The shift in global economic power is progressing in such rapid pace according to data. By 2000, the top ten global economies were dominated by Europe, with Germany’s economy four times the size of India’s and larger than that of China. Today China is the second largest economy in the world and as holder of a significant amount of US debt papers, China’s economic power is arguably far more than the rest of the world is ready to admit.
By last year, India’s economy had become as large as that of the UK or France and on the back of stunning record GDP growth, by 2030, India economic powerhouse will be larger in size than that of of Germany or Japan with China becoming seven or eight times larger than the UK in market size. By 2050, India’s economy will be several times the size of UK’s and by this time, there will be no European economy in the world’s top six economies by size and production.
French energy company Total said on Friday it had acquired a 16.33 percent stake in Libya’s Waha concessions from Marathon Oil in a $450 million transaction. Waha Oil Company is a subsidiary of Libya’s state-owned National Oil Corp (NOC) and currently produces 300,000 barrels of oil equivalent per day (boe/d) and which is expected to rise to 400,000 boe/d by the end of the decade, Total said. The deal would give Total access to reserves and resources in excess of 500 million boe, with immediate production of around 50,000 boe/d. “This acquisition is in line with Total’s strategy to reinforce its portfolio with high quality and low-technical cost assets whilst bolstering our historic strength in the Middle East and North Africa region,” said Total CEO Patrick Pouyanne.
The spring in the step of Nigeria’s economy is likely to show up in the results of the country’s banks when they start reporting 2017 earnings from this month. An improvement in unpaid loans, higher interest income from holding government debt and a rise in profit will have helped lenders bolster their capital buffers, according to Renaissance Capital analysts including Olamipo Ogunsanya and Ilan Stermer. With higher oil prices and a record high interest rates of 14 percent since July 2016 means there is no shortage of yield for banks, many of which parked their funds to profit from the safety of Treasury bills and other fixed-income securities rather than lending.
Five leading US based business moguls including Warren Buffett lost a total of $16n in the three days of last week as US stocks tumbled. The wealth of Berkshire Hathaway’s Warren Buffett’s dropped $3.74 billion. Mark Zuckerberg of Facebook also lost $3.7bn, Larry Page of Alphabet $3.1bn, Sergey Brin of Alphabet $3bn while Amancio Orterga of Inditex took a hit of $2.5bn on the Bloomberg Billionaires Index.