The Nation Newspaper

Tag: Euro

  • Five countries with most Euro wins

    Five countries with most Euro wins

    1. Germany

    Germany’s Euro dominance stretched over a long period, having won the title in three different decades (1972, 1980, 1996). They’ve also been runners-up three times, and recorded the most matches won of any nation to have participated in the tournament (28).

    No country has made more consecutive Euros than Germany, with 2024 being their 14th straight appearance in the tournament, however, they were knocked out in the Quate-finals by Spain

    2. Spain

    The only nation to win the tournament in consecutive years (2008, 2012), Spain is tied for the most titles at the Euros; their first title came in 1964, in what was just the second edition of the tournament since its conception.

    The 2008 and 2012 teams had some of the greatest players in Spanish history, such as the Barcelona midfield trio of Xavi, Andrés Iniesta and Sergio Busquets, along with legendary defenders like Gerard Piqué and Sergio Ramos. That core group of players also won the 2010 World Cup, behind a 116th-minute goal from Iniesta.

    3. Italy

    The defending champions, Italy’s first title came in 1968 when the tournament was just four teams. In 2020, seven different players scored for them in the tournament when they faced England in a highly contested final that resulted in penalties.

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    Having won the World Cup four times (1934, 1938, 1982, 2006), Italy is one of three nations that has won both the Euros and World Cup multiple times (France, Germany).

    4. France

    2018 World Cup winners, France are the last on this list to have won the Euros multiple times, doing so in 1984 and 2000. The 1984 squad set several records that stand today, such as the most goals scored in a single tournament (14) and the most goals scored by a player in a single tournament (Michel Platini- nine).

    The 2000 title was headlined by the golden generation of France, including players such as Ballon d’Or winner Zinedine Zidane, Thierry Henry (Arsenal’s all-time leading goal-scorer), and Lillian Thurmas — arguably one of the best right-backs of all-time. Two years prior to winning the Euros, that same group won the 1998 World Cup.

    5. Portugal

    After finishing as runners-up in the 2004 tournament, Portugal obtained their first title in the tournament 12 years later in 2016.

    Cristiano Ronaldo spearheaded the title run adding a number of records to his name, which are: most career goals (14), most tournaments played (six, including 2024), most matches played (25), most appearances as captain (16) and most tournaments with at least one goal (five).

  • ‘Euro zone business barely grew in April’

    Businesses across the euro zone stumbled into the second quarter as demand remained weak despite more modest price rises, surveys have showed.

    Growth stuttered in Germany and forward-looking indicators in its Purchasing Managers’ Index suggest a contraction among manufacturers in Europe’s largest economy will continue for a few more months at least.

    “The big disappointment is that the German Manufacturing PMI was barely any higher than it was last month and, at 44.5, it points to a continuing industrial recession,” said Andrew Kenningham at Capital Economics.

    The euro fell against the dollar after the worse-than-expected German data.

    Activity in France, the bloc’s second-biggest economy, only stabilised this month after contracting in March. An unexpected rebound in services offset continued weakness in manufacturing.

    Germany and France are the only two euro zone economies to report flash readings.

    “A weighted average of the Composite PMIs for the rest of the euro zone must have dropped back again in April, so there may be more disappointing news to come from Italy and/or Spain when the final surveys are published at the end of the month,” Kenningham said.

    Considered a good guide to economic health, IHS Markit’s flash composite euro zone PMI fell to 51.3 this month from a final March reading of 51.6, confounding the median expectation in a Reuters poll for a rise to 51.8.

    “The euro area outlook is challenging to say the least, and the ECB remains tilted towards further easing measures,” said Jan von Gerich at Nordea e-Markets.

    A week ago, European Central Bank President Mario Draghi raised the prospect of more support for the struggling euro zone economy if its slowdown persists.

    IHS Markit said the PMIs, if maintained, indicated second-quarter GDP growth of just under 0.2 percent, below the 0.3 percent predicted in a Reuters poll earlier this month.

    New business barely increased in April – the sub-index nudged up to 50.6 from 50.5, close to the 50 mark dividing growth from contraction – and there is scant sign of an imminent turnaround.

    The downturn was again led by manufacturing. While its PMI rose to 47.8 from March’s 47.5, it spent its third consecutive month below the break-even mark and was below a median forecast for 47.9.

    An index measuring output, which feeds into the composite PMI, rose to 48.1 from 47.2, but for an eighth month factories ran down old orders to keep active. The backlogs of work index fell to a more than six-year low of 44.4 from 45.0.

    A PMI covering the bloc’s dominant service industry fell more than expected, dropping to 52.5 from March’s 53.3, below the median forecast in a Reuters poll for 53.2.

    Like manufacturers with no meaningful increase in new business, services turned to filling old orders.

  • Naira appreciates against dollar at parallel market

    The Naira on Thursday appreciated against the dollar at the parallel market in Lagos.
    The Nigerian currency gained one point to exchange at N362, stronger than N363 posted on Wednesday, while the Pound Sterling and the Euro traded at N494 and N424, respectively.
    Trading at the Bureau De Change window saw the naira close at N362, while the Pound Sterling and the Euro were sold at N494 and N424, respectively.
    At the investors’ window, the naira closed at N360.97, while it closed at the official CBN window at N305.95.
    The graph and table below show the exchange rates across major cities in Nigeria.

    Exchange rate, May 31st

    Dollar Pounds Euro
    Lagos 362 495 428
    Abuja 362 490 420
    Kano 363.5 495 428
    PH 363 500 426

    Traders expressed confidence that the interventions of the CBN at the market, if sustained, would continue to drive a flattened rate across board.
    However, experts urged the Central Bank of Nigeria (CBN) to be proactive in driving a single market rate across board.

  • Naira depreciates against dollar at parallel market

    The Naira on Friday depreciated against the dollar at the parallel market in Lagos.

    The Nigerian currency lost one point to exchange at N363, weaker than N362 posted on Thursday, while the Pound Sterling and the Euro closed at N496 and N429, respectively.

    At the Bureau De Change segment, the naira closed at N361.50 to the dollar, while it exchanged at N502 and N428 to the Pound Sterling and Euro, respectively.

    Read Also: Treat Naira with care, CBN urges Nigerians

    Trading at the investors’ window showed that the naira closed at N360.85 and had a turnover of 202.47 in transaction.

    At the official CBN window, the currency closed at N305.85 to the dollar, and at N412.6 and N360.4 to the Pound Sterling and the Euro.

    Currency traders said that though the naira depreciated marginally, it had remained stable at the foreign exchange market.

    NAN

  • Germany in the running to host Euro 2024

    Germany in the running to host Euro 2024

     

     

     

    The German Football Association (DFB) has confirmed it will bid to host Euro 2024.

    A DFB proposal, featuring 10 stadiums to be announced later this year, was outlined in January, and a declaration of interest has now been submitted ahead of Friday’s deadline.

    DFB president Reinhard Grindel presented the declaration to UEFA general secretary Theodore Theodoridis and said: “It was important to me to tell UEFA in person that we stand behind this application determined and united.

    “We are aware of the huge challenges a tournament of this size has. But we are confident to say that we can host a first-class and not too expensive tournament due to our great experience, infrastructure and the framework conditions we already have.”

    Euro 2016 in France was the first edition of the European Championship to have 24 finalists, with Germany’s previous hosting in 1988 coming for an eight-team tournament.

    The last major football tournament to be staged in the country was the 2006 World Cup.

    Germany will be up against Turkey, which confirmed its bid last month, with a joint-Scandinavian bid also tipped to enter the running.

  • Naira appreciates against dollar at interbank market

    Naira appreciates against dollar at interbank market

    The naira on Wednesday appreciated against the dollar at the interbank, the News Agency of Nigeria (NAN) reports.

    The local currency closed at N316.24 to the dollar at the segment from N338.96 traded on Tuesday.

    At the Bureau De Change (BDC), the naira exchanged at N413, N530, and N460 against the dollar, pound sterling and the Euro, respectively.

    The naira, however, extended its losses at the parallel market, trading at N420, N535 and N461 against the dollar, Pound Sterling and the Euro, respectively.

    The naira was traded at N418, N531 and N461 to the dollar, pound sterling and Euro, respectively at the parallel market on Tuesday.

    Traders said that scarcity of foreign exchange was still taking toll on the market.

    Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said the dollar rate at the parallel market was unacceptable.

    “Evil forces at the market under the mask of speculators are profiting from the hike in the dollar rate.”

  • Naira sells at N322 to dollar at parallel market

    The Naira on Monday, traded at N322 to a dollar at the parallel market in Lagos.

    The News Agency of Nigeria (NAN) reports that the currency was stable in the previous week, maintaining value of between N315 and N320 to a dollar.

    However, the naira traded at N450 and N360 for Pound Sterling and the Euro respectively, at the day’s transaction.
    The naira also maintained N197 at the official Central Bank of Nigeria (CBN) rate.

    Traders at the parallel market said that the proposed currency swap deal between Nigeria and China would shore up the value of the naira when implemented. (NAN)

  • Euro finance confab holds in Frankfurt

    THE 18th Euro Finance Week conference billed for Frankfurt, Germany will hold in November.

    According to Chief Cliff Ogbede, chief executive officer, Kleef and VTS, whose firm is the official  country partner for the Week, the German group has accepted to dedicate a special session for Nigeria at the event.

    He said the ministry of finance in Germany and the State of Hessen have described the hosting of the conference as a huge milestone for the largest economy in Europe .

    Ogbede said the conference billed for Congress Messe Frankfurt, would play host to major European investors, who have developed genuine interest to invest in Nigeria under the new leadership of President Muhammadu Buhari.

    Major speakers at this event include: The Minister President of State of Hessen, Dr Volker Bouffier, the Minister of Finance of Federal Republic of Germany, Dr Wolfgang Schaubble, the President of European Central Bank, Mr Mario Draghi, the Lord Mayor of City of Frankfurt, Peter Feldmann.

     

    Others are the President European Investment Bank, Dr Werner Hoyer, Mr Dieter Lehmann, Managing Director of Volkswagen, Prof Dr Axel Weber, Chairman UBS Group Switzerland and Dr Jens Jens Weidmann, President of Deutsche Bank.

    Apart from Nigeria, this year’s conference, would host China, Iran  and Turkey.

    Ogbede said: “The President, who is perceived to be a man of high integrity whose commitment to stamp out corruption, end insurgency in some part of the country and reposition Nigeria for socio-political and economic growth is being applauded globally and attracting renewed attention to Nigeria.

    “This plan became reality based on a renewed trust and hope for Nigeria under the present leadership, which would showcase the enormous potential of Nigeria at the week-long conference.

    “This is expected to bring huge investible outflow from the European Union  countries which would help to stimulate economic growth and create jobs in the country.

    “We are excited about the new interests for Nigeria from the European Union  investors which shows that Nigeria, apart from being the most populous black nation in the world and the largest economy in Africa is now repositioned to attain economic greatness, having considered to diversify the economy from the non oil sector, which places the country as a prime destination for foreign direct investments within the continent of Africa.

    “We believe that the Nigerian delegation to the event will take advantage of this great opportunity to showcase potentials, thereby outlining government policies in terms of supporting foreign direct investment to   ensure match making which will lead to signing up of new partnerships for the country.

    “Euro Finance week is the biggest European financial services sector conference which offers a platform for financial policy formulation, business and investment promotion and high level business match making and networking.

    “Apart from hosting several receptions for the World Economic Forum in Davos Switzerland, the Conference continues to play host to Presidents and Heads of government of several countries, having developed a strong relationship with major financial institutions, including the World Bank and its subsidiaries.’’

     

  • Euro climbs on ECB skepticism as SNB fallout dents Dollar, Franc

    The euro advanced the most in more than a month against the dollar amid speculation any additional stimulus measures announced by the European Central Bank at its policy meeting will fall short of analyst forecasts.

    The greenback also declined amid speculation traders, hurt by the Swiss National Bank’s decision to remove its trading limit against the shared currency, are paring the market risk they are prepared to take. The Swiss franc dropped at least 1.1 percent against all 16 of its major peers, trimming its surge in the wake of the central bank’s removal of the 1.20-per-euro floor. The Danish central bank said it wouldn’t follow Switzerland abandoning its currency peg after it cut interest rates today. ECB policy makers will meet on Jan. 22 to discuss introducing new stimulus, including quantitative easing.

    There are “some signs of short covering prior to the ECB on Thursday,” said Neil Jones, head of hedge-fund sales at Mizuho Bank Ltd. in London, referring to the unwinding of bets the euro will weaken. “My sense is some players believe a lot, if not all, of the QE announcements are priced in. The ECB may disappoint in terms of size.”

    The euro gained as much as 0.6 percent to $1.1639, the biggest jump since Dec. 16. It fell to $1.1460 on Jan. 16, the weakest level since November 2003, and was the worst performer among the dollar’s 16 major peers in the week through Jan. 16. It traded at $1.1609, up 0.4 percent, at 2.48 p.m. in New York.

    The shared currency rose 0.5 percent to 136.61 yen after touching 134.71 on Jan. 16, the least since Oct. 16. It jumped 2.6 percent to 1.02028 Swiss francs after plunging 17 percent last week to close at 99.41 centimes.

    The krone was little changed at 7.4330 per euro after the Danish bank cut its deposit rate to minus 0.2 percent, matching a record low, from minus 0.05 percent and lowered its lending rate to a record 0.05 percent from 0.2 percent. Based on closing prices, it traded at the strongest since 2004 before the cut.

    “We have the necessary tools to defend the peg,” KarstenBiltoft, head of communications at the Copenhagen-based central bank, said by phone. Asked whether Denmark could ever consider abandoning its currency peg, he said, “Of course not.”

    ECB President Mario Draghi will announce a 550 billion-euro bond-purchase program this week, according to 93 percent of respondents in a Bloomberg News survey of economists. That tops the 500 billion euros in models presented to ECB officials this month. “Market expectations now are stellar,” said AttilioBertini, head of research at CreditoValtellinese SC in Sondrio, Italy. There must be “no disappointment.”

    Citigroup Inc., Deutsche Bank AG and Barclays Plc, the three biggest currency traders in a Euromoney survey, lost money when the SNB scrapped the euro cap on Jan. 15, according to people with knowledge of the companies, who asked not to be identified because the figures haven’t been made public. Retail foreign-exchange traders from New Zealand to New York also said they were hurt by the currency’s moves.

  • Analysts cautious as Euro shows early dive

    The euro is starting 2015 with a tumble against the dollar, raising the prospect that for a second year analysts weren’t bearish enough in their forecasts.

    In only its third trading day, the single currency has slumped below the median of more than 50 strategist estimates in a Bloomberg survey for both the first and second quarters. Falling as much as 1.2 per cent today and grazing $1.18, their target for year-end, the euro touched its weakest since March 2006. Should it close below that level this week, trading patterns suggest the euro-dollar pair, the world’s most-traded, could reach the 2005 low of $1.1640.

    The moves add to the euro’s biggest annual decline since 2005 amid speculation the European Central Bank is closer to starting large-scale government bond purchases, while the Federal Reserve prepares to raise interest rates from a record low near zero.

    ECB President Mario Draghi last week gave his strongest hint yet that quantitative easing could be imminent, saying policy makers must act against the risk of deflation.

    “We’re basically plumbing close-to-decade lows now, and I think the likelihood is that we see a continued breakdown,” a strategist at Citigroup Inc. in Singapore, Todd Elmer, said by phone today. “When you look at consensus forecasts for the euro, they likely are underestimating the downside.”

    Elmer sees United States dollar strength contributing more to the depreciation in the exchange rate this year than last year. Intercontinental Exchange Inc.’s Dollar Index, which measures the U.S. currency against major peers, rose to its strongest level since December 2005 today.

    Citigroup joined Barclays Plc as the most bearish forecaster of the euro for end-2015, predicting a drop to $1.07, a level unseen since April 2003.

    Strategists were too timid with their call for a decline in 2014 to $1.28. The single currency was at $1.1934 at 10:28 a.m. in New York and touched as low as $1.1864. It slid 12 percent last year to $1.2098.

    “The euro was so close to such a keenly watched round number as $1.20 that we didn’t need any fresh news to tip us over the cliff today, it just needed a little bit of a nudge,” Sean Callow, a currency strategist at Westpac Banking Corp. in Sydney, said by phone. “Even so, the scale of the move was still surprising. It was pretty wild.”

    The euro-dollar pair accounts for almost a quarter of all trades in the $5.3 trillion a day currency market, according to the latest triennial survey by the Bank for International Settlements in Basel, Switzerland.

    Today’s Economic data forecast is expected to show euro-area consumer prices dropped 0.1 percent in December from a year earlier, the first decline since 2009, while the U.S. unemployment rate fell to 5.7 percent, the lowest since June 2008.

    “There’s a triple whammy of events that look set to trip up the single currency,” Steve Barrow, head of Group of 10 strategy at Standard Bank Plc in London, wrote in a client note today, referring to the inflation report, possible asset purchases by the ECB and a snap election in Greece. The euro will drop to $1.10 in the next 12 months, and much of that decline could come in early 2015, Barrow said.

    Adding additional uncertainty to the euro-area outlook, Greece began an election campaign that polls indicate may see victory for the anti-austerity Syriza party this month, potentially jeopardizing the country’s place in the currency union.

    If the euro closes under $1.18 this week, that would take it below a descending trend channel stretching back to July, and would herald a drop to as low $1.1640, according to Yusuke Fujishima, a senior manager for currency and financial product trading at Mitsubishi UFJ Trust and Banking Corp.

    The euro last week formed a bearish pattern on its weekly candlestick chart called a black closing marubozu — meaning shaven-headed monk in Japanese — which has a long colored bar with an upper shadow but no lower one.

    “This is an extremely strong sign of further euro weakness,” Fujishima said today by phone from Osaka. “We need to watch the battle for $1.18 very carefully this week.”