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US Economic Recovery Hikes Dollar

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16 years ago

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The dollar rose for the first time in four days against the yen on speculation the U.S economic recovery will make the nation’s assets more attractive.

 The yen fell against all of its 16 most traded counterparts as Japan’s manufacturers raised output in November at the fastest pace in six months, spuring risk demand.

The U.S. currency gained on speculation a report will show consumer confidence rose this month, encouraging the Federal Reserve to end emergency stimulus measurers.

“The U.S. recovery is gaining some traction,” said David Cohen, an economist in Singapore at Action Economics, in a Bloomberg Television interview. “The yen is still under pressure.

The dollar advanced 0.3 per cent to 91.57 yen from 91.30 on December 25. The dollar will increase to 93 yen in the “near term”, according to cohen. The U.S. currency appreciated 0.2 per cent to $1.4388 per euro from $1.4411. The euro was at 131.75 yen compared with 131.64.

 The greenback has gained 4.2 per cent versus the euro in December, pairing its 2009 drop to 3 per cent as signs that the U.S. economic recovery is gaining momentum prompted investors to take off bets against the currency.

Hedge funds and large speculators almost halved this month bets that the dollar will drop against its major rivals, according to data compiled by the Commodity Futures Trading Commission in Washington.

Wagers that the dollar will depreciate against eight currencies, including the euro yen and pound, out numbered those on its gain by 136,563 contracts as of December 15, compared with about 250,000 at the end of November.

 The dollars most recent gains may be a “head fake” as investors close bet before the end of the year that the greenback will fall, according to Marc chandler, global head of currency strategy at Brown Brothers Harriman & Co.

“I’m not sure this is the real thing”, New York-based chandler said in an interview on Bloomberg Radio.

“People have been short the dollar all year and want to take some money off the table.” A short position is a bet a currency will depreciate. The dollar has fallen this year against all of the 16 most traded currencies except the yen, reversing its gains in 2008 as investors sold Treasuries.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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