Connect with us

Business

Orabank Group opens a trading room in Lomé

Published

on

THE Orabank Group, present in 12 countries and in four monetary zones in West and Central Africa, announces the opening of a regional and international trading room in Lomé, Togo. Ever since its formation, the Orabank Group has always had the will and ambition to support its customers (both individuals and businesses), to actively contribute to the financing of the private sector, to optimize the mobilization of local savings and to stimulate growth in African financial markets.

This new trading room provides a concrete answer to each of these four objectives. Indeed, it offers Oragroup a leading position as a financial intermediary that places the bank at the heart of financial exchanges in the countries where it operates, in order to best serve its private and institutional clients, both in Africa and internationally, as well as other regional banks.

In a market previously dominated by players operating from Europe and the United States, Oragroup now offers its clients a competitive and up-to-date offer in Africa, to intervene on the foreign exchange market in the monetary areas where its subsidiaries are established. The Orabank Group wishes to be a key player in the UEMOA money market and to play a leading role in boosting the secondary market for government securities.

The opening of this trading room is also intended to strengthen synergies within the Group, allowing significant economies of scale in foreign exchange hedging transactions between subsidiaries while increasing the share of cash net banking income. This new step is part of the “2016-2018 Strategy – Consolidation and Efficiency” plan, aimed at strengthening the Group’s financial strength.

“This new step illustrates the dynamic of our Group characterized by a strong performance in 2016 and an upward trajectory in 2017, combining profitability, commercial development and innovations, particularly in the deployment of digital solutions. In 2018, Oragroup is set to accentuate its growth along with its values ​​of humanity, commitment, and rigor in order to contribute to the development of the African financial sector as a central engine of our economies. That is our collective will”, says Binta Touré Ndoye, CEO of Oragroup

ALSO READ  African qualifiers for the FIFA World Cup 2022 live on FIFA.com, YouTube
Advertisement
Comments

Business

Bitcoin Hits $50,000 For First Time Since 2021

Published

on

By

A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. (Photo by JACK GUEZ / AFP)

Bitcoin surpassed the $50,000 mark on Tuesday, marking its highest value in over two years.

Investor optimism surged as anticipation grew regarding broader trading approval in the US, with hopes riding high on potential green lights for cryptocurrency exchange-traded funds (ETFs).

Despite an initial dip following Washington’s approval signal last month, Bitcoin has rebounded impressively, boasting a 25 percent rally since January 22.

As of the latest data from Bloomberg, the cryptocurrency peaked at $50,328, underscoring the resilience and upward momentum in the crypto market, leaving observers optimistic about its future trajectory.

“Enthusiast buyers bring in more enthusiast buyers pushing prices further up,” Fadi Aboualfa, of Copper Technologies, said.

“The cryptocurrency has momentum on the back of several green weeks and has a large chance of going up further when markets see weekly movements upwards of 10 percent (as we saw last week).”

By 0330 GMT Tuesday, bitcoin had dropped slightly, to $49,950.

While Bitcoin has made an impressive recovery, currently standing above $50,000, it still lags significantly behind its peak value of nearly $69,000 in 2020. This rally signals a bounce-back for the cryptocurrency, which faced turbulent times marked by high-profile scandals and collapses within the crypto industry.

ALSO READ  Festus Adedayo, Ajimobi's sycophant or government's dissident?

Last year, FTX, the world’s second-largest crypto exchange, suffered a dramatic downfall, with its CEO, Sam Bankman-Fried, now confronting potential consequences. Prosecutors have characterised the situation as “one of the biggest financial frauds in American history,” and Bankman-Fried faces the looming threat of up to 110 years in prison.

In November, Changpeng “CZ” Zhao resigned as CEO of Binance, the world’s largest crypto exchange, following both his and the company’s admission of guilt in extensive money laundering violations.

Bitcoin’s upward trajectory is further fueled by optimism surrounding potential interest rate cuts by the US Federal Reserve this year, as inflation appears to be easing. The cryptocurrency’s value is also influenced by an anticipated supply crunch next year, attributed to the recurring event known as “halving.”

Bitcoin, earned through intricate problem-solving by powerful computers in a process called “mining,” experiences a reduction in reward every four years. With the next “halving” scheduled for April, the limited supply dynamic continues to be a driving force behind Bitcoin’s value surge.

Continue Reading

Business

Microsoft Joins Apple In $3 Trillion Club

Published

on

By

Microsoft joined Apple on Wednesday as a three trillion dollar company, as its big bet on artificial intelligence continued to impress Wall Street.

Now second to Apple as the world’s biggest company by market capitalization, Microsoft’s shares were up 1.31 percent at $404.

 

Apple remains narrowly in first place at $3.02 trillion after reaching the $3 trillion market capitalization mark for the first time in January 2022.

 

But it has fallen below the milestone, even briefly losing the pole position as biggest company on the markets when Microsoft briefly overtook the iPhone maker earlier this month.

 

Microsoft more than any other tech giant is riding the wave of excitement over AI.

The Redmond, Washington-based group has a major partnership with OpenAI, creator of ChatGPT, that is reportedly worth $13 billion.

Since the arrival of ChatGPT, Microsoft has launched several products enabling companies and individuals to use the capabilities of generative AI, notably via its Bing search engine and Copilot virtual assistant.

Since the launch of ChatGPT in early November 2022, Microsoft shares have gained some 67 percent, with Apple’s up by about 40 percent.

Microsoft publishes its results on January 30.

 

ALSO READ  Korea to share its technological, industrial revolution experience with Africa, says President Moon Jae-in
Continue Reading

Business

Nigeria: Shell Announces Sale of Onshore Oil Assets

Published

on

By

In an aerial view, gas prices nearing $6.00 a gallon are displayed at a Shell gas station on February 23, 2022 in San Francisco, California. Justin Sullivan/Getty Images/AFP

Shell has announced a deal to offload its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance.

The acquiring entity, Renaissance, stands as a consortium comprising four local exploration and production companies in Nigeria, alongside an international energy group.

Shell,  in a Tuesday statement on its website, said, “Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

“Transaction will preserve SPDC’s operating capabilities for the benefit of a joint venture. The transaction has been designed to preserve the full range of SPDC’s operating capabilities following the change of ownership. This includes the technical expertise, management systems, and processes that SPDC implements on behalf of all the companies in the SPDC Joint Venture (SPDC JV)”.

But, it said, “SPDC’s staff will continue to be employed by the company as it transitions to new ownership”.

Shell emphasised  that amidst the competitive landscape, the company remains committed to supporting the management of SPDC JV facilities. These facilities play a crucial role in supplying a significant portion of feed gas to Nigeria LNG (NLNG), highlighting Shell’s dedication to assisting the nation in maximizing value from its NLNG endeavors.

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions,” Shell’s Integrated Gas and Upstream Director Zoë Yujnovich said.

ALSO READ  Nigerian Writer, Jowhor Ile, Named Winner of 2016 Etisalat Prize for Literature.

“It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.

“Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy.”

Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending