Business
China’s Policy Worries World Stock Market
World markets lost earlier gains on Friday as investors worried about China’s decision to tighten its monetary policy to cool off growth and eurozone growth figures came in well below expectations.
Some indexes were higher, buoyed by hopes that the ED will provide support to its most heavily indebted member states, but by late morning in European trading that optimism was subdued, pushing the euro to a nine-month low.
Britain’s FTSE 100 benchmark index was down 0.5 percent at 5,135.57 while Germany’s DAX was up 0.2 percent to 5,515.29. France’s CAC-40 slid 0.3 percent to 3,607.69 and Greek and Portuguese stocks also fell. Stocks were mostly higher earlier.
Asia had largely closed higher before China announced its move to limit lending, and Wall Street was expected to fall on the open. Dow industrials futures were down 65 points at 10,045.00 and Standard & Poor’s 500 futures were down 7.6 points at 1,069.80.
In a bid to cool off growth, China raised its reserve rate by half a percentage point, which requires large banks to set aside more cash at the central bank, leaving less money to slosh around the economy.
Because Chinese growth has been one of the main drivers behind the global economy’s recovery from the downturn, the news unsettled investors.
Adding to the sour mood were official figures in Europe showing the 16-country eurozone grew by only 0.1 percent in the fourth quarter, with weak countries like Greece stifling the region’s recovery from recession. Even the currency bloc’s biggest economy and engine of growth, Germany, disappointed expectations as its GDP remained flat on the quarter.
“The slowdown in growth at the end of2009 is a blow,” said Jennifer McKeown, economist at Capital Economics.
She said surveys suggest the eurozone’s recovery will pick up speed again this year, “but with fiscal consolidation threatening to prevent a meaningful pick-up in domestic spending, the downside risks for the region are growing.”
The euro fell sharply after the data, from $1.36 before the figures to as low as $1.3538, the weakest level in nine months. It traded as high as $1.3693 late Thursday in New York. The dollar rose to 89.93 yen from 89.74 yen.
Friday’s news dampened the cautious optimism generated Thursday by ED leaders’ pledge to support Greece in case it has trouble handling its debt. Although some investors were disappointed with a lack of detail and concrete measures, the hope is that a finance ministers’ meeting next week will provide these.
“Yesterday’s announcement feels like only half the job has been completed, leaving the market dangling and hungry for more information,” said Stuart Bennett, analyst at Calyon.
In Asia, where markets mostly closed before China’s rate announcement, Japan’s market, closed Thursday for a public holiday, led gains, with the Nikkei 225 advancing 1.3 percent to 10,092.19.
Trading activity has been subdued the past few days ahead of holidays next week for the Lunar New Year in China, Hong Kong and elsewhere.
The Shanghai Composite index jumped 1.1 percent to 3,018.13. Hong Kong’s Hang Seng reversed early gains to close down 0.1 percent at 20,268.69.
Elsewhere, South Korea’s Kopsi dropped 0.3 percent to 1,593.66 and Australia’s benchmark added 0.2 percent. Markets in Singapore, Thailand, Malaysia and Indonesia also rose while Indian markets were shut for a public holiday.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos