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Bitcoin Stabilises At $41,600 As European Stocks Show Improvement

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Photo used to illustrate the story: A woman walks past a screen showing information and the index of the Taipei Stock Exchange on July 24, 2020. PHOTO: Sam Yeh / AFP

European 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Lagarde noted the improving Covid picture in Europe while insisting that monetary and fiscal support should not be withdrawn too soon.”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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Politics

2027: APC Perfects Consensus Strategy for Oyo

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Ahead of the 2027 general elections, the national leadership of the All Progressives Congress (APC) on Tuesday held a high-level strategic meeting with the Oyo State chapter of the party as part of efforts to reposition the APC for victory and prevent internal crisis ahead of the polls.

The development was first scooped by OYOINSIGHT.COM which quoted multiple party sources familiar with the closed-door deliberations.

Sources disclosed that the meeting, held in Abuja, focused largely on a consensus arrangement being considered by stakeholders of the party in Oyo State, in line with political templates reportedly being adopted in Lagos and Ogun states ahead of the next electoral cycle.

Party insiders said the move was aimed at strengthening unity within the fold of the opposition party in the state, minimising rancour during the primaries and presenting a formidable front against rival parties in 2027.

It was further gathered that some members of the state executive committee may have been subtly informed about preferred consensus candidates being considered for elective positions across the state.

Though details of the deliberations were still sketchy as of press time, sources hinted that the national leadership stressed the need for cohesion, discipline and strategic alignment among stakeholders to improve the party’s electoral fortunes in Oyo.

Those at the meeting included the Oyo APC Chairman, Moses Alake Adeyemo; the state secretary, Fatai Adesina Adeniyi; the Publicity Secretary, Olawale Sadare; the Organising Secretary, Aderemi Adepoju; and the Legal Adviser, Sunday Aborisade.

Others were the Women Leader, Adekemi Opatunde; the Youth Leader, Olalekan Oladejo; Joshua Oyebamiji; Tunde Oloyede; Sunday Babalola; Joseph Omoniyi; and Mojeed Adebayo.

As of the time of filing this report, the party had yet to issue an official statement on the outcome of the meeting.

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2027: Oyo APC Set for Credible Direct Primaries, Says Alake Adeyemo

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The Chairman of the All Progressives Congress (APC) in Oyo State, Chief Moses Alake Adeyemo, on Monday assured aspirants and party members that the party would conduct transparent, peaceful and credible direct primaries ahead of the 2027 general elections.

Adeyemo declared that no aspirant would be victimised or denied a level playing field, stressing that the party leadership remained committed to internal democracy and progressive ideals.

The former deputy governor spoke while receiving members of the APC Screening and Appeal Committees deployed from the party’s National Secretariat in Abuja at the APC Secretariat in Oke-Ado, Ibadan.

He disclosed that although the party initially explored consensus arrangements across elective positions, prevailing realities indicated that direct primaries would be conducted in some areas, including the governorship contest.

Adeyemo said the party had already put necessary structures in place to ensure a hitch-free exercise capable of strengthening unity within the APC.

He said: “We set machineries in motion for us to achieve the aim of consensus across board but reports available to me indicate that we would have to go by the second option which is direct primary in certain cases including the governorship ticket.

“To this end, we shall work towards organising free, fair and credible exercise in all the affected areas even as we cannot rule out the possibility of some aspirants having a rethink and supporting the consensus arrangement as necessary.

“Where we have more than an aspirant, Abuja would send people to conduct primaries and we at the state level would provide the required support to make everything work out in the interest of our great party.”

The APC chairman explained that all registered party members would participate fully in the exercise at their respective wards on dates to be announced by the National Secretariat.

According to him, affirmation would be adopted in areas where consensus candidates emerge, while voting would be conducted wherever direct primaries become necessary.

“For consensus, members will lend their voices for affirmation while voting will be done in the cases of direct primary,” he added.

Speaking earlier, Chairman of the Screening Committee and former Speaker of the Ondo State House of Assembly, Rt. Hon. Taofiq AbdusSalam, assured party faithful that the committee would carry out a thorough, transparent and unbiased screening process.

He said only eligible aspirants would be cleared to participate in the primaries and eventually fly the APC flag in the forthcoming elections.

Other members of the Screening Committee are Kamal Sanusi (Secretary), Smart Oluwole, Tunde Kolade and Olabamiji Agunloye.

Members of the Screening Appeal Committee are Jibola Oduwole (Chairman), Abimbola Jack (Secretary) and Jelil Jimoh.

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NDC zones 2027 presidency to South, reserves 2031 for North

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The Nigeria Democratic Congress on Saturday zoned its 2027 presidential ticket to Southern Nigeria, declaring that the party’s candidate would serve a single four-year term if elected.

The decision was reached during the party’s national convention held in Abuja amid growing momentum within the opposition platform following a wave of high-profile defections from other political parties.

Announcing the development on its official social media handle, the party stated, “NDC presidential ticket is zoned to the South!!”

The party also resolved that its 2031 presidential ticket would be ceded to Northern Nigeria as part of efforts to maintain regional balance and internal equity.

The convention comes as key opposition figures, including former Labour Party presidential candidate, Peter Obi, and former New Nigeria People’s Party presidential candidate, Rabiu Kwankwaso, joined party leaders and delegates at the Abuja gathering.

Saturday’s convention is expected to ratify several recent decisions taken by the party’s National Executive Committee, including zoning arrangements, amendments to the party constitution, and the election of new national executives.

According to the convention agenda obtained by journalists, discussions centred on zoning, ratification of the amended constitution, and leadership restructuring ahead of the 2027 general elections.

The NDC has in recent weeks witnessed a surge in defections from rival opposition parties, particularly the African Democratic Congress and the Peoples Democratic Party.

On Tuesday, no fewer than 17 members of the House of Representatives defected from the ADC to the NDC.

Their defections were formally announced during plenary at the House of Representatives.

The lawmakers include Yusuf Datti, Uchenna Okonkwo, Adamu Wakili, Thaddeus Attah, George Ozodinobi, Lilian Orogbu, Oluwaseyi Sowunmi, Peter Aniekwe, Mukhtar Zakari, George Oluwande and Munachim Umezuruike.
Others are Emeka Idu, Jesse Onuakalusi, Ifeanyi Uzokwe, Afam Ogene, Murphy Omoruyi and Abdulhakeem Ado.
The defections came barely two days after Obi and Kwankwaso formally joined the NDC from the ADC.

The duo were presented with the party’s membership cards last Sunday shortly after a closed-door meeting with party leaders.

A former Governor of Bayelsa State and NDC national leader, Seriake Dickson, officially welcomed the opposition figures into the party.

Obi had attributed his exit from the ADC to worsening internal crises, external interference and what he described as increasing hostility within party structures.

The former Anambra State governor said Nigeria’s political environment had become increasingly toxic, marked by intimidation, insecurity and sustained scrutiny of opposition figures.

He also lamented that institutions meant to protect citizens were now often deployed against them, while individuals committed to genuine public service faced mounting pressure both publicly and privately.

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