Business

Stock Futures Fall, Euro Debt Worries Investors

Published

14 years ago

May 6, 2010

Stock futures fell Thursday on persistent investor worries about whether a Greek debt crisis will spread across Europe.

Reports from the Labor Department showing new claims for jobless benefits fell less than expected last week, while productivity jumped more than forecast in the first quarter dragged futures down further.

European markets rose slightly, though investors remain concerned about whether the debt problems will upend a global economic recovery.

The euro is extending its decline against the dollar, a sign that investors are not sure whether a Greek bailout will stem the mounting problems. The euro is at its lowest level against the dollar in 14 months.

Greece is trying to tap a $144 billion aid package from the 15 other countries that use the euro and the International Monetary Fund. The nation needs access to an initial portion of the money by May 19 to cover $11.6 billion in debt payments, or else it will likely default.

Even if Greece gets the money it needs, there are still worries that would be only a temporary fix to a growing debt problem across the continent, and others like Portugal and Spain will eventually need similar rescues.

The European Central Bank kept its benchmark rate at 1 percent. ECB President Jean-Claude Trichet is expected to discuss the growing debt problems later in the day.

Ahead of the opening bell, Dow Jones industrial average futures fell 37, or 0.3 percent, to 10,797. Standard & Poor’s 500 index futures fell 5.10, or 0.4 percent, to 1,158.80, while Nasdaq 100 index futures fell 9.25, or 0.5 percent, to 1,949.25.

The Dow has dropped 284 points over the past two days.

The Labor Department’s weekly report on initial jobless claims showed 444,000 workers applied for unemployment benefits last week. That’s down from a week earlier, but fell short of expectations. Economists polled by Thomson Reuters had forecast claims would drop to 440,000.

It was the third straight weekly drop in new claims. While claims are falling, economists say they have not yet dropped to levels that would indicate consistent job growth. Initial claims would have to dip to around 425,000 to signal employers are adding jobs and the unemployment rate is falling. High unemployment remains one of the key issues facing the U.S. economy as it continues to rebound.

The report comes a day before the Labor Department is expected to report the unemployment rate remained at 9.7 percent in April.

A separate Labor Department report showed first-quarter productivity rose at an annual rate of 3.6 percent, better than the 2.5 percent forecast by economists. The gain, coupled with a drop in labor costs, means companies should be able to maintain strong profit margins. However, it also means that consumers’ incomes continue to be squeezed, which could slow a rebound in spending.

Retailers are also reporting that April sales largely slowed from March’s strong pace, partly because Easter was earlier this year. The spring selling season has been decent, with discounters like Costco Wholesale Corp. doing well last month.

Bond prices fell but moved off their morning lows after the pair of Labor Department reports. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.56 percent from 3.54 percent late Wednesday.

Gold and oil both rose.

Overseas, Britain’s FTSE 100 fell 0.1 percent, Germany’s DAX index rose 0.3 percent, and France’s CAC-40 rose 0.6 percent. Japan’s Nikkei stock average, which had been closed the past three days for holidays, fell 3.3 percent.

Business

MoneyPoint Empowers Pharmacists With Payment Solutions

Published

5 days ago

October 9, 2024

The Tide

MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.

Corlins Walter

Business

Embrace AI, CIIN Urges Insurance Operators

Published

5 days ago

October 9, 2024

The Tide

In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.

Business

NASRDA Reassures On Strengthening Nigeria’s Space Capability

Published

5 days ago

October 9, 2024

The Tide

In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.

Corlins Walter