Nigeria in 1min: Economic, Business & Financial Headlines – 070413


July 04, 2013/ The Analyst

FG to link geo-political zones with dual carriage ways -The Federal Government, yesterday, said it would construct dual carriage way to link the six geographical zones in the country to reduce travel times as well as ease the hardship being encountered by travellers. Source: - Vanguard Read More
Nigeria’s $1b eurobond oversubscribed - The Minister of Finance, Mrs Ngozi Okonjo-Iweala, said on Wednesday that Nigeria returned to the capital market after two years of absence and sold $1bn bond with ease, the News Agency of Nigeria reported.. Source: - punchng Read More
Jonathan Inaugurates Reconstruction Of Lagos - Ibadan Highway Friday -  The Minister of Works, Mr  Mike Onolememen, on Tuesday said President Goodluck Jonathan, would on Friday launch the reconstruction of the Lagos-Ibadan expressway. Source: - Leadership Read More
Expect 18 Hours Uninterrupted Power By December 2014 — FG - The Minister of State for Power, Hajiya Zainaib Ibrahim Kuchi has assured that power generation in the country would peak at 10,000 megawatts by the end of December 2014. Source: - Leadership Read More
UNIDO, FG to Launch Investment Monitoring Platform - The United Nations Industrial Development Organisation (UNIDO) is partnering the Federal Ministry of Industry Trade and Investment (FMTI) and other stakeholders to launch the Investment Monitoring Platform (IMP) in Nigeria. Source: - Thisday Read More
Economy not threatened, says Okonjo-Iweala - The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday said the nation’s economy was not under threat of collapse. Source: - THE NATIONS Read More
GEJ’s N5.7bn for Victims of 2011 Post-Election Violence; FG Vows to Ensure Fairness in Disbursement - President Goodluck Jonathan promised Tuesday in Abuja that the Federal Government will closely monitor the disbursement of the N5.7 billion which it recently approved for victims of the 2011 post-election violence in nine states to ensure fairness and equity. Source: - Proshare Read More
FG Begins Backward Integration Policy in Sugar Industry - The federal government has commenced the implementation of the Backward Integration Policy (BIP) in the sugar industry with the official signing off on the BIP plans and projects by three major sugar refineries in Nigeria. Source: - Thisday Read More
Nigeria's Export to UK Rises by 6% - The volume of export from Nigeria to the United Kingdom grew by six per cent in 2011, even as both countries have outlined plans to double the trade figures by 2014. Source: - Thisday Read More
External reserves drop to $47bn - The nation’s external reserves have dropped to $47bn, after being stagnant at $48bn for over three months. Data obtained from the Central Bank of Nigeria’s website on Wednesday showed that the reserves dropped to $47.6bn on Tuesday. Source: - Punch Read More

Fed Govt to sign off on $3b Chinese loans - President Goodluck Jonathan will travel to China next week to sign off on $3 billion in Chinese loans to build the country’s infrastructure, the finance minister Okonjo-Iweala has said. Source: - THE NATIONS Read More 

Policy / Regulations
CBN Begins Registration Of Agent Banks - Following the release of the guidelines for agent banking in Nigeria, the Central Bank of Nigeria (CBN) said it has commenced the registration of the agents who are to begin operation soon. Source: - Leadership Read More

Nigerians excluded from financial systems drop to 39.7% - The Central Bank of Nigeria (CBN), on Wednesday, said its various efforts at capturing more of the population into the formal financial system are gradually yielding fruits. Source: - Daily Independent Read More

NDIC sets aside N16b to sustain mortgage banking sector
- Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim recently said about N16 billion has been set aside by the corporation to ensure the sustenance of primary mortgage banking in the country. Source: - Daily Independent
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NASD: SEC insists on zero tolerance for market infractions - THE Securities and Exchange Commission (SEC) has affirmed its commitment on zero tolerance for market infractions as it tasked the newly launched National Association of Securities Dealers (NASD) Over-the-Counter (OTC) market to avoid insider dealings and other malpractices in its operations. Source: - Vanguard Read More

CBN to inaugurate Financial Literacy Steering Committee - As part of its sustained efforts to leverage on the implementation of the financial inclusion strategy through massive sensitisation of consumers across the country, the Central Bank of Nigeria (CBN) will within the next 10 days, inaugurate a Financial Literacy Steering Committee. Source: - Daily Independent Read More

NASS to Bar Managers of Failed Institutions from Sitting on PenCom - The National Assembly has threatened to bar managers of failed banks, insurance companies and other failed institutions from holding management and board positions at the National Pension Commission (PenCom). Source: - Proshare Read More

Sanusi: Islamic Finance, Key to Nigeria's Infrastructural Devt - The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has stated that the Islamic Banking System, which was introduced to Nigeria, is vital to the country's infrastructural development. Source: - Thisday Read More

Capital Market
Proshare Daily Stock Picks for Thursday, July 04, 2013 -
Proshare-Picks: These stocks below have experienced some unusual market activity, screened after last session (03 July 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: - Proshare
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Nigerian Stocks succumb to speculative pressure; NSE ASI dips by -0.26% - The equities market closed today on a negative note, as the NSE ASI depreciated by -0.26% to close at 35,949.00 points, compared with the appreciation of +0.59% recorded previously. Its Year-to-Date (YTD) return currently stands at +28.03%. Source: - Proshare Read More

NSE partners Renaissance Capital for Exploration and Production (E&P) Valuation Training - Renaissance Capital, the leading emerging markets investment bank, partnered with The Nigerian Stock Exchange (NSE) for a one-day Institutional Investors’ Clinic at the Civic Centre, Victoria Island, Lagos. The clinic was aimed at bringing regulators, operators, investors and E&P corporates up to date on important technical and factual information about the E&P industry. Source: - Proshare Read More

Investors Newsbeat
Sterling Bank Rights Issue: Beyond the Debt Burden, Investors have Little Concern(s) - The share price of Sterling Bank Plc out-performed the market in the last 18months as our extensive trend analysis reveals significant margin between the two.  The YTD performance of the key benchmark indices stand at +28.80% against the +53.18% Sterling Bank recorded as at 28th of June 2013. Also the All Share Index closed the year 2012 with +35.45% appreciation against the +71.29% uptick recorded by Sterling Bank’s share price. Source: - Proshare Read More

FBN Life Partners Airtel To Expand Retail Insurance - In a bid to make insurance services easy and accessible to the greater number of Nigerians, First Bank of Nigeria Life Assurance  has partnered with Airtel Nigeria, leading telecoms operator to  introduce a micro insurance scheme, Padi 4 Life. Source: - Leadership Read More

Honeywell Flourmills relocates to Ogun State - THE inclement operational environment in Apapa, Lagos business district, currently being accentuated by perennial traffic gridlock, may have informed plans by Honeywell Flourmills Plc to relocate its plants to Sagamu in Ogun state. Source: - The Guardian Read More

MULTITREX declares Q2 & Q1 '12 results with N1.1b loss in Q2 '12,(SP:N0.50k) - Source: - Proshare Read More

Wema Bank Gets PCIDSS Certification - In compliance with the Central Bank of Nigeria’s (CBN’s) directive for improved data security, Wema Bank Plc  Wednesday revealed it had received the Payment Card Industry Data Security Standard certification (PCIDSS). Source: - Thisday Read More

Courteville's AutoRegTM Debuts in Kogi State - Courteville Business Solutions Plc is pleased to announce the adoption of its process improvement AutoRegTM service by the Kogi State Government to handle its entire Motor Vehicle Administration Documentation from August 1st, 2013. Source: - Proshare Read More

Money Market
Reps to probe banks for fake note-dispensing ATMs - The House of Representatives has resolved to look into reported cases of fake naira notes being dispensed by Automated Teller Machines (ATMs).The lawmakers noted that the negative trend has the potential of affecting the cash-less economy policy and the economic growth of the country at large. Source: - THE NATIONS Read More
AFC invests $250m in Power Africa initiative - The Africa Finance Corporation has announced in Lagos its plan to invest over $250m in the power sector of Ghana, Kenya and Nigeria over the next five years as a key partner in the United States Presidential Power Africa initiative. Source: - Punch Read More

Markets Roiled By Oil Price Spike, Portugal Woes -  Financial markets were roiled Wednesday as Egypt's unfolding political crisis pushed the price of oil to its highest level in more than a year and Portugal's government teetered on the edge of collapse. Source: - AP News Read More

Access Bank Plc announces Wigwe as GMD Designate -
One of the leading banking groups in Nigeria and first tier financial institution, Access Bank Plc, today visited the floor of the stock exchange, to present its financials and perform the ceremonial closing bell ringing for the day. Source: - Proshare
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Ecobank Nigeria Gets Deputy Managing Director - The Ecobank Group has announced the appointment of Mr Anthony Okpanachi as Deputy Managing Director for its Nigeria affiliate, Ecobank Nigeria Limited. Source: - Proshare Read More

Wike dares Amaechi to leave PDP - The Minister of State for Education, Mr. Nyesom Wike, has said the Rivers State Governor, Mr. Rotimi Amaechi, should carry out his threat to leave the Peoples Democratic Party. Source: - Punch Read More
Global Markets
Asian Stocks Rise Outside Japan on U.S. Employment Data - Asian stocks outside Japan rose after better-than-estimated U.S. jobs data added to signs that the world’s largest economy is recovering, boosting the earnings prospects for exporters. Source: - Bloomberg Read More

Egypt: Mohamed Morsi detained at military facility - Egypt's deposed president Mohamed Morsi is being detained in a military facility and arrest warrants have been issued for 300 members of the Muslim Brotherhood after the army took control of the country following a week of protest. Source: - The Telegraph Read More

European stock index futures signal early losses - European stock index futures pointed to a lower open on Wednesday, with shares set to track sharp losses in Asia after downbeat Chinese macro data and on worries over mounting political tensions in Egypt. Source: - Reuters Read More

How Spain, Russia and other countries cheat the world out of billions of dollars in fish - Fishermen operating outside international law catch somewhere in the range of $10 billion to $23.5 billion (pdf) in fish each year. And their incentives are only growing. As the world’s seas run out of fish—and as demand continues to increase—prices have climbed. Source: - QUARTZ
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Argentina’s new pseudo-currency looks like a money launderer’s paradise - Argentina has a history of inventing strange financial instruments to boost its problematic currency.The latest example is a little green piece of paper known as a Certificate of Deposit for Investment, or Cedin for short. Source: - QUARTZ Read More

Aussie dollar tanks after central banker makes absolutely terrible joke - The last thing people expect from their central banker is a good joke. In fact, unexpected attempts at humor by normally deadpan officials can backfire, as Glenn Stevens, governor of the Reserve Bank of Australia, just learned. Source: - QUARTZ
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Brazil’s once-richest man lost $19 billion last year. And it’s only getting worse. - Brazilian billionaire Eike Batista’s commodities empire seems to be unraveling with remarkable speed. The announcement yesterday that his flagship oil and gas production company OGX would likely shutter its only productive wells next year was just the latest blow. Source: - QUARTZ
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Democracy Loses in Egypt and Beyond - The framers of the U.S. Constitution feared that democracy could devolve into rule of the mob. Events in Egypt are a reminder of why that concern was justified. Essentially the same pro-democracy activists who enabled Hosni Mubarak to be removed from power in February 2011 have now done the same to his democratically elected successor, Mohamed Mursi. In both cases it was the protesters who made the government vulnerable. Source: - Bloomberg Read More

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