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Nigeria in 1min: Economic, Business & Financial Headlines – 100313


Thursday October 3, 2013/ Proshare

Govt okays new automotive policy - A NEW policy to develop the country’s automotive industry was approved by the Federal Executive Council (FEC) Wednesday.The council, presided over by President Goodluck Jonathan, in taking the decision, said the policy was aimed at transforming the nation’s automotive industry and attracting investment into it. Source: TheGuardian Read More

FG, PHCN workers resolve severance package dispute - The Federal Government on Wednesday announced that it had resolved the disagreement with workers of the Power Holding Company of Nigeria. Source: Punch Read More

Nigeria SWF makes maiden investment - Nigeria’s sovereign wealth fund has made its first ever investment, handing over $200m to UBS, Credit Suisse and Goldman Sachs to manage a fixed income portfolio. Source: BUSINESSDAY Read More

Lagos almost self-sufficient in power generation – Fashola - Lagos State Government has said its energy reform initiatives are yielding positive result with the state close to being self-sufficient in its power needs.To this end, it said a number of public institutions was being moved out of the national grid and connected to the power being generated from the power plants built by the state government. Source: Vanguard Read More

Expectations heighten as Jonathan commissions Geregu II power plant - Today, another major milestone is being achieved by the country with the commissioning of 434 megawatts capacity Geregu II power plant constructed by Siemens Nigeria Limited by President Goodluck Ebele Jonathan. Source: BUSINESSDAY Read More

Lawyer sues FRSC over new number plates - A lawyer, Mr. Emmanuel Ofoegbu, Tuesday, filed a suit before a Federal High Court Lagos, against the Federal Road Safety Commission, FRSC, challenging the issuance of number new plates for motorists. Source: Vanguard Read More

FG to Provide Loans for Health Insurance Scheme - In a strategic move to ensure the attainment of universal health coverage for its citizens, the federal government will soon commence the provision of loans to citizens in order for them to access the health insurance scheme under the National Health Insurance Scheme (NHIS) programme. Source: Thisday Read More


Policy / Regulations
Politicians stacking dollars for 2015 polls –Sanusi - `Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, on Wednesday provided further insight into Tuesday’s ban on currency importation into Nigeria without prior approval, blaming the covetous demand for United States dollars on politicians who are preparing for the 2015 general elections. Source: Daily Independent  Read More

NDIC, judiciary, police to prosecute operators, debtors of 103 MFBs - The Nigeria Deposit Insurance Corporation, NDIC has disclosed that plans are underway to  prosecute operators and debtors who contributed to the collapse of 103 Micro Finance Banks (MFBs) in 2012. Source: Vanguard Read More 

NDIC Wants Training Institute for MFBs - Managing Director / Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has proposed the establishment of a world-class microfinance training institute in the country to strengthen capacity building in the banking sub-sector.He also advocated the incorporation of All Women Microfinance Bank (MFB) wholly-owned by Women NGOs to protect the interest of small depositors and boost public confidence in the sub sector. Source: Thisday Read More

Banks await outcome of new forex auction system - Banks and financial market dealers are waiting to see how the Central Bank of Nigeria’s newly introduced retail foreign exchange auction system, called Retail Dutch Auction System, will affect the economy. Source: Punch Read More

SEC, NSE fault proposed stockbrokers’ Bill - The Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC) on Wednesday faulted some sections of the proposed Chartered Institute of Securities and Investment Bill, 2013. Source: THE NATION  Read More


Capital Market
NSE Memo to the Senate Committee on Capital Markets on the CISI Bill - The Nigerian Stock Exchange presents this memorandum to the Senate Committee on Capital Markets on the Chartered Institute of Securities and Investment Bill 2013 (CISI). Source: Proshare Read More

Proshare Daily Stock Picks for Thursday, October 3, 2013 - These stocks below have experienced some unusual market activity, screened after last session (02 Oct 2013).  A daily review of the charts uncovers stocks that have recently started out on new trends, stocks breaking out of a consolidation pattern, or stocks that have had Positive breakouts for some other reason. Source: The ANALYST Read More

Market Sustains Five-day Gaining Streak; Inches up by +0.88% - The equities market closed today on a positive note, as NSE ASI appreciated by +0.88% to close at 36,908.06 basis points, compared with the appreciation of +0.41% recorded previously. Its Year-to-Date (YTD) return currently stands at +31.44%. Source: The ANALYST Read More


Investors Newsbeat
INTBREW retraces from 36wks low as investors display moderate enthusiasm - International Breweries Plc recorded renewed and fresh, moderate bargain tendency to retrace from its 36-weeks low at N18.00kobo due to unrelenting sell-down activities witnessed in the recent weeks. Source: The ANALYST Read More 

Money Market
World Bank approves $300m credit for Nigeria's new mortgage initiative - THE World Bank has approved a $300 International Development Assistance  (IDA) credit to Nigeria for affordable mortgages for middle-income and lower income families.The development was disclosed in a statement from the World Bank’s country office in Abuja. Source: TheGuardian Read More

INEC, NASRDA Sign MoU on Constituency Delimitation - The Independent National Electoral Commission (INEC) Wednesday signed a Memorandum of Understanding (MoU) with the National Space Research and Development Agency (NASRDA) on the usage of satellite to conduct the forthcoming constituency delimitation exercise in the country. Source: Thisday Read More

Senate backs Jonathan on national conference - PRESIDENT Goodluck Jonathan’s bid to convoke a national conference got support from the Senate Wednesday.Disclosing the position of the Senate, the Chairman, Committee on Information, Media and Public Affairs,  Enyinnaya Abaribe, said that since the proposed conference would protect the nation’s sovereignty, it was in line with the upper chamber’s stance as earlier enunciated by its President, David Mark. Source: TheGuardian Read More

The Shale Boom, Just Getting Started: Interview with Tyler Cowen - Thanks to the shale boom, markets already perceive the trade balance optimizing, energy prices are cheaper than they would otherwise be and we've even cut carbon emissions. And we are only getting started, according Tyler Cowen, New York Times best-selling author and one of the most influential economists of the decade. Source: Proshare Read More

Gold Holds Above $1,300 as Investors Weigh Shutdown, Stimulus - Gold held above $1,300 an ounce after gaining the most in two weeks as investors assessed the U.S. government shutdown and its impact on the outlook for monetary stimulus from the U.S. Federal Reserve. Source: Bloomberg Read More


Dangote To build world’s best 1000-bed capacity hospital in Kano @N2b - As part of intervention initiative in the focus area of health, Dangote Foundation on October 1, 2013, laid the foundation for the construction of 1,000 bed capacity ultramodern medical theatre complex and a diagnostic laboratory within Murtala Muhammad Specialist Hospital in Kano State Source: Proshare Read More

Enterprise Bank Announces Resignation of Board Chairman - The Chairman of the Board of Enterprise Bank Limited, Mr. Emeka Onwuka, has resigned his appointment with the bank, effective Tuesday, October 1, 2013. Source: Proshare Read More

Global Markets
Asia Stocks Rise on China Services; Investors Watch U.S. - Asian stocks rose after a gauge of China’s services industries jumped to a six-month high and as investors watched for progress on ending a budget impasse that has shut down the U.S. government. Source: Bloomberg Read More

UBS O’Connor Said to Open First Asia Hedge Fund to Investors - UBS O’Connor, the $5.2 billion unit of UBS AG (UBSN), plans to open its first Asia-focused hedge fund to investors later this year, said two people with knowledge of the matter. Source: Bloomberg Read More

Rise in sukuk market offers new investment opportunities - Capital Markets - Turkey - The Arabic term for Islamic securities, 'sukuk', is commonly used to refer to the Islamic equivalent of bonds. Such Islamic financial instruments provide the investor with a share of an asset and its cash flows and the risks involved without contravening the Islamic ban on interest payments. Although many well-known firms in Southeast Asia and the Middle East exploit such Islamic financial instrument markets in order to provide the necessary funds for their operations, until recently companies in Turkey have been slow to show an interest. Source: Proshare Read More

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