing the importance of strategic communication in promoting Nigeria’s economic progress, Edun noted that showcasing government initiatives effectively would foster a positive investment climate and attract global businesses.

    The initiative has been described as a step in positioning Nigeria as a top destination for foreign investment by addressing investor concerns and emphasizing the country’s economic resilience and growth potential.

  • FG partners Bloomberg to boost foreign investment image

    FG partners Bloomberg to boost foreign investment image

    In order to attract foreign investment and showcase Nigeria’s economic potential, the federal government has entered into a two-year partnership with the media company Bloomberg.

    The partnership was announced during a meeting between the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Bloomberg’s Global Director, Nicole Keefe, at the Minister’s office in Abuja.

    Nicole Keefe expressed Bloomberg’s commitment to reshaping Nigeria’s global narrative by leveraging its expansive media network.

    “We aim to showcase Nigeria’s achievements and opportunities, addressing outdated or negative perceptions that might deter investors,” she said.

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    The collaboration will focus on promoting key sectors of the Nigerian economy, highlighting achievements and initiatives such as the Real Estate Investment Fund and ongoing gas pipeline projects.

    According to Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), these efforts will enhance Nigeria’s visibility and credibility in critical sectors.

    Edun stressed the importance of strategic communication in promoting Nigeria’s economic progress. He noted that effectively showcasing government initiatives would foster a positive investment climate and attract global investors.

    The initiative is seen as a step towards positioning Nigeria as a top destination for foreign investment by addressing investor concerns and emphasising the country’s economic resilience and growth potential.

  • Bloomberg Africa hosts leaders for ABMI

    Bloomberg Africa hosts leaders for ABMI

    Bloomberg Africa is set to host leaders in media, business, government, technology and community across Africa and America in Cape Town, South Africa, for the annual Africa Business Media Innovators (ABMI) forum

    The event, which would be Co-hosted by M. Scott Havens, CEO, Bloomberg Media and Matthew Winkler, Editor-in-Chief Emeritus, Bloomberg News, and Erana Stennett, Corporate Philanthropy Middle East and Africa, Bloomberg, is scheduled to hold between October 30 – November 1. The forum returned to physical gathering for the first time since COVID-19 outbreak in 2019.

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    This sixth edition of the forum follows successful gatherings in Senegal (2019), Zambia (2018), Ghana (2017), Kenya (2016), South Africa (2015) and the virtual ‘ABMI Chats’ series in 2020 and 2021. Leaders at this year’s convening are expected to examine innovative business solutions re-shaping and contributing to the future of media and journalism both in Africa and globally.

  • Future of Africa media landscape in focus at Bloomberg Media forum

    More than 90 international media, technology, business and government and community leaders from 21 countries gathered in Livingstone on November 19 for the fourth Bloomberg Africa Business Media Innovators summit (ABMI).

    The summit  explored the issues and challenges impacting the future of media in Africa under the overarching theme, ‘Africa 2025: The Media Landscape of the Future’.

    Convened by Bloomberg Philanthropies and hosted by Matthew Winkler, Co-Founder and Editor-in-Chief Emeritus, Bloomberg News and Scott Havens, Global Head of Digital and Media Distribution, Bloomberg Media, this year’s summit focused on key themes impacting the evolving global media landscape, including business models of the future, how to finance a rapidly changing industry and media’s opportunities and obstacles in The Fourth Industrial Revolution.

    Participants will also hear from a group of young disruptors on their experiences and predictions about the future of African media.

    minister
    Their Honorable Dora Siliya, Minister for Information and Broadcasting Services, Zambia.

    “As African economies continue to grow and play an increasing role in the global economy, the need for robust, accurate business journalism and financial analysis is more important than ever before,” Matthew Winkler, Co-Founder and Editor-in-Chief Emeritus, Bloomberg News said.

    “Every year, this summit leads to dynamic and engaging discussions about the current state and future of African media; I am looking forward to participating in these conversations over the coming days.”

    Speakers at this year’s convening include media owners, senior editors, investors, business leaders, government officials and community leaders from countries across the continent and beyond, including: Angola, Botswana, Ethiopia, Ghana, Madagascar, Mali, Nigeria, South Africa, Uganda, U.S.A. and Zambia.  Honorable Dora Siliya, Minister for Information and Broadcasting Services, Zambia, opened Monday’s program with a welcome address.

    “We are pleased to host Bloomberg’s Africa Business Media Innovators summit here in Zambia,” said Honorable Dora Siliya, Minister for Information and Broadcasting Services, Zambia.  “As Zambian and African economies continue to evolve and grow more complex, it is key that journalism across the continent develops accordingly. I believe in the transformative power of the media and I am confident that the conversations taking place today and tomorrow will help us continue to drive growth.”

    The latest edition of ABMI follows successful gatherings in Ghana (2017), Kenya (2016) and South Africa (2015), where international media owners and operators, investors and government officials addressed the importance of a robust financial journalism sector and the value of data and data-related technologies to drive international investment and economic growth.

    The annual event series is a component of the Bloomberg Media Initiative Africa (BMIA), a pan-African program launched by Michael R. Bloomberg to strengthen media capacity, promote innovation in the sector and improve access to high-quality data and information on the continent.

  • Bloomberg: Nigeria’s stocks among world’s best-performers

    Nigeria’s stocks have been among the world’s best-performers in the past four months, and foreign investors are a big reason for that, Bloomberg reported  yesterday.

    The New York-based financial software, data, and media company, said net foreign inflows to Nigerian equities totalled 337 billion naira ($940 million) last year, the first time flows have been positive since at least 2013.

    It said December 2017 was the best month since Bloomberg started compiling data at the beginning of 2014, with net inflows of 140 billion naira, signalling a switch in sentiment toward equities in Africa’s biggest oil producer.

    The finance media company said foreign investors were heavy buyers of Nigerian shares last year.

    “Nigerian equities have gained in allure for international traders, thanks to the rise in Brent crude prices to around 70 dollars a barrel and an easing of dollar shortages, which are helping Africa’s largest economy recover from its worst slump in 25 years.

    “They’re also attracted by what remain among the cheapest valuations on the continent.

    “The turnaround has seen investors pile into the New York-based Global X MSCI Nigeria ETF this year, too.

    “That’s increased the exchange-traded fund’s market capitalisation to almost $100 million, triple the size of a year ago,” Bloomberg said.

    The world-beating rally in Nigerian stocks might not be over yet, it said, noting that the main equity index in Africa’s biggest economy had surged 12 per cent in the first two weeks this year in dollar terms, the most among 96 major bourses tracked by Bloomberg, pushing it to the highest level since 2008.

    It said the advance would probably be sustained thanks to rising prices for oil, Nigeria’s main export, and as investors look to increase their holdings of what remained among the cheapest stocks in Africa.

    “Still, there are some warning signs. The 120-day correlation between Nigerian stocks and Brent crude is now around the highest in two years. If oil prices reverse their 45 per cent climb since June, Nigerian assets could take a hit.

    “That’s one reason HSBC Holdings Plc has a negative outlook on the stocks. The U.K. bank also says Nigeria will have to free its currency further.

    “While the Central Bank eased some capital controls last year and opened a trading window for foreign portfolio investors, it continues to operate several exchange rates.”

    It warned, however, that Nigeria’s multiple exchange rate system was likely to remain a key drag, keeping long-term investors on the side lines.

  • As Nigerian economy nosedives continously – Bloomberg

    President Muhammadu Buhari’s economic policy received hard knocks from Bloomberg, the U. S-based financial, software, data and Media Company but hardly had it stopped wickedly traducing what it called President Buhari’s rigid economic management style, prescribing that “one concrete step the president should take was to eliminate the country’s disastrous foreign exchange controls, that Ekitipanupo forumites tore into its self-centred recommendations.

     “These people are our greatest enemies,” I opened up. “They are fighting for themselves and won’t stop even if the naira exchanges 1000 to the dollar. Left to me, the government should priotise what manufacturing activities we can fund adequately and let marginal ones go to sleep. Agriculture and factories using local raw materials should be assisted to the hilt. The number of prohibited items should be increased and our textile industries that can employ tens of thousands of our unemployed youth should be revived especially in the North where joblessness is driving many into the waiting hands of Boko Haram recruiters. Agriculture should have all it needs to help guarantee food security as well as take in women and thousands of our jobless graduates. All these gratuitous allocation of very scarce forex to companies which end up round tripping it should stop.  Forex allocation should be rigidly controlled lest these do- gooders make a Venezuela of our country.  We should not, in the least, be scared of their scare mongering.”

    Intervened another member: “Bloomberg’s proposal is a sure recipe for another Venezuelan crisis that must be avoided at all costs! The panacea to Forex scarcity is the urgent return of looted funds. Let Western nations facilitate this to enable Nigeria open her market more for their trading activities which is their primary interest. But we will not borrow for non-essential consumption. We have been there before (1986 to 2006) with disastrous consequences!”  Continuing, he wrote: “A comedy of errors! This is how it starts. World Bank and other international financial hawks’ style of circling their prey before swooping in for it’s jugular!  If they had their way, by now naira would be exchanging for 1500/dollar. The only interest they stand for is their own. They know that Nigerians hate the slightest inconvenience, at which they throw contorting tantrums even while refusing to properly interrogate their local conditions. Bloomberg just flew a kite. Trust the Nigerian so-called economic eggheads who are nothing but bolekaja conductors for these imperialist goons. It should not be strange that the interest of the West is less than altruistic especially with our dalliance with China hurting them! Check the records of these guys and every economy that ever listened to, and adopted their recommendations.  And to Nigerians who continue to parrot the idea that Buhari has no economic roadmap having obviously chosen to believe a skewed narrative. This government has articulated its plans ad nauseam. Even I, who is not an economist, have heard the direction articulated several times. But because it does not fit the narrative of the naysayers, they say it doesn’t exist!!”

     

  • How hackers, social bots, data analysts shaped the U.S. election

    How hackers, social bots, data analysts shaped the U.S. election

    Analysts believed that information technology and data science have played prominent roles in the 2016 U.S. presidential race.

    They said on Tuesday in Los Angeles that the presidential candidates spent millions of dollars on data analysts in order to target specific voters while social bots attempt to manipulate discussions on social media.

    They added that hackers also caused further turmoil by leaking emails.

    “With our lives becoming more digitised, data analysts had become an increasingly important tool in U.S. political campaigns to reach out to voters.

    A report on Statistics Views noted that the Democratic Party has embraced data science early on.

    It said since the 2008 presidential election, the Democratic National Committee began gathering data sets of voters, which included information about “which magazines they subscribe to, whether they like to vote early, and how likely they are to open certain emails.

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    It said further that during this election, the Democratic candidate Hillary Clinton hired about 60 analysts under the guidance of the statistician Elan Kriegel, Clinton’s director of analysts.

    “Kriegel was also Barack Obama’s battleground states analytics director in 2012.

    The report said data analysis tools help campaigns identify how to most effectively allocate their resources and be smart about how and when to target their voters.

    It said during the democratic primaries, Kriegel’s analyst team was “responsible for deciding where and when to place each of the 60 million dollars that Clinton invested on TV ads,” wrote the new report, by optimising the “cost per flappable delegate.

    The report attributed Clinton’s success over Bernie Sanders to the efficient use of data analysis.

    It said that by contrast, Donald Trump’s republican campaign was less open about its data operations than its rival.

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    It said back in May, Trump told the media that he felt data analyst was “overrated,” and that he planned to win the election solely by his own personality.

    It said that Trump did not invest in data analysis during the primaries but, did start spending millions of dollars in the summer at the insistence of his close advisors.

    “Not only did the campaigns analyse massive amount of voter data, they also actively influenced people’s opinions by manipulating social media.

    Emilio Ferrara, a Research Assistant Professor at the Information Science Institute of the University of Southern California, said that many recent papers have demonstrated how people’s opinions are swayed by what they read online, and bots can contribute to that effect.

    A recent study by Ferrara and his colleague Alessandro Bessi found that nearly one-fifth of all 20 million election-related tweets they collected between mid-September and late October were from “social bots.

    Bots is an automated computer programme that are designed to pose as real people, sometimes without disclosing their true artificial identity.

    The computer scientists found that Twitter accounts identified as pro-Trump bots have mainly been tweeting positive messages, increasing the republican nominee’s popularity, while only half of pro-Clinton bots were spreading positive messages, with the other half criticising the democratic nominee.

    Another set of analysts noted that hackers added, even more turmoil into this year’s already unusual election.

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    They said a large number of emails from John Podesta, Hillary Clinton’s campaign chair, were released in batches on the WikiLeaks website, revealing embarrassing private discussions within the Clinton campaign.

    They noted that analysing some of the leaked emails, some speculate that Podesta fell into the trap of a “phishing email” back in March, which posed as Google’s account services department and directed him to a fake website to give his email password.

    They recalled that in October, the Obama administration officially accused Russia of attempting to interfere with the elections, by hacking the computers of political organisations including the Democratic National Committee.

    “The Office of the Director of National Intelligence and the Department of Homeland Security in a joint statement that U.S. Intelligence Community is confident that the Russian Government directed the recent compromises of e-mails from U.S. persons and institutions, including from U.S. political organisations.

    The accusation was dismissed by the Kremlin.

    Julian Assange, Editor-in-Chief of WikiLeaks, also denied that the Russian government or any other “state parties” could have been the source of the Podesta emails.

    Last summer, in an interview with Bloomberg, Kim Dotcom, the New Zealand-based founder of MegaUpload, said that Julian Assange would be Hillary Clinton’s “worst nightmare” in 2016.

    “I know where Hillary Clinton’s deleted emails are and how to get them legally,” the German millionaire tweeted on Oct. 27, adding they “are all stored in the NSA (National Security Agency) spy cloud in Utah.”

  • NSE, Bloomberg hold talks with business leaders

    NSE, Bloomberg hold talks with business leaders

    Business leaders and captains of industry will on Wednesday gather at the Nigerian Stock Exchange (NSE) to discuss opportunities and challenges in the Nigerian economy, as part of efforts to stimulate invest.

    The 2nd NSE Bloomberg CEO Roundtable is a collaboration between the NSE and Bloomberg.

    The CEO Roundtable themed “Navigating the Changing Business Landscape in Nigeria”, will bring together thought leaders and captains of industry to share in-depth knowledge about their sectors with capital market players and proffer much needed solutions to economic realities.

    The panel at the event will feature chief executive officers from the financial services, telecommunications, manufacturing and portfolio management sectors as well as renowned economists.

    Some of the confirmed speakers for the event include: Oscar Onyema, chief executive officer (CEO), NSE; Segun Ogunsanya, CEO, Airtel Nigeria; Bolaji Balogun, CEO, Chapel Hill Denham; Mark Bohlund, Senior Economist, Africa and the Middle East, Bloomberg Intelligence and Uk Eke, group managing director, FBN Holdings.

    Onyema, said the CEO Roundtable was in line with the commitment of the Exchange to provide a platform that ensures continuous dialogue to provide practical solutions for companies operating in Nigeria.

    “The headwinds that have befallen the Nigerian economy present an opportunity for businesses to take a step back, access the current situation and plan accordingly. It is expected that this event will critically examine the changes in the business landscape, highlight their impact and propose solutions that will enable businesses thrive and survive in the current environment,” Onyema said.

    Head, market structure strategy, Bloomberg, Selloua Chakri, said Bloomberg was working more closely than ever with key financial institutions and stakeholders in countries like Nigeria to help them grasp opportunities, tackle challenges, and bring more transparency to capital markets.

    “We’re delighted to partner with the NSE again to convene this prestigious group of business leaders for what will no doubt be a fascinating and informative discussion,” Chakri said.

    The event will feature a panel session on the theme and will centre on financing capital projects and the real economy in the current environment, policy measures needed to grow the manufacturing sector’s contribution to the economy and maintaining and attracting foreign investment through the downturn. There will also be a macro-economic review to guide discussions.

  • FMDQ, Bloomberg inaugurate e-bond trading platform

    FMDQ, Bloomberg inaugurate e-bond trading platform

    Bloomberg and FMDQ OTC Plc have launched the Bloomberg E-Bond trading and market surveillance system, a new electronic trading system for Nigerian government bonds.

    Developed by Bloomberg, FMDQ and the local market-maker community, the product provides e-trading and market surveillance tools for participants in Nigeria’s N12 trillion fixed income market.

    “As a newly established OTC market securities exchange, our goal is to empower the Nigerian OTC financial markets to be efficient, credible and globally competitive. With its potential to drive transparency and liquidity, we believe the introduction of the Bloomberg E-Bond system will help us to achieve those aims and we are pleased to work with Bloomberg to bring it to the Nigerian fixed income market,” says Dipo Odeyemi, the Divisional Head, Operations and Technology, FMDQ OTC.

    The Bloomberg E-Bond system provides a complete, consolidated marketplace for government bonds, offering market participants a robust and flexible set of tools supporting the full trade workflow. This includes pre-trade price discovery and analytical tools, the ability to handle both multi-dealer request-for-quote (RFQ) and order trading, straight-through processing (STP) functionality and integrated trade capture and reporting tools. In addition, market oversight entities and regulators can use the system to review market activity and audit transactions.

    “A well-functioning debt market needs an efficient technical infrastructure, bespoke trading rules, market surveillance and straight-through processing,” says David Tamburelli, Bloomberg’s Head of Emerging Markets Product.

    “Bloomberg’s E-Bond system responds to those needs and we are delighted to collaborate with FMDQ to build a more transparent, liquid and efficient bond market in Nigeria,” he added.

     

  • Naira pares loss after CBN dollars sale

    Naira pares loss after CBN dollars sale

    The naira pared its biggest loss since September after the Nigerian Central Bank of Nigeria (CBN) sold the most dollars in 20 months at its regular auction yesterday.

    According to Bloomberg report, the CBN sold $500 million, the highest amount since October 12, 2011, according to data on its website. The regulator auctions dollars on Mondays and Wednesdays to support the local currency. Foreign investors were said to exit the country, according to CSL Stockbrokers Ltd., boosting dollar demand that earlier weighed on the naira.

    The currency traded less than 0.1 per cent stronger at N159.38 per dollar, paring its earlier decline of as much as two per cent.

    “The central bank is signaling its willingness to defend the exchange rate amid less favorable external and market conditions,” Samir Gadio, an emerging-markets strategist with Standard Bank Group Ltd.’s London-based unit, said.

    “The pressure on the currency will persist in the absence of foreign capital inflows, and especially if there are further outflows.”

    ”The naira is under pressure from a combination of falling oil production and portfolio outflows as foreign investors adjust their positions in light of Fed comments last week,” Alan Cameron, an analyst with CSL Stockbrokers in London, said.

    Yields on Nigeria’s $500 million Eurobonds due January 2021 rose three basis points, or 0.03 percentage point, to 6.2 per cent. Borrowing costs on local-currency debt due January 2022 fell 15 basis points to 13.85 percent on June 21, according to data compiled by Bloomberg.