#Business - Naira drops as demand pressure heightens

The Nigerian foreign exchange market continued to increase yesterday at the bureau de change (BDC) and black market as the value of the naira dropped to a low of N232 and N236.50 against the dollar respectively.

Daily Sun gathered that the value of the naira at the Central Bank of Nigeria (CBN) and the interbank end of the foreign exchange market, however, remained stable as the green back sold for N196.95 and N198.58 respectively. At the BDC, the value of the naira against the pound dropped to N350.

Pressure had mounted on the naira at the parallel and black market after the CBN, a fortnight ago, curbed access to the dollar on the official interbank market for importation of a wide range of goods, shifting demand for hard currency to the black market.

The foreign external reserves, which had been trending downwards since last year, rose slightly to $29.157 billion, as at July 2 according to latest figures made available by the CBN. This is the highest figure since June 9, 2015 when it stood at $29.181 billion.

Meanwhile, the rate at which banks lend among themselves dropped as at the close of business yesterday. Overnight rate dropped to five year low of 5.1250 per cent while one and three months rates dropped to 14.1547 and 15.5823 per cents respectively. Six-month rate, however, rose slightly to 16.3288 per cnet.

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#Business - Airbus signs deal for second plant in China

Airbus has signed a deal for its second factory in China as it expands further its growing relationship with the world's second-largest economy.

The new cabin-completion factory for A330 jetliners is worth a reported €150m ($166.3m; £106.5m) and is aimed at attracting new orders for Airbus.

The plant will be built alongside an existing site in the city of Tianjin.The signing on Thursday was witnessed by China's Prime Minister Li Keqiang at Airbus's headquarters in France.

Earlier this week, China signed a deal for 45 new Airbus planes worth more than $11bn.

"The signature of this [latest] framework agreement on the A330
completion and delivery centre will open a new chapter of strategic cooperation on wide-body aircraft with China," said Airbus' president Fabrice Brégier,"Together, we will develop new facilities and capabilities, and attract new suppliers and businesses in China," he added.

Source - BBC News

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Malema threatens to shut down Joburg businesses

Cape Town - Economic Freedom Fighters leader Julius Malema is planning a mass action big enough to shut down businesses in Johannesburg when his supporters return to protest against the ban on overalls in the Gauteng legislature.

According to the Sunday Times, Malema’s planned protest will make Tuesday’s chaotic rally look like a picnic in the park.

In an interview with the newspaper, Malema boasted about how influential his party had become in a year.

He went on to say that the EFF is planning another march on the legislature – which would see about 50 000 of his supporters attend.

He said: “We will shut down business in this Johannesburg. Once business in Johannesburg is shut down, it means business in the whole of Africa has stopped.”


Meanwhile, Malema addressed a couple of thousand supporters on Saturday at Thokoza Park in Soweto.

They had gathered to celebrate the party’s one year anniversary.

In the big leagues

In his address he said that although the EFF was only a year old it was already playing in the big leagues with opponents who had extensive experience.

Malema then started mocking the African National Congress.

He said certain leaders of the ANC would not be remembered for the work they did for the public when they died.

"Even if they die, there is nothing you will remember about them except that they were making babies," said Malema.

He said the formation of the EFF had shaken the political landscape in the country and the ANC was feeling the pressure being exerted by the organisation.

"The ruling party is scared because they understand the message of the EFF," he said.

Malema said when the organisation was started, people were saying it was a Mickey Mouse venture and it would die out but they proved the naysayers wrong.

"... Now you can't listen to the media without the mention of the EFF. That is because EFF is a giant," Malema said.

He then lashed out at those attacking the party's regalia of overalls and domestic worker uniforms.

He said people should not be concerned about their attire but rather focus on the ideologies brought forward.

"We don't care what people wear. We care about their will to resolve issues of people on the ground. We want people who think and not 'domkops' (idiots) from the ANC," said Malema.
News24

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