Yen strengthens 1% in morning trade

The yen has jumped in morning trade, eyeing its biggest advance against the US dollar in more than two months and putting pressure on Japanese shares for the first time in more than a fortnight. The Japanese currency is 1 per cent stronger at ¥‎112.05 per dollar in morning trade on Monday, putting it on track for its biggest gain…

Stronger yen piles pressure on Japan equities

Monday 02.30 GMT. Overview Stock markets in Asia were mixed on Monday, with a stronger yen in response to a weaker dollar putting Japanese shares under pressure and jeopardising their lengthy winning streak. Hot topic Strength in the yen — and other currencies — is as much a function of dollar weakness as anything else, but the Japanese unit grabbed…

Stronger yen, fall in oil weigh on Asian stocks

Stock markets in Asia were mixed on Monday, with a stronger yen in response to a weaker dollar putting Japanese shares under pressure and jeopardising their lengthy winning streak. Strength in the yen – and other currencies – is as much a function of dollar weakness as anything else, but the Japanese unit grabs the headline today for the size…

Barry Callebaut commits to sustainable chocolate with SAP tie-up

Barry Callebaut, the Swiss supplier of much of the world’s chocolate, will make its production entirely sustainable by 2025 with the help of bean-tracking technology created by SAP, the German software group. The company on Monday will reveal a plan to make its production both economically and environmentally sustainable in the next nine years to lift the incomes of some…

Rio Tinto shareholders flag culture of fear concerns

Large shareholders in Rio Tinto have voiced concerns about the miner’s handling of a payments crisis in Africa, accusing it of failing to stand behind senior executives in the face of possible anti-bribery investigations. The decision to sack Alan Davies, an executive once in charge of a controversial iron ore project in Guinea, risks creating a culture of fear inside…

Oil traders warn Opec must deliver production deal

Some of the world’s biggest oil traders have delivered a stark warning to the Opec cartel, saying a failure to sign-off on a production cut this week will trigger another dramatic drop in crude prices. The 14-member producer group meets in Vienna on Wednesday to try and secure the first supply deal since the financial crisis, after a two-year downturn…

Nigerian oil companies hit hardest by funding crisis

This year’s militant attacks in the Niger Delta, combined with the downturn in crude prices, have compounded a funding crisis that has hit Nigeria’s domestic oil companies especially hard. Most local producers — from Oando to Seplat — operate onshore fields that require infrastructure in the southern oil-producing region for exports. Sabotage by militant groups such as the Niger Delta…

Opec oil deal dominates market tone for the week

Here are the big questions we are asking at FT Markets into the week when the calendar flips over into December. Will Opec deliver a meaningful production cut? All eyes are on Vienna and Opec’s annual gathering with a keenly awaited decision on production levels. An Opec deal on Wednesday that delivers a concrete supply reduction of at least 1m…

Currency controls force Nigerian manufacturers to buy locally

Factories are closing, dollars are scarce and the country is in recession. Yet Frank Jacobs, leader of a big manufacturers trade group, is optimistic about Nigeria’s future. “We are beginning to find other things to do to earn foreign exchange,” says Mr Jacobs, president of the Manufacturers Association of Nigeria (MAN). His members will play an essential role in recovery…

What the Nigerian economy needs to attract investment

After decades of stop-start economic plans and inconsistent government policies on foreign exchange, Nigerian manufacturers have learnt to be pragmatic. The opportunities of a growing and aspirational consumer market are offset by supply chain challenges and high costs resulting from woeful infrastructure. Uneasy and expensive relationships with regulatory bodies, the trials of dealing with corrupt officials and occasional security challenges…