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Wal-Mart Forecasts 40% Growth in U.S. Online Sales in 2019
Wal-Mart Stores Inc (WMT.N) on Tuesday forecast U.S. online sales to increase by about 40 percent and overall net sales by at least 3 percent in the fiscal year ending January 2019.
The retailer, which will hold its investor meeting on Tuesday, also said it would buy back $20 billion of its shares over two years.
The company forecast profit for fiscal year 2019 to increase about 5 percent over the expected adjusted earnings of $4.30 to $4.40 per share for the year ending January 2018, Reuters reports.
Pound Appreciates after Strong UK Industry Data
The British Pound Sterling surged on Tuesday, October 10, after British industry data beat forecasts, cementing expectations that the Bank of England will raise rates at its next policy meeting in November.
British factories had their strongest two months of 2017 in July and August, suggesting the Bank of England remains on track to raise interest rates soon, but the deficit in trade in goods hit an all-time high.
The Office for National Statistics said on Tuesday that manufacturing output rose by a monthly 0.4 percent in August, faster than a forecast for output to rise 0.2 percent in a Reuters poll of economists.
After the data, the British pound added gains and was up 0.4 percent on the day at $1.3189 against the dollar. It was broadly unchanged against the euro.
The ONS numbers showed Britain’s economy remained in a low-growth gear in the third quarter after suffering its slowest first half to the year since 2012. Industrial output accounts for 14 percent of Britain’s overall economic output.
Sterling had already made gains on Monday after the Office for National Statistics (ONS) said British labour costs were growing more strongly than previously announced.
“The short sterling market has moved to price in an even greater probability of a BoE hike on the back of the ONS report,” Credit Agricole said in a note.
“Money markets are already pricing in more than 75 percent chance of a hike at the November inflation report.”
Concerns about turmoil within the governing Conservative party have subsided after British Prime Minister Theresa May vowed to ward off challenges to her leadership and signalled the possibility of a cabinet reshuffle.
But some strategists believe that markets are not taking into account political risks and focusing too much on possible rate hikes.
“The material deterioration in the political background has been largely ignored as monetary policy has dominated,” said Adam Cole, the head of FX Strategy at RBC. He recommended selling into the sterling rally, given the high possibility of a “GBP-negative events”.
Trevor Greetham, an analyst at Royal London Asset Management, agreed, Reuters reports.
”The Bank of England may find itself in the same credibility trap if interest rates rise while Brexit outcomes are unclear and economic data is soft,” he said.
FG to Pay N26billion Electricity Bills to DisCos through NBET
The Federal Government of Nigeria has stated that the Ministries Departments Agencies electricity debt to the electricity Distribution Companies (DisCos) shall be paid through debt that they owed the Nigeria Bulk Electricity Trading company, NBET.
The Minister of Power, Works and Housing, Babatunde Fashola told the DisCos at the 20th monthly Power Sector stakeholders’ meeting in Owerri, Imo State that the Federal Executive Council had approved the verified sum of Federal Government debts of N25.9b as debt owed to them.
“In the last month also, specifically on Wednesday 4th October 2017, the Federal Executive Council approved the verified sum of Federal Government MDA debts of N25.9Billion, and its payment by setting it off against the debts owed by the DisCos to NBET,” he said.
“We are also making promising progress in recovering debts due from international Customers and you will be notified of how much has been received when the appropriate accounts confirm that they have received value for the credits we have been notified of.
“You will be receiving official communication of how these have been applied to reduce debts owed by DisCos to NBET.”
He said that his understanding of their request for investment recovery was that there should be tariff review.
Fashola noted that “Understandably you are concerned about investment recovery and in your views, the solution is a tariff review.”
He also said that the power distributors were seeking that in respect of possible investment in Distribution equipment that Government should route the investment through the DisCos.
The companies had in letter to the minister requested for the channelization of the investment through them.
Fashola told the DIScos that the Federal Government was yet to decide on how to channel its investments in distribution assets.
The Minister had in August announced that the investment in metering and other power sector activities were opened to other investors.
The minister reminded the distribution companies that government is a 40% shareholder of the DisCos (on behalf of the Federal, State, Local Governments and Workers) and therefore has a self-benefitting interest in the wellbeing and efficiency of the DisCos.
Fashola to them that “At this preliminary stage therefore, you letter and concerns focus first on the business, while the Government initiatives focus more on service.
Consensus should give us both; the service and the business.”
He submitted that the concerns contained in the letter under reference can and will be managed through consultations which NERC has been undertaking to his knowledge.
Consultations, said the minister, will help to build consensus about how best to serve customers, instead of festering gulfs of disagreement, Worldstage reports.
CBN Sustains Forex Supply with Fresh $195m
The Central Bank of Nigeria, CBN, on Monday, October 9, released another $195 million tranche to the inter-bank foreign exchange market to boost liquidity.
Acting Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, who confirmed Monday’s forex intervention, explained that it was in line with the CBN’s pledge to make the forex market liquid.
According to Mr Okorafor, “the apex bank remains “determined to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.”
A breakdown of the forex disbursement showed that $100 million was released to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment was allotted $50 million, and the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.
The CBN spokesman appealed to the Deposit Money Banks (DMBs) to only honour requests from customers with genuine needs, noting that the bank does not intend to falter in its pledge to ensure liquidity in the forex market.
