U.S. GDP rise by 2.6% in Q3 2022

By Admin
The U.S. economy posted its first period of positive growth for 2022 in the third quarter, at least temporarily easing recession fears, according to the Bureau of Economic Analysis
GDP, a sum of all the goods and services produced from July through September, increased at a 2.6 percent annualized pace for the period, according to the advance estimate.
That was above against the Dow Jones forecast for 2.3 percent
That reading follows consecutive negative quarters to start the year, meeting a commonly accepted definition of recession, though the National Bureau of Economic Research is generally considered the arbiter of downturns and expansions.
The growth came in large part due to a narrowing trade deficit, which economists expected and consider to be a one-off occurrence that won’t be repeated in future quarters.
GDP gains also came from increases in consumer spending, nonresidential fixed investment and government spending. The report reflected an ongoing shift to services spending over goods, with spending on the former increasing 2.8 percent while goods spending dropped 1.2 percent
Declines in residential fixed investment and private inventories offset the gains, the BEA said.
“Overall, while the 2.6 percent rebound in the third quarter more than reversed the decline in the first half of the year, we don’t expect this strength to be sustained,” wrote Paul Ashworth, chief North America economist at Capital Economics.
“Exports will soon fade and domestic demand is getting crushed under the weight of higher interest rates. We expect the economy to enter a mild recession in the first half of next year.”
Coronation Insurance webinar on SMEs hold Nov. 1

By Favour Nnabugwu
Coronation Insurance has concluded plans to hold a webinar to sensitize the Small and Medium Enterprises (SMEs) operators for business growth November 1, 2022.
In a statement release by Coronation Image Maker, Oroma Ovunda-Nsirim revealed that the theme of the webinar is “Importance of Insurance for SMEs: Insurance Requirements for a Growing Business”.
The session will focus on the Importance of Insurance for Small and Medium Sized Enterprises, Insurance requirements for growing businesses and outline the risks and challenges faced by SMEs and how to mitigate these risks.
“The first segment of the webinar will be a presentation delivered by Gbenga Ismail, Vice President of The Lagos Chamber of Commerce and Industry. This will be followed by a panel discussion with other leading professionals; Ayo Olojede, Head of Emerging Business, Africa Access Bank Plc; Louis Alozie, Country Manager, Wordplay and Adebowale Adesona, Executive Director, Technical, Coronation Life Assurance Ltd. The session will be moderated by Wole Famurewa,” the statement explained.
On what to expect, the webinar will be a lively discussion with experienced professionals sharing their point of view, drawing on many years of their knowledge of SMEs and growing businesses; demonstrate the different types of risks and challenges faced by SMEs; offer an understanding of how to mitigate the insurance risks and different types of insurance offerings for this segment.
“The session will also provide an understanding of why Small and Medium sized Enterprises need to ensure their businesses are protected, including assets, employees and against client lawsuits.”
Emmanuel Badolo is Secretary-General of FANAF

By Favour Nnabugwu

 

 

Emmanuel Badolo has been appointed Secretary General of the Federation of African National Insurance Companies (FANAF). The appointment took effect on 1 October 2022.

Badolo holds a Master’s degree in Business Law, a postgraduate degree in Private Law and a professional Master’s degree in Insurance Law from the University of Caen, France.

He joined the Société Nationale d’Assurances et de Réassurances (SONAR) in 2006 where he has held several management positions over the past 16 years, most recently as Legal and Litigation Manager.

He also worked as an associate professor in universities and higher education institutes from October 2005 to September 2022.