Nigeria in 1min: Economic, Business & Financial Headlines – 071213

Proshare

July 12, 2013/ The Analyst 

Economy     

Nigeria must diversify economy, says President - PRESIDENT Goodluck Jonathan Thursday admitted that the increasing exploitation and utilisation of shale gas and other alternative sources of energy by the United States (U.S.) and other advanced nations had made it more urgent for Nigeria to move faster towards the diversification of its economy. Source: - Guardian Read More

Nigeria’s bilateral trade with China hits $13b - From a lowly $2 billion 2002, the volume of bilateral trade between Nigeria and China grew to a yearly $13 billion last year with bright prospects of its further growth this year. Source: - Guardian Read More

Ahead of the July 22/23 MPC Meeting - The National Bureau of Statistics (NBS) is expected to release the national headline inflation figure for June on July 17, ahead of the July MPC meeting scheduled for the 22nd & 23rd of July, 2013. Our inflation model suggests a 0.51% slowdown in inflation from 9.0% to 8.49% in June. Source: - Proshare Read More 

FG, Chinese Firms Sign N300bn Agreement for Extension of Makurdi-Enugu, Other Roads - Chinese construction companies are to extend the Keffi-Lafia dual carriage way through  Markurdi  to Oturkpo in Benue State down to Ninth Mile in Enugu State under a N300 billion agreement the federal government has initiated with them. Source: - Thisday Read More

National Carrier to Begin Operations with 50 Aircraft - The federal government and its private investor partners may have concluded that the new national carrier, known as Nigeria One, would start operation with 50 aircraft that would be delivered before the end of next year. Source: - Thisday Read More

Fed Govt appoints liquidator for NITEL, M-tel - The Federal Government yesterday appointed a liquidator- Olutola Senbore and Co., for Nigerian Telecommunication Limited. (NITEL) and its GSM subsidiary, M-tel.The Minister of State for Finance, Yerima Ngama, said the move is intended to prepare both firms for their eventual sale. He spoke alongside the Director-General of the Bureau for Public Enterprises, (BPE), Benjamin Dikki at at the 5th meeting of the National Council on Privatisation (NCP) chaired by Vice President Namadi Sambo. Source: - THE NATIONS Read More

Reps summon FIRS over N13.3b tax evasion - The House of Reps Committee on Finance has summoned the Acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Kabir Mashi, over N13.3b tax. Source: - THE NATIONS Read More

Fed Govt to begin payment of PHCN exit workers next week - The Federal Government will commence the severance payment of Power Holding Company of Nigeria (PHCN) exit workers next week, the Director-General, Bureau of Public Enterprises ( BPE), Benjamin Dikki, has said. Source: - THE NATIONS Read More 

Policy / Regulations
CBN introduces e-fraud reporting portal - The Central Bank of Nigeria (CBN) has concluded plans to launch a portal solely dedicated for reports of frauds arising from the use of all the electronic payment channels in the country. Source: - Guardian Read More

SEC woos new investors to capital market - Securities and Exchange Commission has commenced new measures to woo new investors to the capital market. The commission, which restated its commitment towards increasing financial inclusion in Nigeria, said it had put measures in place to ensure that more investors were given basic knowledge about participating in the market. Source: - Punch Read More

Only 5 Insurance Firms Have Approved Financial Statements – NAICOM - Ten  days after the expiration of the June 30, 2013 deadline given to insurance operators in the country by the National Insurance Commission (NAICOM) for submission and approval of their 2012 financial statements, only five companies have so far had their statements approved. Source: - Leadership Read More

NDIC Urges Judiciary To Tackle Legal Bottlenecks - Excessive litigations and lack of proper understanding of the distinction between the legal status of the Nigeria Deposit Insurance Corporation (NDIC) as a corporate entity and its role as liquidator have been identified as critical challenges confronting the Corporation in discharging its mandate. Source: - Leadership Read More

FIRS targets firms for offshore tax evasion - The Federal Inland Revenue Services (FIRS) is making moves to target firms for off-shore tax evasion. This is coming on the heels of increasing global concerns on cross border flows which have enabled firms with off-shore offices evade taxes at their country of origin. Source: - BUSINESSDAY Read More
 
Capital Market
Proshare Daily Stock Picks for Friday, July 12, 2013 - Proshare-Picks: These stocks below have experienced some unusual market activity, screened after last session (11 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 Read More 
 
Stocks records improved optimisms; NSE ASI extends 2-day gaining streak - The equities market closed today on a positive note, as the NSE ASI appreciated by +0.54% to close at 37,327.67 points, compared with the appreciation of +0.31% recorded previously. Its Year-to-Date (YTD) return currently stands at +32.94%. Source: - Proshare Read More

NSE plans market-wide rule on price movement - The Nigerian Stock Exchange, NSE, has revealed plans to introduce a market-wide rule that will simultaneously halt price movement in all the listed equities for at least 30 minutes in event of extra-ordinary market volatility. Source: - Vanguard Read More
 


Investors Newsbeat
Dangote port operations plan fresh N9.7bn investment in berth expansion - Greenview Development Nigeria Limited (GDNL), the port arm of Dangote Group in charge of the ‘Terminal E’ of Lagos Port Complex (LPC) Apapa, has submitted fresh request to the management of Nigerian Ports Authority (NPA) to enable it commence construction work on the proposed berth 21 in the terminal. Source: - BUSINESSDAY Read More

HMARKINS declares N395.20m PAT in '12 Audited result,(SP:N0.50k) - Source: - Proshare Read More

Fidson Plc@110713 - A see-saw to the top? - Fidson PLC (“Fidson” or the “The Company”) on Monday 20th May 2013 released its unaudited Q1 2013 result. Sales rose by 55% to N2.62 billion from N1.69 billion YoY, while net income advanced by 60% to N194.50million from N121.39million YoY. The vastly improved performance in Q1 -2013 came on the heels of an FY -2012 report which saw a marginal growth of 1% in sales translated into an impressive 272% growth in net income. Source: - Proshare Read More

Money Market
Shortage of dollars may weaken naira – The  naira could depreciate next week on tightening dollar liquidity, after the Nigerian National Petroleum Corporation sold fewer-than-expected dollars on Wednesday. Source: - Punch Read More

Releasing the Insurance Sector from the stranglehold of the 1997 Decree / Act - Rather than wane, the interest and belief in Nigeria’s insurance industry continues to grow and some professionals and now more committed to helping the National Insurance Commission become a better regulator; because from where we see it, the problem of the insurance industry can be squarely placed at the doorstep of regulation / the regulator. Source: - Proshare Read More

Commodities
Oil extends losses below $105 after IEA forecast - The price of oil fell slightly Friday, extending losses below $105 a barrel after a report from the International Energy Agency said supplies would exceed an expected rise in demand next year. Source: - AP NEWS Read More

Shell shuts oil pipeline six days after reopening …production drops by 150,000 barrels - Six days after it reopened the Trans Niger Pipeline, which was shut down following a fire incident in June, Shell Petroleum Development Company of Nigeria Limited has again shut the pipeline due to a leak. Source: - Punch Read More

Politics
Soyinka asks Jonathan to halt crisis in Rivers - WORRIED that the crisis in the Rivers State House of Assembly has taken a turn for the worse, Nobel Laureate, Prof. Wole Soyinka, has urged President Goodluck Jonathan’s intervention. Also, President Goodluck Jonathan has denied any role in the lawmakers’ impasse, saying any attempt to link him with the matter smacks of mischief and blackmail. Source: - Guardian Read More

Rivers crisis: PENGASSAN threatens to withdraw services - The Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to withdraw the services of its members because of the violence brought about by the current crisis rocking Rivers State. Source: - Punch Read More

People
Finance and Investment Training - Short Courses in Nigeria and Dubai - PearlCon Training, the training arm of PearlMutual Consulting Limited, is pleased to invite you to participate in below training programs. Source: - Proshare Read More

Global Markets
Dow and S&P 500 End at All-Time Highs, Nasdaq Logs Best Close Since 2000 - Stocks roared higher to finish near their best levels Thursday, with the Dow and S&P 500 closing at record highs, boosted by dovish comments from Fed Chairman Ben Bernanke. Source: - CNBC Read More

Asian Stocks Extend U.S. Jump on Stimulus as Copper Gains - European stock-index futures rose on optimism policy makers from the U.S. to Japan will maintain stimulus. Metals led commodities lower, while shares in China dropped on concern the government may tolerate slower growth. Source: - Bloomberg Read More

Europe Stock-Index Futures Rise; Invensys, SAP May Move - European stock-index futures climbed, signalling the region’s benchmark gauge will extend its longest stretch of gains in seven weeks. U.S. futures and Asian shares were little changed. Source: - Bloomberg Read More

Naspers Sells $750 Million in Africa’s First Debt Sale Since May - Naspers Ltd. (NPN), Africa’s largest media company, sold $750 million of seven-year debt in the region’s first overseas corporate bond sale in two months as it seeks funds to pay for acquisitions in emerging markets. Source: - Bloomberg Read More
 
China says GSK executives have confessed to bribing doctors  - Executives working for the UK drug maker GlaxoSmithKline in China have confessed to "serious" corruption and tax-related offences, China's security ministry said on Thursday, amid a wide-ranging series of investigations into foreign firms operating in the country. Source: - theguardian Read More
 
How to deal with corruption in India (and any other emerging market) - One of the worst things that can happen to a big company in an emerging market is to get caught greasing an official’s palm. Firms working in places like India, China, and Russia risk breaking anti-corruption laws both there and in their own countries. Cadbury India, a unit of US sweets conglomerate Mondelez International, is under investigation (paywall) for allegedly creating a fictitious factory to dodge taxes, with the collusion of local officials. Wal-mart is investigating bribery allegations involving its staff in India that might violate the US Foreign Corrupt Practices Act. Source: - Quartz Read More

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