Nigeria in 1min: Economic, Business & Financial Headlines – 240616

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June 24, 2016 6:10 AM / Proshare News 

 

PROSHARE ECONOMY
Fitch downgrades Nigeria to B+ - Fitch Ratings has downgraded Nigeria’s Long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and Long-term local currency IDR to ‘BB-‘ from ‘BB’. Source BUSINESSDAY Read More

Move Over Oil - Lithium Is The Future Of Transportation - Just a few years ago, we would have scoffed at the idea that electric vehicles could be mainstream anytime soon, or that the global appetite for lithium-ion batteries and mass power storage would be so voracious, and so sudden. Today, no one is scoffing, and lithium is being viewed as our new super-mineral that will catapult us firmly into the next century. Source Proshare Read More 

Mainstream Renewable Power Signs Landmark Africa Clean Energy Equity Funding - Global renewable energy developer Mainstream Renewable Power (www.MainstreamRP.com) has signed $117.5m  equity investment from investors including IFC (www.IFC.org), the IFC African, Latin American and Caribbean Fund (ALAC) and the IFC Catalyst Fund, two funds managed by IFC Asset Management Company, Ascension Investment Management and Sanlam to accelerate the build-out of megawatts of wind and solar plants across Africa. Source Proshare Read More 

Lagos Assembly approves budget for 20 LGs, 37 LCDAs - The Lagos State House of Assembly has approved the 2016 Budget Estimates of the 20 local councils and 37 local council development reas (LCDAs) in the state. Source Guardian Read More 

NEXIM MD unveils guidelines for N500b export facility - The Acting Managing Director/Chief Executive, Nigerian Export Import Bank (NEXIM), Bashir M. Wali yesterday unveiled the implementation modalities of the N500 billion Export Stimulation Facility and the N50 billion enhancement on the Rediscounting and Refinancing Facility. Source THE NATION Read More 

Senate Tells FG to Move N50bn Paid by MTN to TSA - The Senate Thursday told the federal government to move the initial N50 billion part payment of the fine imposed on MTN by the Nigeria Communications Commission (NCC) from the Central Bank of Nigeria‘s (CBN) recovery account to NCC treasury single account (TSA). Source Thisday Read More 

Ten manufacturing sub-sectors shunned over policy uncertainty - Investors have refused to put their money in 10 manufacturing sub-sectors as policy uncertainty and lack of technology shut them out of the industries. Source BUSINESSDAY Read More 

 

PROSHARE REGULATOR
New initiative for non-oil exports - The latest quarterly Economic Report from the CBN puts non-oil exports provisionally at US$1.02bn in Q1 2016, indicating an increase of 39% from the preceding quarter but a 44% decrease on a y/y basis. Source Proshare Read More

IOSCO Outlines its Priorities Regarding Data Gaps in the Asset Management Industry - The Board of the International Organization of Securities Commissions (IOSCO) today has issued a public statement outlining its priorities regarding data gaps in the asset management industry. Source Proshare Read More 

 

PROSHARE MARKETS
Big CAPs on radar as NSE-ASI hits 31,000bpts- Thanks to Big Money - The equities market closed today on a positive note, as NSE ASI appreciated by 3.31% to close at 31,071.25basis points, compared with the 2.40% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +8.48%. Source Proshare Read More

FIDSON Commences Operations in Its Brand New WHO-Complaint Ultra-Modern Facility - Fidson Healthcare Plc, a major pharmaceutical company in Nigeria has just completed a brand new WHO compliant ultra-modern manufacturing plant, which is arguably the largest pharmaceutical manufacturing facility in Africa. Source Proshare Read More 

Interbank trades record $76.8m at N283 per dollar - Cenral Bank of Nigeria (CBN) for the fourth consecutive day participated at the inter-bank foreign exchange market with dollar auction to ease shortages as demand begins to return, while transactions closed at N283 per dollar. Source Guardian Read More 

Nigerian banks are strong, says Fitch - Fitch Ratings has said Nigerian banks are well capitalised to absorb the impact of the 40 per cent effective devaluation of the naira against the dollar. Source THE NATION Read More 

Nigeria to end fuel importation in 2019, says Kachikwu - Minister of State for Petreleum Resources Dr Ibe Kachikwu yesterday said Nigeria would end fuel importation by 2019. Source THE NATION Read More 

Power sector loses 4,533Mw to gas shortage - The Nigerian Electricity Supply Industry (NESI) yesterday said it lost 4,533megawatts (Mw) to gas constraints on Wednesday. Source THE NATION Read More 

New building code for energy use coming - The Federal Government is considering a new building code that will ensure energy conservation, the Minister of Power, Works and Housing, Mr. Babatunde Fashola has said. Source THE NATION Read More 

 



PROSHARE BUSINESS

Yen Soars Past 100 Per Dollar First Time Since 2013 on U.K. Vote - The Japanese yen soared past 100 per U.S. dollar for the first time since November 2013 as results from the U.K.’s referendum indicated Britons may have voted to leave the European Union, spurring demand for this year’s best-performing major currency as a haven. Source Bloomberg Read More 

The pound just dropped to a 30-year low - The currency dropped by over 9.4% to a low as 1.3485 against the dollar around 11:03 p.m. ET (4:03 a.m. BST) after having ripped higher to hit 1.5000 earlier this evening. Source BUSINESS INSIDER Read More 

What are the economic consequences of Brexit? - In the first part of a special series, the Financial Times investigates the economic scenarios for the UK if voters on June 23 opt for “Brexit”, drawing a line under Britain’s four decades in the bloc. Source FT Read More 

French Output Declined for First Time in Four Months in June - France’s private-sector economy shrank for the first time in four months in June, with manufacturing slumping the most in more than a year. Source Bloomberg Read More 

Gold Surges as Investors Contemplate Rising Chance of Brexit - Gold surged in a frantic global hunt for haven assets as Britain’s vote on membership of the European Union proved to be a tighter race than expected, with the ‘Leave’ camp just ahead after 137 areas reported. Source Bloomberg Read More 

Oil Cargoes Lack Buyers in Europe as Refinery Demand Falters - Cargoes of crude oil are struggling to find buyers in Europe as demand from refineries falters due to unplanned halts. Source Bloomberg Read More 

Oil Patch ‘Left for Dead’ Will Spark New IPOs for U.S. Explorers - As the oil industry emerges from the biggest bust in three decades, shale drillers in a neglected corner of the biggest U.S. oil field are poised to take a new generation of gushers public. Source Bloomberg Read More 

 

PROSHARE FINANCE
The Origin of Financial Paradigms - The word “paradigm” has several meanings. In this book we will use the most popular one in relation to human behavior. In this sense, paradigms are our beliefs, our truths, or the things that we have always accepted as certain, and on which we base our actions. Source Proshare Read More

Insurance Planning - Your family should be insured against all risks: life, health insurance with wide coverage, serious illnesses, disability and properties. Maybe your children are little and they are completely dependent on you. If something happens to you, and you are not insured, your family will not miss you. Source Proshare Read More 

 



PROSHARE TECHNOLOGY

Thomson Reuters Announces the Go-Live of Aumentum Land Information System in Plateau State, Nigeria - Thomson Reuters, in partnership with Teqbridge Limited of Nigeria, announced that the Plateau State Geographical Information System (PLAGIS) has gone live and issued new land titles with Thomson Reuters Aumentum, bringing improved land tenure to more than three million Nigerians. Source Proshare Read More 

Nigeria drops in IPv6 visibility on internet - Nigeria has dropped in the ranking of telecommunications networks that are currently using internet protocol version 6 (IPv6), the latest communications protocol, compared to last year’s ranking, Nigeria CommunicationsWeek has learnt. Source Guardian Read More 

PROSHARE STARTUPS
BoI’s managed funds hit N44.6 billion - Managed funds under the portfolio of the Bank of Industry (BoI) has hit N44.6 billion as at end of the 2015 financial year.The funds may have however risen above the figure considering various Memoranda of Understanding sealed with its stakeholders since the beginning of 2016. Source Guardian Read More 

 

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