Brent oil rises on European, Chinese data

Brent oil rose on Tuesday as strong European economic data and a year-on-year increase in Chinese crude imports outweighed concerns about Asia’s economic growth.

German exports in July climbed 2.4 percent on the month and imports grew by 2.2 percent, both hitting their highest values on record.

The euro zone economy grew faster than expected in the second quarter, data showed on Tuesday.

The zone’s gross domestic product was up 1.5 percent year-on-year versus a previous reading of 1.2 percent. Brent futures were up 80 cents at $48.43 a barrel.

US crude was at $45.05 a barrel, down $1.00 since Friday’s close, broadly in line with the overall movement of Brent from Friday. Markets in the United States were closed on Monday for a national holiday.

US crude was weighed down by the closure of the largest crude distillation unit at ExxonMobil Corp’s 502,500-barrels-per-day (bpd) Baton Rouge, Louisiana, refinery.

In China, crude oil imports fell 13.4 percent in August to 6.29 million bpd from the previous month. But they rose 5.6 percent from a year earlier.

In the first eight months of 2015, China’s crude imports were up 9.8 percent year-on-year, on still-solid demand for gasoline and kerosene. Asian and European stocks rose on Tuesday.

The dollar has also fallen against a basket of currencies since the end of last week, making oil less expensive for holders of other currencies.

Despite calls from some OPEC members for cuts to the group’s output, Saudi Arabian crude production is likely to stay around current levels in the fourth quarter of this year.

A decline in domestic crude burning for power generation is expected to be offset by a seasonal rise in global demand.

Morgan Stanley analyst Adam Longson said oil prices should remain range-bound and low well into 2016 before starting to recover.

He said crude oversupply had been overstated and would average only 700,000bpd in 2015, compared with demand growth of about 2.1 million bpd in the year-to-date.

“Nevertheless, new supply from Iran in (the first half of 2016) should keep the market oversupplied,” Longson said. Reuters/NAN

Women Centre, UN collaborate to empower women

The National Centre for Women Development (NCWD) said on Tuesday it would undertake an empowerment programme for women on the use of ICT to develop businesses.

Onyeka Onwenu, director-general of the centre, said at a news conference on Tuesday in Abuja that 25 women would participate in the training, supported by UN Women.

According to her, the programme with the theme “Promoting Women and Girls Access to ICT, the Internet, to Accelerate Gender Equality and Women Empowerment,” will hold from September 14 – 18 in Abuja.

Onwenu said the target was to empower the women to utilise Information and Communication Technology (ICT) facilities to engage in businesses.

“I am happy to introduce this training programme today because it is about skills and because it is about empowering the woman to make her more economically independent in a world of huge opportunities.

“The challenges abound because the world is fast moving with ICT as the backbone of every business. The programme is to increase utilisation of digital and e-services to advance women’s economic empowerment.

“It is also to enhance digital literacy and the use of ICTs among women and girls to promote their businesses,” Onwenu said.

She said the programme would focus on internet usage for business, web design, online marketing of products and services.

According to her, the 25 participants are from various organisations across the country that will in turn train other women in their localities.

“We believe that when you empower a woman, you empower a nation,” she said, and lauded the UN Women and other partners for their contributions towards the realisation of the programme.

Some of the participants expected at the programme include Nigerian Women in Information and Technology, Nigerian Officers’ Wives Association and Nigerian Women Trust Fund.

The centre had in the past trained visually impaired persons and other individuals in the area of ICT and vocational skills acquisition.

IGP orders nationwide clampdown on persons inciting violence

The Inspector General of Police (IGP), Solomon Arase, has ordered an immediate clampdown on persons or group of persons inciting violence and social disorder across the country.

This is contained in a statement issued by Olabisi Kolawole, Police Force public relations officer, in Abuja on Tuesday.

The statement noted that the directive became imperative because of recent activities of members of the Movement for the Actualisation of Sovereign States of Biafra (MASSOB) and the Indigenous People of Biafra (IPOB) in some parts of the country.

The order empowered the police to arrest anybody fomenting any act of violence or disorder, or any act inimical to the security of the nation, the statement read in part.

The statement said that the following arrests had been made; Anambra – four, Imo – six, Delta – 11, and Abia – one.

It further warned that all persons so arrested for inciting violence, irrespective of their class or status in the society would be charged to court accordingly.