Nigeria plans to raise $5 billion from the United Arab Emirates’ largest lender in a derivatives deal to cut borrowing costs, joining a growing number of African nations using the instruments as the war in Iran drives yields higher. Lawmakers on Tuesday approved President Bola Tinubu ’s plan for the total return swap transaction with First Abu Dhabi Bank PJSC as his administration hunts for cheape...
Nigeria plans to raise $5 billion from the United Arab Emirates’ largest lender in a derivatives deal to cut borrowing costs, joining a growing number of African nations using the instruments as the war in Iran drives yields higher. Lawmakers on Tuesday approved President Bola Tinubu ’s plan for the total return swap transaction with First Abu Dhabi Bank PJSC as his administration hunts for cheaper financing to fund the budget deficit after expanding its 2026 spending plan by 17%. Nigeria joins Angola and Senegal in turning to swaps to raise funds when international markets are either too costly or inaccessible. Africa’s top crude producer will use the proceeds to build roads and ports, and refinance more expensive debt, Tinubu said in a letter read by Senate President Godswill Akpabio on Tuesday. The West African nation will provide collateral equivalent to 133.3% of the loan in naira-denominated securities. The debt will be priced at 395 basis points above the Secured Overnight Financing Rate for the first tranche, and SOFR plus 400 basis points thereafter. The SOFR borrowing rate stood at 3.63% as of March 30, while Nigeria’s dollar bonds due in 2034 yielded 7.97% on Tuesday, up from 7.3% before the start of the US-Israeli war on Iran. The terms are “considered competitive relative to prevailing eurobond yields for Nigeria,” according to a report by a Senate committee that examined the request. The facility has a tenor of six years “with a three year break clause and annual rollover provisions subject to mutual agreement.” Swaps Helped Senegal Raise $1.3 Billion Despite Debt Concerns Angola Sells $2.5 Billion of Eurobonds as Oil Prices Surge Mozambique Overtakes Senegal as Africa’s Riskiest Sovereign The swaps became prominent in 2021, when similar derivative instruments led to the collapse of Archegos Capital Management LP. Lawmakers approved a 68.3 trillion-naira ($49 billion) budget for 2026 the same day — about 10 trillion naira more than Tinubu’s initial pro...
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. On today's show, global stocks rally after the US President said he sees the war on Iran ending within two to three weeks. Donald Trump suggests the US has largely accomplished its military goals, and will lea...
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. On today's show, global stocks rally after the US President said he sees the war on Iran ending within two to three weeks. Donald Trump suggests the US has largely accomplished its military goals, and will leave it to other countries to resolve issues with the Strait of Hormuz. The Wall Street Journal reports that the UAE is lobbying for a military coalition to forcibly reopen the Strait. Also on the programme, OpenAI hits a $852 billion valuation after it raised $122 billion in its largest funding round on record. Amazon, Nvidia and SoftBank are providing the bulk of the financing, with Amazon's $35 billion investment contingent on OpenAI going public or achieving artificial general intelligence. (Source: Bloomberg)
Maximusnd/iStock via Getty Images By Seth Buks Tax friction — also known as tax cost ratio — is the difference between an investor’s pretax and after-tax returns, or the amount of annualized return lost due to taxes from net realized capital gains and other taxable income, like dividends from stocks or interest from bonds. Though it is often represented as a small percentage, its long-term effects...
Maximusnd/iStock via Getty Images By Seth Buks Tax friction — also known as tax cost ratio — is the difference between an investor’s pretax and after-tax returns, or the amount of annualized return lost due to taxes from net realized capital gains and other taxable income, like dividends from stocks or interest from bonds. Though it is often represented as a small percentage, its long-term effects can be substantial. For example, a 1.5% annual tax friction on a $1 million investment growing at an annual rate of 8% pretax for 10 years can result in over $250,000 in wealth erosion. The more wealth a client accumulates over time, the more they stand to lose without a proactive approach to managing tax friction. Strategic vehicle selection, like the use of separately managed accounts, and optimizing asset allocations are two ways to help mitigate the tax bite on returns. However, the most effective method is proper asset location - strategically placing different investments according to their optimal tax treatment to help maximize tax efficiency. Traditional asset location approaches may fall short A common approach to asset location is to separate generally more tax-efficient investments (stocks, for example) and place them in taxable accounts while placing generally less tax-efficient assets (such as bonds) in tax-deferred accounts. While it’s a step forward from having no asset location strategy at all, simply locating stocks and bonds at the asset class level in accounts may fall short of a more holistic strategy - particularly when considering different investment vehicles. A better approach is to consider the relative tax efficiency of an asset class as well as its future return potential and strategically place investments across three account types: taxable (like a non-qualified brokerage account), tax-deferred (such as a 401(k) or an IRA) and tax-free (a Roth IRA). The interplay of tax friction and returns can lead to more strategic asset location Tax friction...
When a hiker fell from a 55-metre (180-foot) waterfall in wild New Zealand bush, rescuers were forced to evacuate the badly hurt woman without her dog, which could not be found. After strangers raised thousands of dollars for a search, border collie Molly was flown to safety by a helicopter pilot who was determined to reunite pet and owner. A week earlier, an emergency rescue helicopter found Jess...
When a hiker fell from a 55-metre (180-foot) waterfall in wild New Zealand bush, rescuers were forced to evacuate the badly hurt woman without her dog, which could not be found. After strangers raised thousands of dollars for a search, border collie Molly was flown to safety by a helicopter pilot who was determined to reunite pet and owner. A week earlier, an emergency rescue helicopter found Jessica Johnston with bruises and lacerations after a fall at a rocky spot at the waterfall on the South...
The parent company of Hong Kong online retailer HKTVmall has defended its life science project involving testing the viability of detached animal heads and limbs, responding to animal ethics concerns by saying no pet animals were experimented on. Hong Kong Technology Venture Company Limited revealed the project on Monday in its annual results, and said it believed the research to be a world first ...
The parent company of Hong Kong online retailer HKTVmall has defended its life science project involving testing the viability of detached animal heads and limbs, responding to animal ethics concerns by saying no pet animals were experimented on. Hong Kong Technology Venture Company Limited revealed the project on Monday in its annual results, and said it believed the research to be a world first that could be applied to organ transplants and potentially “extending human lifespan”. “The related...
Leifras ( LFS ) has entered into a sponsorship agreement with the Japan Sport Association (JSPO), marking a strategic move to support the long-term development of sports and athlete programs across Japan. The deal involves the company supporting JSPO's nationwide network, which oversees youth sports clubs for about 650K members and events like the Japan Games with 30K athletes. More on Leifras Co....
Leifras ( LFS ) has entered into a sponsorship agreement with the Japan Sport Association (JSPO), marking a strategic move to support the long-term development of sports and athlete programs across Japan. The deal involves the company supporting JSPO's nationwide network, which oversees youth sports clubs for about 650K members and events like the Japan Games with 30K athletes. More on Leifras Co., Ltd. Financial information for Leifras Co., Ltd.
There may come a time when your child needs a financial boost to reach adulthood. Whether you're retired and receiving Social Security based on your years of work, have become disabled, or have passed away, there's a way your child may qualify for Social Security benefits based on what you've paid into the system. Here's what you need to know. Image source: Getty Images. Continue reading
There may come a time when your child needs a financial boost to reach adulthood. Whether you're retired and receiving Social Security based on your years of work, have become disabled, or have passed away, there's a way your child may qualify for Social Security benefits based on what you've paid into the system. Here's what you need to know. Image source: Getty Images. Continue reading
India has begun its long-delayed national census, a policy-shaping exercise that will collect a wide range of data and, for the first time since independence, include citizens’ caste. The population count — the country’s first in 15 years — will deploy about 3.3 million officials to collect information on more than a billion people, covering everything from marital status to mobile connections. Or...
India has begun its long-delayed national census, a policy-shaping exercise that will collect a wide range of data and, for the first time since independence, include citizens’ caste. The population count — the country’s first in 15 years — will deploy about 3.3 million officials to collect information on more than a billion people, covering everything from marital status to mobile connections. Originally scheduled for 2021, it was delayed by the Covid-19 pandemic and national elections. The government describes it as the world’s largest of its kind. India’s last official count in 2011 recorded 1.21 billion people, and the population is now estimated at over 1.4 billion, making it the world’s most populous nation, according to the United Nations. Officials say the updated data will inform decisions on welfare spending, urban planning and electoral representation as New Delhi seeks to sustain rapid economic growth while managing stark regional disparities. Conducted digitally in two phases, the exercise will include caste data for the first time in more than seven decades. “Government will come to know which caste has how much population, and can tailor welfare measures accordingly,” said Sanjay Kumar, director at the Centre for the Study of Developing Societies, a New Delhi-based research institute. As it is a digital census, the time needed to compile consolidated data will be shorter, giving a boost to the government’s policymaking, he added. The first phase of the census, which began Wednesday, focuses on housing and related infrastructure, while a second phase, starting in February next year, will cover population enumeration, including caste. Complete data is expected by March 2027, offering granular insights into metrics such as employment, migration and household incomes, closely tracked by investors assessing the country’s consumption story. The exercise also carries political implications, as updated population figures will feed into the redrawing of parlia...
XPeng Inc. (NYSE:XPEV) is one of the 7 Fastest Growing Asian Stocks to Buy. On March 22, 2026, Bernstein raised the price target on XPeng Inc. (NYSE:XPEV) to $22 from $21 and maintained a Market Perform rating, noting the company reported its first profit in Q4 and guided to a recovery in March. Bernstein said […]
XPeng Inc. (NYSE:XPEV) is one of the 7 Fastest Growing Asian Stocks to Buy. On March 22, 2026, Bernstein raised the price target on XPeng Inc. (NYSE:XPEV) to $22 from $21 and maintained a Market Perform rating, noting the company reported its first profit in Q4 and guided to a recovery in March. Bernstein said […]