It's PluxTIME: Business

Oil prices getting higher, hit $80

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<span style="font-family: Verdana, sans-serif;">Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.</span></div>
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<span style="font-family: Verdana, sans-serif;">Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories.</span></div>
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<span style="font-family: Verdana, sans-serif;">International benchmark Brent futures were nudging 71 dollars per barrel Both crude benchmarks are up by almost 60 per cent since the middle of last year.</span></div>
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<span style="font-family: Verdana, sans-serif;">U.S. West Texas Intermediate (WTI) crude futures climbed to 66.22 dollars per barrel in early trading, also the highest level since early December, 2014.</span></div>
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<span style="font-family: Verdana, sans-serif;">Price support has also been coming from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia, which started last year and are set to last throughout 2018.</span></div>
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<span style="font-family: Verdana, sans-serif;">“The Saudi’s and Russians continue to work together to talk the oil market higher and last night, the countries’ two oil ministers said they were working together on other longer-term projects as well,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.</span></div>
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<span style="font-family: Verdana, sans-serif;">“That, and the USD fall, along with another inventory draw combined to drive (crude) up,” he added.</span></div>
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<span style="font-family: Verdana, sans-serif;">U.S. crude inventories C-STK-T-EIA fell 1.1 million barrels in the week to Jan. 19, to 411.58 million barrels, the Energy Information Administration (EIA) said on Wednesday.</span></div>
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<span style="font-family: Verdana, sans-serif;">That’s the lowest seasonal level since 2015 and below the U.S. five-year average around 420 million barrels.</span></div>
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<span style="font-family: Verdana, sans-serif;">In foreign exchange markets, the U.S. dollar hit its lowest level since December, 2014 against a basket of other leading currencies.</span></div>
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<span style="font-family: Verdana, sans-serif;">A weakening dollar often results in financial traders taking investment out of currency markets and into commodity futures like crude.<br style="box-sizing: border-box;" />Analysts said that rising oil prices would likely start to have an inflationary effect.</span></div>
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<span style="font-family: Verdana, sans-serif;">Looming over the generally bullish oil market has been U.S. oil production, which is edging ever more closely towards 10 million barrels per day (bpd), hitting 9.88 million bpd last week.</span></div>
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<span style="font-family: Verdana, sans-serif;">U.S. output has grown by more than 17 per cent since mid-2016, and is now on par with that of top exporter Saudi Arabia.</span></div>
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<span style="font-family: Verdana, sans-serif;">Only Russia produces more, averaging 10.98 million bpd in 2017.</span></div>
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Oil prices getting higher, hit $80

Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of de...

Cryptocurrency traders get condition to operate in South Korea

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<span style="font-family: Verdana, sans-serif;">South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from Jan. 30, regulators said on Tuesday.</span></div>
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<span style="font-family: Verdana, sans-serif;">It is a widely telegraphed move designed to stop virtual coins from being used for money laundering and other crimes.</span></div>
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<span style="font-family: Verdana, sans-serif;">Last week, reports were rife that the country <a href="http://www.nan.ng/economy/south-korea-plans-ban-cryptocurrency-trading/" style="background: transparent; box-sizing: border-box; color: #1193f6; line-height: inherit; outline: none; text-decoration-line: none; transition: opacity 0.2s ease-in-out, color 0.1s ease-in-out;">planned to ban traders due to alleged evasion of tax</a>.</span></div>
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<span style="font-family: Verdana, sans-serif;">However, in a turn of events, traders have been given condition upon which they can operate their crypto currency wallets and their bank accounts.</span></div>
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<span style="font-family: Verdana, sans-serif;">Local cryptocurrency traders will not be allowed to make deposits into their virtual currency exchange wallets unless the names on their bank accounts matches the account name in cryptocurrency exchanges, Kim Yong-beom, the Vice Chairman of the Financial Services Commission told a news conference in Seoul.</span></div>
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<span style="font-family: Verdana, sans-serif;">Tuesday’s announcement follows a string of warnings from global policy makers about cryptocurrency trading, including those from South Korea’s chief financial regulator last week who said the government might consider shutting down domestic virtual currency exchanges.</span></div>
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<span style="font-family: Verdana, sans-serif;">The regulator has previously said it would come up with detailed guidelines for local banks to properly identify its clients by their real names in cryptocurrency transactions.</span></div>
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<span style="font-family: Verdana, sans-serif;">To make deposits into virtual coin wallets, cryptocurrency traders will need to identify themselves with their real names at the exchange and have those matched with information at local banks by Jan. 30.</span></div>
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<span style="font-family: Verdana, sans-serif;">According to Bithumb, the country’s second-largest virtual currency exchange, the bitcoin price in South Korea was down 4.35 per cent at $12,567 (8,987.34 pounds) from previous day as of 0214 GMT on Tuesday.</span></div>
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<span style="font-family: Verdana, sans-serif;">Bitcoin is trading up 3.7 per cent at 10,750 dollars on the Luxembourg-based Bitstamp exchange.</span></div>
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Cryptocurrency traders get condition to operate in South Korea

South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from Jan. 30, regulators said on Tuesday. It is a wi...

Naira depreciates against dollar

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<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"><img alt="Naira depreciates against dollar" class="size-full wp-image-50938" height="166" src="http://18694-presscdn.pagely.netdna-cdn.com/wp-content/uploads/2016/08/Foreign-exchange.jpg" width="320" /> </span></span><br />
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<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">The Nigerian currency, naira, lost N2 to the dollar at the parallel 
market on Thursday, the News Agency of Nigeria (NAN) reports.</span></span><br />
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</span></span><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">It exchanged for N369 to the dollar, weaker than N367 posted on 
Wednesday, while the Pound Sterling and the Euro closed to the naira at 
N478 and N437, respectively.</span></span><br />
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</span></span><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">At the Bureau De Change (BDC), the naira was sold at N363 to the 
dollar, while the Pound Sterling and the Euro closed at N478 and N437, 
respectively.</span></span><br />
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</span></span><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">Trading at the investors’ window saw the naira closing at N360.50 to 
the dollar, while it exchanged at N306 to the dollar at the CBN window.</span></span><br />
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</span></span><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">Traders said demand for dollar far outstripped supply as usual.</span></span><br />
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</span></span><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">NAN reports that the naira had been battling to remain stable at N365
 to the dollar before the forces of demand and supply pushed its 
depreciation further.</span></span><br />
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</span></span><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">Some financial analysts had on Tuesday argued that the naira, at N360 to the dollar, was undervalued.</span></span><br />
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</span></span><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">In spite of over 3.6 billion dollars injected to the foreign exchange
 market by the CBN since February, the naira rate was still struggling 
to be stable.</span></span><br />
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Naira depreciates against dollar

The Nigerian currency, naira, lost N2 to the dollar at the parallel market on Thursday, the News Agency of Nigeria (NAN) reports. It...

Warren Buffet becomes the major shareholder in Bank of America

Warren Buffet becomes the major shareholder in Bank of America

American billionaire Warren Buffett’s Berkshire Hathaway group has officially become the top shareholder in Bank of America after exerci...

UBA introduces mobile payment with *919# magic banking

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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhg1aFSGmuQ-oBqKm3z4rrSk1cTeDRvuMkywo2vVxL82VvlqzTwwT7wqgrFJZyfyH2W0hLW1XzgTD-amz0Sj70B8BvBTGXTLmYHpCc1fxW9BOuHLvRGyyShumzd-PjUkiz4BbnBfikswFA/s1600/U-B-A.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhg1aFSGmuQ-oBqKm3z4rrSk1cTeDRvuMkywo2vVxL82VvlqzTwwT7wqgrFJZyfyH2W0hLW1XzgTD-amz0Sj70B8BvBTGXTLmYHpCc1fxW9BOuHLvRGyyShumzd-PjUkiz4BbnBfikswFA/s320/U-B-A.png" width="320" /></a></div>
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<span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 115%;">African Financial Institution, United Bank for Africa
(UBA), has introduced a full-fledged banking platform, tagged UBA Magic Banking
and enabled by dialing<b> *919#</b> within Nigeria.</span><span style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 115%;"><br />
<span style="background: white;"> </span><br />
<span style="background: white;">The USSD code<span class="apple-converted-space"> </span><strong><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">*919#</span></strong><span class="apple-converted-space"> </span> enables
customers to do a multitude of tasks such as, open UBA accounts,  transfer
funds to UBA and other banks, buy airtime,  pay  bills and access a
mini statement.</span><br />
<span style="background: white;"> </span><br />
<span style="background: white;">Speaking about the product, the Bank’s Group
Head, Consumer and Digital Banking, Dr. Adeyinka Adedeji stated that, “Not only
does this code work on all phone types, it is fast and convenient and does not
require data on the phone to send money. It also allows a higher transaction
limit of up to N1m per day with the UBA Secure Pass (formerly token)”</span><br />
<span style="background: white;"> </span><br />
<span style="background: white;">Dwelling on the specifics, Adedeji noted that to
send money to a UBA account for example, the user should dial<span class="apple-converted-space"> </span><strong><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">*919*3#</span></strong><span class="apple-converted-space"> </span>from their phone number
 registered with UBA and follow the simple steps prompted by the phone.
Also, by dialing<span class="apple-converted-space"> </span><strong><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">*919*32#</span></strong>, the customer can send money to a UBA
Prepaid Card and to other banks by dialing<span class="apple-converted-space"> </span><strong><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">*919*4#</span></strong>.  You can top up your airtime by
dialing<span class="apple-converted-space"> </span><strong><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">*919*Amount#</span></strong><span class="apple-converted-space"> </span>and
third party top-up can be done with<span class="apple-converted-space"> </span><strong><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">*919*Phone number*Amount#</span></strong>.</span> <span style="background: white;">For a full range of services, a customer will dial<span class="apple-converted-space"> </span><strong><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">*919#</span></strong></span><br />
<span style="background: white;"> </span><br />
<span style="background: white;">The Group Managing Director, UBA Plc, Mr.
Kennedy Uzoka also noted that the introduction of the new products is in line
with the Bank’s policy of democratizing banking on the continent by reaching
out to the unbanked through technology driven platforms that are simple,
efficient and user friendly. “We are committed to innovating through products
and services in the financial technology space that will ensure our customers
have the best banking experience with all our service channels, and we have
committed huge financial investments towards achieving this.”</span><o:p></o:p></span></div>

UBA introduces mobile payment with *919# magic banking

African Financial Institution, United Bank for Africa (UBA), has...