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Bitcoin Stabilises At $41,600 As European Stocks Show Improvement
Published
5 years agoon
By
AFPEuropean stock markets recovered a bit Thursday from slumps the previous day, with investors comforted by brighter economic outlooks and easing coronavirus concerns, analysts said.
Bitcoin stabilised after Wednesday’s wild gyrations that saw the world’s most popular cryptocurrency lose almost a third of its value in one day before recovering much of the losses.
London stocks gained 0.5 percent overall in afternoon exchanges.
Frankfurt stocks added 1.0 percent and Paris won 0.8 percent following a mixed session in Asia, as dealers mulled reportedly upbeat remarks from the head of the European Central Bank.
US stocks advanced in early trading as new filings for unemployment aid declined for the third straight week in the United States, according to government data that showed the closely watched metric hitting a new pandemic low.
Oil however fell further after US data showed a jump in stockpiles, indicating weaker demand in the world’s top crude consumer.
“The more upbeat tone in Europe comes as authorities across the region are easing pandemic restrictions due to a falling number of Covid cases and rising vaccine rates,” said OANDA analyst Sophie Griffiths.
“ECB Governor Christine Lagarde noted the improving Covid picture in Europe while insisting that monetary and fiscal support should not be withdrawn too soon.”
Bitcoin edged up Thursday to around $41,600, having endured a rollercoaster Wednesday after China signaled a new crackdown on the cryptocurrency and Elon Musk gave crucial support on Twitter.
Europe’s bourses had tanked Wednesday on fears that central banks will wind down easy money policies to tame high inflation.
Thursday’s gains were still capped after minutes showed some US Federal Reserve officials contemplating a cut in its vast monetary easing measures.
Nevertheless, global equities have soared after hitting their pandemic nadir in March last year, thanks to central bank largesse and mind-boggling government spending measures, with recent gains also helped by the rollout of vaccines and easing of lockdown measures.
Investors are now increasingly concerned that the blockbuster bounceback expected in the world economy will fan inflation as the stimulus mixes with cashed-up consumers, who have been unable to spend, finally being let loose.
The Fed has emphasised however that it sees upward pressures as transitory and that prices should stabilise next year and says it will maintain very accommodating monetary policies and record low-interest rates until unemployment has been tamed and inflation is consistently strong.
However, with the economy well on the recovery track, minutes from the Fed’s April meeting released Wednesday indicated that some board members consider the time might soon come to at least begin discussing the bank’s position.
– Key figures around 1435 GMT –
London – FTSE 100: UP 0.5 percent at 6,983.61 points
Frankfurt – DAX 30: UP 1.0 percent at 15,265.68
Paris – CAC 40: UP 0.8 percent at 6,314.95
EURO STOXX 50: UP 0.9 percent at 3,973.18
New York – Dow: UP 0.2 percent at 33,951.79
Tokyo – Nikkei 225: UP 0.2 percent at 28,0098.25 (close)
Hong Kong – Hang Seng Index: DOWN 0.5 percent at 28,450.29 (close)
Shanghai – Composite: DOWN 0.1 percent at 3,506.94 (close)
Euro/dollar: UP at $1.2214 from $1.2175 at 2100 GMT on Wednesday
Pound/dollar: UP at $1.4158 from $1.4115
Euro/pound: UP at 86.28 pence from 86.25 pence
Dollar/yen: DOWN at 108.86 yen from 109.22 yen
Brent North Sea crude: DOWN 0.5 percent at $66.38 per barrel
West Texas Intermediate: DOWN 0.4 percent at $63.13 per barrel
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Ex-Oyo deputy governor Adeyemo sworn in as APC chair, rallies support for Tinubu
Published
8 hours agoon
March 6, 2026By
adminA former Deputy Governor of Oyo State, Chief Moses Alake Adeyemo, has been sworn in as the Chairman of the Oyo State chapter of the All Progressives Congress (APC), urging members of the party to rally support for President Bola Tinubu ahead of the 2027 general elections.
Adeyemo formally assumed office on Friday following the inauguration of the newly elected State Executive Committee members who will manage the affairs of the party in the state for the next four years.
The inauguration ceremony, held at the party’s State Secretariat in Oke-Ado, Ibadan, marked the climax of the party’s 2026 congresses in the state.
The South-West Zonal Legal Adviser of the APC, Kolawole Majaro, administered the oath of office on Adeyemo and 35 other members of the State Executive Committee.
The executives had emerged through a consensus arrangement during the March 3, 2026 state congress held at the Obafemi Awolowo Stadium, Ibadan, under the supervision of a committee led by Amos Gombi from the APC National Secretariat in Abuja.
In his acceptance speech, Adeyemo described his emergence as a renewed call to service, pledging to strengthen the party and sustain unity among members.
He appreciated party leaders within and outside the state for ensuring a smooth and successful congress process.
Adeyemo also commended members of the Local Organising Committee, particularly Fatai Ibikunle and Afeez Bolaji Repete, for their contributions to the success of the exercise.
He said, “This new State Executive Committee under my leadership is being put in place to add value and strengthen our great party in view of the challenges ahead.
“We have used the opportunity of the congresses to showcase our collective commitment to unity and harmony as progressives and democrats.”
The new chairman expressed optimism that the atmosphere of peace within the party would be sustained ahead of future party primaries and the 2027 elections.
According to him, the party’s target is to secure 90 per cent of the votes in Oyo State for President Tinubu while also reclaiming the state’s Government House in 2027.
Adeyemo praised the President’s leadership, saying the administration was delivering on its promises.
“President Tinubu is, no doubt, performing beyond our expectations and the best way to appreciate his good work is to retain him in Aso Rock until 2031,” he said.
“Against all odds, the President is pursuing his Renewed Hope Agenda with vigour and passion, while the positive results are being felt across sectors of the economy and national life.”
Other members of the newly inaugurated executive include Taofeek Lamidi as Deputy Chairman, Fatai Adesina as State Secretary, Adekemi Opatunde as Woman Leader, Olawale Sadare as Publicity Secretary, Olalekan Oladejo as Youth Leader, and Remi Adepoju as Organising Secretary.
Also inaugurated were Ajiboye Akinsanya as Treasurer, Sunday Aborisade as Legal Adviser, Tinuade Adigun as Auditor, Lukman Owonikoko as Assistant State Secretary, Fatimah Hassan as Deputy Woman Leader, and Jimoh Osundara as the Leader of Persons Living With Disabilities, among others.
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Kano Assembly Moves to Impeach Deputy Governor Gwarzo Over ₦1.6bn Alleged Fraud
Published
1 day agoon
March 5, 2026By
adminThe Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.
The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.
Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.
According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.
Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.
“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.
The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.
If approved, a panel may be constituted by the state Chief Judge to investigate the claims.
As of filing, Abdussalam had yet to respond publicly to the allegations.
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2027: Sen. Dickson Dumps PDP, Joins Newly Registered NDC
Published
1 day agoon
March 5, 2026By
adminThe Senator representing Bayelsa West, Seriake Dickson, on Thursday announced his resignation from the Peoples Democratic Party (PDP), declaring that he had joined the newly registered Nigeria Democratic Congress (NDC).
Dickson, a former governor of Bayelsa State, made the announcement during a media briefing in Abuja, attributing his decision to what he described as irreconcilable differences within the PDP.
The lawmaker said the emergence of the NDC would strengthen Nigeria’s democratic system by providing a credible opposition platform.
According to him, the party recently received its certificate of registration from the Independent National Electoral Commission.
He said, “Last week INEC issued a certificate of registration and we now have the newest party in Nigeria known as the Nigeria Democratic Congress and our symbol is victory, the victory sign.
“So, my dear Nigerians, you now have a credible alternative opposition party known as the Nigeria Democratic Congress.”
Dickson noted that although the party’s registration took longer than expected, its eventual approval was a welcome development for the country’s democratic landscape.
“Yes, it is coming at this time. We would have wished it started some years or months back. We don’t control INEC and their processes; they delayed. We don’t also control the judiciary, but thank God it has finally arrived,” he said.
The senator also stressed that Nigeria’s democracy must not slide into a one-party system, insisting that political diversity remained vital for national stability.
“This nation cannot be a one-party state. Nigeria cannot be a one-party state. Nigeria is not designed to be a one-party state.
“We are a very diverse nation culturally, religiously and politically and that is the beauty of our country.
“So anyone or any party promoting one-party rule in Nigeria is mistaken. We build political parties and get involved in movements to access power for the good of the people, not for our personal benefit,” he added.
Meanwhile, the Independent National Electoral Commission recently announced the registration of two new political parties.
The parties are the Democratic Leadership Alliance and the Nigeria Democratic Congress, bringing the total number of registered political parties in Nigeria to 21.
The announcement was made by the INEC Chairman, Prof. Joash Amupitan, during the commission’s first quarterly consultative meeting with political party stakeholders for 2026.
According to him, the Democratic Leadership Alliance completed the required verification process, while the Nigeria Democratic Congress was registered in compliance with a Federal High Court order.
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